DMP & Mutual Support Thread - Part 9

kel78

dmb wrote: »

Hi everyone,
Still in two minds as to whether I should stay with StepChange or go self-managed.
So...
1. do you have to inform creditors that you are now self-managed or just pay them same amount around 25th.
2. what happens at review time?
3. if creditors not happy how easy is it to go back the debt charity and restart DMP

Hope everyone is enjoying a little bit of sunshine

I decided to go self-administered in January and didn't inform my creditors, I paid them according to the dates on my statements etc. None have complained and if you need a review you just use the same template that SC use. HOWEVER, part of the reason I went on a DMP is the fact that I'm useless with money and am already struggling as I think I've got longer to pay creditors etc, as a result I phoned SC yesterday - they were absolutely fantastic about it and have agreed to restart my DMP, no questions asked. I will however have to make token payments for this month so I can afford to pay them at the beginning of May so I'm just hoping my creditors will be ok with this as all but 2 have stopped interest etc.

excited_to_be_free

Hi everyone :wave:
The advice I have received since starting this journey last night has been invaluable! Today is a good day.

So far I have:
- changed my bank account
- Sent a letter to the bank telling them to stop all continuous payments
- Filled in details for DMP for Step Change.

I have all the account details. I am just waiting on the new bank details to fill in for DD. I might just go into the branch (I did it online and it said that I will get info in 1 working day, but still waiting). I want to just get the ball rolling now.

I have the template to send the letter to all my creditors. Just one questions, can I email it to them instead of posting? Or is posting it better?

Find_The_Real

Hello excited,

Who did you open the account with as they tend to quite often give details but it is usually best to wait until you get the confirmation that the account has been set up and usually this is by letter. As soon as you have it you can then just ring everyone up or use their online facility to change over the account payment details.

If you are making token payments then I would send the letter off with the payment included. For some companies they see your use of email as a way to harass you. I'm old fashioned and prefer to have and use letters as a record.

With they payday problem I would be inclined to send the stuff to SC next week when you have the account details and then send the creditor letters off once you have been paid, it won't make a lot of difference apart from maybe a few phone calls.

With the pay problem, personally once you have the new account details I would set up a FP of £1 from Lloyds if you have it to the new account so you know the funds are transferring correctly, then on the 15th check the account (sorry may be staying up for this) so you can transfer the funds over to the new account as soon as it hits Lloyds. It means there is a quick transfer, and you know the pay will go to the correct account.

Sure others have lots of better advice than me though as still a relative novice.

Find_The_Real

Time_to_face_the_music wrote: »

Hi everyone :hello:

Have just realised I was one post away from 2000!

TTFTM x

Congratulations TTFTM and can I just say a big thanks to you for all your support you have shown everyone on here, I hope you are proud of the fact your posts have helped and supported so many people on here.

Find_The_Real

Sorry Julie and Mossop to hear that things haven't been going as well as planned.

Sorry to hear about the payment problems Julie and hopefully you will be able to get on track.

Mossop your mum sounds like a bit of a bad influence but don't feel too harsh on yourself, it can happen to us all. I like going shopping with my mum as she quiet often buys mine for me and won't take no for answer or take the money from me, bless.

Also just wanted to say hello to all the newbies, oldies, regulars and lurkers, I do read the posts but where I am on here so late it looks like I hog the board on far too many posts at once

ANewLeaf

I had a huge panic earlier this week at the thought of starting our dmp however want to say a huge thanks to all contributors to these threads for putting my mind at ease. I have spent the past two days reading previous threads and now I can't wait to get started!

My and my OH have 70k of debt and our step change payment will be 1428 monthly giving us a dfd of 4 years which is pretty good I think. I do get bonuses every three months and hubby can do some overtime so I'm planning on saving for emergencies then some f&f offers further down the line. If we are debt free in four years then save the monthly dmp payment I have just worked out that I can be debt free, mortgage free and have decent savings balances by the time I'm 40!! (I'm 30 just now)

So I'm pretty chuffed with that, I thought I had ruined our lives with debt but if I can start my forties both debt and mortgage free I will be chuffed with that!

Hopelessly_Hopeful

ANewLeaf wrote: »

I had a huge panic earlier this week at the thought of starting our dmp however want to say a huge thanks to all contributors to these threads for putting my mind at ease. I have spent the past two days reading previous threads and now I can't wait to get started!

My and my OH have 70k of debt and our step change payment will be 1428 monthly giving us a dfd of 4 years which is pretty good I think. I do get bonuses every three months and hubby can do some overtime so I'm planning on saving for emergencies then some f&f offers further down the line. If we are debt free in four years then save the monthly dmp payment I have just worked out that I can be debt free, mortgage free and have decent savings balances by the time I'm 40!! (I'm 30 just now)

So I'm pretty chuffed with that, I thought I had ruined our lives with debt but if I can start my forties both debt and mortgage free I will be chuffed with that!

Morning

My duration is around 4 years as is Ms TTFTMs. I would rather have paid a smaller amount over 5 - 7 years to achieve more quality of life but there is no real choice, it's that or suffer the consequences, years more punishment!!! That said and being 3 years in I am now very glad it will be gone by this time next year. The first year is particularly challenging. Survival tips on here are very helpful.

Great that you are thinking ahead to post DMP already. I use small milestones to keep me motivated and focussed. Couple of tips for you to consider - use the savings and mortgage calculators with say £1000 of what you are currently paying to the DMP and see how that will impact on you by 36, 40, 44 etc. Amazing!

Good luck

HHx

excited_to_be_free

Find_The_Real wrote: »

Hello excited,

Who did you open the account with as they tend to quite often give details but it is usually best to wait until you get the confirmation that the account has been set up and usually this is by letter. As soon as you have it you can then just ring everyone up or use their online facility to change over the account payment details.

If you are making token payments then I would send the letter off with the payment included. For some companies they see your use of email as a way to harass you. I'm old fashioned and prefer to have and use letters as a record.

With they payday problem I would be inclined to send the stuff to SC next week when you have the account details and then send the creditor letters off once you have been paid, it won't make a lot of difference apart from maybe a few phone calls.

With the pay problem, personally once you have the new account details I would set up a FP of £1 from Lloyds if you have it to the new account so you know the funds are transferring correctly, then on the 15th check the account (sorry may be staying up for this) so you can transfer the funds over to the new account as soon as it hits Lloyds. It means there is a quick transfer, and you know the pay will go to the correct account.

Sure others have lots of better advice than me though as still a relative novice.

Thank you! I received an email from them saying that my account is now set up and ready to use, but no other details. As I work in town centre, I'll go during my lunch.

Good idea about staying up on the 15th! I'm definitely going to do that.

Thank you for all your advice

excited_to_be_free

Hopelessly_Hopeful wrote: »

Morning

My duration is around 4 years as is Ms TTFTMs. I would rather have paid a smaller amount over 5 - 7 years to achieve more quality of life but there is no real choice, it's that or suffer the consequences, years more punishment!!! That said and being 3 years in I am now very glad it will be gone by this time next year. The first year is particularly challenging. Survival tips on here are very helpful.

Great that you are thinking ahead to post DMP already. I use small milestones to keep me motivated and focussed. Couple of tips for you to consider - use the savings and mortgage calculators with say £1000 of what you are currently paying to the DMP and see how that will impact on you by 36, 40, 44 etc. Amazing!

Good luck

HHx

I like the milestone idea!!! Keep us motivated. Thanks!

Hopelessly_Hopeful

excited_to_be_free wrote: »

I like the milestone idea!!! Keep us motivated. Thanks!

Im afraid I am a tad obsessed have spreadsheets for everything and when I buy or use things like bin bags, kitchen rolls, hoover bags - I think by the time this is done I will have paid this off to x level and will be down to y % of my DMP etc!

HHX