DMP & Mutual Support Thread - Part 9

Time_to_face_the_music

Alice_in_Welfareland wrote: »

A long time has passed since the last visit and I like to see still so much help. I no longer have the debt but this is due to a strange circumstance and not my ability to pay. A family deceased and their money to me and I did not know or even meet this person. Life is strange and death also. So I will come to see the help and say hello to the twins and the other persons also.
Alice

Hi Alice :hello:

Great news and congratulations about being debt free but sorry to hear about family member.

I will always thank you for the advice you gave to me about going self managed on our DMP :T

Please come back and visit us sometimes.

TTFTM x

Flutterby83

Lovely to hear that you're now debt free Alice, although I'm sorry for the loss of your family member x

I've just opened a cash card account with Nationwide online, just need to wait for the letter telling me what I need to provide them with and take it into branch for them to approve it......one step closer to being debt free

Sazzie23

Flutterby83 wrote: »

Lovely to hear that you're now debt free Alice, although I'm sorry for the loss of your family member x

I've just opened a cash card account with Nationwide online, just need to wait for the letter telling me what I need to provide them with and take it into branch for them to approve it......one step closer to being debt free

Lifes strange twists and turns means silver linings to our clouds at times, being debt free Alice must be a great feeling, if somewhat a surprise.

Flutterby, good work with the account, don't be too frustrated if things don't move as quick as you'd like, sometimes its a (disguised)blessing. As well as your debt spreadsheet, you could have one 'steps to making the wedding closer:T'

Oh and if you have been paying minimum payments for a while with ever increasing or maxed out totals then creditors will probably not be as surprised as you may expect, but they may well be grateful you are making a plan to repay. (I'd exclude the Very group from this last statement as they don't appear to care whatever you do say from the statements on MSE threads. )

Chatterbox20

Hi All, hope I'm posting this in the right place if not let me know. My oh and I have accrued almost £73k worth of debt. This was due to a series of circumstances over almost two decades. From university fees, lack of maternity pay and redundancy among others. We paid debts by taking out more debts for years until we couldn't keep up. We finally realised we had to do something last year and set up a DMP through step change. It was an initial relief but now I'm feeling like I can't breathe again many of our creditors are still charging interest and the debt is going up not down. We are considering an IVA but that would mean I could not pursue my career. To be honest at this rate we are likely to end up with CCJs which would also stop me pursuing my career so it's a lose lose situation. I accept full responsibility for my debt and cannot believe I have been so stupid as to cost myself my career. I thought a dmp would solve everything but we don't seem to have moved on at all. Has anyone with experience of DMPs managed to avoid getting a CCJ? Thanks in advance for any help and support. Please no bashing as I know it's my own fault and I don't think my emotional state could take it right now.

Puzzcat

Chatterbox20 wrote: »

Hi All, hope I'm posting this in the right place if not let me know. My oh and I have accrued almost £73k worth of debt. This was due to a series of circumstances over almost two decades. From university fees, lack of maternity pay and redundancy among others. We paid debts by taking out more debts for years until we couldn't keep up. We finally realised we had to do something last year and set up a DMP through step change. It was an initial relief but now I'm feeling like I can't breathe again many of our creditors are still charging interest and the debt is going up not down. We are considering an IVA but that would mean I could not pursue my career. To be honest at this rate we are likely to end up with CCJs which would also stop me pursuing my career so it's a lose lose situation. I accept full responsibility for my debt and cannot believe I have been so stupid as to cost myself my career. I thought a dmp would solve everything but we don't seem to have moved on at all. Has anyone with experience of DMPs managed to avoid getting a CCJ? Thanks in advance for any help and support. Please no bashing as I know it's my own fault and I don't think my emotional state could take it right now.

Hi chatterbox,
You won't get any bashing on this thread I can assure you of that!!
Can I ask have you written to all your creditors complaining of interest charges? If not there is a template letter on here page 115, and then you can follow up with a complaint to the fos if needs be. I can't answer the ccj question I'm afraid, I think it is rare, but have seen at least one poster on here talking about one. If you have time try and read back this thread.
And welcome to our wonderful dmp mutual support thread.
Puzz.x

Meatloaf1981

Well unluckily for me, my Credit Union refused to even entertain the idea of a DMP. As far as they were concerned, they lent me £10k last year and because they are not-for-profit, they cannot accept the offer on my DMP and would not negotiate further so as of next Friday they were going to hand the matter over to their solicitors unless I continued to meet my contractual payments, so unfortunately I have had to concede defeat there and agree to carry on paying them as before, albeit I managed to get them to agree to try and reduce my payments in an arrangement between me and them. It will require bank statements, payslips, all that horrible stuff to submit before they agree to any change in payment.

What this has done is obviously badly skewed my DMP as they won’t be a part of it and therefore affects the affordability of the rest of the DMP now. Previously if they had agreed then the payments to them would have dropped from £213 a month to £73 a month. My total DMP payment was meant to be £221 a month but clearly it will now be around £138 with the extra £213 going to just the one creditor. My outgoing payment will be £351 pcm at the very least unless my Debt Management firm can get the payments down further on the other creditors and I’m successful in my own right with the Credit Union!

MBNA, Virgin and Barclaycard have all signed up to the plan, just waiting on Sainsbury’s for my other loan and Barclays for my overdraft and then hopefully things will be clearer and easier to deal with. I’m lucky that if the overdraft management isn’t agreed with Barclays then I might be able to get help from the welfare fund at work. I can borrow up to £5k from them and pay it back with no interest at an amount to suit me.

I keep telling myself that a payment of £351-ish a month is still about half what I was paying, which is a good thing. My only worry now is that my emergency funds will be decreased quite substantially as a result.

Here’s hoping my PPI claim against Canada Square Operations will come up trumps and help me bolster my emergency funds! I’m hoping to get £3.5k or more back from them on my loans with Egg from 2002 – 2003!

GemP1983

Hi all

I have been in a DMP since Nov. Halifax have now declined the DMP despite initially agreeing to it. SC have said to carry on as usual but I received the statement for my credit card from Halifax and within it the Halifax stated they can offset money from any other account I hold with them. I have a joint account with my boyfriend and wondered two things:
1. Can they take money from this joint account? It never has much in but it is our bill account.
2. Are they likely to do this or are they more likely to sell my debt on to a debt collection agency?

I am a little concerned but have read on this site that Halifax can be difficult with DMPs.

Any advice greatly received.
GemP1983

Meatloaf1981

I have no experience with Halifax but I think normally they sell the debt on rather than deal with it themselves. Might be worth setting up a new bill paying account with another bank provider and using that because I am pretty certain they can and will offset from it if they get the chance.

Growurown

GemP1983 wrote: »

Hi all

I have been in a DMP since Nov. Halifax have now declined the DMP despite initially agreeing to it. SC have said to carry on as usual but I received the statement for my credit card from Halifax and within it the Halifax stated they can offset money from any other account I hold with them. I have a joint account with my boyfriend and wondered two things:
1. Can they take money from this joint account? It never has much in but it is our bill account.
2. Are they likely to do this or are they more likely to sell my debt on to a debt collection agency?

I am a little concerned but have read on this site that Halifax can be difficult with DMPs.

Any advice greatly received.
GemP1983

Hi Gem, we have accounts with Halifax and they have been our most difficult creditor. My CC debt with them was quite small and it was soon passed onto a DCA. My OH's CC was for a much larger amount and he is still being charged 1% on that. We also had two bank accounts both with overdrafts. The small overdraft isn't being charged but the large one is. Something to do with the size of the debt and what we can afford to pay.

On the bank account I'm not sure if they can take money from it to offset if it is a joint account with someone who isn't in the DMP. I think I would prefer to be absolutely sure they couldn't offset and would change to an account where you don't have debts.

Growurown

Monkeyballs wrote: »

DANGER! DANGER! DANGER!!! Do workplaceoptions take a fee or %age of your repayments???

If yes - ditch 'em and go Step Change or another free provider...

If no - DANGER AVERTED! DANGER AVERTED! DANGER AVERTED! LOL

You've made me smile Will Robinson - sorry MB. I'm pretty sure you are bonkers:D;);)