DMP & Mutual Support Thread - Part 8

Time_to_face_the_music

DaveK1971 wrote: »

Haha, count me into spreadsheet discussions anytime!!

Dave, consider yourself formally admitted as the latest member of the DMP geek club :T

Growurown

Hopelessly_Hopeful wrote: »

Funny you should say that.... we were swapping spreadsheet tips earlier. Anything to help us at least FEEL in charge of the debt LOL.

HHx

Time_to_face_the_music wrote: »

I am now extremely proud of my HH inspired spreadsheet. :A

Just wish I hadn't stayed up so late inputting figures into it, am cream crackered now

DaveK1971 wrote: »

Haha, count me into spreadsheet discussions anytime!!

We love our spreadsheets

DaveK1971

Often wonder how I managed to get into this state given the amount of time I've tracked money in excel!! Thinking I need to come up with a new system!!

stupid-fool

I know its a chargeable product, but we use Moneydance in our household. I have a few spreadsheets on the go too, but Moneydance is absolutely fab for tracking all of our accounts and monthly budget.

The best bit is that we both have it installed on our iPhones, so it syncs using dropbox back to our home PC so all 3 stay in sync automagically. It also means we enter the transactions as we make them so there is nothing forgotten.

DaveK1971

Evening all. Think I'm posting this in the right place but let me know and I'll move it if need be.

I signed up for a DMP with StepChange a week ago. So far things have been relatively quiet and I've been coping reasonably ok in terms of not stressing out too much etc.

Two creditors got in touch yesterday and whilst they haven't accepted the DMP they have at least stated that they are prepared to speak to Stepchange and negotiate. First Direct advised that StepChange are very very good which is a promising start.

Today though I got my first nasty email which is full of errors and I just wondered if any of you had any advice as it has put me back a little in terms of worrying etc.

Basically I owe Pounds to Pocket a few hundred pound. At the moment I have not defaulted on this as I paid the last payment on 31/10 so the next one is not due until 30/11.

Today however I received an email stating that I had defaulted and because I had not replied to the default notice they say they sent at least 15 days ago I had breached my contract, the full amount is due and they would be considering further action.

Firstly I have never received a default notice from them and in fact have not yet defaulted! I assume they are writing to me either because StepChange have been in touch or because they have had my letter advising of a DMP. The earliest they could have found out about my DMP is a week ago when I signed up so they have not even had 15 days since my DMP started.

I'm about to log into StepChange and see if I can find any links to what to do but as you lot have been my rock for the last week I figured I'd ask here too.

Spur of the moment I replied to their email in a professional manner simply stating that I had not defaulted, had not receoved a default notice and asked them to check their information and confirm the email was sent in error / contained errors. Not sure if I was wise to do so but being the first bad experience I just reacted!

Grateful for any advice about this type of thing and also about what happens when starting a DMP with StepChange. I've had initial communications and a copy of my DMP and payment breakdown but do they advise / will my online account show when a creditor accepts or declines etc?

Also wondered if anybody had experiences of DMP's with Wonga, Quickquid and Lending Stream?

Cheers for any input you can offer.

stupid-fool

Hi DaveK1971

I've no experience of those creditors, but I can tell you that Lloyds TSB defaulted our 2 credit cards as soon as they were contacted by StepChange about our DMP.

It was almost amusing to read the letters that demanded we pay our arrears of £0 or face further action.

stupid-fool

Well today is our official transfer day to our safe bank account - the final DDs which couldn't easily be moved manually (plus I needed a few for the First Direct cash back offer) moved across :j

Unfortunately Equitable Life just took 2 payments from our old bank account by DD this morning :mad:

So I guess I now need to call all those who's DDs were transferring to make sure the really have. Why are these things never simple

matty2712

Hi,

Got a massive problem, my car has broken down beyond repair, i am currently on a DMP with stepchange. I need to get a new car (used) ASAP, but obviously cant afford it whilst paying into my DMP. What are my options. Why cant things be simple eh!!!

Growurown

matty2712 wrote: »

Hi,

Got a massive problem, my car has broken down beyond repair, i am currently on a DMP with stepchange. I need to get a new car (used) ASAP, but obviously cant afford it whilst paying into my DMP. What are my options. Why cant things be simple eh!!!

When our car needed a very expensive repair we made reduced payments on our DMP to cover the cost. Some of our creditors threw their toys out of their pram but a few phone calls sorted them out.

stupid-fool

stupid-fool wrote: »

I think we are on a good path with our creditors except for Lloyds TSB Bank regarding our overdraft and loans. They have frozen interest on the CCs. My bank is close to the £4k limit, but below. I will be fully moved to my "safe" account on 22nd November once the auto-transfer of the last few DDs takes place, but there are no more payments to go out if things get messy.

StepChange wrote to me this week to say that Lloyds have rejected the DMP relating to my overdraft, but not to worry as they will make regular payments.

Lloyds have now written to me confirming my conversation with them (I guess that was StepChange) to say that they are reducing my overdraft limit by the amount of the DMP payment each month for 6 months and then to zero. Interest (around 19%) and monthly account charges will still apply. Because I still have £200 left of my limit this means that they will be able to run along making their full profit out of me for the next 6 months while I pay off very little of the outstanding amount.

We've now had similar letters about the loans - they accept our lower offer for 6 months but all charges and interest still apply.

I had previously been told by StepChange to wait until my new safe account if fully up and running on 22nd, then contact the branch to request full removal of the OD and closure of the account. The letters were already from their collections department and I've already had default notices (for £0 arrears) on the Lloyds credit cards so the credit history damage is already done, but I can't help thinking that Lloyds are trying to outflank me on the approach recommended by StepChange. They will now get a payment each month and as long as they can keep my bank and loan accounts in order they get to sting me for the full charges.

How can I play this to get the best co-operation from Lloyds regarding freezing charges and interest on OD and loans?

A quick update from me regarding Lloyds. I called the collections team today and was informed that they have actually frozen interest and charges on my OD and that the account will remain with collections so I don't need to worry about our friend in the branch finding out.

Today is getting better :j