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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 12,477Posts
    • 11,868Thanks
    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 volunteer to help get your forum questions answered and keep the forum running smoothly".
    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 99
    • purplepaws
    • By purplepaws 14th Sep 17, 2:58 PM
    • 45 Posts
    • 45 Thanks
    purplepaws
    Hi all, I'm new here and just starting out on my journey.

    I have a quick question that I hope someone can answer.

    My husband and I have 3 joint current accounts with Nat West (all in credit). We have filled out the paperwork to remove my name from all 3 and I have opened a basic bank account with TSB. In time he will close 2 of them and just keep 1.


    My question is I have a NW loan and a NW CC. Once I have stopped the DD from one of our NW accounts can they reinstate the DD once the account is in his sole name? Also more worryingly can they take the full amount I owe them via 'setting off 'from his account as it was once joint and in credit?

    Thanks in advance.
    Originally posted by Seeking Simple

    Hello,
    Yes, they 'could' go after money in other NatWest accounts.
    Halifax tried that with me, for a personal loan.
    Better off cutting all ties.


    Good luck.
    DMP launched 04/07/17 to pay £16,982.82 debt.

    Thanks to MSE & all you wonderful Forum Peeps!
    • Puzzcat
    • By Puzzcat 14th Sep 17, 3:10 PM
    • 3,144 Posts
    • 16,245 Thanks
    Puzzcat
    Hi, hope someone can help!

    Totally confused with starting a DMP. I was looking at doing a self managed one but now am thinking of going through step change due to my confusion in it all.

    One thing that I am trying to figure out before starting anything though is that from reading these boards, some people talk about 'token payments' and '£1 payments' for 3 or so months so that they can get some savings behind them. Is this done before you start a dmp or is this something that you do afterwards? Is this something that step change arrange, or do you just pay it via standing order etc before you even talk to them?

    Its just finding out where and how to start. 3 months of £1 payments sounds too good to be true. Maybe i should ring stepchange, but i wanted to ask you guys first.

    Many Thanks
    Originally posted by susieA
    Hi,

    No this is something that you will have to do yourself prior to starting a dmp with stepchange. The way I did it was to do the SC online step remedy and obtain a sc reference that you can then quote on your paperwork. I informed sc when I wanted to start and didn't send my paperwork back until I was ready. I wrote to each creditor advising I was in financial difficulty and offered a £1 token payment for 3 months whilst I set up my dmp. I had very little hassle and all my creditors accepted this and then my dmp from sc kicked in.

    The purpose of the token payments is to allow you to save for an emergency fund as you will have no access to credit going forwards, it also helps to get the accounts defaulted quickly which means they fall off your credit report 6 years from default date rather than ap/ar markers which remain on your file for 6 years from when the debt is settled.

    Hope that makes sense!

    Good Luck..
    Puzz. x
    Christmas 2017 £550 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 41% paid £4k UE
    Going Self Managed March 2016
    Pot Of Gold - £460.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • sourcrates
    • By sourcrates 14th Sep 17, 4:07 PM
    • 12,477 Posts
    • 11,868 Thanks
    sourcrates
    Hi, hope someone can help!

    Totally confused with starting a DMP. I was looking at doing a self managed one but now am thinking of going through step change due to my confusion in it all.

    One thing that I am trying to figure out before starting anything though is that from reading these boards, some people talk about 'token payments' and '£1 payments' for 3 or so months so that they can get some savings behind them. Is this done before you start a dmp or is this something that you do afterwards? Is this something that step change arrange, or do you just pay it via standing order etc before you even talk to them?

    Its just finding out where and how to start. 3 months of £1 payments sounds too good to be true. Maybe i should ring stepchange, but i wanted to ask you guys first.

    Many Thanks
    Originally posted by susieA
    Hi,

    People do it in different ways but the gist of it is to save up an emergency fund before you start a DMP.

    This is incase unforeseen expences crop up, which usually do.

    So a few months of non payment or just paying £1 a month to each creditor is how folk achieve this.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • susieA
    • By susieA 14th Sep 17, 5:15 PM
    • 3 Posts
    • 1 Thanks
    susieA
    Thank you for your responses. So just to break it down...

    Go through stepchange helpline to get a reference number

    Write to debtors and say I'm setting up a dmp with stepchange this is the reference number with them and I'm going to pay £1 until it's been set up

    Wait a month

    Ring stepchange and say I wish to go through with the dmp

    Wait a month then send back the paperwork that I'm assuming they send me

    Then start the dmp and hopefully have everyone agree.

    Is that kinda the process?

    Thanks again guys, really appreciate it
    • Puzzcat
    • By Puzzcat 14th Sep 17, 5:19 PM
    • 3,144 Posts
    • 16,245 Thanks
    Puzzcat
    Thank you for your responses. So just to break it down...

    Go through stepchange helpline to get a reference number

    Write to debtors and say I'm setting up a dmp with stepchange this is the reference number with them and I'm going to pay £1 until it's been set up

    Wait a month

    Ring stepchange and say I wish to go through with the dmp

    Wait a month then send back the paperwork that I'm assuming they send me

    Then start the dmp and hopefully have everyone agree.

    Is that kinda the process?

    Thanks again guys, really appreciate it
    Originally posted by susieA
    That's about it , but I never spoke to anyone at sc, did it all online.
    Puzz
    Christmas 2017 £550 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 41% paid £4k UE
    Going Self Managed March 2016
    Pot Of Gold - £460.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • kram
    • By kram 14th Sep 17, 8:19 PM
    • 72 Posts
    • 64 Thanks
    kram
    Here's a link to the sc debt remedy tool:

    https://www.stepchange.org/Debtremedy.aspx

    Get the ref no & away you go.

    Good luck

    K
    • henrryyyy
    • By henrryyyy 15th Sep 17, 1:10 PM
    • 59 Posts
    • 56 Thanks
    henrryyyy
    since going it alone I wrote to all my creditors offering token payments, quite a few didnt reply, most rejected and 1 accepted for a year(although the account has been closed on my credit file so maybe sold on?)

    A friend offered to help me out and with his help I made a couple of of F&Fs which subsequently cleared a £950(450 arrears) loan with 118118 for £250, and a £3900 debt with bamboo for £1200.
    Amazingly 118118 made me that offer not the other way round, and i undershot bamboo thinking they would raise me up, but they didnt.

    My other debts are credit card debts and overdraft, so i'm guessing they wont be as easy to negotiate with(although im not currently in a position to do F&Fs to them yet) 2 of these have been sold to dca's. I'm working my backside off doing 50+ hours overtime a month which will help greatly.
    its almost 6 months to the day that I bit the bullet and started my dmp journey, its amazing how empowered you feel when dealing with your creditors, (thanks to some blunt words of advice from sourcrates ) I realise now how blind I was when I was scared of my creditors, borrowing from one company to pay another etc. and I feel going through these hard times now isnt a bad thing, I have learned so much about credit and debt, that its a lesson that will help me through the rest of my life.

    good luck everyone!
    • Bewildered Banshee
    • By Bewildered Banshee 15th Sep 17, 7:14 PM
    • 31 Posts
    • 25 Thanks
    Bewildered Banshee
    Stepchange have now written to my creditors with my payment plan.
    I had a letter from nationwide today saying that as it's going to take so long to pay them back, they've stopped interest and charges and will issue a default notice now. it also says they'll not take any further action as long as I pay my regular payments.
    This seems a bit too good to be true - is this usual?
    • January2015
    • By January2015 15th Sep 17, 7:55 PM
    • 1,757 Posts
    • 4,746 Thanks
    January2015
    since going it alone I wrote to all my creditors offering token payments, quite a few didnt reply, most rejected and 1 accepted for a year(although the account has been closed on my credit file so maybe sold on?)

    A friend offered to help me out and with his help I made a couple of of F&Fs which subsequently cleared a £950(450 arrears) loan with 118118 for £250, and a £3900 debt with bamboo for £1200.
    Amazingly 118118 made me that offer not the other way round, and i undershot bamboo thinking they would raise me up, but they didnt.

    My other debts are credit card debts and overdraft, so i'm guessing they wont be as easy to negotiate with(although im not currently in a position to do F&Fs to them yet) 2 of these have been sold to dca's. I'm working my backside off doing 50+ hours overtime a month which will help greatly.
    its almost 6 months to the day that I bit the bullet and started my dmp journey, its amazing how empowered you feel when dealing with your creditors, (thanks to some blunt words of advice from sourcrates ) I realise now how blind I was when I was scared of my creditors, borrowing from one company to pay another etc. and I feel going through these hard times now isnt a bad thing, I have learned so much about credit and debt, that its a lesson that will help me through the rest of my life.

    good luck everyone!
    Originally posted by henrryyyy
    Fantastic post. In the words of Mr Punch..... "that's the way to do it"
    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
    • Suseka97
    • By Suseka97 17th Sep 17, 9:12 AM
    • 146 Posts
    • 219 Thanks
    Suseka97
    .....its almost 6 months to the day that I bit the bullet and started my dmp journey, its amazing how empowered you feel when dealing with your creditors, (thanks to some blunt words of advice from sourcrates ) I realise now how blind I was when I was scared of my creditors, borrowing from one company to pay another etc. and I feel going through these hard times now isnt a bad thing, I have learned so much about credit and debt, that its a lesson that will help me through the rest of my life.
    good luck everyone!
    Originally posted by henrryyyy
    Great news and good luck with any future F&Fs (not that I think you'll need it). You've now got your head in the game and rather than let creditors dictate, you are in control

    Stepchange have now written to my creditors with my payment plan. I had a letter from nationwide today saying that as it's going to take so long to pay them back, they've stopped interest and charges and will issue a default notice now. it also says they'll not take any further action as long as I pay my regular payments.
    This seems a bit too good to be true - is this usual?
    Originally posted by Bewildered Banshee
    Sounds about right. No point flogging a dead horse (as the saying goes). An early default is good and you'll probably find they'll sell the debt on to a DCA in the next few months anyway. I don't have debts with Nationwide, but did with Halifax and whilst they were slower off the block - they eventually defaulted and sold on to Wescott. They even backdated the default when I pressed them for it. From what I've read on here lately it seems that a lot of creditors (particularly banks and building societies) are defaulting much quicker and accept whatever payment plan is offered; eventually selling on so they no longer have to deal with the debt.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 6 Creditors / £11,994
    • btoTHeg
    • By btoTHeg 17th Sep 17, 11:57 AM
    • 10 Posts
    • 7 Thanks
    btoTHeg
    Hi all,

    I'm currently in a DMP with StepChange and have paid off £20k so far and have about 5 years left to pay, I currently owe about £28K across 5 lenders.

    Barclaycard (Now with Link Financial Services) £3200
    Virgin £5700
    Nationwide £2100
    NatWest (Now with Westcot) £11000
    Sainsburys £6000

    I have received £2K recently that I'd like to use to make full and final settlement offers to a couple of my creditors to reduce what I owe and also to reduce the amount I'm paying monthly on my DMP.

    I spoke to StepChange and they have advised me that I can't clear off some debts without annoying the other creditors I owe money to. They have said that the creditors I dont pay may feel that I am not treating all my debts fairly and may cancel the agreement I have in place with them.

    I'm really not sure what to do or how to approach this as I really woul like to get myself debt free as soon as I can but I cant afford to make a F&F settlement offer to them all.

    Any advice would be really appreciated

    Thanks
    • sourcrates
    • By sourcrates 17th Sep 17, 1:55 PM
    • 12,477 Posts
    • 11,868 Thanks
    sourcrates
    Hi all,

    I'm currently in a DMP with StepChange and have paid off £20k so far and have about 5 years left to pay, I currently owe about £28K across 5 lenders.

    Barclaycard (Now with Link Financial Services) £3200
    Virgin £5700
    Nationwide £2100
    NatWest (Now with Westcot) £11000
    Sainsburys £6000

    I have received £2K recently that I'd like to use to make full and final settlement offers to a couple of my creditors to reduce what I owe and also to reduce the amount I'm paying monthly on my DMP.

    I spoke to StepChange and they have advised me that I can't clear off some debts without annoying the other creditors I owe money to. They have said that the creditors I dont pay may feel that I am not treating all my debts fairly and may cancel the agreement I have in place with them.

    I'm really not sure what to do or how to approach this as I really woul like to get myself debt free as soon as I can but I cant afford to make a F&F settlement offer to them all.

    Any advice would be really appreciated

    Thanks
    Originally posted by btoTHeg
    Hi,

    Best not to involve your DMP provider in these matters, thats always the response you will get.

    Realistically the only account you will be able to clear with 2k is the Nationwide account, make a full and final offer to them, using the National Debt-line template letter (available from there website).

    If its accepted, get them to confirm it wont be chased again, in writing, pay them, then just ask stepchange to remove them from your DMP.

    Thats how others approach this.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • btoTHeg
    • By btoTHeg 17th Sep 17, 2:48 PM
    • 10 Posts
    • 7 Thanks
    btoTHeg
    Thanks for the good advice Sourcrates, when I get StepChange to remove the debt can I also get them to reduce the direct debit payment I'm making to them?

    I'm currently paying £489 a month and Nationwide is £49 of that, from experience do others drop their monthly payment or leave as is?

    Thanks again
    • sourcrates
    • By sourcrates 17th Sep 17, 3:05 PM
    • 12,477 Posts
    • 11,868 Thanks
    sourcrates
    Thanks for the good advice Sourcrates, when I get StepChange to remove the debt can I also get them to reduce the direct debit payment I'm making to them?

    I'm currently paying £489 a month and Nationwide is £49 of that, from experience do others drop their monthly payment or leave as is?

    Thanks again
    Originally posted by btoTHeg
    Stepchange are just the service provider of your DMP, they are a debt charity, not a regulatory body, if you want to lower your payment, you tell them that you want to lower your payment.

    The DMP is yours, all they do is act as a 3rd party, passing on your payments to your creditors, you are the one in charge.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • Seeking Simple
    • By Seeking Simple 17th Sep 17, 4:12 PM
    • 5 Posts
    • 2 Thanks
    Seeking Simple
    Hello,
    Yes, they 'could' go after money in other NatWest accounts.
    Halifax tried that with me, for a personal loan.
    Better off cutting all ties.


    Good luck.
    Originally posted by purplepaws
    Thank you for your reply. We are in the process of taking my name off all 3 current accounts at the moment. Once we are fully set up elsewhere my DH will then close these down, until then we'll keep them with a very low balance.
    • Seeking Simple
    • By Seeking Simple 17th Sep 17, 5:09 PM
    • 5 Posts
    • 2 Thanks
    Seeking Simple
    Hi All

    I would just like to say a big thank you to everyone who has posted on this thread. A few months ago I didn't even know a DMP existed, I thought only an IVA or bankruptcy were my choices. After reading through all of this thread (eventually) I feel much more confident in tackling my debt problem.

    I am going to do a self managed DMP. I have started this week by cancelling all of my DD and setting up a basic bank account. I have written my letters to my creditors, I need to print them off and post this week. I have written a letter based on advice from here and CAB. I have not mentioned my DMP yet, only mentioning I am looking into my options with CAB and I will get back to them when I have decided what debt plan to follow. I have told them I have cancelled my DD and that I am unable to pay at this time. Hopefully they will default me faster and pass on my debt. I plan to still open and reply to all letters they send me and in time send them my I/E and offer of monthly payment.

    Do they only send letters via Royal Mail? We moved back in with my mum last week and I have had my mail redirected. I don't want to give them my mums address as living here is only temporary. Will they send anything recorded delivery/signed for?

    Do they send any court proceeding letters this way also?

    I also changed my telephone number to one that doesn't exist so they can not call me. I did say everything in writing please in my letters. Now I am wondering if this is wise. Do I have to speak with them on the phone and give them a number to contact me on? I have read on here people block calls and get their numbers removed from their creditors database, so I know I don't have to always talk to them. Should I in the beginning?

    Kind regards

    SS
    • motivated
    • By motivated 17th Sep 17, 5:44 PM
    • 2,273 Posts
    • 3,392 Thanks
    motivated
    Hi seeking simple. A big well done on starting your DMP. I'm not sure if you're already using it but the NEDCAB site is brilliant and generates all letters for you. You can edit to suit your situation too. It even saves all of your DMP details and creditor information for when you log back in again.

    As for the letters from creditors, so far I have only ever received letters regarding my repayment plan by normal post. Nothing recorded yet.

    I also removed/changed phone numbers to stop the calls and again so far all has been ok.

    Good luck on your journey.
    I have arrived in DMP land and I like it, I may stay a while
    Short term goal £760/£1796

    0/98 payments
    SPC # 91
    • Seeking Simple
    • By Seeking Simple 17th Sep 17, 5:52 PM
    • 5 Posts
    • 2 Thanks
    Seeking Simple
    Hi seeking simple. A big well done on starting your DMP. I'm not sure if you're already using it but the NEDCAB site is brilliant and generates all letters for you. You can edit to suit your situation too. It even saves all of your DMP details and creditor information for when you log back in again.

    As for the letters from creditors, so far I have only ever received letters regarding my repayment plan by normal post. Nothing recorded yet.

    I also removed/changed phone numbers to stop the calls and again so far all has been ok.

    Good luck on your journey.
    Originally posted by motivated
    Thanks for the quick reply. I think I will leave everything as it is then. I have been using the NEDCAB website thanks. I wouldn't have found it if it wasn't linked on here.

    I guess I'll just sit and wait for the defaults. Hopefully, not for too long. I have:-

    Barclaycard
    MBNA credit card
    NatWest Loan
    NatWest credit card.
    • motivated
    • By motivated 17th Sep 17, 6:03 PM
    • 2,273 Posts
    • 3,392 Thanks
    motivated
    Thanks for the quick reply. I think I will leave everything as it is then. I have been using the NEDCAB website thanks. I wouldn't have found it if it wasn't linked on here.

    I guess I'll just sit and wait for the defaults. Hopefully, not for too long. I have:-

    Barclaycard
    MBNA credit card
    NatWest Loan
    NatWest credit card.
    Originally posted by Seeking Simple
    I started my journey with Step change. Then I went self managed. Then I panicked and contacted SC again. Although I am still going it alone for a while and I am still only paying token payments. They must be thinking I am a crazy woman

    BC have just defaulted us on 2 accounts after approx 6 months of not paying them the full payments. They kept threatening to default so I messaged them through the secure messaging service on our accounts asking them to default us as they are only prolonging the inevitable. They replied with defaults and also backdated them to March

    We also have 2 MBNA CCs which have sent default notices after approx 6 missed payments and say they will be defaulting around the 23rd Sept. if they don't I will be pushing them also.

    I don't have any knowledge on NatWest sorry

    How long have you missed payments on the CCs?
    Last edited by motivated; 17-09-2017 at 7:43 PM.
    I have arrived in DMP land and I like it, I may stay a while
    Short term goal £760/£1796

    0/98 payments
    SPC # 91
    • Seeking Simple
    • By Seeking Simple 17th Sep 17, 7:15 PM
    • 5 Posts
    • 2 Thanks
    Seeking Simple
    No missed payments as of yet. I have an all green credit file at this moment in time.
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