DMP & Mutual Support Thread - Part 8

System

Hi all

The stuff about freezing interest is very interesting and a key point to me at the moment! Is there a template letter anywhere that people have tried and tested?

Thanks

xx

laurel48

Hello Everyone

I just wanted to say a big thanks to everyone that has posted and offered advice on the board. I have been a lurker and posted the odd comment but I really do feel that everyone is so supportive on the forum that it is there even if you do no contribute too much.

Without everyone here I am sure people would be in a much worse situation with their debts and the debt charities really are supportive and offer so much advice.

I have found the information to be vital and it has made me much stronger in dealing with my debts. Having always paid my way it was hard at first not too feel guilty/devastated about it all, but then again I never expected my relationship to breakdown either than caused the debt problems in the first place. Anyone can have money worries for whatever reason and it does make you feel less bad about situations you find yourself in.

With MSE and SC I now feel I can cope with whatever happens this year (already had the house repo'd - one off my check list!) and so I just wanted to thank everyone on here for the advice and support even if it is not directed at me personally!

RonniesMummy

laurel48 wrote: »

Hello Everyone

I just wanted to say a big thanks to everyone that has posted and offered advice on the board. I have been a lurker and posted the odd comment but I really do feel that everyone is so supportive on the forum that it is there even if you do no contribute too much.

Without everyone here I am sure people would be in a much worse situation with their debts and the debt charities really are supportive and offer so much advice.

I have found the information to be vital and it has made me much stronger in dealing with my debts. Having always paid my way it was hard at first not too feel guilty/devastated about it all, but then again I never expected my relationship to breakdown either than caused the debt problems in the first place. Anyone can have money worries for whatever reason and it does make you feel less bad about situations you find yourself in.

With MSE and SC I now feel I can cope with whatever happens this year (already had the house repo'd - one off my check list!) and so I just wanted to thank everyone on here for the advice and support even if it is not directed at me personally!

I just want to second this, without this thread and the site as a whole I have no idea where I would be right now, probably not in a good place.

So thank you to everyone, you are all amazing!

Time_to_face_the_music

laurel48 wrote: »

Hello Everyone

I just wanted to say a big thanks to everyone that has posted and offered advice on the board. I have been a lurker and posted the odd comment but I really do feel that everyone is so supportive on the forum that it is there even if you do no contribute too much.

Without everyone here I am sure people would be in a much worse situation with their debts and the debt charities really are supportive and offer so much advice.

I have found the information to be vital and it has made me much stronger in dealing with my debts. Having always paid my way it was hard at first not too feel guilty/devastated about it all, but then again I never expected my relationship to breakdown either than caused the debt problems in the first place. Anyone can have money worries for whatever reason and it does make you feel less bad about situations you find yourself in.

With MSE and SC I now feel I can cope with whatever happens this year (already had the house repo'd - one off my check list!) and so I just wanted to thank everyone on here for the advice and support even if it is not directed at me personally!

Hi Laurel :hello:

Couldn't have said it better myself, the support on this thread keeps a lot of people going and I have learned so much from the advice, experience and support given to me in the last year.

Now you have come out of lurkdom, stick around and join us please

Time_to_face_the_music

Ashamed_of_Bristol wrote: »

Hi all

The stuff about freezing interest is very interesting and a key point to me at the moment! Is there a template letter anywhere that people have tried and tested?

Thanks

xx

I use something like this:

You

Date

Them


Dear Sir/Madam

Re: XXXXXXX account No: XXXXXXXXXXXXXXX

Thank you for your letter/statement concerning the above account. I am sorry that you feel unable to suspend interest charges on the above account.

As you are aware, I/we am/are in a DMP with XXXXXXX, reference number XXXXXXXX. The majority of my/our other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist us in my/our present financial difficulties, and can only serve to increase my/our total debt.

I/we have already paid considerable sums in interest to my/our account. If interest charges continue, the monthly instalments I/we am/are paying will not even cover that interest. Also, the cooperation of my/our other creditors who have agreed to freeze interest already would be put at risk.

I am aware that XXXXXXXX subscribes to the Lending Code which states that lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This would mean that the monthly payments I/we make would actually reduce the balance outstanding to your company.

If you are unable to help me with this issue, I will have no alternative but to take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible.

Yours faithfully

You

dmp2013

Hi, my husband and I have just had our first payment go to our creditors from Stepchange, we are still getting quite a few letters/calls- mainly from Halifax and HSBC, but I am hoping these will calm down soon, as they do stress me out! It is great reading this thread and seeing others who are doing the same as us and are coming out of the other end. I will keep reading with interest and if I have any queries I know who to ask ;-).

MarkG76

I agree with the posts earlier - even as a 'lurker' there is so much positive information that has proved really useful in setting up my DMP.

I am currently 3 days away from making my first payment to stepchange. I have been contacting all my creditors on a regular (every couple of days) by email as well as having sent them all a letter by registered post. I am taking the approach that I very much want to 'play ball' and that 'together through step change I hope we can find a positive way forward'. I thought if nothing else it would show that I am willing to pay them and am not avoiding my debts - could be useful in the future if they decide to take it further. Still bracing myself for the calls on Friday!

My current state with creditors if anyone is interested in the responses I have

Blair, Oliver and Scott - Accepted payment plan straight away, letter confirmation for both halifax credit card accounts

Pounds to Pocket - Email accepting payment plan for 12 months

Wonga - Email saying they are working with my DMP and will be freezing interest and charges for 38 days whilst trying to come up with a fair plan with stepchange

Quick Quid - Not been as easy to contact - they have requested repeat details of my stepchange reference number. Think they are stalling me a bit!

HSBC (loan)- Unable to respond to my 'query' through emessage (internet banking) have asked them to refer to my message sent by registered post. I have a feeling these are going to be the most awkward, despite me being a customer for 20 years + (no more a customer of course)

Barclaycard - Had reply through the internet banking saying a letter was in the post.

So a mixed bag! But am further forward than I thought I would be!

Cheers

patator

Hi everyone,

I'm hoping you won't mind me tagging along on this thread - I'm just trying to set up a DMP with Payplan (I was referred to them by CAP, as my fiance is self-employed and apparently that causes all kinds of issues!) I'm really struggling at the moment; full on anxiety attacks and the works, and hoping that once a DMP is set up I'll start to feel a little better about everything. Amazingly I've managed to clear a fair bit of debt through selling everything I can get my paws on through eBay, so I'll have to contact Payplan again to update my information. Part of my problems, and a huge reason I've ended up in this ridiculous situation, is that when I get worked up about things I stick my head in the sand. Trying to not do that any more...it doesn't seem particularly helpful

Thank you so much to everyone who's commented on this thread - it's great to read through and hear other people's experiences, and brilliant to know that there's some people here who've found DMPs to be successful for them!

Freshstart2012

MissDixie wrote: »

Thank you Freshstart, I think it would be best for me to clear Argos first, then work on the others, I just wasn't sure if Stepchange would have a problem with this, I couldn't find much info on paying one creditor early!
I'll get onto Argos with a full and final offer, hopefully they do knock a few pounds off!

Thanks for the advice.

Hi

No problem, I hope you manage to get them to accept your offer.

grant1wish

Hi All,

Not been on here for quite some time, but with all the new guys entering DMP's just wanted to give you an update and a bit of good news:

HSBC have refunded all my charges for going over my overdraft and my direct debits bouncing, plus all the interest they charged in the two months before going onto my DMP. It totals about £700 and has come directly off my overdraft.

Before starting the DMP, I thought HSBC would be the biggest problem, but so far so good.

Barclaycard are charging me 3% interes, which whilst not ideal is better than 19%.

Argos still charging full amount, so need to sort them out.

But everything else is going well

Good luck everyone.

G1W