DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Hi Catandy

I've had interest charged across at least 50% of my debts. Would have been more if I had not fought, also interest rates would have been higher. I managed to get lower rates with all except M&S at 24.9% and 25.9%. I think the more you challenge earlier the more success you have. I rolled over too easy as was ashamed of the situation for way too long. If I had my time again and all that! I have calculated that even though I was paying in excess of £200 interest a month at times in the DMP my total interest loan for the 50 month duration will be £6000 which equates to 5%APR so whilst I would have preferred to be finished earlier at month 44 it could all be much much worse.

It's good that you are challenging them. The defaults are power to you as proof you are in financial difficulty so then she should come back to the table offering help to you too. I think you will have success here. £1 tokens also sharpens their thinking as Ms TTFTM has shown.

Good Luck with it.

HH x

Growurown

zenshi wrote: »

I'm applying for a job tonight and they request post rather than email. Is so long since I've had an outside job :eek: what's better....a handwritten covering letter or a printed one!?

Unless they have specifically asked for handwritten then I would print it and hand sign it.

kirstylanarkshire

Hi

First of all Well Done to everyone on here and thanks for sharing ur experience, it really does help :-)

Im a newbie who had my lightbulb moment on monday morning - I had spoke to stepchange by lunchtime and have decided that a DMP is the way forward. I have so far cancelled all my DD's and printed off a letter (with the help of the lovely people on here) to give to my bank to cancel my continuous payments (to my absolute shame most of my debt is payday loans) this will be posted through the door tonight on way home (I cant face going into the branch) ready for next week when I get paid.

I have 2 silly questions - what if any bank account will give me an account number immediately? My wages are due to be paid next week and I need to let my hr dept know asap - I could possibly lift all the money when I get paid but the paranoid person in me says that the bank will know what im up to and keep it all to cover my overdraft :-(

I haven't got my pack fom stepchange yet (maybe tomorrow) but how long does it take to set up? Im saying this cause i need my car tax, car service and possibly new tyres next month - if I could start ot from the 1st October that would really help me out - I need my car for work so would like to keep it in good working order.

Thanks again to everyone for sharing their journeys, im in this for the longhaul and although my debt is £7500 it is still going to take me around 3years to pay it off im looking forward to th day when I get paid and the majority of my money is mine!!!

:-):-):-)

Growurown

kirstylanarkshire wrote: »

I have 2 silly questions - what if any bank account will give me an account number immediately? My wages are due to be paid next week and I need to let my hr dept know asap - I could possibly lift all the money when I get paid but the paranoid person in me says that the bank will know what im up to and keep it all to cover my overdraft :-(

I haven't got my pack fom stepchange yet (maybe tomorrow) but how long does it take to set up? Im saying this cause i need my car tax, car service and possibly new tyres next month - if I could start ot from the 1st October that would really help me out - I need my car for work so would like to keep it in good working order.

No questions are silly, we all have to learn!

Sorry I don't know of a bank who will give you an account number immediately. It is always a worry about the bank taking all your wages, could your work issue you with a cheque instead? My bank didn't take all my OH's wages when they got paid into the old account. I legged it to the bank pretty quick though and drew it all out in cash.

The DMP can be set up in a week if you need it, but I think mine took a couple of weeks. You can tell Step Change you want to start in October because you need to get your car sorted, it shouldn't be a problem. I have had to reduce payments a couple of times because of a big car repair bill and it was fine.

jubilee14

well first review done was ok bit of toing and frowing but in the end payments staying the same so glad thats over. Just wait and see if the creditors will play ball still sitting at another 6 years tho. Maybe next year will be in a better position to up some payments.

kirstylanarkshire

Growurown wrote: »

No questions are silly, we all have to learn!

Sorry I don't know of a bank who will give you an account number immediately. It is always a worry about the bank taking all your wages, could your work issue you with a cheque instead? My bank didn't take all my OH's wages when they got paid into the old account. I legged it to the bank pretty quick though and drew it all out in cash.

The DMP can be set up in a week if you need it, but I think mine took a couple of weeks. You can tell Step Change you want to start in October because you need to get your car sorted, it shouldn't be a problem. I have had to reduce payments a couple of times because of a big car repair bill and it was fine.

Thanks for the answer - unfortunately no my work wont issue a cheque so fingers crossed the bank do their bit in cancelling the continuous payments :( Thursday is going to be a long day!! The hassle has started already and no one has a clue yet!! I emailed Lowell to get an up to date figure of what I owe (have been paying £30 a monh for what seems like ages!) And it doesnt seem to have went down much I have cancelled the dd I have with them and got a text messgae this morning asking me to call them re a missed payment? Its not due till the 5th!! So an email has been sent asking them to stop the messages until the payment is actually due!!! I felt so positive that I was sorting stuff out and now it all just seems a bit scary. Still no pack from stepchange I think I will phone and ask if I can do it over email? But I dont have a printer - do I need one?

Thanks for all the help xx

Growurown

kirstylanarkshire wrote: »

Thanks for the answer - unfortunately no my work wont issue a cheque so fingers crossed the bank do their bit in cancelling the continuous payments :( Thursday is going to be a long day!! The hassle has started already and no one has a clue yet!! I emailed Lowell to get an up to date figure of what I owe (have been paying £30 a monh for what seems like ages!) And it doesnt seem to have went down much I have cancelled the dd I have with them and got a text messgae this morning asking me to call them re a missed payment? Its not due till the 5th!! So an email has been sent asking them to stop the messages until the payment is actually due!!! I felt so positive that I was sorting stuff out and now it all just seems a bit scary. Still no pack from stepchange I think I will phone and ask if I can do it over email? But I dont have a printer - do I need one?

Thanks for all the help xx

Hi Kirsty, oh yes they are clever these creditors. They know when you cancel the direct debits!

There will be hassle, it will be scary for a bit but if you have read through the thread you will realise that every DMP starts this way and it will soon settle down. You are sorting stuff out and you are being responsible and dealing with your debts but creditors on the whole don't care and just want their money. I'm sure other posters have done it all by email but you will have to send copies of documents and I am sure a poster once said they scanned the documents in and emailed them and that was OK. Ask the adviser when you call them.

kirstylanarkshire

Thanks again grownurown for your kind words. Ive just spoke to a lovely lady at stepchange and she said that ive to tell them that ive been accepted on a dmp and to contact stepchange. She also said it normally takes around 5 days for the pack to arrive so maybe be here tomorrow? Ive to open a bank account asap only problem being that the nearest co op or barclays is 30miles away so looks like im going on a trip!! also said that ive to withdraw all my wages when I get paid - the bank is going to suss it out im sure!!! Paranoid that they are going to take all my wages to cover their overdraft I go fom being happy im taking control to my stomach falling thinking its all going to go wrong. I know from reading all aboit other peoples experiences that the first few weeks will be a nightmare and that it should settle down I look forward to that day!!! I dont want to confess to my friends or family the mess im in so it helps to come on here and see that people have done it and are there with kind words of encouragement, thanks xx

NaughtySpot

kirstylanarkshire wrote: »

Thanks again grownurown for your kind words. Ive just spoke to a lovely lady at stepchange and she said that ive to tell them that ive been accepted on a dmp and to contact stepchange. She also said it normally takes around 5 days for the pack to arrive so maybe be here tomorrow? Ive to open a bank account asap only problem being that the nearest co op or barclays is 30miles away so looks like im going on a trip!! also said that ive to withdraw all my wages when I get paid - the bank is going to suss it out im sure!!! Paranoid that they are going to take all my wages to cover their overdraft I go fom being happy im taking control to my stomach falling thinking its all going to go wrong. I know from reading all aboit other peoples experiences that the first few weeks will be a nightmare and that it should settle down I look forward to that day!!! I dont want to confess to my friends or family the mess im in so it helps to come on here and see that people have done it and are there with kind words of encouragement, thanks xx

With regards to the bank account I opened our Co-Op one online, I've never been inside a Co-Op bank! I pay in cash and cheques at the Post Office. Can you get to a phone and arrange it that way? My pack from SC took about a week to come to me, so try not to panic. Can you withdraw the cash over the weekend from your bank account? My card lets me take £250 a day, could you do it that way?

This all feels so stressful and angst ridden at the beginning, but it does settle down. You are not the first person to do this and your creditors will have seen all this before.

kirstylanarkshire

NaughtySpot wrote: »

With regards to the bank account I opened our Co-Op one online, I've never been inside a Co-Op bank! I pay in cash and cheques at the Post Office. Can you get to a phone and arrange it that way? My pack from SC took about a week to come to me, so try not to panic. Can you withdraw the cash over the weekend from your bank account? My card lets me take £250 a day, could you do it that way?

This all feels so stressful and angst ridden at the beginning, but it does settle down. You are not the first person to do this and your creditors will have seen all this before.

Ive just phoned the co op and for their cashminder account they say u need to go into the branch or by post and it can take up to 3 weeks!! Might be cutting it fine for September pay day never mind this month's they are sending the pack out so I will go in whn I receive it I need to take that and my id - maybe take a week from then so fingers crossed for sooner rather than later! I just want it sorted now and over with but need to wait and see what happens next Thursday - pay day! God I hope I manage to get my money out before the vultures get at it or I really dont know what will happen. Thanks for the reassurance it will settle down :j:j xx