DMP & Mutual Support Thread - Part 9

Coinmachine

Blimey yesterday was a wobble. Had a final demand notice from first direct it was only when reading their earlier correspodence that I noticed it reffered to them still having to do this prior to agreeing the DMP, not nice though so I put another letter in writing back to them referring to earlier letters and that first payment due to reach them next week.

Also a letter from Halifax sating they agreed to the DMP but havent had payment so I wrote to them too. Also the news about Co-Op not sure what options I have if they go under as I xant open a basic account with Barclays as they are a debtor too.

antonic

Mr_Mink wrote: »

Wow, that's even easier than I was expecting. Thanks for letting me know and also congrats on the debt free-ness, I bet it feels rather splendid.

Glad to have helped !

It actually feels rather strange to know that I have money, but I do find it hard to spend it though !

Suseka

markob66 wrote: »

Hi again as mentioned I am starting the process of cancelling my direct debits etc, most of my credit cards I make an online payment.My question is although I will write to everybody I owe money to about commencing my DPM which I anticipate starting on the first of May, would it not be better to not pay a token payment as this might increase the likelihood of being defaulted quicker?Your thoughts please, thanks Mark

As PC says, do send a token payment. In the time it took us to sort out our DMP arrangement we had paid between two and three £1 token payments to various creditors. That didn't make a jot of difference to the timeframe of our defaults and three of our creditors ( 2 credit cards and 1 loan) have still not defaulted us almost a year in.

Hopelessly_Hopeful

antonic wrote: »

Glad to have helped !

It actually feels rather strange to know that I have money, but I do find it hard to spend it though !

Send some my way - I could help!


HHx

Hopelessly_Hopeful

Coinmachine wrote: »

Blimey yesterday was a wobble. Had a final demand notice from first direct it was only when reading their earlier correspodence that I noticed it reffered to them still having to do this prior to agreeing the DMP, not nice though so I put another letter in writing back to them referring to earlier letters and that first payment due to reach them next week.

Also a letter from Halifax sating they agreed to the DMP but havent had payment so I wrote to them too. Also the news about Co-Op not sure what options I have if they go under as I xant open a basic account with Barclays as they are a debtor too.

Hi


My opinion for what it is worth.


I don't think they are proposing full scale closure of coop.


Also, there's some legal basis for everyone being able to access a basic bank account so even if coop did go under they will still want some competition in the market and not just leave Barclays as sole provider.


Hope that helps


HHx

Sazzie23

Hopelessly_Hopeful wrote: »

Hi


My opinion for what it is worth.


I don't think they are proposing full scale closure of coop.


Also, there's some legal basis for everyone being able to access a basic bank account so even if coop did go under they will still want some competition in the market and not just leave Barclays as sole provider.


Hope that helps


HHx

Morin all and welcome to any newbies on the thread.

I'm with HH, (and your opinion is always worth reading) I don't think the coop bank will shut up shop, though they do have some issues, and probably need to get a DMP themselves:rotfl:

Although Barclays and Coop are main basic bank account providers at the moment, I believe there are others available although not so well advertised, so you might need to go into a branch or phone up the helpline and ask for them.

Coin machine, don't worry it's probably just stuff passing in the process, I would possibly give them a call on Monday if you feel up to it to clarify, stop a lot of unnecessary worry.

Markob66 - I agree, go of another token payment, especially because although the SC payments are collected on 1st of month, payment doesn't get sent to creditors until 25th. Again, if you can face it, give creditors a call after you sent the token payments so they know you are still progressing and get them to change your due date to 25th of each month.

Cat1978 - this is a very complex question, is there any equity in the house, obviously retaining it gives some extra security to you both either as an investment for the future or in the event you decided living together wasn't for you. Think there are a few economies that can be made when 2 share, such as electric and gas bills don't normally double when an extra moves in, and food bills go up but again not necessarily double, etc etc. No idea what creditors would consider is reasonable in these circs but if it's helping you retain an extra stream of income then that is a good thing. Lots of homework I think for you :eek:

Have a great weekend everyone

Kate_fixing_it

Hi All and happy Saturday!

The mention of the co-op had me a little concerned but my new debit card for my basic account has just arrived it all feels "real" now. I can fill in the DD details for step change and get myself in order this week.

10 days until payday and my first "missed" payment. The last one won't be missed until 24th April (it's due the day before payday so I pay it in advance around the 5th of each month to avoid paying it late)

My smallest card only has an £80 balance so DH is going to pay that off and we won't need to put it into the DMP. It just seems silly to add that into it when we can cut back and be one debt down whilst the DMP is being set up.

I'm having a bit of a wobble today (stupid emotions!) but I know this is the right thing for me and I'm just being silly. I'm sure this won't be the last time I have a moment of uncertainty and they are reducing in the intensity of the feelings of panic which is definitely progress.

It's been a really tough week for me, I'm not sure why as nothing has happened. I think it's a lot to do with the fear of what's coming. I just hope I'll be one of the lucky ones that gets understanding creditors and an easy-ish ride over the next couple of months.

Kate x

Time_to_face_the_music

cat1978 wrote: »

Thanks Jubilee,

I get the impression that there is a shortage of rentable properties in this village and its a 3 bed semi, so think there would be interest in it. Initial figures suggest that rent would be £100 more than the mortgage, so not huge, but combined with no council tax, gas or electric etc should help. Unfortunately when he moves in with me, I will lose working tax credits, so not hugely better off.

Think I'm possibly confused, because one person at SC said if house doesn't sell quickly, OH should consider IVA. Yesterday somebody else at SC said no he shouldn't and should just carry on with dmp for as long as it takes.

Sorry for waffle, just can't seem to think in a straight line.

Hi and welcome cat :hello:

40 years does seem a ridiculous length of time for a DMP and an IVA could be far better for your partner but it's probably dependent on how much equity is in his property. An IVA is usually 6 years and at the end of the 5th year, you are normally expected to remortgage and free the equity to go towards the IVA.

There is a specific forum for IVA help:
http://forums.moneysavingexpert.com/forumdisplay.php?f=159

It could be worth asking a few questions there.

TTFTM x

Time_to_face_the_music

Kate_fixing_it wrote: »

Hi All and happy Saturday!

The mention of the co-op had me a little concerned but my new debit card for my basic account has just arrived it all feels "real" now. I can fill in the DD details for step change and get myself in order this week.

10 days until payday and my first "missed" payment. The last one won't be missed until 24th April (it's due the day before payday so I pay it in advance around the 5th of each month to avoid paying it late)

My smallest card only has an £80 balance so DH is going to pay that off and we won't need to put it into the DMP. It just seems silly to add that into it when we can cut back and be one debt down whilst the DMP is being set up.

I'm having a bit of a wobble today (stupid emotions!) but I know this is the right thing for me and I'm just being silly. I'm sure this won't be the last time I have a moment of uncertainty and they are reducing in the intensity of the feelings of panic which is definitely progress.

It's been a really tough week for me, I'm not sure why as nothing has happened. I think it's a lot to do with the fear of what's coming. I just hope I'll be one of the lucky ones that gets understanding creditors and an easy-ish ride over the next couple of months.

Kate x

The wobble is perfectly normal and I describe the start up of a DMP as an emotional roller coaster, you are sky high one moment and down in the dumps the next.

Expect to see your debt go up a little at first, I took this very badly and was almost packing it all in at the end of month 1. Then I took a deep breath, read loads of this forum and realised that was perfectly normal. At the end of month 2, there was a tiny decrease, month 3 onwards it was all downhill.

Expect a few phone calls and be prepared for them but do not engage in conversation as your creditors will tell you their debt is the most important and will try and persuade you to make a payment there and then. Short and sweet, I am entering a DMP, my reference number is XXXXXXX etc.

If you have trouble with creditors, we will help you fight them, with the assistance of the FOS if required. Mutual support is what this thread is all about and we are all here for each other.

I didn't think I could do this and I am convinced I could not have done it on my own, with the support of the people here I have and so can you!

Keep your chin up Kate, we have your back.

TTFTM x

Kate_fixing_it

Time_to_face_the_music wrote: »

The wobble is perfectly normal and I describe the start up of a DMP as an emotional roller coaster, you are sky high one moment and down in the dumps the next.

Expect to see your debt go up a little at first, I took this very badly and was almost packing it all in at the end of month 1. Then I took a deep breath, read loads of this forum and realised that was perfectly normal. At the end of month 2, there was a tiny decrease, month 3 onwards it was all downhill.

Expect a few phone calls and be prepared for them but do not engage in conversation as your creditors will tell you their debt is the most important and will try and persuade you to make a payment there and then. Short and sweet, I am entering a DMP, my reference number is XXXXXXX etc.

If you have trouble with creditors, we will help you fight them, with the assistance of the FOS if required. Mutual support is what this thread is all about and we are all here for each other.

I didn't think I could do this and I am convinced I could not have done it on my own, with the support of the people here I have and so can you!

Keep your chin up Kate, we have your back.

TTFTM x

OMG I'm close to tears again! I'm really bad at asking for help, the initial call to SC was incredibly hard. This week hasn't been helped in that DH has been working away and my car is still off the road (being repaired as I type!) I've had to rely on lifts to work and on school runs plus no adult support at home

I'm so grateful I joined this thread - the support and advice is fantastic and you've already saved me from one mistake! I think a weekend of the simple things is in order, basic essential housework and making the most of the days before DH heads off again tomorrow night.

Thank you all so much, not sure where I'd be without you.

Kate x