DMP & Mutual Support Thread - Part 9

Find_The_Real

shoemaker1948 wrote: »

stepchange take our first payment to them on feb 1st.they will then creditors that month.im just worried that creditors wont accept the payments being offered to them.i have today sent a letter to credit card company telling them again that a dmp will be in operation in feb.stepchange did say they have told all creditors about dmp.i also put the ref number stepchange gave us for our dmp.all this has caused me to have sleepless nights making me ill

Pre DMP is stressful but SC is a recognised debt charity that most creditors like to deal with in regards to debt so you are in good hands with them. Some will contact you, some may not bother but most of us on here have found none of them refuse the payment so try not to worry about that. You will get a few that may try it on to get a bit more but try and stay strong and just practice the mantra of you are in a DMP and your SC reference, they soon get the message! Plus you have the support on here to help with any problems along the way so you are not alone with this.

I hope I don't sound flippant but you are dealing with your debts and in a few months when things have settled down you will probably wish you had done this sooner so try not to pressure yourself too much and make yourself ill over it, try to stay positive that things will be ok, as they will be. We have all been through those same worries but have come out the other side feeling much more positive about dealing with our debts so there is no reason for it not to be the same in your case.

Find_The_Real

debtdawg wrote: »

I can't wait til I am in your shoes SC DFD is May 2021 apparently, but my spreadsheet reckons I could do it in 2019. Just bringing it into this decade feels good lol

Spreadsheets can be pretty addictive can't they debtdawg, I am forever tweaking mine to see if I can get my debt down to under 6 years. Great to hear that it is taking a step in the right direction and looking positive to it now being this decade. :T

Pickle29

Find_The_Real wrote: »

Spreadsheets can be pretty addictive can't they debtdawg, I am forever tweaking mine to see if I can get my debt down to under 6 years. Great to hear that it is taking a step in the right direction and looking positive to it now being this decade. :T

Hi
Can you tell me how your spreadsheets think you can knock years off your DMP? I have several spreadsheets and monitor where I will be at the end of the year, but I am still paying interest on some. Even if I wasn't, I don't know how to reduce time unless i schedule to pay more - is that what you are doing?
Many thanks

shoemaker1948

find it difficult to get to dmp thread 9 anybody got any tips so i can come straight to this thread 9

Find_The_Real

I have factored in tax allowance increases and possible pay rises to up the payments slightly at certain stages of the years left to pay but still having a reasonable budget, so a lot of it is virtual but gives me a target to look forward to. That and dreaming of winning the lottery of course!

I would certainly write to your creditors to get the interest stopped if you can as that would give you a reduction to your DFD.

Mr_Mink

shoemaker1948 wrote: »

find it difficult to get to dmp thread 9 anybody got any tips so i can come straight to this thread 9

If you go to the top of the thread on the page (it doesn't matter which page you're on, there's a little button that says 'Thread Tools', click this and a small drop down will appear, in there click 'Subscribe to this thread'. Doing this will mean you get an email nearly very time someone posts on this thread, the link in the email will bring you straight to the post that triggered it (and in turn, to this thread) .

4everhopeful

Hello everyone.

My partner and I are just about to enter into a DMP with SC and it's very daunting at the moment.

I am just in the process of setting up the new account that has no link to any previous debts and then using the auto-switching service for my direct debits.

Thanks to this thread I have gotten some good pieces of advaice and I know roughly what to expect at first, so a big thankyou to all the contributors.

A quick question, once SC have set up the DMP, do I thien write to each creditor explaining the situation and referring them to the SC reference number?

Hopelessly_Hopeful

4everhopeful wrote: »

Hello everyone.

My partner and I are just about to enter into a DMP with SC and it's very daunting at the moment.

I am just in the process of setting up the new account that has no link to any previous debts and then using the auto-switching service for my direct debits.

Thanks to this thread I have gotten some good pieces of advaice and I know roughly what to expect at first, so a big thankyou to all the contributors.

A quick question, once SC have set up the DMP, do I thien write to each creditor explaining the situation and referring them to the SC reference number?

Morning and welcome


They will hear from SC but likely some will deny receiving it. General advice here is to write to them yourself. Just send one letter and make it recorded delivery. Get your monies worth by putting all info in one letter. Notify them of the DMP and SC number, ask them to freeze interest and tell them only contact in writing not calls texts or visits.


Good luck


HHx

Sazzie23

Morning everyone,

Hello and welcome to all the newbies.

Having some challenges at home and work which are keeping me occupied but catch up on the thread email each day.

Had to reduce my DMP payment after the annual SC review as my outgoings have had to increase a bit for various reasons, am hoping this will actually reduce my cc payments so they stop charging me interest.

Time to go and check those lovely spreadsheets.
Pickle I tweak mine by seeing if I added £5 payment here and there how quickly it would come down..

Have a great weekend.

Coinmachine

Quick update not been on much due to work being busy. Getting lots of nice letters from creditors accepting step change payments which is a relief. Few teething problems had the direct debit confirmation from stepchange with the wrong month on it February instead of March but rang and they said this was a typo and definitely March.

However had a letter from one creditor copied to me where they have responded to stepchange direct accepting offer and confirming February date! Will call stepchange to sort out, hopefully it's straightforward.

Good luck to everyone else and shoemaker hang on in there I know it's stress but I'm sure your creditors will accept the offers.