DMP & Mutual Support Thread - Part 9

Time_to_face_the_music

Ellieseleven wrote: »

M&S have washed their hands of me and passed me on to Idem Capital Securities but I see this as a positive thing as I was worried about getting close to minimum payments and interest being re-instated.

I wish M&S would wash their hands of me. We have paid 24.9% interest every month on one account, since starting the DMP and are panicking as we near minimum payment on the other.

Now we are self managed, I am throwing everything at the interest charging account and have it down from £5000 to just over £1000. I can't wait to see it gone in the next few months :j

Time_to_face_the_music

Mossop01 wrote: »

Hi all first payment to SC gone today, which is a good thing, but work got my wages wrong, im down by £170, so thats put me on a bit of a downer, means theres is literally just enough for petrol and groceries all month but nevermind bills are paid and cupboards are full (for now)
Happy first dmp payment day to all the others who start today, the countdown to freedom begins here!

Sorry to hear about work. Do they owe you the money and will pay you it next month? If so, if you can manage this month, it would be a great start to an emergency fund when/if you get it.

Well done everyone who has made their first DMP payment today :T

RonniesMummy

Evening!

I have been lurking all week, loads of people starting their dmp journey today with first payment going out today, well done! That was me last week, and it was lovely to log onto stepchange website on the 24th and see the statement to show your debts are being paid!!

I am juggling my finances, still have nothing in an emergency fund, and when I get paid things will still be tight, I am doing overtime a lot so hope that will help!

I am waiting on getting some money back from someone who is hard to get hold of, looking at small claims court, hope it doesn't come to that, and praying a cheque will just arrive at our door, as I so need this money to go away for an emergency!!

Just cooking tea, out of the cupboard, trying not to buy any food until the cupboards are bare this month!!

Hope everyone is well !

x

Mossop01

Hi TTFTM yes i SHOULD get it in next months pay, so not too bad, bit depressing when you do overtime but dont see it tho, cud be worse i could be paying all my wages out on CCs then doing grocery shopping off CCs!
It'll be a nice lump sum to stash away when i do get it

Mossop01

Hi ronniesmummy good luck with the cheque coming through x

mojoback

Hi everyone

Has anyone come across this - I checked my credit report and noted that the 2 Barclaycards (visa and mastercard) which form part of my DMP are not listed on it- this was on both noodle and experian - does anyone have any experience of this.

dad2one

Well, the last of my DDs left my bank account today, and what was left I took out in cash. Now to break the bad news to them... (HSBC).
The new co-op account is about to be activated so that's coming on alright. As far as I know SC are working on my DMP proposal, I only signed the forms a few days ago. I'd better tell them not to arrange any payment until I next get paid!
M&S rang me yesterday, demanding money. I told them I'm working with SC for a more affordable arrangement and the person on the phone went all 'nice' and was happy to leave me alone.
Capitol One too have been nice and agreed not to pester me.
Of course it's early days and these guys are probably yet going to lay on charges, interest, etc. But, as long people can be civil about things I'm happy. I always make a point, including in my letters, that I fully intend to pay what I owe, and am not trying to run away from my debts.
I have a loan, an overdraft, and a credit card with HSBC, and they know nothing yet of what's happening. Come Monday though... they'll not be happy.
I'll email them with my SC reference and follow it with a letter on Monday.
I expect another phone call or two, just hopefully not at work - I get no privacy there.
Anyway, I'm confident for the future, and immensely relieved to be sorting this mess out.
Good Luck all.

Growurown

Hi dad2one. Capital One were great with me as well, stopped interest straight away and kept it that way. I don't get statements from them as I used to access them online but they stopped my access to that too. I call them periodically to make sure everything is OK and each time they have told me that interest has stopped and won't be reinstated, so a good result!

mojoback

Hi dad2one

You are doing all the right things in preparation of your dmp. I started mine a year ago, like you my bank was HSBC, I had a loan, credit card and overdraft with them. I also had a couple of credit cards. This is how my situation evolved at that time once I knew I could no longer keep going due to change in work circumstance.

1. Contacted Stepchange (was called CCCS then), agreed DMP was given a reference no.
2. Set up bank account with Coop.
3. Arranged pay to go into new bank account.
4. Cancelled all direct debits with HSBC, wrote to all utilities, mortgage co. etc. to advise of new bank account details - where possible changed bank details on-line.
5. Sent letters to all companies I owed money to advising that on DMP quoting Stepchange reference no.
6. Within a week of sending letters the phonecalls stopped (cant tell you how much relief this was).
7. Over next couple of weeks received letters from people I owe money to confirming acceptance of the DMP and in most instances the interest was stopped. HSBC did not immediately stop it but after writing to them they contacted me to confirm they would be stopping it and refunded it back to the date the DMP started.

So after a short time everything was in place and I felt in control again. A year on everything is good with the DMP, I had my review last month with Stepchange and no significant change.

I had a problem with my car at the end of November, unfortunately there was nothing in the emergency fund as in October I broke a tooth and had to get that fixed, I contacted Stepchange and they were great, they allowed that months payment to them to be late in order that I could pay my car. So never hesitate to contact them if you find yourself in difficulties.

I feel so much better now and the debt mountain is shrinking which makes me feel very happy. So good luck on your DMP journey.:)

Find_The_Real

Hello all

Well done to the long term people who are showing us newbies how it is done. Great to hear all the recent successes and commiserations to those that are still trying to get somewhere with the creditors, I doubt they are wanting to make life easy for us, and sorry to hear about those who just trying to survive the first few months.

I got a statement from Barclaycard showing they have stopped the interest so I'll take that as a indication they have accepted by DMP. Still nothing from the other 2 although the bank has credited it to my account.

I'm beginning to wonder if my repossession is like a top trump card or something as I have had very little contact from my creditors especially as I know the bank has a very active debt management department as I used to sometimes look after it, however I shall look upon in it a very grateful way that I am not being hounded to death.

Shamefully borrowed from another thread but for all those getting those phone calls - below is the best thread ever on here IMHO on how to deal with those wanting money, I still laugh over it now, especially post #40. Makes me wish they would start calling.

https://forums.moneysavingexpert.com/discussion/741653