DMP & Mutual Support Thread - Part 9

nextyeartina

Thanks ttftm. All done ready to post tomorrow

Another question please. I've just logged into Noddle. Out of 6 of my debts, 2 now say default, two say late payment, one says up to date and Aqua (passed on to 1st Credit) isn't even on there. Is a default the 'best' out of a bad bunch? If so, how do I get the other debts to default? Sorry if this is a stupid question.

Tina x

markwoods10

markwoods10 wrote: »

hi
and thanks
had a letter from Vanquis today
they accepted offer, froze interest whoo hoo
also same with pounds to pocket and quickquid and another one
need to check argos as they said that they blocked my account which is expected, so not sure if that means they accepted or not
just halifax CC and OD ( fingers crossed)
feeling a bit happpier as was really panicked
and only took 5 days for the above
good luck all here
will keep posting
mark

Barclaycard comfirmed acceptance for one year (interest reduced to 3%) will challange , also halifax cc said they accepted but also declined as the figurs show proposed offer more than standard min payment, I think sc set standard payment at 3% of balance but hx say 1% advised them I would revise figure and continue with plan , they seemed ok with than , wil not hold interest as not in
arrears .
Hx bank Accounts
tried to put me through to their money maanagement team.
Just concerened about mmpl as they accuse me of fraud as went on dmp before first payment ,and just after I took loan but its 360 pounds nt sure how to deal with this . Thanks for all help on hear and good luck to all

Time_to_face_the_music

nextyeartina wrote: »

Thanks ttftm. All done ready to post tomorrow

Another question please. I've just logged into Noddle. Out of 6 of my debts, 2 now say default? Two say late payment, one says up to date and Aqua (passed on to 1st Credit) isn't even on there. Is a default the 'best' out of a bad bunch? If so, how do I get the other debts to default? Sorry if this is a stupid question.

Tina x

Aqua debt will reappear but it can take a couple of months when transferred.


Yes defaults are preferable and I actually phoned Lloyds TSB and asked them to default me. They tried to dissuade me and explain about effect on credit file etc but when I told them I knew all of this and actually wanted the default, they reluctantly agreed. Haven't had the same luck with other creditors but it's definitely worth a try.

Time_to_face_the_music

markwoods10 wrote: »

.... also halifax cc said they accepted but also declined as the figurs show proposed offer more than standard min payment, I think sc set standard payment at 3% of balance but hx say 1% advised them I would revise figure and continue with plan , they seemed ok with than , wil not hold interest as not in arrears .

Stepchange base the distribution of your payments on the previous minimum monthly payment of your debt. From their website

"We prorate the amount left over based on the monthly contractual payment to the debt (the minimum payments that the creditors ask for). This differs to most other providers who tend to prorate on balance."

Stepchange will not allow you to change the amount that you pay to Halifax and being over the minimum monthly payment is a trigger to many creditors that you are not in financial difficulty.

This caused us a massive amount of problems and was the main reason we left Stepchange and went self managed on our DMP.

markwoods10

D

Time_to_face_the_music wrote: »

Stepchange base the distribution of your payments on the previous minimum monthly payment of your debt. From their website

"We prorate the amount left over based on the monthly contractual payment to the debt (the minimum payments that the creditors ask for). This differs to most other providers who tend to prorate on balance."

Stepchange will not allow you to change the amount that you pay to Halifax and being over the minimum monthly payment is a trigger to many creditors that you are not in financial difficulty.

This caused us a massive amount of problems and was the main reason we left Stepchange and went self managed on our DMP.

Thanksdb
How did u start to self manage ' most of my creditors have accepted proposal, can sc contact halifax to confirm and they readjust payments ? Will they rerdistribute funds ?What did the other creditors do with your issue ? I'm so confused now , had some time on my own today just my thoughts , last few days felt ok but now realised what a mess I made of everything ..no positive feeling let everyone down, don't know what to do now that halifax issue cropped up

Larac

Hi Peeps - I have been with SC for two years and have a couple of creditors whose bills I could clear with my bonus this year. Has anyone paid extra outside of the DMP to creditors? It seems that if you have a lump sum SC expect you to distribute across all creditors. I wonder what experience others may have had. Self managed may be the way ahead as getting more FFA offers.

Sazzie23

Welcome Woodpuddy


Its a hard tough step, but you've made it over the threshold, and it should start to feel better a couple of months down the line.


Don't worry about MBNA they haven't given me a hard time & I have 2 debts with them. Just sent the token payment & the I'm dealing with 'whoever fee free DMP' etc.


Despite what it feels like, you are not the worst person in the world, you didn't end up like this deliberately and you are not trying to run away, MBNA (and the others) will likely be grateful you are trying to find ways to pay rather than default completely.


My advice is of the DMP is a 'marathon rather than a sprint' and remember to give yourself some wiggle room on your budget as 'emergencies are inevitabilities'. Good luck and come back if you need help or even just to say how well its going.

Monkeyballs

Hi,

Entering into a DMP you are paying what you can afford each month, because of this it is important to be realistic and not try to pay too much as you can easily sabotage yourself by struggling...

I have a Barclaycard debt who have refused to freeze interest but have reduced it so out of the £30 or so I pay through SC around £12 is swallowed up by interest.

A DMP is an informal agreement so there is nothing stopping me from making small top up payments to Barclaycard as the month winds on - I only found this out a couple of months ago and in the last couple of months I have easily repaid that interest a quid here and there keeping the timescale in line with my other debts

I have also recently (yesterday in fact) been given a lump some of money which I used to make and pay a full & final offer given by one of my creditors. I spoke to SC and they told me it was at my discretion which in my opinion is them being diplomatic my shout, nobody is going to object to getting a few more quid each month to repay their debt faster - I will be doing the same as and when I get any other lump sums...

My intention is to stick with SC for maybe another 6 months while I build the confidence to go it alone

Hope this helps answer some of the questions posted above?

MB

Starry-eyed

Hi. I am considering entering a DMP as I realised that even though I have been making payments, and not in arrears with my creditors, I have been starving myself and my family to do so. I have no spare money left a month, am in major trouble if an emergency happens and have basically living of £25 a week to feed three of us. I have no idea how on earth I have even managed to do that!
My concerns are however - firstly I have a car on HP. There is a clause that should I enter a DMP they may take the car off me. I will not be putting them in the DMP and will continue to pay the normal monthly payments (and not in arrears). Will they still take the car off me?
Secondly, I do not have the monthly payment that the plan suggests as yet as only just had a look at the plan today. Do I not make payment to my creditors or do I offer them a token payment explaining that I am going into a DMP?
And thirdly, the DMP takes 4 weekly payments and changes them to monthly amounts. I don't budget that way (ie, one payment is my monthly payment), and I don't get all my income in one big amount. How does that work for a DMP that only shows your income that way?
Sorry for all the questions, but any advise will be great :-)

Sazzie23

Larac wrote: »

Hi Peeps - I have been with SC for two years and have a couple of creditors whose bills I could clear with my bonus this year. Has anyone paid extra outside of the DMP to creditors? It seems that if you have a lump sum SC expect you to distribute across all creditors. I wonder what experience others may have had. Self managed may be the way ahead as getting more FFA offers.

Hi, I am with stepchange and within 6 months of starting I paid off one creditor who was about 15% of my debt with a lump sum from a Ppi repayment. I did this direct to the creditor and let stepchange know. They did ask me how, and I explained the payment had to go to an account in joint names as the Ppi was a joint claim. Sc were fine with it, the other creditors then got more each per month so I don't think anyone was too unhappy.

Hope this helps