DMP & Mutual Support Thread - Part 9

Suseka

Goodluck Julie67 - go getem x

Growurown

Hopelessly_Hopeful wrote: »

Well done, that's a substantial reduction.

I'll put that 4k on the lottery wish list. Don't forget when they ask you again they will likely come back at a lower amount. What % of the debt have they offered to settle at.

Re your own records..... are you getting monthly statements from all creditors?

HHx

They are offering a 10% discount on one debt and 15% on the other. It's all academic really as I can't afford to pay them a big lump sum.

As to statements, no I'm still not getting statements especially from the debts sold onto Aktiv Kapital and Blair, Oliver & Scott. Capital One don't send statements either but they have told me that interest has been stopped and won't be reinstated so I should be able to keep track. I am going to wait until the next payment goes through on the 25th and then call them all and get up to date figures. I did this back in February and think it may be a good idea to do it every month really.

Suseka - you are right the help and people on this thread are awesome and I am glad for you that the 'difficult' poster has apologised. Hopefully you can put the unpleasantness behind you now and get on with some debt bashing!

Julie - agree with the others, go for the interview and good luck!

Hopelessly_Hopeful

Julie67 wrote: »

Thanks all, just got all my paperwork together and sorted my outfit.
Will go and keep my fingers crossed.

Good Luck Julie

You will have a lot of fingers crossed on here for you.

HHx

Hopelessly_Hopeful

Growurown wrote: »

They are offering a 10% discount on one debt and 15% on the other. It's all academic really as I can't afford to pay them a big lump sum.

As to statements, no I'm still not getting statements especially from the debts sold onto Aktiv Kapital and Blair, Oliver & Scott. Capital One don't send statements either but they have told me that interest has been stopped and won't be reinstated so I should be able to keep track. I am going to wait until the next payment goes through on the 25th and then call them all and get up to date figures. I did this back in February and think it may be a good idea to do it every month really.

Suseka - you are right the help and people on this thread are awesome and I am glad for you that the 'difficult' poster has apologised. Hopefully you can put the unpleasantness behind you now and get on with some debt bashing!

Julie - agree with the others, go for the interview and good luck!

Sorry if this sounds pessimistic but I would insist on statements and if not things in writing re no more interest. I think they are only obliged to send statements on a yearly basis unless there is a change. Maybe worth asking one of the experts. How are you expected to manage it if you can't measure it. Their word alone would not be enough for me.

Good luck

HHx

Time_to_face_the_music

tranmereforever wrote: »

Hello all,

Completely new to the whole Debt Payment Plan so please bear with me, I have total debts of £14,780 and am looking to use Payplan to set up a management plan for them.

I started a new job last month and I have done and income and expenditure and this will leave me £300 after rent etc but not including my current debt amounts I pay which are about the same.

Obviously this leaves me short each month hence the debt management plan.

My question is, Do management plans allow for you to have a small surplus amount at the end of the month? - with the aim of putting some aside for a rainy day?

How long in peoples experience do plans take to set up/ creditors contacted?

Hi tranmereforever and welcome :hello:

DMPs do allow a small amount for an emergency fund each month. Some people also recommend delaying the start up of your DMP by a month and making token payments to your creditors. This allows you to build up an instant emergency fund.

I don't have any experience of Payplan but our original DMP with CCCS/StepChange was up and running in around a week. If you have debts with your current bank account and need to organise a new account, change over your pay/DDs etc, you can start doing that now.

Good luck and please stick around for the support, help and advice

Time_to_face_the_music

bmma wrote: »

Joing -live on my own, opened a basic account with natwest(already have current and savings account with them) letter arrived Saturday morning they want to reduce overdraft limit.phoned stepchange as this was the straw that broke the camel's back all debts have been getting paid the minimum - robbing peter to pay paul - worried about bank closing accounts and not being taken on by another bank- can you be on a DMP and have pension paid into the post office/glad there is somewhere to get help

Hi bmma and welcome :hello:

Have StepChange recommended a debt management plan (DMP) for you?

If you have debt with your current bank, e.g. an overdraft, which will go into your DMP, you must have a totally separate bank account with a bank you have no debts with. We use the Co-op who do a basic Cashminder account, other people recommend Barclays or Nationwide. It really doesn't matter which bank it is, it's the rule "Never bank where you have debt", that is important to avoid offsetting.

I can't envision any problem with having a pension paid into the post office but just check with StepChange to make sure it's ok.

Good luck and please stick around for any support, help and advice you may need

bmma

Thanks time to face the music,have started looking at a basic bank account with nationwide - have an appointment on Wednesday with sc .my bank at the moment is with natwest, and I will be sticking around- best site, thanks bmma

bmma

can anyone tell me which banks are connected?

Hopelessly_Hopeful

Welcome to Tranmere and Bmma

This list of banks may help
http://www.thisismoney.co.uk/money/saving/article-1630421/Savings-compensation-protection-Bank-ownership-licences.html

Shout up if you need anything else; someone will be able to help

HHx

Mossop01

Hi all, been a few days since last posting and there's been loads of activity on here!!

Welcome to the newbies and good luck n ur journey, reading through old posts on here and making notes on them helped me massively before I started my dmp. Ask anything u want I know I have no matter how silky u feel people always help and no one judges.

I'm eagerly awaiting my 2nd payment to SC to show up on my statement, my dfd on there is actually 4 months longer than I make it from my spreadsheet so that's good news! Love my spreadsheets ...... Update them every week to see how much is left!

Good luck with the interview Julie, keeping everything crossed for you!

Had my energy bill today which has increased by £22 a month!!! Flipping heck..... Have to rejuggle budget to accommodate, but it's manageable.

Onwards n upwards x