DMP & Mutual Support Thread - Part 8

RonniesMummy

I do have a question - Have tried to look through the thread but its a long one!
I am hoping to get some overtime in the next few months, if all goes to plan I should get an extra £200 a month, only a month or two at best.
If I want to pay extra to clear off quicker, can I just pay a debt straight off or do I need to go through the DMP. I just wonder if they frown upon going to the creditor direct? I just want to get out of this mess as quick as possible and bring my dfd forward.

Sorry for the ramble!

Thanks

antonic

The last time I did overtime (about 3 years ago), I used the money to buy myself a new washing machine and new glasses - both of which were needed !.

Unless its going to make a huge difference to your debts I would put the cash into your emergency fund.

RonniesMummy wrote: »

I do have a question - Have tried to look through the thread but its a long one!
I am hoping to get some overtime in the next few months, if all goes to plan I should get an extra £200 a month, only a month or two at best.
If I want to pay extra to clear off quicker, can I just pay a debt straight off or do I need to go through the DMP. I just wonder if they frown upon going to the creditor direct? I just want to get out of this mess as quick as possible and bring my dfd forward.

Sorry for the ramble!

Thanks

RonniesMummy

antonic wrote: »

The last time I did overtime (about 3 years ago), I used the money to buy myself a new washing machine and new glasses - both of which were needed !.

Unless its going to make a huge difference to your debts I would put the cash into your emergency fund.

Thanks -
My overall debts are around 4500, so I guess an extra £200 a month would make a difference.
Lets just hope I get some overtime before in the next few months.

eyeopener2

Put the cash to one side just in case you need it. Trust me, if anything blows up (Car, boiler, dog) you need cash on hand cos you aint got any credit.

Don't use it to pay the debt down just yet, get into the stride of paying your monthly payment and get used to your budget. THEN and only then think about overpaying.

The second you pay that extra money to a creditor, something will happen and you will need cash.

Growurown

RonniesMummy wrote: »

I do have a question - Have tried to look through the thread but its a long one!
I am hoping to get some overtime in the next few months, if all goes to plan I should get an extra £200 a month, only a month or two at best.
If I want to pay extra to clear off quicker, can I just pay a debt straight off or do I need to go through the DMP. I just wonder if they frown upon going to the creditor direct? I just want to get out of this mess as quick as possible and bring my dfd forward.

Sorry for the ramble!

Thanks

Totally agree with antonic and eyeopener2 on this one. Put that money by for a rainy day.

Alice_in_Welfareland

fermi wrote: »

Not if I recall once a running account (credit/store card) agreement has defaulted and the normal monthly billing has stopped.

The CCD provision for a statement free on demand only apply to fixed sum loan agreements.

However, OFT guidelines do state that it is an unfair practice not to provide a balance statement when reasonably requested.

You can ask for the statement without the fee and see what they say. Then if they refuse, consider stumping up the £1.

£1 is a lot of money to some of us. Is it really correct that a debtor must pay for a statement from a creditor? I think Mr Cameron should stop his inheritance of robbing the poor to fill the coffers of the rich and sort out such outrage.

fifitrixiejane

Hi, thanks everyone for the warm welcome after I posted the other day. I've already read loads from these boards and they have really been a help with some excellent advise.

I do have one quick question now. I'm waiting to hear back from Stepchange re setting up my DMP, as I sent all my info back. I was advised to write to my creditors with a template letter provided to tell them the situation and also was told to cancel my direct debits so obviously nothing has been paid this month as I would of done.
Today I had a message from one to get in touch but what do I do? Ignore them until my DMP is set up or should I ring them back?
As far as I'm concerned there isn't much I will be able to do and I wouldn't be able to pay them the usual minimum payment.

I can't use my phone while I'm working, but I have had a few 0800numbers phone which I only assume is some of my creditors trying to get in touch I guess this is the norm until my payments Start?

Some advice would be helpful, I'm not particularly worried but I just want to be doing the right thing.

CommitedToChange

fifitrixiejane wrote: »

Hi, thanks everyone for the warm welcome after I posted the other day. I've already read loads from these boards and they have really been a help with some excellent advise.

I do have one quick question now. I'm waiting to hear back from Stepchange re setting up my DMP, as I sent all my info back. I was advised to write to my creditors with a template letter provided to tell them the situation and also was told to cancel my direct debits so obviously nothing has been paid this month as I would of done.
Today I had a message from one to get in touch but what do I do? Ignore them until my DMP is set up or should I ring them back?
As far as I'm concerned there isn't much I will be able to do and I wouldn't be able to pay them the usual minimum payment.

I can't use my phone while I'm working, but I have had a few 0800numbers phone which I only assume is some of my creditors trying to get in touch I guess this is the norm until my payments Start?

Some advice would be helpful, I'm not particularly worried but I just want to be doing the right thing.

I'd call them back - once per creditor and inform them that you are starting a DMP with Stepchange who will be writing to them - give them your reference number then leave it at that. My experience was most were happy to hold off the calls for a month while they waited for the info - a couple kept phoning - but I then ignored them.

This way will reduce the number of annoying calls you get (hopefully).

OR you can just ignore all the calls and wait for the letters to kick in.

It really is your choice (so helpful I know )

fifitrixiejane

Well, basically the template letter I got from Stepchange to send to my creditors said that all, as in that ive got in touch with Stepchange, my reference number is blah, blah.. So I guess perhaps I would just have to sit it out? I'm guessing once they get all the info the calls will get less and less.

Just wanted to make sure I was doing the right thing! I think I will be happier when I know for certain when I start paying and everything is sorted as I feel a bit in limbo for the minute!

Time_to_face_the_music

I never call creditors and would never advise doing so. It's generally a waste of money and effort and very frustrating and stressful :mad:

Did StepChange suggest making token payments? When we sent off our initial CCCS letters, we made a token payment of £1 to each creditor and it seemed to keep them at bay until the CCCS payment arrived.