DMP & Mutual Support Thread - Part 9

DanielleNic87

Thanks. I will just save and pay it off it one lump sum ( obviously checking with SC 1st).

Pickle29

HI
I have paid 2 months of my DMP (very long way to go yet) and have noticed that4 of my 7 creditors have frozen or drastically reduced the interest on my account. I raised this with SC about the other 3 and she suggested writing to them to ask them to freeze interest. My question is do any of you have a template letter I could use please?


Also - as 3 have already drastically reduced interest- should I write to them as well or leave them?
For instance M&S have not charged any interest on my last statement but Barclaycard and MasterCard are showing 0.251% and Sainsburys have just sent me an annual statement for my loan with charges reduced but no % figure shown.

Many thanks in anticipation

Puzzcat

Pickle29 wrote: »

HI
I have paid 2 months of my DMP (very long way to go yet) and have noticed that4 of my 7 creditors have frozen or drastically reduced the interest on my account. I raised this with SC about the other 3 and she suggested writing to them to ask them to freeze interest. My question is do any of you have a template letter I could use please?


Also - as 3 have already drastically reduced interest- should I write to them as well or leave them?
For instance M&S have not charged any interest on my last statement but Barclaycard and MasterCard are showing 0.251% and Sainsburys have just sent me an annual statement for my loan with charges reduced but no % figure shown.

Many thanks in anticipation

Hi pickle, try page 115 post 2285 of this thread...

Pickle29

Hi
thanks, I now have the template - but like someone else said, I think I need to go back further over the relevant threads and make notes of useful/possible l templates etc as there are loads of great information - I just haven't gone back far enough!


This forum is amazing!
thank you

maggiesden

Hi

I am looking for some advice and wondered if anyone could help, my hubby & I are going through the process of setting up our DMP with Stepchange.

We currently between us have 4 Halifax Reward accounts (2 Joint and one each) we have hubbys wages paid into one of the joint accounts, and move a £1000 through the other accounts to get the £5 a month on all accounts. We don't have any overdrafts on any of the accounts nor do we owe them any money for any debts.
When our DMP starts in January there will be a Lloyds credit card debt in my name shown on the DMP, and I was wondering whether with Lloyds and Halifax being part of the same banking group, will it still be safe to carry on using the Halifax accounts for our main banking.

Thanks in advance

Maggie

Pickle29

Hi
I have registered with noddle to look at my credit report - just for checking purposes for accuracy etc as I have noticed a few people have done this.

However, does anyone know what the codes mean alongside my financial report?
For example green dot ok. - I guess means ok paid on time
What does AA, AR, DMP in red mean ?
What does UC in the green dot mean?

Any ideas
Thanks

debtdawg

If you hover over the square it should tell you Pickle29?

On_that_log_road

Hey everyone,

This is my very first post! I have been looking at this thread for a VERY long time and never, before now, had the confidence to post anything at all. I have read some amazing stories of people who have made amazing progress in making debt a thing of the past. I myself have been on a DMP with SC for some time.

In fact December was my 4th Anniversary. I cannot say they have been there all the way because, fortunately (I don't mean to sound pompous), although it has been a struggle, it was so well set up from the outset, I have never needed to contact them (except for the all important review annual review!).

I am not going to mention figures (even though my eyes are watering at the numbers I was looking at 4 years ago!) because I believe it is irrelevant. We are all doing this for the same reason. We want to live debt (and hopefully worry) free, and no matter the cost, we will all manage it, one day. This , I believe, can only be achieved with the help of some of the people who post on here with words of wisdom, support, reassurance and sincere hope.

I have visited here when my days were not so bright. In some ways I feel a little bit selfish. But over the years I have gained some understanding about how my DMP has worked so, I shall continue to monitor this thread and provide help and advice when I can.

I wish you all a very happy new year and hope the coming year brings comfort in the knowledge you are heading (if slowly sometimes) in the right direction

Sazzie23

maggiesden wrote: »

Hi

I am looking for some advice and wondered if anyone could help, my hubby & I are going through the process of setting up our DMP with Stepchange.

We currently between us have 4 Halifax Reward accounts (2 Joint and one each) we have hubbys wages paid into one of the joint accounts, and move a £1000 through the other accounts to get the £5 a month on all accounts. We don't have any overdrafts on any of the accounts nor do we owe them any money for any debts.
When our DMP starts in January there will be a Lloyds credit card debt in my name shown on the DMP, and I was wondering whether with Lloyds and Halifax being part of the same banking group, will it still be safe to carry on using the Halifax accounts for our main banking.

Thanks in advance

Maggie

Hi Maggie, Thanks for joining us on the DMP support thread. Well done for making a start with DMP.
I used to have a list of banks which showed if they would mutually set-off, but I can't find the blimmen thing sorry. I guess I got it from MSE or SC but don't know.


I think if the companies are separate in the £85k savings ( I wish) protection, then they can't off-set.


Until you are sure I'd recommend keeping any money out of the accounts, although Nat west, when they set-off did give us several weeks notice, I can't guarantee Halifax would do so.


So to summarise, I don't know, IMO better to miss out on £5/£20 rather than risk it til you know for certain. Not a great help, but I tried

Growurown

maggiesden wrote: »

I was wondering whether with Lloyds and Halifax being part of the same banking group, will it still be safe to carry on using the Halifax accounts for our main banking.

Thanks in advance

Maggie

This link will take you to a handy little place where you can check;)

http://www.moneysavingexpert.com/savings/safe-savings#whatcounts