DMP & Mutual Support Thread - Part 9

RichDT

Been reading through this thread and it is great to see that some people are beating debt My experience of being on DMP with PayPlan has only left me with a bad taste in my mouth and seemingly with same amount of debt as I had when I started back in 2007, original debt was £24000 ...Paid £22500 so far but when we get statements from creditors amounts still seem the same with myself now being disabled and on ESA (support) all creditors will only get a £1 a month... Talk about being stuck between to hard places :rotfl:

Hopelessly_Hopeful

nextyeartina wrote: »

Hi again.

Still nothing from creditors. I know I should phone them up but would rather write. Does anybody know of a letter template I could use to ask if my payment plan has been accepted and if interest & charges have been reduced or stopped. Very have finally stopped phoning :j.

Thanks, Tina x

Most dont bother to ever offically declare they have accepted the plan, people just payup and it all falls into place. Personally I wouldnt waste my time or money on the phone. If it's worth saying to them you need it in writing anyway.

Good luck

HHx

Mossop01

Hi all, very quiet on the dmp front here, bit unnerving really but im sure ill get used to it! Hope everyone else is doing ok, read alot of people starting self managed, good luck to everyone, i definately think its the way forward once uve been on dmp a while. As for us its too early to even contemplate going it alone, im just happy all creditors have accepted plan and frozen interest, im sure they will reintroduce interest at 12 month review but until then im going to plod on and put as much as i can into emergency fund. Happy friday everyone x

Julie67

Mossop01 wrote: »

Hi all, very quiet on the dmp front here, bit unnerving really but im sure ill get used to it! Hope everyone else is doing ok, read alot of people starting self managed, good luck to everyone, i definately think its the way forward once uve been on dmp a while. As for us its too early to even contemplate going it alone, im just happy all creditors have accepted plan and frozen interest, im sure they will reintroduce interest at 12 month review but until then im going to plod on and put as much as i can into emergency fund. Happy friday everyone x

Hi Mossop, I agree with everything you've just said. I've just been saying how quiet it is, touch wood, we are also trying to build up our emergency fund as dh car will need replacing at some point, getting very high mileage.
HSBC are being very awkward about our managed loan. I've given two different account numbers to SC so far as I've been sent two different ones by hsbc:eek: the thing is they've accepted the payment plan on our OD which is only 300 and only that because of the managed loan which is the only thing that comes out of that account as we no longer bank with them. Wouldn't you think someone could put two and two together and realise which loan we were trying to set up an agreement on:mad: anyway shall wait to hear if they accept it this time. SC have wrote to them again with the new account details.
Otherwise though its all quiet, hopefully the balances will start coming down soon.
Have a good weekend all J x

RonniesMummy

Hiya,
Wondering if anyone has any ideas on if this would mean anything for me, one of my creditors, speed credit seem to have been shut down, I am currently looking for more information on this, it is with a DCA but I think this is an in house one, will this affect my payments, kind of hoping I wont have to pay that one debt, which means my DFD will be quicker, as the loan was for £400 and I have already paid £800 with another £400 to go!!!

Any thoughts would be appreciated!

x

Newchapter

RichDT wrote: »

Been reading through this thread and it is great to see that some people are beating debt My experience of being on DMP with PayPlan has only left me with a bad taste in my mouth and seemingly with same amount of debt as I had when I started back in 2007, original debt was £24000 ...Paid £22500 so far but when we get statements from creditors amounts still seem the same with myself now being disabled and on ESA (support) all creditors will only get a £1 a month... Talk about being stuck between to hard places :rotfl:

Hi there RichDT

Thats why I left Payplan and have gone with an 'unrecommended' but in my opinion more efficient debt management company (yes they do charge fees).

Payplan did nothing to default me or get my interest frozen, neither did they attempt to negotiate full and final settlements. But I am now making progress with my debt and feel much more in control. Payplan frightened me with their suggestion of an IVA, to be honest. From reading this site, Stepchange do look a better option.

Hope you work something out, best of luck

Time_to_face_the_music

Newchapter wrote: »

Hi there RichDT

Thats why I left Payplan and have gone with an 'unrecommended' but in my opinion more efficient debt management company (yes they do charge fees).

Payplan did nothing to default me or get my interest frozen, neither did they attempt to negotiate full and final settlements. But I am now making progress with my debt and feel much more in control. Payplan frightened me with their suggestion of an IVA, to be honest. From reading this site, Stepchange do look a better option.

Hope you work something out, best of luck

Please don't take this the wrong way but did you never think it was your debt, so it was up to you to get creditors to freeze interest and request defaults?

I really cannot understand the logic in paying to pay back debt. If you were unhappy with Payplan, why not go self managed?

When we were with StepChange/CCCS, we looked to them to distribute our money but never forgot it was our debt. Every fight with the banks was ours, with the help of the FOS when needed.

Now we are self managed, we have the control to play hardball when the creditors mess us around. It's amazing what a £1 a month for a couple of months will do towards getting interest frozen

antonic

Payplan offered me an IVA and I refused.

I do agree that not everyone is as successful as I have been with Payplan.

Good luck & I hope you get things sorted out.

Newchapter wrote: »

Hi there RichDT

Thats why I left Payplan and have gone with an 'unrecommended' but in my opinion more efficient debt management company (yes they do charge fees).

Payplan did nothing to default me or get my interest frozen, neither did they attempt to negotiate full and final settlements. But I am now making progress with my debt and feel much more in control. Payplan frightened me with their suggestion of an IVA, to be honest. From reading this site, Stepchange do look a better option.

Hope you work something out, best of luck

Newchapter

Time_to_face_the_music wrote: »

Please don't take this the wrong way but did you never think it was your debt, so it was up to you to get creditors to freeze interest and request defaults?

I really cannot understand the logic in paying to pay back debt. If you were unhappy with Payplan, why not go self managed?

When we were with StepChange/CCCS, we looked to them to distribute our money but never forgot it was our debt. Every fight with the banks was ours, with the help of the FOS when needed.

Now we are self managed, we have the control to play hardball when the creditors mess us around. It's amazing what a £1 a month for a couple of months will do towards getting interest frozen

I think its great that you knew what to do, etc and had the confidence to self manage. I started from a position of being completely bewildered and needed the help. So I am glad I took it.

eyeopener2

Newchapter wrote: »

I think its great that you knew what to do, etc and had the confidence to self manage. I started from a position of being completely bewilrdered and needed the help. So I am glad I took it.

Now your in control ,why not go self managed? All your doing now is paying somebody else to distribute your payments. Might knock a few years off your debt free date.

I can understand the initial bewilderment, I was scared stiff, but if I'd known then what I know now I would be self managed. As it is I'm near the finish line so not much point in changing. If I had a year or more to go, I would be DIY.