DMP & Mutual Support Thread - Part 9

sillymeme

Hi everyone,
Im still at the start of my DMP journey, though slowly getting there. My first payment is going to stepchange on 1st June. I heard today from MBNA, my largest creditor (I owe 12k to them- and it was on a disgusting 34% APR!!! Should never have let that happen...) that they have frozen all charges and interest and accept the payment offer. I expected much more hassle - but such a relief! (only 7 more creditors to go....)

The letter they sent states that my first payment is due by the 5th June, but I know it wont reach them until nearer the end of the month. Does anyone know how much this matters? I already missed a payment (though made a small token payment), do I send another small payment, or just ignore it and let it arrive at the end of the month? Or should I ask them to move the dates or something? Sorry, maybe silly questions - but I dont really want to upset them now theyve frozen the account.

I cant wait until everything is up and running and I can see the debts go down. However, I have 3(!) payday loans that havent yet actually defaulted - they are due friday. TWo have said the accounts are on hold after I contacted them, but I expect the phone calls will begin friday.

I owe 23k and if everyone freezes interest then it should be gone in 3.5 years. A thought which one minute freaks me out, then I think of the past 6 years when Ive been trying to get rid, but instead its grown and the past year where ive had much less money available than I will on the DMP, so it turns to relief!

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Depends if I can find any toilet roll offers

I couldn't possibly comment

HHx

Hopelessly_Hopeful

sillymeme wrote: »

Hi everyone,
Im still at the start of my DMP journey, though slowly getting there. My first payment is going to stepchange on 1st June. I heard today from MBNA, my largest creditor (I owe 12k to them- and it was on a disgusting 34% APR!!! Should never have let that happen...) that they have frozen all charges and interest and accept the payment offer. I expected much more hassle - but such a relief! (only 7 more creditors to go....)

The letter they sent states that my first payment is due by the 5th June, but I know it wont reach them until nearer the end of the month. Does anyone know how much this matters? I already missed a payment (though made a small token payment), do I send another small payment, or just ignore it and let it arrive at the end of the month? Or should I ask them to move the dates or something? Sorry, maybe silly questions - but I dont really want to upset them now theyve frozen the account.

I cant wait until everything is up and running and I can see the debts go down. However, I have 3(!) payday loans that havent yet actually defaulted - they are due friday. TWo have said the accounts are on hold after I contacted them, but I expect the phone calls will begin friday.

I owe 23k and if everyone freezes interest then it should be gone in 3.5 years. A thought which one minute freaks me out, then I think of the past 6 years when Ive been trying to get rid, but instead its grown and the past year where ive had much less money available than I will on the DMP, so it turns to relief!

Welcome to the family.

They are meant to give you 30 days peace and breathing space form when you notify them to allow you to set up the DMP so in theory you shouldn't get any contact. I'd write saying contact only in writing. If anyone calls remind them of this and either report them then or the next time. There are laws and guidelines to protect you, please use them

HHx

Time_to_face_the_music

sillymeme wrote: »

Hi everyone,
Im still at the start of my DMP journey, though slowly getting there. My first payment is going to stepchange on 1st June. I heard today from MBNA, my largest creditor (I owe 12k to them- and it was on a disgusting 34% APR!!! Should never have let that happen...) that they have frozen all charges and interest and accept the payment offer. I expected much more hassle - but such a relief! (only 7 more creditors to go....)

The letter they sent states that my first payment is due by the 5th June, but I know it wont reach them until nearer the end of the month. Does anyone know how much this matters? I already missed a payment (though made a small token payment), do I send another small payment, or just ignore it and let it arrive at the end of the month? Or should I ask them to move the dates or something? Sorry, maybe silly questions - but I dont really want to upset them now theyve frozen the account.

I cant wait until everything is up and running and I can see the debts go down. However, I have 3(!) payday loans that havent yet actually defaulted - they are due friday. TWo have said the accounts are on hold after I contacted them, but I expect the phone calls will begin friday.

I owe 23k and if everyone freezes interest then it should be gone in 3.5 years. A thought which one minute freaks me out, then I think of the past 6 years when Ive been trying to get rid, but instead its grown and the past year where ive had much less money available than I will on the DMP, so it turns to relief!

MBNA were one of our biggest creditors and they were the first to contact us and have been totally painless so far. We never managed to get them to completely freeze interest but it's low enough to be tolerable.

The phone calls can be a bit of a rough ride at first but we just ignored the phone most of the time. One day when it was particularly bad, I pretended to be an answering machine! Just have a little script ready: "I am on a debt management plan with StepChange. My reference number is *******. Please discuss this with StepChange as they are authorised to act on my behalf" then put the phone down,

I found this thread so much help when we were first starting out so please stick around for advice, help, experience and above all support. It really does make life so much easier to share things with people who really know exactly what you are going through.

sillymeme

Time_to_face_the_music wrote: »

MBNA were one of our biggest creditors and they were the first to contact us and have been totally painless so far. We never managed to get them to completely freeze interest but it's low enough to be tolerable.

The phone calls can be a bit of a rough ride at first but we just ignored the phone most of the time. One day when it was particularly bad, I pretended to be an answering machine! Just have a little script ready: "I am on a debt management plan with StepChange. My reference number is *******. Please discuss this with StepChange as they are authorised to act on my behalf" then put the phone down,

I found this thread so much help when we were first starting out so please stick around for advice, help, experience and above all support. It really does make life so much easier to share things with people who really know exactly what you are going through.

Thank you - I plan on sticking around! It has already been so helpful and reassuring reading other peoples stories and others helpful suggestions. I think without being able to see that many others are going through the same thing and many more have made it out the other side then the whole process would be much more terrifying!

When I first contacted everyone I did state all contact must be in writing etc. So hopefully the phone calls won't be too bad....but I have had some (that I didn't answer but looked up the number) so I'm expecting more! I plan on ignoring though.

Thanks again for the welcome.

Suseka

Time_to_face_the_music wrote: »

How does the bicycle scheme work? I really want a new bike but I don't think they would believe I am going to cycle 80 miles a day :rotfl:

Erm.. you could of course say that you intend to drive part-way, then get a bit of exercise cycling the rest and reducing the ole carbon footprint n all might work.

Our cycle to work scheme allows staff to buy a bike and all the accessories (lights, lock, panniers etc) for up to £1,000 in total. If the total cost is less than £500 then you have to pay 82% of its price over 12 months, then at the end you 'buy' the bike by paying the remaining 18% worth. If over £500 its the same deal, but you pay 75% of the cost over 12 months and 25% at the end.

The good thing is that the amount you pay each month is taken off your gross pay, before you get taxed. So you end up saving another 20% or so, depending of course on your tax code. If that all makes sense.

So, all in I've spent £540 and it'll cost me around £23 per month (23 x 12 = £276) then a final £108, so I'll have paid £384, saving £156 or thereabouts. The figures might not be perfectly accurate - but hopefully you get the idea.

antonic

I now have 10 days to go until I make my last DMP payment on 3rd June, BUT I am not going to call myself DF until the end of June.

Thats when Payplan will advise me that all payments have been correctly allocated and the balance is NIL on al 4 accounts.

Payplan have already confirmed that interest & charges have already been frozen.

On the 3rd June though, I WILL be cancelling my SO to Payplan and from July onwards I will be £280.00/month better off.

So please take this as a positive sign, that if I can get DF, so can you all !.

Hopelessly_Hopeful

Morning All

We will be celebrating with you Antonic.

I've just paid off the last of the M&S accounts yippee! Good riddance to 24.9% interest. Never again!!!

HHx

Suseka

Yey :j well done Antonic and positive vibes received

Good news HH - and another one bites the dust - yippee

Time_to_face_the_music

antonic wrote: »

I now have 10 days to go until I make my last DMP payment on 3rd June, BUT I am not going to call myself DF until the end of June.

Thats when Payplan will advise me that all payments have been correctly allocated and the balance is NIL on al 4 accounts.

Payplan have already confirmed that interest & charges have already been frozen.

On the 3rd June though, I WILL be cancelling my SO to Payplan and from July onwards I will be £280.00/month better off.

So please take this as a positive sign, that if I can get DF, so can you all !.

Excellent news Antonic, we have all been counting this down with you and will celebrate your debt free status on 30th June :j

I firmly believe this forum is fantastic support for anyone wanting to become debtfree, no matter how big your starting debt. I know ours was HUGE but it's vanishing at a super pace.

I'll be around for the duration and beyond to help others wherever I can. I need to pay back the advice, help and support given to me.

Hopelessly_Hopeful wrote: »

Morning All

We will be celebrating with you Antonic.

I've just paid off the last of the M&S accounts yippee! Good riddance to 24.9% interest. Never again!!!

HHx

Fantastic news Twin, very well done :T

I still have just under £8K to go on my remaining M&S but at least I managed to win on the default and get this one frozen. Still waiting to see if I need to wage war on BOS this month .... watch this space