DMP & Mutual Support Thread - Part 9

cocoloco

Thank Mossop01 & HH & FTR!
I did ring them in my lunch break and I'm glad I did!!!

We gone through some details and all the debts- they have access to credit report - and feel better to even talk to somebody about it. There wasn't any advisors at hand and they only had any phone appointments for next Monday- they will call me at next Monday at 1:30pm.
Happily I got a Reference Number- so I can start to writte to our creditors and offer token payments for March. The person on the phone was lovely and none judgemental- it gives me hope that it will be all OK at the end.

:eek: Guess how mush is our debts- £ 46.711 !!!!!!!!!!!!!!!!!!!!!!:eek:

Find_The_Real

Glad you got everything sorted, it really does feel a lot better once you get everything started.

I think I may put this in my signature as the first important step I really cannot stress enough is to open a new bank account away from your creditors before you even think about writing to them as they don't do loyalty, they just money grab.

Apart from that good luck and I hope everything goes ok for you.

cocoloco

Thanks FTR!

We have sorted a new Natwest current account- waiting to receive debit card and details this week.

One question- if I send postal orders for my creditors- what proof will I have that they received and cashed my "payment" (the whole £1 LOL)?
Thank you

cocoloco

Its me again!

I'm trying to sort out the initial letter to our creditors- I looked at the National Debtline templates and managed to come up with this:

Dear Sir/Madam

Re:- Account/Reference Number xxx

I’m writing to inform you that we are seeking advice and assistance regarding our current financial difficulties.

We are working with StepChange to set up a Debt Management Plan (DMP) – our reference number is xxxxxxx

In view of our circumstances, would you please accept a token offer of £1.00 per month until StepChange contact you with our DMP details.

If interest or other charges are being added to the account, we would be grateful if you would freeze these so that the debt does not increase.

To this end, we would appreciate if you could hold any action on the above account for a period of at least 60days.


I would also like to request that from this date correspondence only take place in writing.

Thank you for your understanding

Will this letter do?- I really don't want to get any phone calls in my work and if my OH gets any he will be mad!

Hopelessly_Hopeful

Find_The_Real wrote: »

Glad you got everything sorted, it really does feel a lot better once you get everything started.

I think I may put this in my signature as the first important step I really cannot stress enough is to open a new bank account away from your creditors before you even think about writing to them as they don't do loyalty, they just money grab.

Apart from that good luck and I hope everything goes ok for you.

That's really good advice.

Also Love signature updates and setting and celebrating small milestones, first letter back, first balance to reduce, dropping a hundred or a thousand, totally addictive and ALL in the right direction

HHx

Find_The_Real

It sounds ok to me but I am sure others will come along with better advice as I just sent out the one recommended in the pack they sent out.

Great news that you have the bank account sorted, just for info it is probably quicker and easier to change everything over you want for the new account yourself if you haven't done so, that way it gets switched a whole lot faster than waiting for the new bank to do it and it is really easy to do.

Hopelessly_Hopeful

cocoloco wrote: »

Its me again!

I'm trying to sort out the initial letter to our creditors- I looked at the National Debtline templates and managed to come up with this:

Dear Sir/Madam

Re:- Account/Reference Number xxx

I’m writing to inform you that we are seeking advice and assistance regarding our current financial difficulties.

We are working with StepChange to set up a Debt Management Plan (DMP) – our reference number is xxxxxxx

In view of our circumstances, would you please accept a token offer of £1.00 per month until StepChange contact you with our DMP details.

If interest or other charges are being added to the account, we would be grateful if you would freeze these so that the debt does not increase.

To this end, we would appreciate if you could hold any action on the above account for a period of at least 60days.


I would also like to request that from this date correspondence only take place in writing.

Thank you for your understanding

Will this letter do?- I really don't want to get any phone calls in my work and if my OH gets any he will be mad!

Spot on. Let us know when they are in the post!

HHx

Find_The_Real

Hopelessly_Hopeful wrote: »

That's really good advice.

Also Love signature updates and setting and celebrating small milestones, first letter back, first balance to reduce, dropping a hundred or a thousand, totally addictive and ALL in the right direction

HHx

Well to be honest I don't think any of us newbies would be where we are without the help and support of those more established members on the board, so I would like to thank you and the others for such lovely advice and support.

:T

neiljmuk

Find_The_Real wrote: »

Hi Neiljmuk and everyone else I may have missed, welcome to the board.

If you are thinking that you may struggle to survive then I can highly recommend speaking to one of the debt charities mentioned all over the board as they can advise you on everything and the best way forward. There is no obligation to follow any of their suggestions but sometimes getting options from someone who has experience is a good way going forward.

Also if you think there are ways people can help then do start a new thread and post a SOA to see if savings can be made, especially if there is a likelihood of a job loss, that can have a big impact. A lot of people give advice on needs and not wants so you have to take that into consideration though!

Good luck with it all and I hope the situation goes ok for you.

Hi, thank you. There would be no scope for further driving down current expenses. Thats long been established. I can't actually believe how much Step Change think I need to live on. I'd be loaded with a DMP, relatively speaking and that's being modest with their suggested thresholds and little extras.

A job loss would force our hand (sort of make the decision easier) but just wondered if anyone has ever come out of one of these and then got on the property ladder for the first time afterwards. I'll never be bothered about credit for anything else but this is what is making it such a tough decision, and worry over the hassle that would be incurred by evil lenders and the stress of chasing debt if they don't comply!

Is any priority applied to non compliant lenders by Step Change - (eg if I have 12 debtors and 4 don't play ball, they get paid in full but the other have a little less to compensate)?

Sorry, too many questions when so much info is already available.

I'm guessing Step change would also advise on benefits and stuff? It seems ludicrous my salary of £26k would prohibit my Wife getting anything if out of work.

Splather

Hi guys

Just wondering if anyone had any advice regarding my friend's situation, which Fermi kindly reposted for me here (http://forums.moneysavingexpert.com/showpost.php?p=59452273&postcount=242)?

Many thanks!

Edit: I've just found an article online where the Halifax say that interest is automatically frozen when a DMP is entered into - could this be useful? It's on the last paragraph of this article: http://www.guardian.co.uk/money/2010/feb/08/debt-management-plans-adding-interest