DMP & Mutual Support Thread - Part 9

Florida15

Same thing has happened to us, im off to the bank tomorrow to query these charges, i will let you know. Good luck with your dmp x

Puzzcat

I think it is normal for the debt to rise during the set up period, mine went up 1%, which was about £600, it's going down now though!

Time_to_face_the_music

Ours went up too but have since managed to claim most of the charges and interest back.... except for the dreaded M&S :mad:


Keep everything from all creditors, you may need it for when you start to try to fight interest/charges and claim refunds. Buy a filing box from the £1 shop with a divider for each creditor or be really :money: and make your own

Sazzie23

Time_to_face_the_music wrote: »

Ours went up too but have since managed to claim most of the charges and interest back.... except for the dreaded M&S :mad:


Keep everything from all creditors, you may need it for when you start to try to fight interest/charges and claim refunds. Buy a filing box from the £1 shop with a divider for each creditor or be really :money: and make your own

Great advice TTfTm

Wish I'd been on here when I started my DMP.

Just wanted to say to all the newbies, it's now a year since I started my SC DMP. Although it's not easy, I sleep one heck of a lot better than I did before it.

Remember as well that defaults are good, sooner the better as the 6 years on your credit file clock starts from date of issue?

This really is a mutual support thread and I think you're all fab

Rainbow8585

Thanks for the advice, so nice to know it isn't just in this situation.

I have got myself organised I just want to start a countdown rather than see the debts go up. Guess it is all part of the journey!

One other question can I ask creditors to default me? I want to get them all out the way so it is another thing to countdown, or do they not play ball like that?

Hope it goes well Florida15

AmyA86

Hey all just a quick question, I have asked SC to send me a pack (online), they sent an email which was very basic with an attachment which allows them to deal with things. Should I also be getting something in the post? Been waiting a while now so starting to wonder wether it's only by email lol? Thanks

Florida15

Just been told :- Charges on overdraft account cannot be changed until they account is closed or in recoveries. Hopefull then the charges should be lower than what I am paying otherwise the debt will just go up !

Time_to_face_the_music

Rainbow8585 wrote: »

One other question can I ask creditors to default me? I want to get them all out the way so it is another thing to countdown, or do they not play ball like that?

Yes you can ask them. Some creditors are reluctant to do so as they like to tell you it causes more damage to your credit rating. Make it clear that this is not a temporary situation and you expect to be in a DMP for xx years and yy months so a default would be preferable to you.

AmyA86 wrote: »

Hey all just a quick question, I have asked SC to send me a pack (online), they sent an email which was very basic with an attachment which allows them to deal with things. Should I also be getting something in the post? Been waiting a while now so starting to wonder wether it's only by email lol? Thanks

When I started our DMP with Stepchange (then CCCS), they definitely sent out a large pack with all the information enclosed by post. Can anyone who has recently started a DMP confirm this is still the same please.

Have they given you a reference number yet? If not, ask for this as you can use this to quote to your creditors and ask them to hold action and freeze interest while you are waiting for the start up to your DMP.

Florida15 wrote: »

Just been told :- Charges on overdraft account cannot be changed until they account is closed or in recoveries. Hopefull then the charges should be lower than what I am paying otherwise the debt will just go up !

Ask them to close the account and pass it to recoveries now. All they will do is send out an immediate default notice that the full amount is now due and repayable. Many people panic when they see this but it's actually a good sign for someone on a DMP, just not so good when a bank withdraws an overdraft under normal circumstances!


Hello and welcome to all of our new members :hello:

A good piece of general advice is to try and get defaulted as early as possible. It generally helps to stop interest and also starts the clock ticking on the 6 year removal of the default on your credit reference.

Please keep asking anything you need to know, the advice, help, experience and support on this thread is invaluable and when you think no-one understands how you feel .... remember all of us are or have been in exactly the same position as you.

TTFTM x

Puzzcat

AmyA86 wrote: »

Hey all just a quick question, I have asked SC to send me a pack (online), they sent an email which was very basic with an attachment which allows them to deal with things. Should I also be getting something in the post? Been waiting a while now so starting to wonder wether it's only by email lol? Thanks

Hi Amy,


I received a pack through the post about a week later.


Puzz.

Woodypuddy

Help! I am confused now. Not sure if I can ask this question here? Just spoken to payplan who gave me my options (bankcruptsy, IVA or DMP)

I said a definite no to bankcruptsy but he advised that I may wish to consider the IVA option. With my DMP as it stands it would take about 13 years to pay off, if all interest was frozen, which I totally understand is very much down to the creditors. He advised that with an IVA it would be paid off at the same amount, that it was a formal agreement and after that time the debt would be written off after 5 years. I queried the house as I don't want this to be put at risk and he said that it would be highly unlikely anyone would offer to remortgage therefore you pay for a further 12 months (making 6 years) and then that's it.

I know it is my debt that I have accrued and therefore I have always said it is my responsibility to pay it back however long it takes but now I am worried I am making a wrong decision and if the creditors don't freeze interest I could be paying until I am 6 feet under.

Sorry for rambling but I guess I am having that surge of worry again now that I am making wrong choices. I did ask if I could do a IVA later if the DMP didn't work out , he said I could but it was usually the other way round.

He also said that I should consider progressing PPi claims, now I am almost sure I don't have any but I thought no harm in seeing but then again I started to panic as the Company they use charges 12.5 %, which is reasonable but if PPi is claimed from anyone I have a debt with they can use it to offset my balance - which then means I will have a 12.5% bill to pay to the search company.

I have said DMP and I will think about the PPi but am confused and worried now!

Thnaks