DMP & Mutual Support Thread - Part 9

Julie67

Hi all,

Sorry I've searched everywhere for a spreadsheet that's easy and straight forward to use on the iPad, no joy yet but I'm not giving up. If anyone finds one let me know

Thanks J

dad2one

Hi all

My DMP starts 1st April. First payment out on the 10th, I believe the creditors get it on 25th.
I guess token payments better be made again as my creditors would normally have something in the next few days.
HSBC still silent on the whole matter...:think:

A noob question: What are the consequences of not making token payments?

Find_The_Real

Hello dad2one, well done on setting up the DMP and good luck with it all.

I think it is a good will thing to show you are willing to continue your payments but I'm probably not the best one to advise about that on here as I never got round to making any before my payments went out. However as my credit file is totally trashed by a repossession, I was never contacted and I doubt it made my situation any worse!

I am sure someone will come along with a far better answer as to why it is probably a good idea.

dad2one

Thanks. Yeah, I think you're right. Continuing a monthly payment of whatever amount shows commitment to paying. Now that the DMP is set up, it just seems a bit silly. Still, the cheques and letters are done now.
I guess if a month goes by without any contact / payment they can hit some more serious buttons to take action.

gizmo111

dad2one wrote: »

Hi all

My DMP starts 1st April. First payment out on the 10th, I believe the creditors get it on 25th.
I guess token payments better be made again as my creditors would normally have something in the next few days.
HSBC still silent on the whole matter...:think:

A noob question: What are the consequences of not making token payments?

They will have been contacted by now with details of payments - if you make another token payment then you will be making 2 payments in one month - on the 1st and whenever you make the tokens this week - you immediately upset the budget!

Time_to_face_the_music

dad2one wrote: »

I guess token payments better be made again as my creditors would normally have something in the next few days.

Calculate when you made your last payment, token or otherwise, and when they will receive their first payment from StepChange, usually around the 25th of the month.

Just make sure that there is a payment in each 28 day period. Even if it's only £1, that is fine, it's all about showing willing to keep up payments

Time_to_face_the_music

Hello to everyone, new and old < nothing to do with age! :hello:

Sorry I have been a bit absent lately, there is a lot going on in my life at the moment and I am finding it difficult to be motivated. Paying our debts is probably the only positive thing I feel like I have done recently

Lloyds TSB are still causing me problems, they haven't come up with the promised defaults. They are determined to try and convince me I don't want these defaults, oh but yes I do! :mad:

Good news is I am hoping to see the back of one M&S interest charging account by the end of next month :j

Julie67

Good morning all,

TTFTM hope ur ok, great news on M&S
Morning and welcome dad2one you will find some wonderful advice on here, well done on making those first steps. Best thing we ever did. It's all a bit confusing at the beginning and I always felt like I should be doing something, but it does go very quiet generally after everything has gone to SC. if like me you expected everyone to get in touch and say yes we accept your payment and will freeze interest, it just doesn't happen that way. The best people for contact where the CC companies, others like Barclays Partner Finance did accept but didn't bother letting us know.
HSBC on the other hand have been RUBBISH and that's shouting!
I won't go into it in detail but look back in the thread to see how much we all love them💋
I am going to make another phone call today to try and get them to sort out the account details on my managed loans so we can begin paying through SC. be prepared for them to be difficult, but I hope it's not that way for you. Good luck on your debt free journey.
Hope everyone else is doing ok.

Mossop01

Hi i made token payments as i was abit paranoid about missing payments, however there were 3 of my creditors i didnt make token patments too as i was unable, there dont appear to have been any repercussions of this they still accepted dmp and froze interest
Hope that helps

zenshi

Silly question to which I probably know the answer but looking for clarification I guess

When making token payments on a DIY DMP do you just use your bills with the slips as per pre DMP?

I have just sent letters and asked for standing order form so I can set it like that but at the mo, what do I do?