DMP & Mutual Support Thread - Part 9

schmalf

Hi all, quick update from me on the HSBC front, which Kate you might find useful too - did you see my post several pages back?

Anyhow, yesterday got a letter from Metropolitan themselves, confirming HSBC had passed it over and agreeing to the DMP plan with 0 interest!! Yay, can't tell you how relieving that is - so now all my debts are in the plan at 0% except for the OD, but that is my smallest by a mile & I think that will be passed over soon too.

Keep plodding on everyone

Schmalf xxxx

Ash73

Just wanted to say thanks to everyone. This week has been really hard trying to decide what to do and just reading all your posts and advice has been incredibly useful. I think I will need to do the the DMP but, reading these, I need as big an emergency pot as possible. So that is my mission for teh next few weeks whilst I get everything ready.

It's been good to see the change in emotions - people like me stressed, confussed , trying to decide, to teh frustrations of first starting and then the joy and pride as you achieve your aims. I hope to be there some day.

Thanks again - those who have replied and those who I've read - it's invaluable and I shall be back (most days I think!)

Puzzcat

Ash73 wrote: »

Just wanted to say thanks to everyone. This week has been really hard trying to decide what to do and just reading all your posts and advice has been incredibly useful. I think I will need to do the the DMP but, reading these, I need as big an emergency pot as possible. So that is my mission for teh next few weeks whilst I get everything ready.

It's been good to see the change in emotions - people like me stressed, confussed , trying to decide, to teh frustrations of first starting and then the joy and pride as you achieve your aims. I hope to be there some day.

Thanks again - those who have replied and those who I've read - it's invaluable and I shall be back (most days I think!)

Hi Ash, just remember we are all in the same boat..some have a motor, some of us have oars...but we will all get to our end destination.....debt free.
Puzz.x

mrsl

Hello I'm new here have been burying my head in the sand re debts anyway finally faced up to it and have started the early stages of a dmp with sc. I have opened a new bank account waiting for paperwork to come in the post to sign. I was going to transfer all funds inc od into this. Od is included in the dmp. Basically should I pay token amounts to the creditors this month to save some money? I'm also concerned as we have an nram together mortgage the unsecured part has to go in the dmp I'm scared how this could affect our mortgage? Also what happens if someone doesn't accept the dmp? I feel relief and worried at the same time it seems to good to be true that we could be getting out of this mess! Also while on a dmp is it likely that we will get a new phone contact it's important for work thanks

Time_to_face_the_music

mrsl wrote: »

Hello I'm new here have been burying my head in the sand re debts anyway finally faced up to it and have started the early stages of a dmp with sc. I have opened a new bank account waiting for paperwork to come in the post to sign. I was going to transfer all funds inc od into this. Od is included in the dmp. Basically should I pay token amounts to the creditors this month to save some money? I'm also concerned as we have an nram together mortgage the unsecured part has to go in the dmp I'm scared how this could affect our mortgage? Also what happens if someone doesn't accept the dmp? I feel relief and worried at the same time it seems to good to be true that we could be getting out of this mess! Also while on a dmp is it likely that we will get a new phone contact it's important for work thanks

Hi mrsl and welcome :hello:

Is your DMP with Stepchange, Payplan or are you self managing?

If full OD is included in the DMP, it's fine to transfer all funds to new bank account.

Regarding token payments, if you can do this for a couple of months, you can save enough for a start to a decent emergency fund plus it gives you a chance to practice your budget. Some people also find that a couple of months of token payments encourage creditors to early defaults and pass on the debt to DCAs, I know if I had my time over again, I would have made token payments for several months until they did this!

I have had no problem with mobile contracts and have been told by my provider that they don't credit check existing customers. I have an amazing deal so have stuck with the same supplier, so am not sure what would happen if I tried to change.

Stepchange and Payplan recommend that if a creditor refuses the DMP, that they continue paying and they eventually come on board. We had one that did this at the start and it calmed down after a couple of months.

I don't know anything about NRAM but hopefully someone will be along soon who does.

The start of a DMP can be a bit of an emotional roller coaster ride as you are already finding, so please stick around for help, advice and support.

TTFTM x

mrsl

Time_to_face_the_music wrote: »

Hi mrsl and welcome :hello:

Is your DMP with Stepchange, Paypln or are you self managing?

If full OD is included in the DMP, it's fine to transfer all funds to new bank account.

Regarding token payments, if you can do this for a couple of months, you can save enough for a start to a decent emergency fund plus it gives you a chance to practice your budget. Some people also find that a couple of months of token payments encourage creditors to early defaults and pass on the debt to DCAs, I know if I had my time over again, I would have made token payments for several months until they did this!

I have had no problem with mobile contracts and have been told by my provider that they don't credit check existing customers. I have an amazing deal so have stuck with the same supplier, so am not sure what would happen if I tried to change.

Stepchange and Payplan recommend that if a creditor refuses the DMP, that they continue paying and they eventually come on board. We had one that did this at the start and it calmed down after a couple of months.

I don't know anything about NRAM but hopefully someone will be along soon who does.

The start of a DMP can be a bit of an emotional roller coaster ride as you are already finding, so please stick around for help, advice and support.

TTFTM x

Thanks for the reply yes it's with step change. Thanks for the reply x

Sazzie23

:wave:Morning all

Welcome to all the newbies

Glad to see some exceptional progress is being made towards those DFDs. :beer:

Unfortunately over the past few weeks my lodger ex has had some pretty grim news about his ongoing illness and I'm still not sure I've come to terms with it. What I do know is that without MSE I would be in a much worse place, I understand now that my normal reaction to such a problem would be to throw money at, buying things to try to make it easier. This time, though I've been tempted I've resisted and am making do with what we have. I am also confident I will be able to manage when I am eventually living alone.

My income is also being drastically cut as overtime has been lost due to rescheduling of rotas, but its not happened yet & I have a month in hand so I'll factor that in what it does actually happen. Not working overtime at the moment might be a blessing due to the home commitments.

Keep up the good work, I'll keep reading.

Kate_fixing_it

Time_to_face_the_music wrote: »

Hi Kate

Great stuff on Barclays and the health news :j

Lots of us do find our debts go up at the start of the DMP, I would suggest letting it settle and see what happens next month then start asking for refunds of any interest/charges paid which increased your debt.

watch out for draughts and embarrassing moments due to lack of knickers when you are going into that Chicago court, after all it is known as the windy city :rotfl:

TTFTM x

That's the plan TTFTM. I'll be back at work by the time they get the next payment so I can print any letters there. The leg is slowly getting better and this new turn of events should make huge leaps forward for me once the treatment kicks in

fortunately (for Chicago ) I don't have a passport or the airfare - they'll never know how lucky they are

Kate x

Kate_fixing_it

schmalf wrote: »

Hi all, quick update from me on the HSBC front, which Kate you might find useful too - did you see my post several pages back?

Anyhow, yesterday got a letter from Metropolitan themselves, confirming HSBC had passed it over and agreeing to the DMP plan with 0 interest!! Yay, can't tell you how relieving that is - so now all my debts are in the plan at 0% except for the OD, but that is my smallest by a mile & I think that will be passed over soon too.

Keep plodding on everyone

Schmalf xxxx

Thanks Schmalf. I did see it (forgot to respond - sorry!). The three debts are still with HSBC at the moment, they seems reluctant to pass them over - probably because they're making so much from me! I thought they'd be the least of my worries but they're being the most difficult still...I have the time (and stubbornness ) to keep on at them. I'm sure they'll get bored of my badgering soon enough and play nicely.

Thankd for thinking of me and keeping me updated on your progress.

Kate x

Kate_fixing_it

And in car related news... it's dead

It'll cost more to fix than we've spent on it in purchasing and maintenance costs in the 31 months we've had it. My only concern was whether I'd been driving something dangerous around and thankfully not. On the bright side the purchase and maintenance comes down to just over £25 per month for the life of the ownership (I'm very impressed by that) and we'll get a couple of hundred for it as scrap. I'll be very sorry to see her go but it's a car and she's kept us safe, warm, dry and mobile for a long time.

The better news is DH had money set aside to replace his car (a lot more than I realised) he's buying a cheaper replacement for himself and is out right now trying to find a cheap run around for me. . Sadly I haven't had time to build up enough of a car fund myself yet but we're in a good position. Hopefully the replacement will be cheaper to insure too (he's looking at smaller engines).

Not the intended outcome but a positive situation nonetheless and as I've not been (unintentionally) doing anything dangerous I'm happy enough and feeling very lucky that things have worked out this way.

Kate x