DMP Mutual Support Thread - Part 7

CommitedToChange

*hugs* shellshock. I know what you mean, I'm just setting up my DMP and each day I think its ok but as soon as I go to bed my mind starts to race and I have trouble getting to sleep. I think early stress is normal

Thanks for the good news mikon - cheers me up and gives me hope

Sunshine47

Hi Everyone, it's been a while since I've been on here, pleased to see that lots of people are doing something about their debt & are all supporting one another. I'm 16 months into my DMP and have to say it's the best thing I've ever done - I never want credit again. I started off with £48k of debt & am now down to £33k! So getting there - 1 question I have though is, I'm with Payplan, over the Xmas period my payment went to them in 29th Dec, but wasn't sent out to my creditors until 6th Jan. HSBC is one of my creditors and they expect their payment on the 9th, due to the weekend my payment didn't get there till 12th Jan, so guess what, HSBC have charged me £25, I feel really cross that I've made my payments & Payplan have paid it late -HSBC are having none of it and Payplan have just ignored me - any advice please?

Many thanks
L

powerchimp

Sunshine47 wrote: »

Hi Everyone, it's been a while since I've been on here, pleased to see that lots of people are doing something about their debt & are all supporting one another. I'm 16 months into my DMP and have to say it's the best thing I've ever done - I never want credit again. I started off with £48k of debt & am now down to £33k! So getting there - 1 question I have though is, I'm with Payplan, over the Xmas period my payment went to them in 29th Dec, but wasn't sent out to my creditors until 6th Jan. HSBC is one of my creditors and they expect their payment on the 9th, due to the weekend my payment didn't get there till 12th Jan, so guess what, HSBC have charged me £25, I feel really cross that I've made my payments & Payplan have paid it late -HSBC are having none of it and Payplan have just ignored me - any advice please?

Many thanks
L

I had a similar problem last month with the Tesco CC. I rung them and they told me that I shouldn't be charged late payment fee as I was on a DMP, now whether this is the same for all CC companies or not I don't know.

mikon

CommitedToChange and all new DMPers

I was like you when I first started. Let me take you back a year in 2010 unknown to me my wife was stressed out about our finances. Like most households my wife dealt with all our finances but I contributed to spending the money. She was the one robbing Peter to pay Paul and I was plodding along oblivious to our finances.

Then one day in April 2010 we took some time off work to spring clean and it was then when my wife opened her heart to me and I realised that for the past year my wife had been handling the stress of our finances all by herself. It was not selfish on my behalf it was just I never got involved with the finances. That I guess was our Light Bulb Moment (LBM).

From that point onwards we took the decision that we would work through things together.

Option 1 - Consolidate all loans and debts and make one monthly payment, done it before and still ended up in a hole.

Option 2 – Sell House no way our house is not just a house its a home filled with love and memories.

Option 3 – Seek professional debt advice – DMP or IVA

I contacted the National Debt Helpline who gave us some priceless advice and referred us to CCCS.

Moving on to setting our DMP up we changed bank accounts and sent token payments off and then my mind started working overtime and these are the thoughts I had

Will I loose my home?
Will people come knocking a the door demanding money?
Will the banks put a charging order on my house?
Will I be taken to court?

The other side of the coin was my wife had the stress of worrying about the debt lifted off her shoulders and that to me was worth more that anything. As time passed and some people on here will verify I was worried sick about the things that could happen, worrying about things that may never happen is not healthy. The people and information I gather from this forum has been invaluable. It has enabled me to take on some of the largest financial institutions in the UK and come out with a result in interest being frozen and no charges. I received a few phone calls from creditors but after 2 months this quietened down and now all correspondence is via letter.
What I will add is that all people embarking on a DMP let their minds run wild imagining all sorts of horror stories that do not actually happen. I would not say it was easy but as time passes it does get better and my wife does not worry. You wges and ill have the odd day when you get a letter and it throws you but come on here and get some advice and your mind is at rest.

Of the 11 creditors I have 9 have stopped interest and charges 1 has reduced interest charges and 1 has reinstated interest. Since I started I have paid off 7% of my overall debt and am working with my wife to pay the debts back and be debt free.

This is a story of my journey so far, hopefully it will give the new DMPs an insight into the DMP journey and it will set aside some fears. The one thing to remember is that as long as you continue to make reduced payments to your creditors they normally are quite happy and will work with you as you will see from my last post the letter from M & S.

Sorry if I have bored you.

Squirrel29

Thanks for that brilliant and reassuring post. My biggest fear is having my parents over for a day and baliffs turning up and removing my belongings in front of them. They have no idea and I can't tell them. I'd rather die as they have a zero tolerance of debt!

I've made me first DMP payment and I've checked my new bank and the token payment cheques are being cashed. I've had no letters as yet and no calls (though I did change my landline!)

You are lucky that you and your wife can support each other. I am single and can't really share my worries except on here.

I have a nasty illness called ulcerative colitis that flares up in times of stress. It's really bad now and I'm losing a lot of blood, but daren't go to GP in case I get signed off work. Don't want to have to give up the overtime shifts I have lined up as they'll give me a rainy day fund.

mikon

Squirrel29 wrote: »

Thanks for that brilliant and reassuring post. My biggest fear is having my parents over for a day and baliffs turning up and removing my belongings in front of them. They have no idea and I can't tell them. I'd rather die as they have a zero tolerance of debt!

I've made me first DMP payment and I've checked my new bank and the token payment cheques are being cashed. I've had no letters as yet and no calls (though I did change my landline!)

You are lucky that you and your wife can support each other. I am single and can't really share my worries except on here.

I have a nasty illness called ulcerative colitis that flares up in times of stress. It's really bad now and I'm losing a lot of blood, but daren't go to GP in case I get signed off work. Don't want to have to give up the overtime shifts I have lined up as they'll give me a rainy day fund.

Squirrel29

My wife and I are the only ones that know about our debt. My wife's parents cannot tolerate debt sound like your parents. Remember your not alone we are here and do not worry about things that you have no control over. As I stated as long as your making your payments the creditors are quite understanding. They have to abide by the Lending Guidelines issued by OFT.

Try not to stress out I know its easier said than done but you will come through this a better person.

Mikon

secretshopper75

Squirrel, sending you a big hug, it's a horrid condition and although you are worried about being off sick from work you need to see your gp so you can get some medication, stress is terrible isn't it.

SarahNeedle1872

Hi guys, hope you are all well....?

Can I ask a stupid question... Is it ok to write to the CC companies and debt collectors for up to date balances? Just incase they dont send them. I have a feeling I may be paying twice for one debt....

Thanks

Sx

Hopelessly_Hopeful

Welcome to the Newbie and a dodgy group hug for anyone in need:grouphug:

Sarah - you are entitled to a statement once a year. I would write asking for a break down. If they dont send threaten them with OFT and ombudsmen. Set yourself up with a file and a table (excels the easiest but appreciate not everyone likes spreadsheets). Can be very motivating seeing things going in the right direction.

Have a good start to the weekend end all

HHx

SHELLSHOCK

Thanks for all the reassuring advice and hugs! Feel slightly better today as my husband had a reasonably nice letter from Halifax yesterday in reponse to our letter and token payment. They said they were sorry to hear of our money troubles (!!) and that they appreciate that we let them know and that we are seeking professional help. They will still continue to add interest and charges (gee thanks!) until they hear from CCCS.

At least it looks like they will be open to accepting our offer? Also spoke to Littlewoods on the phone and they have frozen interest and charges for 28 days to give the CCCS a chance to contact them. I'm sure they won't all be that good though! I've got a horrible feeling about LloydsTSB even though we have both been with them over 25 years! Loyalty counts for nothings does it?

How do I get a DMPmember number?