DMP & Mutual Support Thread - Part 9

Confused_cate

Hi Everyone,

I am your typical stick your head in the sand and pretend it will get better girl! I have finally had my LBM and have decided that I need to change. I have worked out I have just over 18,000 of unsecured debt - agh!! scary!
I thought about an IVA, but we may need to change our mortgage if interest rates start to increase again.
So I have settled on a DMP with payplan. I have a couple more calls to make to them to make sure everything is correct and ready to move on with.
I have to say I am terrified! I'm finally starting to realise this is the only way I will get debt free!
would love to hear some positive experiences!
Thanks Cate

Time_to_face_the_music

Mossop01 wrote: »

Hi all, been on dmp 4 months now and everything was running smoothly, all creditors seemed to accept plan and stop interest. Got a letter from HSBC today very threatening, final demand for full amount on credit card within 14 days or court action to be taken, apparently i have ignored all previous correspondance from them? This is first i have heard from them!!!! I rang them immediately to find out what was going on and man on phone said they were oblidged to send me updates and thats all it was? Doesnt say anything in letter about dmp being in place, although he knew about it on the phone and said he would call me back this afternoon with more information! Guess what .... He didnt ring and now ill br sweating all weekend about this! Can anyone help, i feel like ive taken 10 steps forward and 20 steps back

This can be standard action before a default and it's probably a template letter. I had something very similar last week from SCM, Lloyds TSB "solicitors" (yeah right!) and when I phoned, I was told it was just a standard letter, they were about to default me and if I stuck to the payment plan, nothing would change.

I hope you have managed to speak to someone to reassure yourself?

Time_to_face_the_music

Confused_cate wrote: »

Hi Everyone,

I am your typical stick your head in the sand and pretend it will get better girl! I have finally had my LBM and have decided that I need to change. I have worked out I have just over 18,000 of unsecured debt - agh!! scary!
I thought about an IVA, but we may need to change our mortgage if interest rates start to increase again.
So I have settled on a DMP with payplan. I have a couple more calls to make to them to make sure everything is correct and ready to move on with.
I have to say I am terrified! I'm finally starting to realise this is the only way I will get debt free!
would love to hear some positive experiences!
Thanks Cate

Hi Cate and welcome :hello:

There are a lot of us here with experience of sticking our head in the sand and hoping for the best. Someone coined the phrase Ostrich Syndrome to describe it, I know I suffered from that for quite a while before my light bulb moment!

The start up of a DMP can be scary, it's a real emotional rollercoaster and I was petrified one moment and elated the next. The first month or two are the worst but we found around 6 weeks in, things started to settle down and by the end of month 2, we could see an actual difference in our debts and it's been downhill all the way since then.

Have a read through previous posts and ask any questions you need help with. There is a wealth of help, advice, experience and support here and we are all in the same boat as you, so people do genuinely understand.

TTFTM x

Julie67

I have a quick question for you wonderful people:D
One of our options in the next couple of years is to sell the house and hopefully make enough for full and final settlements.
This is looking more likely since I found out I need my whole knee replaced and will not be able to do a full time job as we had planned:(
Anyway my question is what do we do about a reference. It seems that most of the houses we've been looking at do credit checks. Would you just be up front and explain the situation, we might even be in a position were we could pay the first 6 months rent or try and find a private rental with an understanding landlord.
Thanks for any advice J

jenster78

Good morning all, sorry its been a while :Aupdating, I've been setting my dmp up. The good news is that we are all set for a start up date of 1st August and a few creditors have either wrote to accept the payment, bar next and Asda who have said they want a payment by 1st August, despite the fact they know the payment from sc won't come till later in the month and have threatened me to say if I don't pay then the set up is void!

I called sc and they said not to be bullied by this as they'll pass the debt to debt collection anyway. Has anyone experience of this.

The one concerning me if good old nram. Got a letter yesterday accepting the reduced payment but they will still ahead the arrears of the contractual payment, and a 40 admin fee for being in arrears. Surely that will simply increase the debt?

Feeling a bit frustrated and annoyed, but I guess for. Nrams perspective they are helping the matter... Is a letter to the ombudsman worthy go ?

We inform the bank next week :mad:

I have had a nice quiet few weeks but I think as am in for a big loop the loop on. The roller coaster

I hope everyone is ok and feeling positive as can be. This thread is invaluable so glad I found it, I am regularly reviewing the experiences of others.

Promise to catch up better later and acknowledge other posts just up its kids and frantically trying to get five mins on the iPad!!!!

Mossop01

Time_to_face_the_music wrote: »

This can be standard action before a default and it's probably a template letter. I had something very similar last week from SCM, Lloyds TSB "solicitors" (yeah right!) and when I phoned, I was told it was just a standard letter, they were about to default me and if I stuck to the payment plan, nothing would change.

I hope you have managed to speak to someone to reassure yourself?

Hi rang hsbc again today who told me letter was computer generated and to disregard the letter, however in 50 days debt would be passed onto debt recovery services who would be demanding payment in full, rang number she gave me and they said once debt passed to them i would need to contact SC to let them know and they would have to send them I&E to decide if plan remained accepted, couldnt tell me whether account would be defaulted tho and neither could hsbc? Is this standard proceedure? Should i be fretting or is this good news? Im confused? Thanks in advance for replies im a bit of a worrier im afraid!

dime_colorado

I personally would say pay the ones with the higher interest, which are the two who havent frozen them.
The other creditors won't know you have cleared them, so I don't think it will affect the frozen interest, I may be wrong though..!

Norris118

Confused_cate wrote: »

Hi Everyone,

I am your typical stick your head in the sand and pretend it will get better girl! I have finally had my LBM and have decided that I need to change. I have worked out I have just over 18,000 of unsecured debt - agh!! scary!
I thought about an IVA, but we may need to change our mortgage if interest rates start to increase again.
So I have settled on a DMP with payplan. I have a couple more calls to make to them to make sure everything is correct and ready to move on with.
I have to say I am terrified! I'm finally starting to realise this is the only way I will get debt free!
would love to hear some positive experiences!
Thanks Cate

I'm in a Similar situation.

My mortgage is up for renewal in 12 months and wondering if entering a DMP now would hit me in 12 months time with a higher rate mortgage. It'll seem like a short term fix for a similar problem in 12 months when my mortgage payments will go up.

Catch 22

Growurown

Mossop01 wrote: »

Hi rang hsbc again today who told me letter was computer generated and to disregard the letter, however in 50 days debt would be passed onto debt recovery services who would be demanding payment in full, rang number she gave me and they said once debt passed to them i would need to contact SC to let them know and they would have to send them I&E to decide if plan remained accepted, couldnt tell me whether account would be defaulted tho and neither could hsbc? Is this standard proceedure? Should i be fretting or is this good news? Im confused? Thanks in advance for replies im a bit of a worrier im afraid!

My HSBC CC was passed onto a DCA. You have to let SC know so that they can start making payments to the DCA instead. They might ask for full repayment but they can't have it, and I didn't have any problems with the DCA accepting my payment offers. This is standard stuff and nothing to worry about.

catandy

first of my ppi payments come thru and its 300 odd coming off aqua which means I can now go ahead with posting the complaint about them to FOS with a totally clear conscience (they cant take the money back now can they)...

slowly getting there - chipping away at it a bit at a time. want the other 2 ppi claims to come back in my favour as well as that will make a dent into 2 of the other card values... keep plodding on