DMP & Mutual Support Thread - Part 9

Sazzie23

Hi freyawillow

Well done for taking the first steps, off to work, someone here will give you advice.

Hi debt free

I work in healthcare !

Hopelessly_Hopeful

carlyfluck wrote: »

Evening everyone,
well ive sent letters to Lloyds about stopping interest etc hopefully hear something soon. One of my debts on dmp will be finished this month :-) and we have finally finished paying back my husbands boss 5k that he lent us to pay off a credit card which will make us at least £100 a week better off so will be phoning step change to see if we can up our payments to bring down our dfd from 2020 to 2017....providing lloyds stop the interest.

Ive just looked at my noodle report too and all the debts on dmp are defaulting....will this give me a better chance to stop interest???

Thanks

Hi

If you haven't already done so I'd stash the £100 in an emergency fund, you can always use it to pay things off later. Lloyds are notoriously challenging with interest. Ms TTFTM had success though so worth dropping her a PM.

Good luck

HHx

Hopelessly_Hopeful

in_debt_again_but_dealing_with_it wrote: »

Hi

As member 9 of the first ever DMP and mutual support thread back in 2007 I would just like to let you know there really is light at the end of the tunnel, having started my DMP 6 years ago I am about to make my final payment and finish repaying £23,000. This forum was my salvation during many long dark, stressful hours and I'll be eternally grateful to Martin Lewis and his faithful supporters. Good luck to you all - you can and will get there xx

Brilliant news, thanks for sharing. What's the plan now?

HHx

Hopelessly_Hopeful

danidav88 wrote: »

Hi

We are in our second month of dmp and vanquis and aqua have frozen interest and charges and accepted plan with no problems. Barclaycard and dorothy Perkins have also frozen all interest. Only waiting to hear back from barclays and next but hopefully shouldn't be a problem (and a few other creditors). We have a lot of accounts and a lot of them with the same creditors but all in all 21/30 have accepted and others are pending.

Hope this helps and good luck

Dani

Great news, long may it last

HHx

Hopelessly_Hopeful

esj13 wrote: »

Also instructing the bank to cancel the payments has been very easy. They normally do it anyway and I've had to call them to allow them to go through. So stopping them was very easy.
But I dont like doing it I feel as though the bailiffs are going to come knocking the next day.

You can't have a bailiff unless you have a CCJ and then don't pay it. There's no way you wouldn't pay it if you were unlucky enough to get one. So please don't worry about this. Before I got more knowledgeable this was one of my worries, that and having to sit in the house hiding with the lights off! Makes me smile now but it used to make me feel so ill at the start.

Good luck

HHx

Hopelessly_Hopeful

Puzzcat wrote: »

Decided to phone SC this morning as I haven't heard from 4 out of my 9 creditors and thought they may have some information for me.. I think I caught someone who had had a late night and was eating there breakfast... They couldn't tell me anything and didn't sound very interested either.. shame as the others I have spoken to have always been very helpful and reassuring. Ho Hum will just have to wait and see..

Can confirm as I have a new statement from Cap One they have stopped the interest and with my whopping token payment of a £1 the debt has gone down a whole £1...! They do hold 25% of my total debt so very pleased that at least one biggy is going in the right direction.. and will move a bit quicker when they receive the proper dmp payment in November..

Hope everyone has a good weekend.

Love Puzz. x

Most people don't hear anything Puzz.

I will always be very grateful to SC for the DMP, had it not been for the anonymous debt remedy tool I wouldn't have had the wotsits to get started. That said I had variable amounts of customer service ranging from excellent to down right patronising or disinterested. One thing I became savvy to in the first year is that DMPs are informal and voluntary, SC will plead to get as much money to the preditors as possible and whilst no one will look after your money as well as you will - you have to live too and you need to balance that with paying the preditors back.

Good news on cap one

HHx

Hopelessly_Hopeful

esj13 wrote: »

I have all the materials put together now to return to SC and send my letters to lenders. However one hold up is that one creditor has told me that as a reference i need only use my personal details (I'm guessing that them having said this and me having proof in an email that this will be ok) and one company has not yet got back to me with my account/reference number which according to their site I have to emil them for which i have done twice and had no response yet which is holding things up!

Called the bank today who were helpful and cancelled all my CPAs (advising that the money may show up as a debit but then be credited back to my account the same day and if not to call them and they will sort it. They're apparently used to this)

So all apart from the one company taking their time I feel things are moving in a positive direction

Welcome, sounds like all is in hand

HHx

bertman

Hopelessly_Hopeful wrote: »

You can't have a bailiff unless you have a CCJ and then don't pay it. There's no way you wouldn't pay it if you were unlucky enough to get one. So please don't worry about this. Before I got more knowledgeable this was one of my worries, that and having to sit in the house hiding with the lights off! Makes me smile now but it used to make me feel so ill at the start.

Good luck

HHx

We were in exactly the same position as you HH. We were terrified initially that the bailiffs would be queuing at our door the day after we cancelled our DD's, but we (like you) are a lot more savvy now. In our case we kept talking to them all and writing loads of letters so that they knew everything we were doing. We are a year and a half down the line now and everything is very quiet. We pay SC each month and they distribute to the sharks, all have either stopped interest or sold off the debt. I have to be honest though we wouldn't be anywhere now without this forum or SC.

Hopelessly_Hopeful

bertman wrote: »

We were in exactly the same position as you HH. We were terrified initially that the bailiffs would be queuing at our door the day after we cancelled our DD's, but we (like you) are a lot more savvy now. In our case we kept talking to them all and writing loads of letters so that they knew everything we were doing. We are a year and a half down the line now and everything is very quiet. We pay SC each month and they distribute to the sharks, all have either stopped interest or sold off the debt. I have to be honest though we wouldn't be anywhere now without this forum or SC.

Thanks Bertman, great to see your signature going down too

HHx

Hopelessly_Hopeful

Samjangi wrote: »

Just opened a letter from Santander re my loan saying they are going to be charging me the same interest! Is it too soon to fire off a please lower/freeze interest letter? A bit gutted as 6/9 of our debts are with them....does not bode well. And to think I gave them my loyal custom for the last 25 years:mad:
Any help or advise gratefully received.

No such thing as loyalty where money concerned for them. Never too early to champion the cause to get interest frozen, often they take 3 months at the start. I'd make sure you have proof of letters you send them and report them when month 3 has past to FOS, very easy to do with a phone call.

Good luck

HHx