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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 11,207Posts
    • 10,873Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

    There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be. We are non judgmental and all questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
Page 64
    • vaper
    • By vaper 13th Jul 17, 2:05 PM
    • 74 Posts
    • 60 Thanks
    vaper
    How did you folks get them to stop the interest? I have Barclays and MBNA and they're still loading it ion every month.
    • spiffyiffy
    • By spiffyiffy 13th Jul 17, 2:15 PM
    • 76 Posts
    • 299 Thanks
    spiffyiffy
    How did you folks get them to stop the interest? I have Barclays and MBNA and they're still loading it ion every month.
    Originally posted by vaper
    Complain, Don't pay them. Speak to SC if you with them.

    Barclays, MBNA and HSBC stopped my interest pretty quickly.
    LBM Sometime in 2014: 9 Creditors / £32K+ owed
    Current Status: 9 Creditors / Currently £32,000+
    DFD: Aiming for end of 2025
    Actual DFD: Some time in 2040’s
    Self-managed 01Jul17: CCA’s to commence Sep on wards
    (Sig copied from Suseka97 )
    • vaper
    • By vaper 13th Jul 17, 2:23 PM
    • 74 Posts
    • 60 Thanks
    vaper
    Complain, Don't pay them. Speak to SC if you with them.

    Barclays, MBNA and HSBC stopped my interest pretty quickly.
    Originally posted by spiffyiffy
    Ah right that might be a problem. I was going to go with stepchange then changed my mind and decided to go self managed. So I will need to contact them myself won't i ?

    On another note, the postman has just been and sent me a pre selected application for a vanquis credit card, unbeleivable! I haven't had one of these for years, so they send me one now that I've missed payments for two months
    • Leanneglos1
    • By Leanneglos1 13th Jul 17, 2:33 PM
    • 30 Posts
    • 6 Thanks
    Leanneglos1
    Hi all, did post before but no response, has anyone had any sort of dealings with progressive money and also pay day loans? Obviously they charge ridiculous interest daily, how did people approach these when going on a DMP?
    • January2015
    • By January2015 13th Jul 17, 2:35 PM
    • 1,725 Posts
    • 4,657 Thanks
    January2015
    How did you folks get them to stop the interest? I have Barclays and MBNA and they're still loading it ion every month.
    Originally posted by vaper
    Barclaycard will not stop interest if you are paying 1% or more of the outstanding balance each month. To get interest stopped and default issued we dropped to £1 per month payments. They still didn't default us for 18 months - with hindsight and knowledge gained, I would have just stopped making any payments to them altogether.

    We eventually got the default back dated and interest refunded - but that was a long battle.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • StopIt
    • By StopIt 13th Jul 17, 2:43 PM
    • 686 Posts
    • 628 Thanks
    StopIt
    Hi all, did post before but no response, has anyone had any sort of dealings with progressive money and also pay day loans? Obviously they charge ridiculous interest daily, how did people approach these when going on a DMP?
    Originally posted by Leanneglos1
    You've wrote to them stating your starting a DMP?


    In it you should have also asked for all interest and charges to be halted as continuing to do so will cause further financial hardship and make a DMP impossible to manage.


    Of course they are under no obligation to do so, but it may spur them into just defaulting you and selling the debt to a DCA. PDLs are not the most ethical of lenders however and YMMV.
    • leanne12345
    • By leanne12345 13th Jul 17, 2:44 PM
    • 53 Posts
    • 34 Thanks
    leanne12345
    Barclaycard will not stop interest if you are paying 1% or more of the outstanding balance each month. To get interest stopped and default issued we dropped to £1 per month payments. They still didn't default us for 18 months - with hindsight and knowledge gained, I would have just stopped making any payments to them altogether.

    We eventually got the default back dated and interest refunded - but that was a long battle.
    Originally posted by January2015
    I'm not sure if this is still the case. Barclaycard were my first creditor to default me, my payment to them was initially about 3% of the balance before I dropped to token payments. I didn't send them anything other than the initial letter from stepchange advising of our DMP and they defaulted and stopped interest automatically- hopefully they have changed their policy since you dealt with them.
    • 100kdeep
    • By 100kdeep 13th Jul 17, 2:51 PM
    • 9 Posts
    • 5 Thanks
    100kdeep
    I'm not sure if this is still the case. Barclaycard were my first creditor to default me, my payment to them was initially about 3% of the balance before I dropped to token payments. I didn't send them anything other than the initial letter from stepchange advising of our DMP and they defaulted and stopped interest automatically- hopefully they have changed their policy since you dealt with them.
    Originally posted by leanne12345
    as i have read back though years of posts on here it would definitely appear creditors are getting easier to deal with but maybe im just being optimistic because im at the start of it all
    • leanne12345
    • By leanne12345 13th Jul 17, 3:00 PM
    • 53 Posts
    • 34 Thanks
    leanne12345
    as i have read back though years of posts on here it would definitely appear creditors are getting easier to deal with but maybe im just being optimistic because im at the start of it all
    Originally posted by 100kdeep
    I agree, although we are only 3 months into our DMP so maybe I'm just being optimistic aswell! I have to say though all of our (20) creditors have stopped interest, some don't seem like they are going to default but I will see what happens in the next couple of months and tackle that if I need to.
    • Julie67
    • By Julie67 13th Jul 17, 3:01 PM
    • 2,330 Posts
    • 21,224 Thanks
    Julie67
    I've had a reply from one of our creditors who have previously wrote to say our debt is unenforceable (we are unable to supply a copy of the credit agreement and acknowledge until we do so the debt cannot be enforced That was 1st June.
    Today I've received a letter saying we are contacting you as the full balance is now due. It gives me 7 days to respond and to prevent further recovery action.
    The amount is £3400 with Idem (Sold on from Halifax)
    Do I just ignore it or remind them they can't enforce it? First one I have had to deal with that is unenforceable so want to get it right.
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • January2015
    • By January2015 13th Jul 17, 3:01 PM
    • 1,725 Posts
    • 4,657 Thanks
    January2015
    I'm not sure if this is still the case. Barclaycard were my first creditor to default me, my payment to them was initially about 3% of the balance before I dropped to token payments. I didn't send them anything other than the initial letter from stepchange advising of our DMP and they defaulted and stopped interest automatically- hopefully they have changed their policy since you dealt with them.
    Originally posted by leanne12345
    If you read through this (and old DMP mutual support threads) you will BC are the most notorious for charging interest and failing to default (putting AR/AP markers on credit files).

    It would be nice to hope BC have changed their policy. We can live in hope
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • carbootcrazy
    • By carbootcrazy 13th Jul 17, 5:07 PM
    • 3,751 Posts
    • 21,039 Thanks
    carbootcrazy
    I've had a reply from one of our creditors who have previously wrote to say our debt is unenforceable (we are unable to supply a copy of the credit agreement and acknowledge until we do so the debt cannot be enforced That was 1st June.
    Today I've received a letter saying we are contacting you as the full balance is now due. It gives me 7 days to respond and to prevent further recovery action.
    The amount is £3400 with Idem (Sold on from Halifax)
    Do I just ignore it or remind them they can't enforce it? First one I have had to deal with that is unenforceable so want to get it right.
    Originally posted by Julie67
    Sorry to hear the creditor is getting 'heavy', Julie. I have one debt that's definitely unenforceable, of about £5700, which they wrote and told me about a few weeks ago. Since then I haven't paid them a penny but, like you, have today received a letter worded very similarly to yours


    I know sourcrates would recommend just ignoring it as it's part of the game they play but it's so hard to do isn't it? I would like to keep them informed of what I'm doing and not let communications break down altogether. At the end of the day though I don't want to pay them much more, they've made thousands in extortionate interest from me over the years. It's already been sold on so I doubt they'll just carry on by selling to someone else. I'd like to offer a silly F&F of about 10% like January did with one of hers just to see the end of it but am unsure of the optimum time to do that. Are there stages to go through first like letting the zero payments go on until they offer me a very low settlement figure? Or should I just dive in? Problems problems, eh?
    Make £10 A Day Challenge 2017. Jan-June: £1811.59 July: £346.57
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    . These figures are completely out of date, must get them organised.
    • Julie67
    • By Julie67 13th Jul 17, 6:46 PM
    • 2,330 Posts
    • 21,224 Thanks
    Julie67
    I'm thinking of offering 10% just to try and be rid of it. I guess if they refuse then ignore them for 12 months and try again. I don't like the idea of it hanging around and them sending letters but then I probably should do just that!
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • Meme1962
    • By Meme1962 13th Jul 17, 9:09 PM
    • 1 Posts
    • 2 Thanks
    Meme1962
    Help
    Hi, new to all this and today I spoke to Step Change and filed for a DMP, I need to set up a basic bank account so looking for some advice on accounts other than Lloyds or HSBC, can anyone help please.
    • purplepaws
    • By purplepaws 13th Jul 17, 9:28 PM
    • 41 Posts
    • 43 Thanks
    purplepaws
    Hi, new to all this and today I spoke to Step Change and filed for a DMP, I need to set up a basic bank account so looking for some advice on accounts other than Lloyds or HSBC, can anyone help please.
    Originally posted by Meme1962
    Hello Meme1962
    Co-op do a very basic current account, called Cashminder. They will want you to have a savings account along side it, this is called a Smartsaver. Online, mobile and phone banking available with it, so not that basic, but no overdraft, cheque book etc. You can transfer money between each account - making it easier to move money into the Smartsaver for your emergency fund!
    Good luck.
    DMP launched 04/07/17 to pay £16,982.82 debt.

    Thanks to MSE & all you wonderful Forum Peeps!
    • Suseka97
    • By Suseka97 14th Jul 17, 5:32 AM
    • 85 Posts
    • 136 Thanks
    Suseka97
    I've had a reply from one of our creditors who have previously wrote to say our debt is unenforceable (we are unable to supply a copy of the credit agreement and acknowledge until we do so the debt cannot be enforced That was 1st June.
    Today I've received a letter saying we are contacting you as the full balance is now due. It gives me 7 days to respond and to prevent further recovery action.
    The amount is £3400 with Idem (Sold on from Halifax)
    Do I just ignore it or remind them they can't enforce it? First one I have had to deal with that is unenforceable so want to get it right.
    Originally posted by Julie67
    I would say they are just trying it on. They've told you that they cannot enforce the debt -but that doesn't mean the debt goes away. I reckon the letter you've received is just a computer generated jobby because you've stopped paying. I would write back with a copy of their original letter about the UE status and do one of two things - either say that until they are in a position to prove the debt is enforceable you will no longer engage with them on the matter, or do as others might suggest and offer and F&F (using the template you can get from the NEDCAB site so the wording is right). The balls in your court
    LBM Apr13: 14 Creditors / £85k+ owed
    Current Status: 6 Creditors / £11,994
    DFD: Aiming for end of 2018
    Self-managed Aug17: CCAs pending
    • fatbelly
    • By fatbelly 14th Jul 17, 8:01 AM
    • 10,956 Posts
    • 8,158 Thanks
    fatbelly
    I've had a reply from one of our creditors who have previously wrote to say our debt is unenforceable (we are unable to supply a copy of the credit agreement and acknowledge until we do so the debt cannot be enforced That was 1st June.
    Today I've received a letter saying we are contacting you as the full balance is now due. It gives me 7 days to respond and to prevent further recovery action.
    The amount is £3400 with Idem (Sold on from Halifax)
    Do I just ignore it or remind them they can't enforce it? First one I have had to deal with that is unenforceable so want to get it right.
    Originally posted by Julie67
    It's just a standard letter.

    But no harm in writing politely to point out that they have deemed this one unenforceable and that you are now prioritising your debts accordingly.

    As you have several enforceable debts you are turning your efforts to them and will not be making payment to this one.

    If they persist with letters, then ignore them.
    • carbootcrazy
    • By carbootcrazy 14th Jul 17, 9:21 AM
    • 3,751 Posts
    • 21,039 Thanks
    carbootcrazy
    Hi, new to all this and today I spoke to Step Change and filed for a DMP, I need to set up a basic bank account so looking for some advice on accounts other than Lloyds or HSBC, can anyone help please.
    Originally posted by Meme1962
    Well done on taking that first step on your way to debt-freedom. Welcome to the thread. Please keep posting to update us on your progress and to ask about anything that's puzzling/bothering you.

    I've got a Nationwide FlexBasic account as have several other posters on here. No frills but has a debit card though no chequebook (but who uses cheques these days anyway?). I can certainly recommend it. It can be applied for online.
    Last edited by carbootcrazy; 14-07-2017 at 9:25 AM.
    Make £10 A Day Challenge 2017. Jan-June: £1811.59 July: £346.57
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    . These figures are completely out of date, must get them organised.
    • vaper
    • By vaper 14th Jul 17, 9:28 AM
    • 74 Posts
    • 60 Thanks
    vaper
    I've got the nationwide flex account too. Also TSB, (I panicked and opened loads while I could).
    Recommend both and the TSB was so easy to open, did it all online, no paperwork needed or anything.
    • Leanneglos1
    • By Leanneglos1 14th Jul 17, 10:29 AM
    • 30 Posts
    • 6 Thanks
    Leanneglos1
    Hi all, I keep posting questions so apologies in advance, I'm approaching my first payday without paying my creditors and starting to feel very anxious and nervous about it all, I've sent letters to creditors explaining my situation and confirming l will be paying £1 token payments, I know come the 20th when I get paid and my creditors don't my phone will be inundated, what advice can people give me for handling these calls, do I answer, do I answer creditors who have acknowledged my letter or only answer and speak with creditors who havnt, what should I say? I'm dreading these calls but know they will come so any help is much appreciated
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