DMP & Mutual Support Thread - Part 8

jubilee14

off and running. at last my Stepchange statement shows payments paid out to my creditors. Looks like balance has gone down. but i know that wont last when the statement comes in from Halifx cc with the interest being applied. Checked my old bank acc and the payment on OD hasnt come off as yet but probably just going through the system. Feel another step forward. and still money in the bank with a week till pay day... how weird is that.

Time_to_face_the_music

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!!!

Am really sorry to hear about this matty

Would one month's DMP payment be enough to buy a used car? If so, I would explain to CCCS and ask them to stop your payment for this month and pick it up again December.

We had to make a lower payment this month due to an emergency and CCCs were fine with it. Not sure of the creditors will be yet but we will soon find out as they will be receiving it any day now ......

Time_to_face_the_music

jubilee14 wrote: »

off and running. at last my Stepchange statement shows payments paid out to my creditors. Looks like balance has gone down. but i know that wont last when the statement comes in from Halifx cc with the interest being applied. Checked my old bank acc and the payment on OD hasnt come off as yet but probably just going through the system. Feel another step forward. and still money in the bank with a week till pay day... how weird is that.

It's great to see the first payments going out and even better to still have money available so late in the month. Well done jubilee :T

The first month or two can be a bit disheartening if your debt goes up because of charges, fees etc. This happened to us but then suddenly it all started to work and we could see our debt going down :j

DaveK1971

Hi,

At the end of first week of DMP and just recieved my first correspondence from StepChange saying that 3 creditors have refused the offers of payment (not heard about any others as yet). Whilst this has worried me a little I'm guessing it's normal and that I just have to pay the DMP and hope for the best. Weird though that the DMP payments have been rejected despite being a fair bit higher than what I'm contracted to pay!

One thing that has got me in a bit of a panic though is that my StepChange online account displays the full name of my creditors and I've suddenly realised that two of my credit cards look as though they are owned by the same company that I chose to open a bank account with for my DMP.

Is there a chance that when my salary goes in it could be somehow taken by the card companies or am I just overworrying things?!

Thanks.

DaveK1971

jubilee14 wrote: »

off and running. at last my Stepchange statement shows payments paid out to my creditors. Looks like balance has gone down. but i know that wont last when the statement comes in from Halifx cc with the interest being applied. Checked my old bank acc and the payment on OD hasnt come off as yet but probably just going through the system. Feel another step forward. and still money in the bank with a week till pay day... how weird is that.

Hi Jubilee,

Must be a good feeling. How have you found the DMP process? Am guessing by your post that you've only recently set it up so we are in the same boat as my first DMP payments are due in a week.

jubilee14

Hi D1971 its not been too bad i set up my DMP in late sept had October to get small emergency fund together with token payments and my first payment came off on the 1st Nov. Only finally showing that the creditors have been paid ( as Stepchange hold it for about three weeks to make some money to cover OH's) I have 2 cc 1 OD and a Loan and HBOS are for three of those they havent agreed to freeze interest on anything as yet but will see how it goes. Just not having to pay out so much on the debt to allow me to feed kids is a relief. Now trying to live a much more frugal life. Hope all goes well with you

DaveK1971

jubilee14 wrote: »

Hi D1971 its not been too bad i set up my DMP in late sept had October to get small emergency fund together with token payments and my first payment came off on the 1st Nov. Only finally showing that the creditors have been paid ( as Stepchange hold it for about three weeks to make some money to cover OH's) I have 2 cc 1 OD and a Loan and HBOS are for three of those they havent agreed to freeze interest on anything as yet but will see how it goes. Just not having to pay out so much on the debt to allow me to feed kids is a relief. Now trying to live a much more frugal life. Hope all goes well with you

Hi, Sounds like it's been worthwhile then. Must agree with you that it's nice to look at the plan and see just one DMP payment. My real downfall was payday loans. I had a few credit cards which were manageable but taking a payday loan is one of the worst things I've ever done. Initial loan of £900 has spiralled due to trying to juggle things each month and I've paid thousands in interest over the last two years. Good luck with it all and if you ever feel like a chat about how it's going PM me. Take care.

Freshstart2012

DaveK1971 wrote: »

Hi,

At the end of first week of DMP and just recieved my first correspondence from StepChange saying that 3 creditors have refused the offers of payment (not heard about any others as yet). Whilst this has worried me a little I'm guessing it's normal and that I just have to pay the DMP and hope for the best. Weird though that the DMP payments have been rejected despite being a fair bit higher than what I'm contracted to pay!

One thing that has got me in a bit of a panic though is that my StepChange online account displays the full name of my creditors and I've suddenly realised that two of my credit cards look as though they are owned by the same company that I chose to open a bank account with for my DMP.

Is there a chance that when my salary goes in it could be somehow taken by the card companies or am I just overworrying things?!

Thanks.

Hi

That's a bit of bad luck regarding your bank account. I would open another just to be on the safe side. They may not touch the money in your bank account but I really wouldn't take the chance.

I think those 3 creditors may have refused your DMP as your repayment is higher than what you are contracted to pay, therefore they may think that you are not in financial hardship. I have seen this before, usually when people are coming towards the end of their DMP.

You could drop them a letter asking them to reconsider their decision.
Good luck with your DMP, things will settle down after a while, its the best decision I ever made.

Time_to_face_the_music

DaveK1971 wrote: »

Hi,

At the end of first week of DMP and just recieved my first correspondence from StepChange saying that 3 creditors have refused the offers of payment (not heard about any others as yet). Whilst this has worried me a little I'm guessing it's normal and that I just have to pay the DMP and hope for the best. Weird though that the DMP payments have been rejected despite being a fair bit higher than what I'm contracted to pay!

One thing that has got me in a bit of a panic though is that my StepChange online account displays the full name of my creditors and I've suddenly realised that two of my credit cards look as though they are owned by the same company that I chose to open a bank account with for my DMP.

Is there a chance that when my salary goes in it could be somehow taken by the card companies or am I just overworrying things?!

Thanks.

Re the refused DMP, we had that with HBOS and they put it down to recent use of the account. They still accepted the payment, messed us around for a few weeks then settled down and all has been well since.

On the linked banks, I just wouldn't risk it. Check out this link for all associated banks:

http://www.thisismoney.co.uk/money/saving/article-1630421/Savings-compensation-protection-Bank-ownership-licences.html

DaveK1971

Hi, thanks for the advice. Will make enquiries about the overpayments. If its possible to set up a new account whilst already on a DMP I will do but there is no way to stop my salary going in this month so will have to hope for the best and transfer the funds as soon as they go in.