DMP Mutual Support Thread - Part 7

Twit_Head

newlywed wrote: »

Ahhh mortgage, sorry can't help much with that one - we rent.

I did read when I used to follow this thread regularly, that you need to go to a whole market broker to get you the best offer for your situation (rather than just the main banks), and a couple of people (around the time when I started my DMP a few years back) did successfully remortgage on a DMP with defaults, but know nothing further on that score, sorry.

Excellent advice NW re: going through a broker rather than the banks. (There is an very good one if you look at the :money:re-mortgaging guide)
I remortgaged through the said brokers just before going on my DMP (phew!) and got a fantastic deal.
That said, a broker will shop around to get you the best deal. You might not get the very best rates with a current default but I'm certain you can and will get a fair deal.

'Twitty'

Twit_Head

copperboom wrote: »

Hi guys,

I've just had an email from Shop Direct regarding my Very.co.uk account. I only fell behind last month and to be honest, I just haven't had the energy to deal with them yet. I've sent them a token payment but no letter (on my to-do list for this weekend) and they've been hounding me by phone over the last few days and stopped yesterday which I thought was odd. The email said the following:

"We wanted to let you know about some important changes to your account. To learn more, please visit our website by clicking here.

It is important that you visit our website to read about these changes and understand how they may apply to your account."

So I clicked on the link and got sent to a PDF letter, which said this:
"Dear Customer

Notice of Variation

We are making some changes that apply to your Credit Account Agreement. Please read this information carefully and keep it for future reference as it contains changes to some of your terms and conditions. With effect from 25 June 2011, the terms and conditions of your account will be varied as
follows:

Clause 2 of Key Financial Information will be replaced by the following wording:

2. Repayments – You will be sent a statement every 28 days giving details of all transactions on your account during the period since your last statement or, if there has been no previous statement, since the opening of your account. The first payment will become due 20 days after the date of your first statement and all subsequent payments will be due 20 days after the date of the statement on which they appear. The due date will be shown on each statement. You will be required to make at least the minimum payment by the due date shown on your statement. The minimum payment on current balances will be £5 or 6% whichever is greater or the full current balance if less than £5. You may pay more if you wish to do so, including the Take 3 payment described below. Any insurance premiums due or default charges described below will be payable in addition to the minimum payment described above.

If you use the account to purchase certain items we may ask you to make an additional payment in relation to that item. This additional payment will not increase the price of the purchase. If this requirement applies we will determine and notify you of the amount and timing of the payment when you order the item.

Kind regards
Carol Brown
Credit Support Operations Manager"

I have no idea what this means, is it good, is it bad? Is it because I'm in arrears or is it just something they're doing for everyone? Are they really allowed to send letters disguised as emails like that? Should I ring them up?

Any light that anyone can shed on this would be much appreciated.

Sorry copperboom, can't help much making sense with the letter/e-mail you've got.
However, I would recommend (and I know it's really difficult to do) but make sure you take the time and trouble to communicate with your creditors.
All they know is they have a token payment (where's the rest of the dosh??? ) and no hint of the whys and wherefores.
Keep to your 'to-do list' and write/phone them this weekend. tell them you're entering onto a DMP, and will be making regular (but reduced) payments.
All your creditor knows at the moment is they are not getting their money back
As HH recently said, you need to take a balance of being pro-active with creditors yourself, and having your DMP company there as your background shield.
It's a rocky road at the start but better times are ahead for you

'Twitty'

Growurown

Thank you Toffeepenny for your excellent advice on filling out the budget plan. I am now a bespectacled smoker with bad teeth but as I live in Wales I can't claim for prescriptions as they are free here.

I have been accepted by First Direct for a new bank account and they are very kindly going to give me a £100 just for joining. If I don't like them and leave they will give me £200!!

I think it is too late now to organise my May salary to be paid into the new account so will have to go carefully as I don't want my existing bank to know anything and take all my dosh to repay the over draft before I can get things sorted.

Quite agree to - a 'pea is just a pea'. Hubby told me off for buying value frozen veg, (he's a bit of a food snob) but hey cauliflower is just cauliflower isn't it? Anyway grow your own veg is a great way to save money and it tastes good too. You don't have to have acres even a small plot can be very productive.

Happy gardening one and all - have a great weekend.

copperboom_2

Twit_Head wrote: »

Sorry copperboom, can't help much making sense with the letter/e-mail you've got.
However, I would recommend (and I know it's really difficult to do) but make sure you take the time and trouble to communicate with your creditors.
All they know is they have a token payment (where's the rest of the dosh??? ) and no hint of the whys and wherefores.
Keep to your 'to-do list' and write/phone them this weekend. tell them you're entering onto a DMP, and will be making regular (but reduced) payments.
All your creditor knows at the moment is they are not getting their money back
As HH recently said, you need to take a balance of being pro-active with creditors yourself, and having your DMP company there as your background shield.
It's a rocky road at the start but better times are ahead for you

'Twitty'

Thanks for the advice

I agree with you - it was stupid not to get in touch, but I was on BNPL until last month and hadn't had to think about it as there were only - minimal payments to make, so by the time I realised I was behind I'd been battling with other creditors for a couple of months and just didn't have the energy to engage with them! I'm hoping a DMP company will help me get interest and charges frozen on this account as well as my RBS overdraft (£6 a day - disgusting!) and then I'll feel a lot more able to deal with everything myself once more but at the moment I'm feeling really lethargic - it just seems like a massive mountain I'll never get to the top of, especially when my DMP is set to run for 16 years

Twit_Head

Toffee_Penny wrote: »

Woo hoo! It's the weekend which means 2 lie ins :beer:
There are certain things I won't compromise on though things like toothpaste and loo roll. After the Tesco value loo roll trial two years ago which resulted in sore bums and walking like John Wayne for a week we decided to cut back where we can but we need some luxury!

Enjoy the weekend guys x

:rotfl::rotfl::rotfl:
I too have posted previously on the dangers of cheap loo roll :eek:
Like many before us, we have wasted hard earned money by being loyal to a supermarket, and using the convenience of the 'one-stop' shop.
But if you try the cheapo supermarkets (you know the 'foreign sounding' ones ) there is oodles of money to be saved.
And I've found the 'other' discount shops have faboulous savings on toiletries, gardening items etc. (Branded goods but in 'last seasons' design packaging etc)
People always used to shop around - it's a good lesson to learn on a DMP. Time really is money - your time but very gratifying to realise you've bought what you need for much less money
Hope everyone has a good weekend!

'Twitty'

Twit_Head

copperboom wrote: »

Thanks for the advice

I agree with you - it was stupid not to get in touch, but I was on BNPL until last month and hadn't had to think about it as there were only - minimal payments to make, so by the time I realised I was behind I'd been battling with other creditors for a couple of months and just didn't have the energy to engage with them! I'm hoping a DMP company will help me get interest and charges frozen on this account as well as my RBS overdraft (£6 a day - disgusting!) and then I'll feel a lot more able to deal with everything myself once more but at the moment I'm feeling really lethargic - it just seems like a massive mountain I'll never get to the top of, especially when my DMP is set to run for 16 years

You are not 'stupid'!!!!!!!!!!!
It's a horrible, sicky, draining, OMG 'What have I done?' :eek: 'I can't deal with all of this' feeling when you first go a DMP.
I know the massive mountain feeling all to well! Mine was over 19 years when I started (and I'm not in the first flush of youth ) Now got down to 13 yearish.
But it's not the time factor that counts, it's learning and living with this DMP thing. Hang on in there - this is the dark time.
Just think, in a couple of years you too might be advising on cheap loo rolls! The initial angst for you (and all the other newbies will lessen) and you'll find life goes on.

'Twitty'

Growurown

Twit_Head wrote: »

:rotfl::rotfl::rotfl:
I too have posted previously on re: the dangers of cheap loo roll :eek:
Like many before us, we have wasted hard earned money by being loyal to a supermarket, and using the convenience of the 'one-stop' shop.
But if you try the cheapo supermarkets (you know the 'foreign sounding' ones ) there is oodles of money to be saved.
And I've found the 'other' discount shops have faboulous savings on toiletries, gardening items etc. (Branded goods but in 'last seasons' design packaging etc)
People always used to shop around - it's a good lesson to learn on a DMP. Time really is money - your time but very gratifying to realise you've bought what you need for much less money
Hope everyone has a good weekend!

'Twitty'

Lucky you having a cheapo supermarket!! We have Waitrose, now don't get me wrong it is a very fine store with very helpful staff but you can't go in there and just spend a tenner. We have tried the foreign sounding one which is about 15 miles away but found we couldn't buy everything we needed (no lemons or tinned fruit in juice) so still had to go elsewhere. Plus the cost of the petrol to get there and back. Hey ho - perhaps I should give up eating, could do with losing a stone or two.

Hang in there copperboom, we are all in the same boat, hopefully not sinking though:):)

sunnygirls

Well ive heard back from MBNA goods news they have stopped interest on my dh account and lowered mine to 5.30% (its a start) . Capital one have sent a letter saying they cannot communicate with CCCS until i sign a letter they have sent ,do i sign it ? All other letters are just saying we are behind with payments no acknoledgement of any letters CCCS or i have sent ,but ive had no phone calls but then again its early days .
Thank you all who post and give advice on here, over the few week i dont know what i would have done without your advice and humour .
You have helped me move from a very dark place to one where there is a flickering of light ,I know ive got a long bumpy road ahead but i know i will make it with your support and humour to help me along the way . Sunny x

Hopelessly_Hopeful

sunnygirls wrote: »

Well ive heard back from MBNA goods news they have stopped interest on my dh account and lowered mine to 5.30% (its a start) . Capital one have sent a letter saying they cannot communicate with CCCS until i sign a letter they have sent ,do i sign it ? All other letters are just saying we are behind with payments no acknoledgement of any letters CCCS or i have sent ,but ive had no phone calls but then again its early days .
Thank you all who post and give advice on here, over the few week i dont know what i would have done without your advice and humour .
You have helped me move from a very dark place to one where there is a flickering of light ,I know ive got a long bumpy road ahead but i know i will make it with your support and humour to help me along the way . Sunny x

Hi

People usually print rather than sign their name incase they choose to go down the UE route later.

Quote the OFT guidance to them, they cannot refuse to deal with CCCS.

Let us know how you get on.

HHx

copperboom_2

Hello everyone! I hope you're all having a nice, lazy Sunday

I have a question about F&F's as there's a small chance I may receive some money from a relative to the tune of just under half what I owe in total.

If I make a F&F offer to each of my creditors for 45% or whatever it might be, and they reject it, will they still expect to receive that money from me since they know that I have it? My relative doesn't really want to give me this money unless it's going to clear this debt rather than just contributing to it. And if some of them say yes and others say no, would I just be able to pay the amount those who said yes and then give the remaining "no" money back to my relative? Or would the best practice be to choose my two largest debts and offer them both 75% or whatever the amount came to on them and then just continue with a DMP for the remaining, smaller debts if they say yes.

I hope all that makes sense, and I hope you can help as my relative is reluctant to give me the money until they have all the facts (if at all, as they had wanted to give me this amount to save towards a deposit on a house )