Quick question to people on DMP with Stepchange

DebtMagnet

Hi all

I have recently set up a DMP with Stepchange and when they sent my initial pack it had a 'Creditor Summary' included showing how they will split my monthly payment over all of my creditors. It was wrong and after speaking to them they have adjusted it.

I asked for a copy of the new split and was told it is available to view on my online DMP. But unless I am being stupid I can't find it anywhere. I am now wondering if this is because I have not made my first payment yet?

So does anyone know if it is available to view online and if it is, where is it?

Many thanks
DM

Puzzcat

Hello, mine was wrong as well and said I would be paying each creditor 1p...... They gave me the correct info over the phone. I don't think you can see it online until as you say first payments are made. Mine starts 1st November, roll on next Friday.....
Good luck.

DebtMagnet

Thanks Puzzcat

Yeah guess it must be once you make a first payment then as mine is also going on the 1st November.

I will give them a ring on Monday then as I want to check they now have it right.

All the best
DM

Jemima09

I don't think it is on there, not in the format you're thinking of.. if I'm thinking of the same thing.

On the online system, if you go to 'My debts' in the left hand menu, you'll get the list of debts, and once you've made a payment (and it's been sent off my Stepchange, so around the 25th of the month) then you can click the little arrow next to a creditor and it will show you what's been paid.

'My Statement' will also show the same, but just the latest payment, whereas 'my debts' shows the last 6.

So the information is there after you pay.. but it's not the 'this is what you WILL pay..' sheet that you get in the welcome pack.

owen_money

FYI Step change work out how much each creditor gets like this

Amount creditor gets pm= Total of your monthly payment to Step change x monthly contracted payment to creditor divided by total monthly contracted payments to all creditors

You pay SC £100 pm

CC monthly payment was £156
Loan monthly payment was £98
Catalogue monthly payment was £67

Total monthly payment was £321

Now

CC = £100 x £156 / £321 - CC now gets £48.60
Loan = £100 x £98 / £321 - Loan now gets £30.53
Catalogue = £100 x £67 / £321 - Catalogue now gets £20.87