DMP & Mutual Support Thread - Part 9

Larac

Good news DanielleNic87 that your DMP setup is progressing, it will be a mighty relief that you don't have to worry about the constant barrage of calls and letters. Hopefully all your creditors will play ball as some like mine continue to stick interest on till eventually they have their own LBM that it will never get paid off and agreed to drop it.
The next challenge I found was actually living off the budget set by SC once the DMP was setup. I found that I now shop around for everything, and when one of the insurances goes up, I look around and start negotiating with all an sundry to bring them down. It also made me start looking at ways of making money in other ways and by reading the Up the Income thread, gave me quite a few ideas.
Welcome to the DMP Club....

Time_to_face_the_music

BlushingRose wrote: »

Apparently though, the reason they've started to recharge is because they've now refused our offer, even though it's the same as before.
Thanks, we're planning to send a 'please stop charging us interest' letter and we'll wait and see what happens. It's so frustrating though as they've been fine until now, nothing's changed but suddenly they don't want to accept the payment any more. I'm this far from saying right, you can have a token payment of £1 then and we'll put the rest of your payment to someone else!

Some creditors do introduce interest after a certain period of time, claiming that the no interest was a chance to play catch up and get yourself back in order. Two have done this to us and both times we have managed to get interest stopped again after a fight. If you haven't already, it's worth asking them to default you, it's taken a while but Lloyds TSB have eventually agreed to this and frozen interest.

When you write, don't ask them to stop interest. Instead make it clear it is a complaint about them reintroducing interest, make sure you actually use the word complaint. Then follow it up with the FOS if they don't agree to freeze interest again.

The £1 a month token for a few months has worked well for us in the past but you can't do this while you are with StepChange, you would need to go self managed and then try it.

Good luck and please let us know how you get on

Time_to_face_the_music

DanielleNic87 wrote: »

Morning :wave:

This mornings post has arrived. Today I have received notification from Natwest advising me they have stopped all interest.


Also a letter from Cap 1 confirming they have accepted repayment plan and have issued a default notice already. Considering I haven't even made my 1st payment to SC yet, I presume this is good news?!?

Great news and well done :T

Yes an early default is very good and starts the clock ticking right away. You have a much higher chance of getting defaults early in your DMP so fight for any more you can manage too.

Time_to_face_the_music

Larac wrote: »

Good news DanielleNic87 that your DMP setup is progressing, it will be a mighty relief that you don't have to worry about the constant barrage of calls and letters. Hopefully all your creditors will play ball as some like mine continue to stick interest on till eventually they have their own LBM that it will never get paid off and agreed to drop it.
The next challenge I found was actually living off the budget set by SC once the DMP was setup. I found that I now shop around for everything, and when one of the insurances goes up, I look around and start negotiating with all an sundry to bring them down. It also made me start looking at ways of making money in other ways and by reading the Up the Income thread, gave me quite a few ideas.
Welcome to the DMP Club....

I like the idea of creditors having their own LBM! I wish a few of ours had theirs sooner rather than later

We have found that the whole budget thing helps us immensely and like you, now battle to get any reduction possible on anything. I like to think that when we are out of debt, we will be so much better off for the lessons we have learned along the way :j

dmb_2

Hi everyone. Hope you're all enjoying the sunshine. I've recently gone self-managed (using NEDCAB) after being with SC. Moorgate who have taken over debt from MBNA now want me to complete their own I and E form so they can set up payment plan. Is this a standard request? They also wanted to know why I'd left SC and said they would recommend staying with them.

dad2one

DanielleNic87 wrote: »

Morning :wave:

This mornings post has arrived. Today I have received notification from Natwest advising me they have stopped all interest.


Also a letter from Cap 1 confirming they have accepted repayment plan and have issued a default notice already. Considering I haven't even made my 1st payment to SC yet, I presume this is good news?!?

Yeah. Cap 1 did that with me too. Really helpful and easy. In fact they were the only creditor to expressly write me an acceptance letter of the payment plan.

No one else has bothered me, but i still get statements off them showing my payments and no interest. (for now it would seem anyway).

gamblebee

I have a review with SC regarding my DMP. I have also recieved a claim form/ CCJ from one of my creditors and before I fill the CCJ claim form,SC said we need to do the I&E.
My question is, how accurate do I need to be with my budget? Can I be not transparent with my budget with SC and with my claim form to be sent to the court? My mortgage payment has gone down dramatically but I have more expenses for my children so I am planning to keep the priority bills figures as it was last year.
My priority bills has gone down and also had a little bit of salary boost this year, but thinking of having a spare cash for emergency and so not to live on very tight budget, I am thinking of keeping my previous budget as it is. Is it a good idea or will the court ask for some proof if my creditor didn't accept my proposal payment? Do I need to appear in court for CCJ? Please advise. Thanks.

Find_The_Real

Personally I would be accurate about the mortgage payment amount and then boost all the other figures to get the same amount such as childcare, emergency fund, increased food budget, car repair costs etc. I had an increase in salary but my figures were low so I increased a few and added in opticians to get the same amount. With a little bit of creativity it should hopefully be the same amount as your current surplus to creditors.

I posted something about attending court on the previous page #2033 which may help about deciding to go to court, but having gone myself I would recommend it.

gamblebee

Thanks FTR. Do you know if they will ask for statements to support my budget. What will be the implication of not appearing in the court but sending the claim form on time.?

Find_The_Real

If it were me I would do an updated I&E with SC, and send that and latest monthly SC statement with all the creditors and the amounts being paid.

Going to court in person gives you a chance to state your case that you are paying as much as you can to all your creditors in a fair way and though a recognised debt charity.

I can't say what the implications will be if you don't attend, but in my own experience it was looked upon more favourably that I did attend. No one really wants to go to court but it is not as bad as you think it is going to be, I wasn't made to feel embarrassed over the house being repossessed and having given my side of the case, the judge was very sympathetic.