DMP & Mutual Support Thread - Part 8

fermi

There are no guarantees. Just have to wait and see...

Those regulations are not exactly clear...

Hopelessly_Hopeful

fermi wrote: »

There are no guarantees. Just have to wait and see...

Those regulations are not exactly clear...

Agreed. Have my feet very firmly on the floor.

HHx

lizzy23

Hopelessly_Hopeful wrote: »

Morning DaMPers

Anyone have an unsecured loan with Northern Rock? Fingers crossed for refunds!

Mine show opening balance from last statement but not the original. Not sure where I stand. They are allegedly writing to all affected in the next week.

Hope some of you get lucky.

http://www.nram.co.uk/en/customers/cca-loans.aspx

https://forums.moneysavingexpert.com/discussion/comment/57899717#Comment_57899717


HHx

Is this just existing loans or old ones as well, forget that just checked and its finished ones as well, fingers crossed, i had an unsecure loan that will probably qualify

Alice_in_Welfareland

Hopelessly_Hopeful wrote: »

Morning DaMPers

Anyone have an unsecured loan with Northern Rock? Fingers crossed for refunds!

Mine show opening balance from last statement but not the original. Not sure where I stand. They are allegedly writing to all affected in the next week.

Hope some of you get lucky.

(link removed)

(link removed)

HHx

Hello HH

My fingers are very tightly crossed but like you am not over optimistic. Good luck to everyone who is in with a chance.

Alice

catandy

I posted a month ago with a list of questions regarding doing a DMP which I had fantastic answers to, then I jumped at the first job offer I was given and all my figures from Stepchange had to be revised... fast forward another couple of weeks and the job I started is no more (company went bump owing everyone and will be lucky to get anything out of them anytime soon) my claim for JSA is back in process and the whole process starts again with Stepchange with my first figures allbeit the debts slightly higher - plastic paid for me to get to and from work until I got paid :mad::mad::mad:

New set of questions for you because my head is spinning with all of this:-

basically is there anything that I have missed?

1. Ive opened a new bank account and am in the process of moving over all essential bills and direct debits to it.
2. Ive made nominal payments this month to all CC - my loan was on a payment holiday so they wont know theres anything wrong till mid next month when Stepchange should already have contacted them
3. My figures on my assessment from Stepchange are not realistic - I only have electric which is all on prepayment meter - when I spoke to them originally it was estimated at 88 pm - with the cold weather Ive pumped 100 into the meter this month already (and the flat is still cold:() Do I contact them for revised figures or just notify them when I send my pack in that I feel the figures are too low? at this rate im going to be spending 120+ per month just on electric?!?
4. My claim for JSA isnt even in place yet so Stepchange cant take their direct debit payment because my shiny new bank account is empty.... how long does it take for them to set up payments? the JSA people say I should start receiving benefits either just before New Year or shortly after.
5. I've stood down as a director of a company and as the company secretary - the mess Ive got myself in personally I dont want to be reflected on the business - the bank account for the business is with an affiliated bank to the one I owe big bucks to.

I'm in the process of getting final figures on all the credit cards plus getting a firm eta for payment of JSA and everything else so it feels like my head is spinning at the moment. I just want this up and running and all the pressure taken off so I can just concentrate on finding a job to start improving matters a bit...

anyway back to the original question is there anything that ive missed or should be doing that i havent done yet?

thank you in advance

Time_to_face_the_music

catandy wrote: »

I posted a month ago with a list of questions regarding doing a DMP which I had fantastic answers to, then I jumped at the first job offer I was given and all my figures from Stepchange had to be revised... fast forward another couple of weeks and the job I started is no more (company went bump owing everyone and will be lucky to get anything out of them anytime soon) my claim for JSA is back in process and the whole process starts again with Stepchange with my first figures allbeit the debts slightly higher - plastic paid for me to get to and from work until I got paid :mad::mad::mad:

New set of questions for you because my head is spinning with all of this:-

basically is there anything that I have missed?

1. Ive opened a new bank account and am in the process of moving over all essential bills and direct debits to it.
2. Ive made nominal payments this month to all CC - my loan was on a payment holiday so they wont know theres anything wrong till mid next month when Stepchange should already have contacted them
3. My figures on my assessment from Stepchange are not realistic - I only have electric which is all on prepayment meter - when I spoke to them originally it was estimated at 88 pm - with the cold weather Ive pumped 100 into the meter this month already (and the flat is still cold:() Do I contact them for revised figures or just notify them when I send my pack in that I feel the figures are too low? at this rate im going to be spending 120+ per month just on electric?!?
4. My claim for JSA isnt even in place yet so Stepchange cant take their direct debit payment because my shiny new bank account is empty.... how long does it take for them to set up payments? the JSA people say I should start receiving benefits either just before New Year or shortly after.
5. I've stood down as a director of a company and as the company secretary - the mess Ive got myself in personally I dont want to be reflected on the business - the bank account for the business is with an affiliated bank to the one I owe big bucks to.

I'm in the process of getting final figures on all the credit cards plus getting a firm eta for payment of JSA and everything else so it feels like my head is spinning at the moment. I just want this up and running and all the pressure taken off so I can just concentrate on finding a job to start improving matters a bit...

anyway back to the original question is there anything that ive missed or should be doing that i havent done yet?

thank you in advance

Hi catandy :hello:

Am really sorry to hear about the job and the extra debt you needed to incur for transport costs

You look like you are up to date with everything you need to get going but you need to contact StepChange and let them know about the extra debt and to revise your budget. Also you need to defer the DMP until you are sorted with your JSA and, if you have any money spare, make token payments again this month.

Those electricity costs sound very high. I know you are on a prepayment meter but have you checked with your supplier if there is a lower tariff available? Did you price freeze just before the costs went up a few weeks ago? I am really mean when it comes to using heating etc and we have it on for just a short time then put on jumpers, fleeces, dressing gowns or the pile of throws that are on the sofa!

Good luck with getting everything sorted and please let us know how you get on.

MrDJB192

It's been a few days since i posted here...my DMP is now confirmed, and he first payment is 1st Jan. I'm going to ring around ALL of my creditors and advise the first payment will be around mid-January but say I can do token £5-10 payments should they require.

I have no idea what is happening with the interest rates being frozen or not because the process is still taking place. My question is - with this still being sorted, why have StepChange set up the amounts for each creditor?

For example, I owe 875 to quick quid and my monhly payment to these is £275....what if they freeze interest and one of my other creditors doesn't....surley its best to pay more off of that one!?

Growurown

MrDJB192 wrote: »

I have no idea what is happening with the interest rates being frozen or not because the process is still taking place. My question is - with this still being sorted, why have StepChange set up the amounts for each creditor?

For example, I owe 875 to quick quid and my monhly payment to these is £275....what if they freeze interest and one of my other creditors doesn't....surley its best to pay more off of that one!?

We had no idea which of our creditors would stop interest (or not) when we started our DMP. Basically you will just have to wait and see what happens. None of our creditors informed us of what they were going to do and the first we knew was when we received a statement with no interest charged.

Whilst it may be best to pay off more to the creditor charging interest StepChange's policy is to treat all creditors equally and share the money out across the board. This is why some people choose to self administer their DMP's so they can pay more to the creditor charging interest because StepChange won't do that. I found that this worked to my advantage as at the start of my DMP several creditors asked for more money and I was able to say it was against the rules of my DMP provider, which shut them up pretty quickly.

moneysaymoneydo

hi, can someone out there please help with my question!

friend has a DMP with charity one (not sure which one but he has no charges) anyway he has been on it approx a year paying a monthly fixed sum, another friend who has a substantial amount of cash £140,000 wants my friend on DMP to "hold" this money for him in his account and has assured him there will be no questions asked as he is gifting this money to him, i suspect so he can claim benefits anyway is this possibly surely DMP people will have to be told and see it as an asset even if he is just holding it for someone!? would be grateful for any advice to tell him i just feel he could get into trouble over this.
thanks in advance

MrDJB192

Growurown wrote: »

We had no idea which of our creditors would stop interest (or not) when we started our DMP. Basically you will just have to wait and see what happens. None of our creditors informed us of what they were going to do and the first we knew was when we received a statement with no interest charged.

Whilst it may be best to pay off more to the creditor charging interest StepChange's policy is to treat all creditors equally and share the money out across the board. This is why some people choose to self administer their DMP's so they can pay more to the creditor charging interest because StepChange won't do that. I found that this worked to my advantage as at the start of my DMP several creditors asked for more money and I was able to say it was against the rules of my DMP provider, which shut them up pretty quickly.

Thing is, this £275 is over HALF of my total monthly payment, so i'm a tad concerned that all the others are going to wonder why they're getting such a small slice of the pie so to speak