DMP & Mutual Support Thread - Part 9

nextyeartina

Hi. I'm finally getting round to sorting and filing all my debt letters. I know I should have done it a long time ago . Even though I started my dmp journey in January this year, I've still kinda had my head in the sand. I'm after some of your great advice . Aqua sent a default notice 10th June. It looks like they have stopped all interest & charges since July. Is this because of the default? Should I write to them to ask if they'd consider refunding some of the interest & charges from January to June? Or is it best left alone?

Thanks, Tina

Hopelessly_Hopeful

hopperson wrote: »

I've just signed up to PayPlan to clear my outstanding debts. They have advised that I should move to a different bank (one of the debts being my Overdraft). I'm happy to do that, but the information they sent includes a comparison of Basic Bank Accounts - which have no OD facilities, etc.

Do I have to open a Basic account or can I go to another current account?

I got a standard coop account with a £200 od facility. Have used it twice in the 40th months.

Good luck

HHx

dad2one

Well done Hopelessly Hopeful, nice to be near the end, eh? And not many have contributed so well here as you, so thank you.
Good work smiley_kylie, it's good to be on the right path, isn't it? Debt free future here we come!

Debtfree Angel, defaults can mean a quicker stoppage to interest, and acceptance of the payment plan. Also a default has to come eventually, so the sooner the better. But, I wouldn't be too concerned about chasing that as I would simply pressing for charges / interest stoppage and acceptance of the payments plan. Once defaulted they could always decide to pass the debt on to someone else anyway, so just take it as it comes, and pressure for the debt not to be made bigger.

danidav88

Hi everyone,

Myself and my partner are starting a dmp and trying to get our first payment sorted for this Friday. Please tell me it gets better???

Both feeling really stressed and panicking.

Have applied for a coop account and just waiting to hear back. Any words of wisdom greatly appreciated

Danielle

dad2one

It's been a while since I checked in last. I'm 6 payments in on my plan. Of my 5 creditors, all have sent me arrears notices, 2 have defaulted me. Only one has actually written to me to say they have accepted my payment plan.
None have added any interest or charges since it started.
Early days, so far so good.

dad2one

danidav88 wrote: »

Hi everyone,

Myself and my partner are starting a dmp and trying to get our first payment sorted for this Friday. Please tell me it gets better???

Both feeling really stressed and panicking.

Have applied for a coop account and just waiting to hear back. Any words of wisdom greatly appreciated

Danielle

Hi

Try not to panic. Sorting your debts out now is the best thing you can do, and sooner than you think, you will realise how easy this process actually is, and will wish you had done it sooner. The only way is up and if your dmp has been worked out correctly you should feel financially at least a lot less stressed. Handled correctly, creditors will not hassle you, and they take ages to respond to anything anyway.
You don't have to rush into your first planned payment anyway. I assume you are doing it through stepchange or payplan. You should have had a month or two from letting your debtors know, and starting the plan.
Take a scan back through the pages here, and you will get a feel of how it all works. And ask anything, anytime! Folk here love helping each other out with advice.

Good luck and try not to worry. Your future should start looking good soon...

danidav88

Thanks dad2one. We are with payplan and just want to get going now Unfortunately the last month has been awful and a lot of stress. I just have to keep going cause I know I will be so much calmer with not having to keep all payments up to date and just pay the one payment.

dad2one

A question to anyone: My plan started in March. In April I had a new tax code that left my monthly income up slightly by about £20. Is it worth notifying anyone about this, or shall I just wait till the annual review? I'm thinking the latter really. That said, I'm still considering looking at my SOA figures again anyway, as I'm still feeling things a little tight.

dad2one

danidav88 wrote: »

Thanks dad2one. We are with payplan and just want to get going now Unfortunately the last month has been awful and a lot of stress. I just have to keep going cause I know I will be so much calmer with not having to keep all payments up to date and just pay the one payment.

Sorry to hear about the stress. I know it's not nice, but try to think about the new plan, how much money that should make you better off by, and that being in debt is no big deal now that you're sorting it. The law and social climate are on your side.
We have many rights, and we should be proud of actually facing and dealing with our debts, with full intention of paying back what we owe - in our own time. Stick with that mantra and no one can touch or judge us.

Before I started my plan I sorted a new bank account first (co op actually, have been very good too). I told the creditors I was in financial difficulties and sent them a token payment for a couple of months whilst devising the dmp. I used stepchange. Those months were a relief as I could then budget properly and put a bit away for emergencies.
The dmp itself leaves me with a proper budget for bills and food etc, and a little over. I'm a lot better off than I was before the dmp, and with all debts frozen, I am actually paying the !!!!!!s off! That's how you gotta see it if you can..

Find_The_Real

dad2one wrote: »

A question to anyone: My plan started in March. In April I had a new tax code that left my monthly income up slightly by about £20. Is it worth notifying anyone about this, or shall I just wait till the annual review? I'm thinking the latter really. That said, I'm still considering looking at my SOA figures again anyway, as I'm still feeling things a little tight.

Hello Dad2One, I kept hold of the small tax code increase to cover a couple of things I had left off, and as it is such a small amount I would just wait until the review and you are managing with your budget figures. If it was a large increase then I would say inform them but I am sure the amount you are talking about is ok.

Others may have another view though.