DMP & Mutual Support Thread - Part 8

stupid-fool

After a few days of just browsing I thought it was time to check in again.

I had a call from CCCS (soon to be StepChange) yesterday, and after one minor income query the DMP was set up. I received the email last night will all of the details, and our first payment will be on 1st December.

Our letters to the creditors were all posted last weekend, and CCCS will have posted theirs yesterday so there is no turning back now. I'm yet to hear anything from any of the companies, but we aren't yet behind with any payments so I guess that's why.

I'm still very worried about the reactions of our creditors as increases in interest rates or charges are just going to extend the term of our debts. How long does it usually take before hearing their initial responses?

I am guessing that I will need to start working on getting interest rates reduced etc - is there a good place to start reading on how to do this or find template letters?

On a positive note we went grocery shopping yesterday and were amazed just how much we could save by calling at Lidl first for some items and then shopping at Asda instead of our usual Sainsbury's. It was also a shock just how much we can save by dropping some of the branded products we automatically choose down to own brand ranges and even smart price.

Has anyone found a really good website, or better still an iPhone app which helps to compare the shop prices of supermarket goods. I think branded might be easier, but what about the minefield of own-brand lines which are very similar but pack sizes etc vary slightly?

This could well become an obsession trying to drop the grocery budget. But at least it would keep my mind of the interest rates and charges on my debts.

Thanks for everyone's continued support, it really does help :T

NaughtySpot

Time_to_face_the_music wrote: »

We have had to make a reduced payment too this month due to roof repairs so you have our sympathy

Have you written to NatWest before to make a complaint? If so, don't bother writing to them again, go straight to the FOS. If you haven't written before, you need to make the complaint, give NatWest a chance to respond and then go to the FOS if you are not happy with their decision.

NatWest stopped the interest on our CC pretty much straight away but it's taken us 9 months of fighting to get the interest stopped on the OD. It eventually happened this week and we have received the interest back, thanks to the FOS :T

No I haven't complained to them yet. They've been the worst without doubt and incredibly slow to contact us. I guess I just "express my disappointment at their lack of understanding and the fact that they are prolonging our debt repayment".

Our CC with them was only £320 at the start and is now over £400 :mad::mad:

NaughtySpot

stupid-fool wrote: »

After a few days of just browsing I thought it was time to check in again.

I had a call from CCCS (soon to be StepChange) yesterday, and after one minor income query the DMP was set up. I received the email last night will all of the details, and our first payment will be on 1st December.

Our letters to the creditors were all posted last weekend, and CCCS will have posted theirs yesterday so there is no turning back now. I'm yet to hear anything from any of the companies, but we aren't yet behind with any payments so I guess that's why.

I'm still very worried about the reactions of our creditors as increases in interest rates or charges are just going to extend the term of our debts. How long does it usually take before hearing their initial responses?

I am guessing that I will need to start working on getting interest rates reduced etc - is there a good place to start reading on how to do this or find template letters?

On a positive note we went grocery shopping yesterday and were amazed just how much we could save by calling at Lidl first for some items and then shopping at Asda instead of our usual Sainsbury's. It was also a shock just how much we can save by dropping some of the branded products we automatically choose down to own brand ranges and even smart price.

Has anyone found a really good website, or better still an iPhone app which helps to compare the shop prices of supermarket goods. I think branded might be easier, but what about the minefield of own-brand lines which are very similar but pack sizes etc vary slightly?

This could well become an obsession trying to drop the grocery budget. But at least it would keep my mind of the interest rates and charges on my debts.

Thanks for everyone's continued support, it really does help :T

Re: the grocery shopping I don't know of any such app or website, but you can't go wrong with shopping at Aldi and only going to the others for stuff you can't get there. I'm a proper Aldi convert and it's amazing how much you can get for your money!

RubyLou89

I'm confused about something.

I'm in the process of setting up a dmp with cccs. I've sent the paperwork back to them and a letter informing our creditors of the dmp. What's the next step? Do cccs speak to creditors about interest rates or do I write to them all again? I'm really confused about what happens next.

Time_to_face_the_music

NaughtySpot wrote: »

No I haven't complained to them yet. They've been the worst without doubt and incredibly slow to contact us. I guess I just "express my disappointment at their lack of understanding and the fact that they are prolonging our debt repayment".

Our CC with them was only £320 at the start and is now over £400 :mad::mad:

Try something like this:

You

Date

Them

Dear Sir/Madam

Re Account No: XXXXXXXXXXXX

Thank you for your letter/statement of DD/MM/YYYY concerning the above account.

As you are aware we are in financial difficulty and are currently in a DMP, reference number XXXXXXX. We are sorry that you feel unable to suspend interest charges on the above account. All of our other creditors have agreed to suspend interest charges still accruing. They have accepted that to continue to charge interest would not assist us in our present financial difficulties, and can only serve to increase our total debt.

We have already paid considerable sums in interest to this account. If interest charges continue the monthly instalments we are paying will not even cover that interest. Also, the cooperation of we other creditors who have agreed to freeze interest already could be put at risk.

We would therefore be grateful if you would reconsideryour decision not to freeze the interest. This would mean that the monthly payments we make would actually reduce the balance owing to your company.

If you fail to resolve our complaint within 8 weeks, or if matters are not settled to our satisfaction, we will have no alternative but to escalate our complaint to the Financial Ombudsman Service

We look forward to hearing from you as soon as possible.

Yours faithfully

lizzy23

Stupid - fool LIDL all the way in this house, all my shopping including wine treats and household stuff for on average £50 a week, have been shopping there for over 2 years, ever since DOH went self employed and there is very little i won't buy from there

NaughtySpot

TTFTM: Thanks for that, it's a lot stronger than I was writing and all the better for it, I'll get that posted off this weekend.

NaughtySpot

RubyLou89 wrote: »

I'm confused about something.

I'm in the process of setting up a dmp with cccs. I've sent the paperwork back to them and a letter informing our creditors of the dmp. What's the next step? Do cccs speak to creditors about interest rates or do I write to them all again? I'm really confused about what happens next.

Have you got a date for your first CCCS payment? It does all go a bit quiet TBH until your creditors send you default notices. If you're changing bank accounts get that sorted now, and just make token payments to creditors if payments need making. Also cancel all your direct debits to your creditors.

Growurown

CCCS to StepChange - that's so much harder to type. Can we just call it SC?

My OH thinks I am barking!! Yesterday in a quiet lull at work I decided to tidy up the office kitchen, emptied the bin and found a cheese and onion sandwich with only one bite out of it, still in its packet. NO I didn't eat it but took it home for the chickens who enjoyed it very much! I also found two bananas that were going over a bit and took them home too and made banana bread with them. I like to think of it as recycling and saving me money too:D

Re shopping. My grocery bill has really come down since having Aldi to shop in. Can't get everything in there I need but the fruit and veg is really good value and as OH and I are trying to lose some weight it had been a real boon.

Growurown

antonic wrote: »

Made (hopefully) by penultimate payment today.

Only 1 to go (I hope !).

antonic wrote: »

I cant wait !

7 long hard years of debt busting nearly done and then in the New Year I can save towards buying things that I want !

That's fantastic Antonic. Well done you. I dream of the time when we are debt free and will be able buy things we need with cash up front and not credit.

stupid-fool wrote: »

I'm still very worried about the reactions of our creditors as increases in interest rates or charges are just going to extend the term of our debts. How long does it usually take before hearing their initial responses?

I am guessing that I will need to start working on getting interest rates reduced etc - is there a good place to start reading on how to do this or find template letters?

Hi Stupid-fool (although I am sure you are not!). With our creditors the ones who stopped interest did so within the first couple of months. The ones who didn't are still charging us and that is the Halifax. TTFTM has just put up a really good letter to use which I might pinch too cos I am getting fed up with them now.