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DMP & Mutual Support Thread - Part 9
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Morning Zenshi, that would probably help to make sure they definitely get the right account to make the payment to, especially if you are using postal order, otherwise just make sure the account number is right in the letters you send out with it and right the account number on the back of the postal order/cheque.
Good luck Julie and TTFM on getting those creditors to play nicely.
My repossessed house went back on the market today and at a stupid price - amazingly the ex from hell didn't trash it too much. I am kind of prepared for it anyway but at that price it is going to force me into bankruptcy so I have already complained! The strange thing is I really feel upset about it at the moment even though I was never happy there and I have my life sorted out, perhaps it is my hormones or something.
Hope everyone has a good day.
Wisdom comes from experience. Experience is often a result of lack of wisdom.0 -
Find_The_Real wrote: »Morning Zenshi, that would probably help to make sure they definitely get the right account to make the payment to, especially if you are using postal order, otherwise just make sure the account number is right in the letters you send out with it and right the account number on the back of the postal order/cheque.
Good luck Julie and TTFM on getting those creditors to play nicely.
My repossessed house went back on the market today and at a stupid price - amazingly the ex from hell didn't trash it too much. I am kind of prepared for it anyway but at that price it is going to force me into bankruptcy so I have already complained! The strange thing is I really feel upset about it at the moment even though I was never happy there and I have my life sorted out, perhaps it is my hormones or something.
Hope everyone has a good day.
Aww sorry ur having a bad time, try n concentrate on the good things and roll with the punches. Ur doing amazing at sorting things out!
Hope things improve for you. Chin up xLBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
Nov 2015 balance £22,679 going in the right direction!!
Onwards n upwards!:T0 -
Aww thanks for your kind works Mossop, I know I am just being silly as I walked out the house with the few things I could fit in the car so I am in a much better place than an awful lot of people. I have a lovely rented place, friends and family close by and also the support of all the lovely people on here and so I should really be very thankful for that rather than get upset over the past.
I would like to say thanks for everyone that has been so supportive on here in case I don't say it often enough!
Wisdom comes from experience. Experience is often a result of lack of wisdom.0 -
I've sent all but one of my creditors a token payment. Capitol One haven't got one because they already have accepted and printed up a payment schedule in line with the DMP. They've also stopped interest and charges and defaulted the debt. They have been the best!
StepChange advised to send the token payments, but not by cheque. Oops, too late. The reason given is that they can return cheques. Frankly, in my opinion, if they return a cheque, that's their issue.
Thanks Julie67, forewarned I am.HSBC really strange. I've written to them and emailed them a couple of times. SC have done so. Just absolute silence... I foresee having to ring them. Funny, SC is recommended by them on their website.
M&S were happy when told I was going through SC because they recommend them, M&S bank are a sub of HSBC.
Well, time will tell.
I have a plan and I know it's not a quick thing to get all creditors towing the line. I'll give it a couple DMP months run before tackling charges and interest.
Good luck all.DO NOT PANIC.
The future is looking good now...0 -
Hi everyone,
Just an update on the thing that is now called the official HSBC saga in our house. It may help someone in the future.
Rang HSBC to check why they are not accepting payments from SC, blamed SC who had the wrong account details. Rang SC who have the correct details. Rang HSBC who also will not accept because they are saying the ratio of the amount I they have been offered is wrong as they are far the biggest creditor. true. Rang SC who explained that they don't offer amounts based on what you owe but what you paid in regular expected payments. So I am done, making no more calls. SC will offer two payments in April as they couldn't make one in March. No idea if HSBC will accept but I am going to write a letter.
I owe two amounts to HSBC one for £212 a small OD which they have accepted a payment on, and the other a big amount, just over £17000 on a managed loan. The reason I have the overdraft is because they have tried to take a loan payment out and not enough money in the account in December. I cancelled it pretty quick in January and wrote to them soon after explaining the situation and explaining about the DMP. P,ease bare with me I am getting there. Do you think if I write explaining how poor they have been in dealing with this and how they have never written to explain what's going on or to tell me why they don't accept etc or rung back when they have promised, that I would be reasonable in asking them to give me back the £212 from the overdraft and that way I can up the payment to them instead of having to split it between the two separate accounts.
I think I'm going to have a go, nothing ventured as they say.
What do you think and is there a particular template I should use?
Any help much appreciated JulieStarted Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0 -
Hi julie, a saga indeed!!
As u know hsbc were our most difficult. I wonder if its cos its a managed loan? I dont know what the difference is from a personal lisn to a managed loan? Ours is a personal loan and after me pestering they did accept the dmp. I would write letters complaining about their lack of cooperation and information to you, stating its a complaint and if no joy u will taje to FOS, maybe keeping everything in writing will give u a solid record to take to FOS which is the next step i would take. Good luck and keep battling, i dont think if i hadnt persevered they would still have not acknowledged dmp!LBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
Nov 2015 balance £22,679 going in the right direction!!
Onwards n upwards!:T0 -
Hi dad2one, i heard absolutely nothing from hsbc i had to pester them to acknowledge dmp which i did over the phone. They told me for weeks that SC had not contacted them but we both knew they had. Apparently there is a backlog of stuff from SC and they are wading their way through it, which weirdly gave me hope as it means we arent the only ones trying to take charge of our financial difficulty!
Stick with it and good luckLBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
Nov 2015 balance £22,679 going in the right direction!!
Onwards n upwards!:T0 -
Can anyone help I have circa 36k spread over
HSBC Card/OD
Barclaycard
MBNA
Next
Santander (laura ashley/debenhams)
Kays
HFC
Creation Finance
I have been told to get a DMP with Stepchange
What do they do for you and what do you have to do yourself
I have a very busy job and OH would not be able to do it
Will they all freeze interest and charges eventually what have been the experiences
I only have 200 spare at the moment to give as I have 3 kids which stepchange say is ok but will take 15 years to clear. Am thinking whether we should go BR instead, dont want to but dont see a light at the end of a very long tunnel at all
Seems that the DMP will cause more problems
I have never defaulted so ie alien to me0 -
Can anyone help I have circa 36k spread over
HSBC Card/OD
Barclaycard
MBNA
Next
Santander (laura ashley/debenhams)
Kays
HFC
Creation Finance
I have been told to get a DMP with Stepchange
What do they do for you and what do you have to do yourself
I have a very busy job and OH would not be able to do it
Will they all freeze interest and charges eventually what have been the experiences
I only have 200 spare at the moment to give as I have 3 kids which stepchange say is ok but will take 15 years to clear. Am thinking whether we should go BR instead, dont want to but dont see a light at the end of a very long tunnel at all
Seems that the DMP will cause more problems
I have never defaulted so ie alien to me
Hi Ox and welcome :hello:
You make a monthly payment to StepChange on the 1st or the 10th of the month, they distribute it to your creditors on the 25th of each month.
There is no simple answer to whether creditors will accept and freeze interest, we all seem to have different experiences. If they don't, you are perfectly entitled to make a complaint to the creditor, then take it to the FOS if you don't get the response you want.
15 years seems like a very long time for a DMP. Would bankruptcy be a better option for you? You need to look into whether it effects your job, the value of house, equity, other assets etc but you can get advice about all of that on the Bankruptcy thread and you can discuss this option with StepChange too.
I think you will find most of us here had never defaulted before we started the DMP so it's a new experience to the majority of people. I have a very busy job and can still manage our DMP, it really doesn't take that long and gives you a lot more freedom than a managed DMP.
If you want any more help or advice, just let us know, there is generally someone here who can provide an answer.LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt0 -
Hello Ox1987
I think TFTM as ever answered the questions really well. Unfortunately no creditor behaves in exactly the same way and some of them need a little more chasing that others to get the results we want but it is just the odd letter here, it is not a constant all day thing.
With DMP v IVA v Bankruptcy it really does depend on how much of your life and assets you want to be affected and so it is probably best to read over each board (Debt free wannabe, bankruptcy and IVA/DRO sections) as everyone has their own experiences of it on there and you may come across different ideas.
To be honest at the end of the day the decision is going to be down to what you feel is best. Currently I am on a DMP but as my house has been repossessed and the shortfall is likely to be significant I am prepared for Bankruptcy as an option. So if you are unsure then maybe try the DMP route first, see how you get on with that and then speak to Stepchange if you feel it is not working for you, as it is the least binding. You may find having gotten used to the budgets you can increase the amount you pay, mine has already gone up by £40 as I can make a few more savings each month.
Wisdom comes from experience. Experience is often a result of lack of wisdom.0
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