DMP & Mutual Support Thread - Part 8

ianmak

In terms of making money PP are the same when it comes to IVAs and their (numerous) other services. As we say, at the end of the day they don't charge for the basic service, it's all the added extras, which we're under no obligation to take.

Anyhoo, as TTFTM says, SUMO. :silenced:

jubilee14

I saw someone say that SC have funded from Natwest etc. I was wondering if same financial institurions support either Payplan or SC or both this might result in a better..... or worse relationship with one institurion over another eg most of my debt is with HBOS and SC are struggling even to get one of the payments processed never mind the interest. if there is a benefit to one over the other simply from relationships with certain FI and depending on who your debt is with might sway decisoin from one to another.

Then dont know if it doesnt matter and they have to be completely impartial no matter who supports them.

Newchapter

Keep strong, you'll get there. I am afraid I have taken sick days off work because I had no petrol to get there! January has to be the hardest month, doesnt it?!

BlushingRose wrote: »

Urgh, having a panic today about how little we've got to live on until the 24th.
We currently have £50 in the bank, and that's for food and petrol. The car currently needs petrol and we've been putting in £5 every so often although it's starting to feel like the car just swallows it up.
We will *probably* be fine....we've had NSD in Jan and will continue to do so (have to!!) but I'm just having a cold, blind, panic about how little money we've got to play with.

Newchapter

I am amazed how quickly you have managed to pay off a quarter of your debts. Well dome. How on earth did you do it?

Time_to_face_the_music wrote: »

Hi Mrs Harvey and welcome :hello:

The start up of a DMP can be very scary, it's a real emotional rollercoaster and I was all over the place at first. We struggled with the budget for a few weeks but realised if we could get all of our direct debits out of the way at the beginning of the month, then only use cash for everything, there were no nasty surprises when a forgotten debit came out of the account a few days later.

This forum is full of excellent advice, experience, help and support so please stick around and let us know how you are getting on

Well done on taking your first and most difficult steps towards a new debt free life :T

RonniesMummy

Hiya all

Thought id pop on and say hello
No news from me, had a nasty debt collectors email at 8pm last night, wasnt nice to go to bed after that, I just sent a generic response saying I am not entering into a discussion I am on a DMP with stepchange here is my reference number please deal with them.
Just wish they would all go away and take what money stepchange are offering as I literally have nothing else!!

This is the first month I have money before pay day, hasnt happened in such a long time, I can actually get to work tomorrow whereas this time of the month my tank is usually empty!

Things will get better for all of us!

Newchapter

Congratulations on finishing your DMP. Its great to hear there's an end to all of this, and thank you for staying onthe foorum to support the rest of us.

Mort wrote: »

Well said. Our DMP ended nearly a year ago, there were some bumps along the road but the end result was well worth it.

For those of you just starting out this thread and the DFW forum are a really good place to pick up tips, advice and inspiration.

Time_to_face_the_music

Newchapter wrote: »

I am amazed how quickly you have managed to pay off a quarter of your debts. Well dome. How on earth did you do it?

Thanks Newchapter

We are lucky enough to have a good income and can manage a high payment each month. In addition to this, we throw every spare penny we have or manage to earn via ebay and Amazon at our debts.

Am rather annoyed by Lloyds TSB today who have decided now that we are above our minimum payment on a CC, that they will reintroduce full interest at 24.94%. The battle against this starts tomorrow :mad:

Newchapter

Hi Lizzymint,

I had the same problem with Lloyds, my payment was lower than the interst they were charging on my overdraft account and so balance was getting larger not smaller. So I complained to the FOS, who wrote to Lloyds. My account now being dealt with by Lloyds Collections dept and the interest has been stopped - for how long I'm not sure !

:j

lizzymint wrote: »

Hi,

Sorry if this post is all wrong, but I've not posted in years! I joined the CCCS, now Step Change, through this site almost 3 years ago now. To say a weight was lifted is putting it mildly. The worry and anguish was replaced by relief the moment my DMP was up and running. 2 out of the 4 creditors have since sold the debt on and the new companies have frozen the interest which is great. Virgin froze theirs from the moment I was in trouble, and I can't praise them enough. The fly in the ointment is LloydsTSB.
Now I know that they are under no obligation to freeze my interest, and they are a business who are there to make money, but its got to a point where a £1,500 overdraft three years ago has just gone up and up due to fines for always being over the £1500, the charge for having an overdraft in the first place, the interest on top of that. So now, out of the SC share to Lloyds of £31.00 a month, I automatically fall short due to all the extra charges. I've asked them to freeze the interest, but got a big NO in return. Has anyone sucessfully got Lloyds to freeze their interest, and if so how? I should be debt free in 2015 according to the plan, but Lloyds have other plans

Newchapter

Hi HH

Thats a huge amount to pay off in one year. I am amazed and in awe of you. Well done!

Hopelessly_Hopeful wrote: »

Mine's in Twinny- £14856

HHx

Enough_Now

Wanted to post a quick update. Second payment was sent to StepChange this month, so have just received statements from creditors including Month 1 DMP payment.

It looks like the payments have cancelled out the increase in debt from the token payments stage, so back to square one. The plus side is that when this month's payments hit the accounts, it will show a reduction in the debt! :T

Two of the nine creditors have defaulted my accounts, all are playing ball with either freezing or halving interest - except Sainsburys CC!

I have written to them using the template letter as they are continuing to charge full 27.9% interest and adding £12 x2 charges every month. They argue that my DMP payment is for more than my minimum payment, so I am not in financial hardship! My balance is now increasing as the DMP payment does not cover the interest and charges :mad:

I know I am lucky to have just one uncooperative creditor but it is so frustrating, when I am trying to deal with the debt problem - I still think admitting that you have put yourself in this position is a very hard thing to do.

I am looking forward to this time next year when I can add my total to the 'What we paid off in 2013' thread!

Good luck in 2013 people. I look forward to being a part of a positive group of individuals who are facing the problems head on - and being there for others who are just starting out on this journey.

EN xx