DMP & Mutual Support Thread - Part 9

raspberry22

Monkeyballs wrote: »

Hi Raspberry,

Everyone is welcome here! The family grows by the day post as much or as little as you like and feel free to ask as many questions as you need to best advice I can offer is if you're worried then don't bottle it up! Which debt management company did you go with?

Give it a month or two and you'll be advising others and welcoming the newbies! LOL

MB

Coinmachine wrote: »

Raspberry I am in the process too and this place is wonderful to let it all out. Yes I have had the exact same feelings but its not a crime to be in debt, everyones circumstances are unique to them as to how they have reached this point and no one should judge, but reaching this point is a positive. Happy to share experiences as ive swung from super stressed to back in control and vice versa this past week but my saving grace has been this site and the wonderful people here.

Thank you both. It's a relief to hopefully be dealing with everything, but I'm a bit scared too if I'm honest. If/when it all goes through then I'll breathe a bit more easily. Coinmachine, that's exactly how I feel. It's very good to know I'm not alone. I have a partner, but I deal with the finances, so am the one feeling it most.

We're going with StepChange. I'd requested the application pack a couple of days ago, then found out this morning some of our bills are changing by quite a bit, so am doing it again with a new budget.

I've also started the process of opening a new bank account today, so that's another thing done.

We're in Scotland and we offered the option of DPP, but would rather not do that unless absolutely necessary.

According to the SC figures, it'll take us not quite 4 years to clear everything. We have a young child and I'm determined to make this work.

Coinmachine

Snap re the finances!

Im sure youll do fine, 4 years isnt too long either. I am just wating on the new account being set up as well. Each day I get home dreading checking the post and I kow any letters will stress me but the best course is to refer to here because any sceanrio will have been covered before.

raspberry22 wrote: »

Thank you both. It's a relief to hopefully be dealing with everything, but I'm a bit scared too if I'm honest. If/when it all goes through then I'll breathe a bit more easily. Coinmachine, that's exactly how I feel. It's very good to know I'm not alone. I have a partner, but I deal with the finances, so am the one feeling it most.

We're going with StepChange. I'd requested the application pack a couple of days ago, then found out this morning some of our bills are changing by quite a bit, so am doing it again with a new budget.

I've also started the process of opening a new bank account today, so that's another thing done.

We're in Scotland and we offered the option of DPP, but would rather not do that unless absolutely necessary.

According to the SC figures, it'll take us not quite 4 years to clear everything. We have a young child and I'm determined to make this work.

schmalf

Hi Raspberry22, and welcome to this brilliant board - you will find so much support and advice here. 4 years doesn't sound too bad at all, I too am just starting on my DMP journey but mine is due to last more like 10 years eeeek! But I am hoping that will come down to more like 4 or 5 as I progress.
I've had loads of phonecalls and letters so far, not answered any calls but I did phone the creditors I can't contact via online messaging, and they were surprisingly nice and helpful, so try not to panic too much. I'm just filing all the letters for now, when my DMP fully kicks in in Feb I will go though everything and send some letters back if needs be.

A quick question to all, as ive been reading through loads of the threads and the previous mutual support boards, got a bit muddled about when you get defaulted / or passed onto a DCA - do they automatically freeze interest in this situation?

raspberry22

Coinmachine wrote: »

Snap re the finances!

Im sure youll do fine, 4 years isnt too long either. I am just wating on the new account being set up as well. Each day I get home dreading checking the post and I kow any letters will stress me but the best course is to refer to here because any sceanrio will have been covered before.

Thank you.

Yeah, I have to say I'd more or less stopped opening the post that I knew was anything to do with debt. So going through everything to see the total debt was a bit scary. We were managing the minimums, but got a bit behind and as our budget was so tight (too tight really) there was no hope of catching up again.

I used to be very good at handling money, but life and illness got in the way, which I imagine is how it is for a lot of people.

I've paid what payments I can, but can't pay any to some at the moment, so hoping this goes through as quickly as possible.

As soon as the bank account is set up, I suppose I can get everything switched.

And in the end, trying to sort everything out has got to be better than this!

Puzzcat

Hi raspberry, and welcome.

Schmalf I can only go by my own newbie experience, of the 3 that have defaulted no interest is currently being charged but I have no idea if it stays like that! 1 has gone to dca apex and they confirmed no interest for the duration. The other 5 are all no interest at the moment except creation cc, who are my second lowest cc debt....Greedy wotsits...they have 10 days left to respond to my complaint before I go to fos.

Time_to_face_the_music

Hello and welcome raspberry :hello:


The start up of a DMP can be a bit of an emotional roller coaster, I was all over the place at the beginning but after a few weeks when you start to see the debt reducing it does feel great.


Our DMP was for a predicted 4 years too and we are just coming up to the end of our 2nd year. It's great to set yourself little targets and celebrate things like 5% paid off or getting a debt down into the next thousands etc.


We love anything to motivate us and others, so stick around and ask for any advice you need and we will share our experience and support with you

Monkeyballs

Monkeyballs wrote: »

Ok, got bored and have sent an F&F email to Cheque Centre using the template letter and asking for a written confirmation to be sent to my home address...

I was called a couple of months back from a fella claiming to be from their debt management team and offered a settlement figure of £400ish which is just under half of what the debt was at the time.

Obviously I refused, even if I had the money I wouldn't agree over the phone as there would be no evidence - I learned this from MSE

Anyway, I still owe them about £800 or so and have sent a cheeky offer of £230 because when I was speaking to the guy at the time he basically said "what can I offer, make an offer and it might be accepted"!

This is the same money that I would have used to repay Capquest and Welcome Finance from my brother

I'll keep you posted, it would be nice to knock £500 or so off my debts!

G'night,

MB

HOLY !!!!!!!!

I just got a call from Cheque Centre saying they got my letter and are willing to accept £230 as a full and final settlement for my debt with them!!!!

The guy is going to email and post a copy of the agreement clearly marking it as full & final as I requested in the letter I sent!!!

He said that it's the equivalent of 10 months payments and as I was a good customer in the past then he can authorise it

Even better, the balance was higher than I realised at £949.35 for a payment of £230!!! Feels great!!!

If people could check to make sure that I'm safe paying against the email (snail mail letter to follow in post on Monday) reads;

Please accept this letter as confirmation of a full and final settlement offer. As you can see above your current balance stands at £949.35. Cheque Centre will be happy to close your account with a one off payment of £230.00. If this payment is made before 31/01/2014 the remaining balance will be written off and the account (*******) will be closed.

I looked on my Step Change debts and sure enough, it's the amount he quotes... That's £700 wiped off! Is there anything I need to be wary of and what is the best way to pay? In the bank so I get a receipt or over the phone so it is registered immediately?

Hmmm... I wonder if Money Shop would accept £100 for £418.15...

Cheers all!

MB

Time_to_face_the_music

Monkeyballs wrote: »

HOLY !!!!!!!!

I just got a call from Cheque Centre saying they got my letter and are willing to accept £230 as a full and final settlement for my debt with them!!!!

The guy is going to email and post a copy of the agreement clearly marking it as full & final as I requested in the letter I sent!!!

He said that it's the equivalent of 10 months payments and as I was a good customer in the past then he can authorise it

Even better, the balance was higher than I realised at £949.35 for a payment of £230!!! Feels great!!!

If people could check to make sure that I'm safe paying against the email (snail mail letter to follow in post on Monday) reads;

Please accept this letter as confirmation of a full and final settlement offer. As you can see above your current balance stands at £949.35. Cheque Centre will be happy to close your account with a one off payment of £230.00. If this payment is made before 31/01/2014 the remaining balance will be written off and the account (*******) will be closed.

I looked on my Step Change debts and sure enough, it's the amount he quotes... That's £700 wiped off! Is there anything I need to be wary of and what is the best way to pay? In the bank so I get a receipt or over the phone so it is registered immediately?

Hmmm... I wonder if Money Shop would accept £100 for £418.15...

Cheers all!

MB

Great stuff MB, well done :j


Am really not sure what the wording needs to say or how to pay it. I would suggest asking on the F&F settlement help thread on the main DFW board


https://forums.moneysavingexpert.com/discussion/115430

Monkeyballs

Time_to_face_the_music wrote: »

Great stuff MB, well done :j


Am really not sure what the wording needs to say or how to pay it. I would suggest asking on the F&F settlement help thread on the main DFW board


https://forums.moneysavingexpert.com/discussion/115430

Thank you!!!! I'm really pleased and I can do it all thanks to my big brother!!! Cheers bruv

MB

Puzzcat

Well done mb:T

Can I have some of your luck...I've just paid a £90 vet's bill for my silly cat who was injured again fighting....thank goodness for an emergency fund.