DMP & Mutual Support Thread - Part 9

danidav88

Hi guys,

Have made our first payment on thursday just gone. Feel so much better that we have made the first step. Just worried about all the creditors as we have like 30 accounts with 15ish different creditors. I know it sounds awful!!

What are people's experiences of the following companies for cutting interest:

Halifax
Capital one
Barclaycard/ barclays
Tesco
Moneyway
Catalogues like very and isme
Vanquis
Aqua
Pay days like sunny and quick quid
Nationwide

To name a few lol

Just glad that we have made the first step but know next couple of months are going to be stressful!!

Advice much appreciated

Thanks Danielle

Julie67

Afternoon all

danidav I have found most people very straightforward to deal with. I think there are so many people in our position that its no great surprise to them.

Well after being very down about our debt I feel much better. We have had a little windfall, not much but enough to try and clear two of our smaller debts with F&F offers, which will take us well under the £33,000 mark:o I know that sounds a lot but better than when we started.
I had intended to put our payments up slightly but think I will wait for the 12 months review. In the mean time dh and I have a very clear picture of what we intend to do. Just over half of our debt is made up of smaller amounts we have planned to save a certain amount every month and try and clear them with full and final offers. I have been reading the F&F thread so feel very inspired. If we can pay the smaller ones off before we sell the house early next year then we can tackle the big amount with the HSBC of around £16,000 once we've sold.
I feel happier having broke things up into chunks instead of thinking about the amount as a whole.
It won't be straightforward as dh is self employed so there will be good and bad months but I have the chance of a part time job from a charity who understand my mobility problems and realise I may need an operation and some time off to recover.
So going to write my letters for the first two smallish amounts. I've been advised to start at 30% and negotiate from there.
Wow it's certainly a roller coaster but at the moment I'm on an up slope:D

dad2one

Nice one danidav. It's all good from here on in. A lot of creditors may seem like hard work, but really should require no more organisation than what you were already doing. You're just paying them less, and you don't have to do that individually anymore. Just keep a large file with a section for each of them as you get letters etc. They should all stick to communication by letter only, especially if you ask them. It takes them a while to react too. I gave my creditors a couple of months to realise what was happenning and update their accounts before I scrutinised them about interest and charges.

Capitol One have been brilliant to me. A letter of acceptance for my payment plan, a promise of no interest or charges... excellent. Very sympathetic.

I don't have experience of any others you have listed.

Julie67 it's all sounding good.

Good luck all. Onwards and upwards!

anywayout

Hi!

Im a newbie I called stepchange 2 weeks ago and was recommended a DMP which I have gladly agreed to but im starting to get the shakes. I have 6 creditors 2 x catalogues, 3 x payday loans (embarrassed I was soo stupid) and my bank I contacted the co op last week for them to send me the stuff for a new account but that meant i would need to use my own account this month. I contacted the bank by letter and phone last week (phoned on tuesday) to get the continuous payments stopped which they assured me was done. The first payday loan came out on Thursday bu since it wasnt showing as being fully debited they said once that had went through they would refund it - I managed to get enough cash out to pay immediate bills and get me through till Wednesday - the money hasnt been refunded yet and the dept isnt open till Monday, by that point another 2 will try to get money!!! One of them is wonga who I have heard will try and get any amount they can, im starting to lose my nerve and im worried about the rest of the month the phone calls & letters I can deal with but the stress of being in a worse situation than before scares me to the point of not sleeping. I have sent everyone except the bank a letter advising of my dmp and included a token payment also sayibg that I will only deal with them by letter - fingers crossed they take notice!! I need the money in my account by Wednesday - my rent is due and if I dont pay it I dont know if I will get a second chance with my landlord as I have promised to start paying back the overdue amount. Im sorry for waffling but im panicking and feel like running away and let them chase me I cant talk to family - they would kill me for getting into this situation again and I feel like friends would judge me (even though they probably wouldnt) but I dont want to take the chance. I feel so alone and down about everything please someone tell me it gets better? Thanks to everyone who posts you all seem so supportive of each other and th advice you give a people who have been there is priceless. Thanks x

andrar

Don't panic Anyway! It will be crazy the first few weeks while everything works itself out but try and remember that it will resolve itself and get better - we've all been through that.

I cant advise on payday loans as I've not had that experience but I'm sure someone will be along soon with some amazing advice for you. It will be OK!

kylie_smiley

Hi all! Just wanted to log on and say that my DMP is now all set up. I've informed everyone that needs to know, and I've got my new bank account up and running. Had a letter arrive from MBNA this morning saying that they are happy to accept my payment offer, and that they have reduced interest to 0% per annul and are waiving all charges. They do say that they will be registering a default but I think, from my reading, that it's better that these go on early in the term?

Just got to wait to hear from the others now.

Thanks again for everything so far. I hope I can come back and advise others when I'm a bit further down the line!

danidav88

anywayout wrote: »

Hi!

Im a newbie I called stepchange 2 weeks ago and was recommended a DMP which I have gladly agreed to but im starting to get the shakes. I have 6 creditors 2 x catalogues, 3 x payday loans (embarrassed I was soo stupid) and my bank I contacted the co op last week for them to send me the stuff for a new account but that meant i would need to use my own account this month. I contacted the bank by letter and phone last week (phoned on tuesday) to get the continuous payments stopped which they assured me was done. The first payday loan came out on Thursday bu since it wasnt showing as being fully debited they said once that had went through they would refund it - I managed to get enough cash out to pay immediate bills and get me through till Wednesday - the money hasnt been refunded yet and the dept isnt open till Monday, by that point another 2 will try to get money!!! One of them is wonga who I have heard will try and get any amount they can, im starting to lose my nerve and im worried about the rest of the month the phone calls & letters I can deal with but the stress of being in a worse situation than before scares me to the point of not sleeping. I have sent everyone except the bank a letter advising of my dmp and included a token payment also sayibg that I will only deal with them by letter - fingers crossed they take notice!! I need the money in my account by Wednesday - my rent is due and if I dont pay it I dont know if I will get a second chance with my landlord as I have promised to start paying back the overdue amount. Im sorry for waffling but im panicking and feel like running away and let them chase me I cant talk to family - they would kill me for getting into this situation again and I feel like friends would judge me (even though they probably wouldnt) but I dont want to take the chance. I feel so alone and down about everything please someone tell me it gets better? Thanks to everyone who posts you all seem so supportive of each other and th advice you give a people who have been there is priceless. Thanks x

Hi anywayout

My partner and I have just had a very similar situation. We have three payday loans- wonga, sunny and quick quid. I contacted wonga to inform them that we were entering dmp with payplan and gave them my reference number. They responded with freezing any interest or charges for 38 days and after 60 days if no response from payplan would add interest on. Sunny have continued to take payments but as I have cancelled all cards they can't get any money so since have sent me confirmation that they understand i am starting a dmp and will speak to payplan. Thirdly, quickquid have defaulted me and after contacting them to say I was entering dmp they have said until they hear from payplan they will continue to take payments.

Sorry long story. I would strongly suggest that you ring up and say you have lost your cards so you can get a new one and open a new bank account. We have had so much stress this last month but since making our first payment and doing the above, finally feel under control and sleeping a lot better.

Hope everything works out
Danielle x

andrar

Well done Kylie! You sound like you feel better about it now - well your words do anyway!

maybedmp

Hi everyone, busy week so not been on sorry but hi to any newbies

We've had contact from all creditors now -

Tesco card - accepting the repayment plan for 6 months so I have diarised to contact StepChange in Feb to contact them with any changes to our budget. Plus they've defaulted us so frozen interest at the moment

Santander OD and Next - accepted the plan and frozen interest

Barclaycard - Nothing since they acknowledged our original letter (where they temporarily froze interest until having further contact from StepChange) but as the majority have heard from StepChange I'm hopeful we'll receive something this week

Sainsburys loan - just a letter re non payment so they've not acknowledged my original letter or anything from StepChange. I'll contact them tomorrow. Luckily my letter was sent recorded so I can check with Royal Mail before I call them.

First payment to SC goes out tomorrow. And for the first time in months we have a little extra money left in the bank account before pay day which is lovely.

I'm also applying for a couple of jobs at work which would mean promotion so more money could be thrown at the debt fingers crossed.

Off to read the thread from where I left off last time

kylie_smiley

andrar wrote: »

Well done Kylie! You sound like you feel better about it now - well your words do anyway!

I do, a bit. Am slightly obsessed with my budget app (have had software on the laptop linked to an app for ages...only just started using it properly!) Also had a letter asking from student loans asking me to contact them as my loan is due to end within the next two years - which could be good news!

I feel better knowing one company (with one of the larger balances) has frozen payments. I know they may not all do, but fingers crossed.