DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

I'm another one looking at spreadsheets and statements and thinking we could be debt free next year. It's an amazing thought and makes me more motivated than ever. Our original DFD date was end of January 2016 but am sure we can do better.

When I got my redundancy money, we had enough to pay off 2 debts completely and Mr TTFTM had 2 debts left so we decided to pay off those, so he is now debt free.

He's had lots of fun this week phoning BOS and Natwest. "Hello can you tell me what the balance of my account is please?", closely followed by asking them to close it and then confirm this in writing. As soon as those letters arrive and are safely stashed, we will be having another statement/nasty letter bonfire! :j

This time next year indeed Well done to Mrs GUO too


HHx

Pickle29

debtdawg wrote: »

I have set my spreadsheet up to include the interest that I am paying on one of my credit cards, which is a great motivator to make any extra payments I can off of that card. I plan to pay off some of the smaller debts earlier and I'm also making teeny payments each day off the card that is charging me interest, just by rounding down my bank to the nearest £1 every day that I log on I'm also planning on putting any Quidco cashback that I earn from Jan 2014 onwards towards my debt, so that's an incentive to always check Quidco if I am buying something online!

Hi
Sorry if I'm being a bit thick... But when you log onto your bank and round down to the nearest £1, do you then physically go on line or telephone banking to pay those odd pence to your cards with interest, or do you save the odd pence and when it becomes substantial use it towards one of your cards? Sorry if I don't get it, but I think it's a really good idea- I just don't know the best way to then put it towards those with interest if you get my drift?
Many thanks x

schmalf

Hi all

Wow sounds like we are all being very proactive so far this year in getting DMPs started up (me included!), reducing our debts and fighting nasty charges from our creditors! Well done to us all. :beer:

I'm now into my first month of the DMP starting (monthly wage wise), and I can't wait till the 25th to see the first payment go out to the creditors. Hoping that HSBC accept the payment (I am pretty sure they will), even though they told SC that they wouldn't accept the DMP offer in principle. Will be interesting to see what happens there. I'm preparing myself to do battle with them although I have a feeling I will be defaulted pretty soon as I have made three months of £1 token payments. If they default me will this automatically mean no interest? My debt from them has gone up by loads as they have been piling the interest on over the last few months and as the balance was just over £10000 it adds up!! A holes.

MBNA have been very good, accepted everything and no interest or charges. Barclaycard and Halifax have gone silent so hoping they have accepted too.

Something I feel very good about this week is paying for my car insurance, with REAL MONEY not the credit card!!! Yay! A great feeling and also I got them down £200.00 from the original quote. It is so liberating using real money and not relying on the plastic. Also had another unexpected cost this month which would have previously sent me into a major panic, but again I have been able to cover it with real money.

So onwards and upwards from me, and good luck to all my fellow DMPers starting out this month - feeling positive for the journey.;)

Puzzcat

Hi Schmalf,


Lovely to see that everything is heading in the right direction! I'm unsure on the answer about default and interest,. 3 of mine have defaulted but none of them were charging interest anyway. One of those (Halifax) has gone to a DCA and on speaking to them, they confirmed no interest for the duration..


Hi Coinmachine,


When I was setting up I started getting calls from Halifax and it turned out they had also been given the wrong month for start of my DMP. I just explained to them on the phone and then called SC and got them to re-send the offer with the correct month on it... They then defaulted me anyway and sold to a DCA.


Hello and waves to everyone else. some lovely news on here today.. well done MB on your f & f's.. unfortunately my smallest debt is just under 4k so I won't be in a positon to do any of those anytime soon..!!!


Well done TTFTM and GUO, must be amazing to know your coming to the end of your dmp... I must confess to being a wee bit jealous... Hope you'll be sticking around afterwards to keep us in check...:D


No money news to report, although I do have an anniversary to celebrate next month... 6 months since I used a cc... I'm planning a cutting up the cards ceremony!!


Hope your all having a lovely weekend.
Love Puzz. x

Monkeyballs

Puzzcat wrote: »

Hello and waves to everyone else. some lovely news on here today.. well done MB on your f & f's.. unfortunately my smallest debt is just under 4k so I won't be in a position to do any of those anytime soon..!!

No money news to report, although I do have an anniversary to celebrate next month... 6 months since I used a cc...

I'm planning a cutting up the cards ceremony!!

Hi Puzz!

Muchas Gracias I am buzzing and while I don't envy you your debts (smallest of £4k! Yeowch!) I can tel you that when you get there your day will be golden and it will come, oh yes... It will come...

As for the CC's, yay! Cut 'em up! Cut 'em gooood I cut mine up about a year ago (so a little while before going onto my DMP) but I still have the strips and I occasionally look at them to remind me of the bad old days! It does seem to help although now when I look I have to fight the urge to glue them all together in some sort of obscene artistic statement LOL

MB

Alchemist207

Hello everyone!
This is my first post here so pardon me if it seems a bit daft :-). I have set up my DMP last week and the first payment should, fingers crossed, go out on 1st of Feb. SC have been helpful and kind and I do wish I have spoken with them sooner.

But I am now so worried that it won't work out and not sure what are the steps I should take to make sure all I do is legal/ok. I felt the communication I got from Stepchange was pretty unclear - the first e-mail said "the DMP is set up, all good, we got in touch with your creditors." Only after I asked if I should be in touch with my banks about CPAs did they tell me to do it. I then asked "but what about getting in touch with creditors to let them know?" to get an answer along the lines of "yep, them too" (obviously, said in a much more polite, kind and formal way). Given that all of these piece of info are coming in one at a time, and only if I prompt them, I am not not sure of the exact steps I need to take.

So far I have:
- Cancelled CPAs and Direct Debits I had in place. Wonga and Pounds to Pocket. I also have a debt with Aqua but that one I paid through sending them money as and when so they have no authority to take money from the account (I think).
- Sent an e-mail to Wonga and Pounds to Pocket giving them my reference number with Stepchange and advising them about the CPA cancellations.

That is what SC have told me to do - tell them about CPA. Full stop.

Not at any point did they say to send the creditors letters telling them about this entire situation, and yet it seems to be the right thing to do? What am I missing? Very scared and confused!

Would appreciate anyone sharing how they dealt with these first steps...
I bow to your kindness!

Hopelessly_Hopeful

Alchemist207 wrote: »

Hello everyone!
This is my first post here so pardon me if it seems a bit daft :-). I have set up my DMP last week and the first payment should, fingers crossed, go out on 1st of Feb. SC have been helpful and kind and I do wish I have spoken with them sooner.

But I am now so worried that it won't work out and not sure what are the steps I should take to make sure all I do is legal/ok. I felt the communication I got from Stepchange was pretty unclear - the first e-mail said "the DMP is set up, all good, we got in touch with your creditors." Only after I asked if I should be in touch with my banks about CPAs did they tell me to do it. I then asked "but what about getting in touch with creditors to let them know?" to get an answer along the lines of "yep, them too" (obviously, said in a much more polite, kind and formal way). Given that all of these piece of info are coming in one at a time, and only if I prompt them, I am not not sure of the exact steps I need to take.

So far I have:
- Cancelled CPAs and Direct Debits I had in place. Wonga and Pounds to Pocket. I also have a debt with Aqua but that one I paid through sending them money as and when so they have no authority to take money from the account (I think).
- Sent an e-mail to Wonga and Pounds to Pocket giving them my reference number with Stepchange and advising them about the CPA cancellations.

That is what SC have told me to do - tell them about CPA. Full stop.

Not at any point did they say to send the creditors letters telling them about this entire situation, and yet it seems to be the right thing to do? What am I missing? Very scared and confused!

Would appreciate anyone sharing how they dealt with these first steps...
I bow to your kindness!

Morning and welcome

Sounds like you are making good progress.

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.


You may find it helpful to start at the beginning of the thread (there are more too if you have the energy) and read through the posts. You will pick up lots of advice and see that the concerns are normal and what peoples approach is to getting it sorted. Really accelerated my learning and confidence by doing this.


HHx

Hopelessly_Hopeful

Morning all


Some great news vibes coming through this week here. I think it is great we are here to support each other sun rain or shine. I wont forget the dark days before DMP and when the budget wasn't stretching far enough. This thread and the Paddlers thread really kept me going. When I thought I would never get there I set myself lots of mini targets, getting through first month, managing to buy birthday presents, making my third payment, being able to look back and think 6 months in or 10% paid off etc. For me it really channelled the anxious feelings into positive actions and that became infectious. I tried to visualise things after DMP, what I'd do with the DMP payment for the rest of my working life. I was going to plan holidays, researching areas etc. I've never got around to this!!! Have managed to work on spreadsheet to see when I can be mortgage free and what savings/emergency fun I will have by what date etc.


Have a good day all.


HHx

Sazzie23

Monkeyballs wrote: »

Morning all!!!

I've been chomping at the bit to do this

BOOM!!!

My brother dropped by this morning and handed me a little brown envelope containing £250

I just called the Cheque Centre and accepted an F&F settlement (it's all in writing and is very clear that the remainder is being written off and the account closed) of £230 and in return they have written off a further £749.35!!!! That's Seven Hundred and fourty nine pounds and thirty five pence!!!

Which means that including this months DMP payment and an overpayment of £6.40 to Barclaycard I have paid put £763.40 but have reduced my debt by a whopping £1451.75!!!!

And I'm hoping to get some money from selling a couple of bit's and bobs later today so if I do then I may be able to strike another creditor off the list and take that debt reduction to just over £1500

Best day EVER!!!!!

MB

Woohoo MB:beer: fabbie news
I'd never even heard of an F&f before coming to MSE. Just remind me what percentage did they accept?

Woodypuddy

Hi,

I have been watching the forum for a couple of days now and found it a great source of information. I realised about a week or so ago that I had reached saturation point. I was getting credit to pay credit, maxed out all my cards and then that moment came when I had no money left and another huge payment was looming. I am £55,000 in debt and that was really difficult to face. I saw National Debtline on TV and after lots of failed attempts to phone I emailed them and poured my heart out. They were great and went through lots of options. For the first time in I can't remember how long I felt there was a light.

I also made another decision, probably a even harder one, and that was to tell my husband of over 20 years what mess I had managed to get into. He was completely oblivious to it as I had always done the money. Lots of tears, lots of questions, lots of guilt - he swung between feeling really sorry for the stress I must have been under, to not being able to understand I could have lied, to blaming himself for continuing to spend. Anyway, we are coming out the other side and he is right there next to me now supporting me all the way. I can't believe how relieved I feel. I can't believe I didn't tell him earlier. I am still really worried and really scared but I now feel just a little bit positive.

I have decided on a DMP and have done all the budget calculations. I have to send everything off to debt helpline and they then refer me to one of 2 DMP's that they use - both free but not sure if it will be SC like everyone refers to on here? Just sorting out opening an independent account away from Barclays (have a Barclaycard debt). Really scared as MBNA will be finding out next week that I have only made a token payment, letter to them that I am trying to sort is going in the post on Monday

My biggest worry now is that no one will accept the payments as they seem so small! I was previously paying around £1200 to meet minimum payments and realistically on my not overly generous budget I can afford £340 - I am really scared they won't accept. I know I am not going to be debt free on this amount for around 14 years - will they see this as too long?

Any advice from anyone will be great.

Sorry for rambling on