DMP & Mutual Support Thread - Part 9

System

That is amazing TTFTM

Well done you!!!

gettingontop

Hi Guys,

So I've finally decided to get on with things and get my DMP underway!
I had a great chat with stepchange today and am (for the 1st time in ages) feeling good about the future - albeit a little nervous of what the next few weeks holds!

I'm in the process of filling in all my paperwork and writing letters to all my creditors (I can't believe I've got so many) with a token payment of £5 to cover my payments due in June (DMP starts on 1/7).

I do have a couple of questions if anyone could help?....
How should I send the token payments? Cheque? PO? The reason I ask is because one of my creditors is my bank (overdraft) - I'm guessing that they'd bounce any cheques as soon as they receive notice of the DMP?

Secondly, does anyone have any experience of payday loan co's on DMP's? I have a couple that I need to send details of to step change, but I don't appear to have an account/agreement number with them?

Thanks in advance!

zenshi

Aargh, if it's not one thing, it's another!!!!

I swapped my electric company back in march and they sent me an estimated final bill! I rang with accurate readings and they sent a revised bill. All good you'd think.....but then another bill drops on the doormat for the higher figure. So I rang again to query and they said they would sort it.

Lo and behold today, a letter from a DCA for it :eek: I was livid :mad:

After another phone call tonight, they said ignore the DCA and they would get me another final bill in about 28 days.

How can it be so difficult to input figures into an account!

Growurown

gettingontop wrote: »

How should I send the token payments? Cheque? PO? The reason I ask is because one of my creditors is my bank (overdraft) - I'm guessing that they'd bounce any cheques as soon as they receive notice of the DMP?

Secondly, does anyone have any experience of payday loan co's on DMP's? I have a couple that I need to send details of to step change, but I don't appear to have an account/agreement number with them?

Thanks in advance!

Most people send postal orders. I paid my token payments over the counter at my bank with cash just using the counterfoil on my latest bill. I told my creditors about the payment when I sent out all my letters informing them of my situation and about going onto the DMP.

With the payday loans situation if you have a continuous payment authority (CPA) set up with them, you need to write to them making it clear you are cancelling the CPA. There are templates and information on MSE about this. Otherwise they will just keep taking the money and push you further into debt. Could you telephone them and ask for the account information?

sillymeme

gettingontop wrote: »

Hi Guys,


Secondly, does anyone have any experience of payday loan co's on DMP's? I have a couple that I need to send details of to step change, but I don't appear to have an account/agreement number with them?

Thanks in advance!

Hi,
Ive also just set up my DMP with stepchange though im a month ahead starting june 1st.
I have three payday loans. One I had no agreement number (Wonga). I sent them an email requesting it as I was to chicken to call! They wrote back with the number. It took a while (or felt like it) but was probably around 5 days.
When I sent letters to them infomring them I was working with stepchange I stated contact was to be made in writing only. Two of them called me a couple of times (once a day for two days), the other (PaydayUK) although they aknowledged theyd recived the letter clearly ignored this. They were calling about 15 to 20 times a day (from different numbers each time) since friday (when the loan was due). I sent them an email again requesting that the calls stop, and it took a couple of days but they seem to have taken notice - my phone hasnt rung once since yesterday morning. Though now the silence feels a bit weird! If you have a loan with them, be prepared for a lot of phone calls!. But they do seem to have taken notice finally - so if you want to try and avoid endless calls, i recommend adding this to the letters to beging with - and keep sending until the stop (the others have been fine though - so this may not be a problem for you).

Time_to_face_the_music

gettingontop wrote: »

Hi Guys,

So I've finally decided to get on with things and get my DMP underway!
I had a great chat with stepchange today and am (for the 1st time in ages) feeling good about the future - albeit a little nervous of what the next few weeks holds!

I'm in the process of filling in all my paperwork and writing letters to all my creditors (I can't believe I've got so many) with a token payment of £5 to cover my payments due in June (DMP starts on 1/7).

I do have a couple of questions if anyone could help?....
How should I send the token payments? Cheque? PO? The reason I ask is because one of my creditors is my bank (overdraft) - I'm guessing that they'd bounce any cheques as soon as they receive notice of the DMP?

Secondly, does anyone have any experience of payday loan co's on DMP's? I have a couple that I need to send details of to step change, but I don't appear to have an account/agreement number with them?

Thanks in advance!

Hi and welcome gettingontop :hello:

I can see Growurown and sillymeme have already given you some excellent advice :T

Have StepChange advised you not to contact your own bank with the overdraft account, until you have set up a new bank account and your money/salary/direct debits etc are all safely transferred to there?

Until this is done, I would do nothing about the overdraft. It's not like a standard credit card or loan, where they are expecting a set payment each month so I wouldn't write or send a token payment.

Re token payments, people do it in many ways, cheque or postal order, or we used online banking to do ours. If you don't want to send £5 each, just send £1. It's all about showing willing to keep up payments so any token amount will do. Use June as a chance to save up a small emergency fund and to practice your budget so you feel ready to go in July.

Please stick around for lots of advice, help and support and just shout out if you need any help

*Foolish*

gettingontop wrote: »

Hi Guys,

So I've finally decided to get on with things and get my DMP underway!
I had a great chat with stepchange today and am (for the 1st time in ages) feeling good about the future - albeit a little nervous of what the next few weeks holds!

I'm in the process of filling in all my paperwork and writing letters to all my creditors (I can't believe I've got so many) with a token payment of £5 to cover my payments due in June (DMP starts on 1/7).

I do have a couple of questions if anyone could help?....
How should I send the token payments? Cheque? PO? The reason I ask is because one of my creditors is my bank (overdraft) - I'm guessing that they'd bounce any cheques as soon as they receive notice of the DMP?

Secondly, does anyone have any experience of payday loan co's on DMP's? I have a couple that I need to send details of to step change, but I don't appear to have an account/agreement number with them?

Thanks in advance!

I have just finished sending my token payments today, I did most to my PDL's (there's a few) using postal orders and the rest I have doen via online banking, but I had to wait for my PIN reader to come for my new account! The PDL's, you should be able to log in on their websites and get an account number from there, I managed to with all but one, as in email correspondence (when they're demanding money!) there isn't any account numbers.


I have 2 accounts with an overdraft each with my (now old) bank, on Monday each account will have the overdraft fees added, which will take both over the overdraft limits, do I pay the fee amount in to stop that happening or shall I just leave it? But then will they add further fees?

Thanks.

Time_to_face_the_music

*Foolish* wrote: »

I have 2 accounts with an overdraft each with my (now old) bank, on Monday each account will have the overdraft fees added, which will take both over the overdraft limits, do I pay the fee amount in to stop that happening or shall I just leave it? But then will they add further fees?

Thanks.

This is a tough one. In the first couple of weeks of our DMP, NatWest overdraft fees took us over our OD limit and NatWest starting charging daily fees, a monthly charge and higher interest. We spoke to CCCS and they told us to just leave it but when I worked it out, it meant that after all the charges, our first DMP payment would not even bring us within our limit and it would carry on like that. In the end, I disobeyed CCCS and paid in enough money to bring us in the limit and stop the charges.

Lloyds TSB on the other hand, without being asked, temporarily increased my OD limit to stop this happening. I generally do not have a good word to say for Lloyds TSB but this was a good gesture on their part.

keepingcalm

So, my dh has spent the last few days cancelling our dd's and so's online with the bank but when I called to give our new details most of the companies said that it was too late to stop this months request:eek: we have cleared out our account already and I'm now worried that we'll be charged for failed dd's?

Hopefully the fact that we cancelled with the bank removes our authorisation to pay:o

Apologies for all the questions...maybe when I've been here a while I'll be full of useful advice, but in the meantime thanks to everyone who takes the time to help, I'm really very grateful.

Kc

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Just finished payments and spreadsheets for the end of May and am having a mini celebration as we have now paid off over £30,000 :j

Next milestone is reaching the £40Ks and then having 4th unsecured debt paid off, which should both be in the next few months :dance:

Back to the spreadsheets to set some more targets, they definitely inspire me and keep us going

Mini celebration? Did you say mini? That's a massive achievement Ms. Many congratulations. You will be saying hello to the 40s before you know it

HHx