DMP & Mutual Support Thread - Part 9

City1

Puzzcat wrote: »

Hi,


On a stepchange dmp you certainly have annual reviews where you would be able to increase the monthly payment. I don't think you would be able to do it too frequently during the year unless of course the amount is always going up not down as the creditors would get upset. Also if they see you making extra payments regularly, they may be concerned that you are not actually in financial difficulties. I would said to save up for future possible full and finals on debts when they are sold to dca's. Maybe give stepchange a ring and ask direct?

Hi,

Thanks for the reply.

So, would I be correct in thinking that in the event we came into any extra money, we should hold it back until the annual review when our situation may have changed for the better and then look at increasing payments at this point. Could you continue to squirrel money so you had a lump some in for example 10 years time?

Puzzcat

City1 wrote: »

Hi,

Thanks for the reply.

So, would I be correct in thinking that in the event we came into any extra money, we should hold it back until the annual review when our situation may have changed for the better and then look at increasing payments at this point. Could you continue to squirrel money so you had a lump some in for example 10 years time?

I think if you increase your income and it stays at that rate you will be expected to increase your dmp payments at review as the idea is to repay the debts as quickly as possible. However if you had dribs and drabs of extra money then putting it away for emergencies/savings to use for full & finals at a later date could be a way to go. Obviously when you do the review you will be asked details about your income, I don't know what paperwork if any you have to submit at this point. I'm sure one of our wise one's will pop on soon with some answers!!

City1

Can I ask, have you found it a positive experience, if you know what I mean. I have been close to throwing myself in front of a bus for about 4 months!

Puzzcat

City1 wrote: »

Can I ask, have you found it a positive experience, if you know what I mean. I have been close to throwing myself in front of a bus for about 4 months!

Absolutely, 100%, just wish I'd known about dmp's sooner!!

*Foolish*

Just thought I'd add a little post, I've not been here for a while. My DMP started in June 2013 and although I have met my payment each and every month, it's a struggle, there's not often much money left at the end of the month, but this is down to me and what appears to be an inconsistent approach to budgeting! I've not been on the forum because I kept seeing great advice on money saving, budgeting etc, but I just couldn't seem to follow it! I've luckily not turned to any further credit (wouldn't get any anyway thank goodness!) and I've managed not to borrow from the bank of Mum & Dad. This is my responsibility and I'm battling it.
I feel now that I want to take the bull by the horns and be strict with my budget, build up some savings.
On the plus side, I love seeing that I have actually paid off almost £8000 in less than a year! Amazing!
Good luck everyone and if you're just starting that DMP journey, stick at it!

maxdickinson2003

Has anybody had any experience with Simply Be. I have been on a DMP for the last two years with step change and made consistent and regular payments. I have almost finished paying my debt off with simply be (£3.72 still to pay) and all of a sudden they have decided to take me off my payment plan and threatening me with administration charges for not paying the £3.72. They are due a £5 payment in the next couple of days. When I asked them why they had taken me off my payment plan they said they hadn't that step change had because I had maintained my payments so well I was OK now!!!!! I still owe over £17000 to other creditors so know this is not the case! Unfortunately not able to get through to step change before they closed but will be ringing them in the morning. Im not impressed as I don't think they are being a responsible lender (they are offering me more credit! Obviously I will not be using it!). Any advice welcome

Pickle29

Hi there
I am 6 months into my DMP and today had several missed calls on my mobile from a number I don't recognise! I suspect it is M&S as they have defaulted me today!

I would like to know whether to answer the call next time they ring ( if I get there in time as my fone is on silent at work so I don't hear it but it vibrates!), shall I ring them anyway and reiterate this is all I can afford etc or shall I ring Stepchange on Thursday ( my next day off work when I will get the chance?

The other 2 default letters I received were just standard defaults, this says they will terminate the agreement!

Anyone else had experience with marks and spencer?
Thank you

Puzzcat

Pickle29 wrote: »

Hi there
I am 6 months into my DMP and today had several missed calls on my mobile from a number I don't recognise! I suspect it is M&S as they have defaulted me today!

I would like to know whether to answer the call next time they ring ( if I get there in time as my fone is on silent at work so I don't hear it but it vibrates!), shall I ring them anyway and reiterate this is all I can afford etc or shall I ring Stepchange on Thursday ( my next day off work when I will get the chance?

The other 2 default letters I received were just standard defaults, this says they will terminate the agreement!

Anyone else had experience with marks and spencer?
Thank you

Hi, I recently received a letter from m&s full of the usual blah blah..including you must ring us or action may be taken so I rang them and they said it's a standard letter sent before default. If it's definitely there number ringing you I would call them back, I've always found them very pleasant on the phone...well it's not any old debt, it's an m&s debt.....:)

Pickle29

Thanks Puzzcat
I like that! LOL! It was actually M&S who suggested I ring stepchange in the beginning! I think it's a coincidence that I get missed calls today and when I get home I've been defaulted!

I will be brave and ring them and let you know the outcome
Cheers x

Alchemist207

Hello,

Hope you are all doing well. :j

I am wondering if anyone has any advice regarding what I should do with Aqua. I have been on a DMP since February. They have had communication from Stepchange about it, and I am certain that they are aware of it as I have once phoned their customer service department and their adviser confirmed that they are looking at my proposal and talking to Stepchange.

But ever since they seem to act as if they are completely unaware. They have rejected all of my payments, to which Stepchange said: don't worry, we will keep paying them, you don't need to do anything. They have also just sent me another letter, outlining my balance and arrears, still not acknowledging the DMP and now with an added bonus of a printed guide of how to handle arrears, issued by the FCA.

Should I be writing them another letter, asking for them to take my payments/freeze interest? I feel like "do nothing" is a fair enough approach, but don't want to regret not taking responsibility...

Thanks for any tips