DMP - can someone help?

happybunny86

Step change were brilliant with me. If you really are struggling with the extra £150 document everything you are spending and speak to them about adjusting the payment after a couple of months. A DMP is an ongoing agreements it's not set in stone.
They really don't favour the banks. The advice I have had is very independent and they paid off my pay day loans and gave smaller amounts to the banks to start with so there was no bias there. Xx

chillpill

LMJ10 wrote: »

Thanks for the replies

I have spoken to the free ones and feel they have the banks interests at heart more than mine there payments they wanted me to make we're much higher and wouldn't help on my expenditure list. And then I found out they actually work for the creditors. I'm assuming when I offer settlements they would try and get more money back for the banks! If it doesn't work with Vincent bond I'll see to change

The 'free one's' DO NOT work for the creditors at all!! Yes, some of them (e.g. Stepchange, who my DMP is with) are funded by banks/credit providers but I assure you they are ON YOUR SIDE, NOT THE CREDITORS!!!


My advice is stop paying charges and move to one of the 'free one's' IMMEDIATELY. Also, if you can't afford this/next months minimum payments then do not pay them! Seek FREE advice (I strongly recommend Stepchange, for the obvious reason that's who I'm with, but there are others too!). THere's a Debt Remedy Tool you can use on the Stepchange website to get immediate online advice on what your best solution would be based on your own specific circumstances!!! Just try the tool anyway, there's no obligation to proceed with the advice they give you!! Good Luck

BlushingRose

I've just read the thread and want to say 'well done' for deciding to go with StepChange.
We are with them and they have been lovely - you can ring them up with worries and questions too if you need to.
We've been in a DMP with them now about about 2 years (I think lol) and we've had to adjust our payments with them a couple of times so we're now paying less than we were when we started, so don't worry if you find you need to do that in the future as they're flexible.

LMJ10

Thanks!!! Funny enough I've just had a call from Vincent Bond to be fair other than the fees they charge they do seem like a good company but the situation I'm in it's best I use SC and see all my lovey coming off my debts!

I just hope SC are good at getting the creditors to agree

chillpill

LMJ10 wrote: »

Thanks!!! Funny enough I've just had a call from Vincent Bond to be fair other than the fees they charge they do seem like a good company but the situation I'm in it's best I use SC and see all my lovey coming off my debts!

I just hope SC are good at getting the creditors to agree

I have been on a DMP with SC since Nov 2012. I have 6 creditors (MBNA, Barclaycard, Marbles (RBoS), Natwest, Santander & Halifax) with debts totalling £41k when I started (currently down to £33.5k after 15mths - yippee!), all of whom agreed to freeze all fees and interest (except B/Card, who still charge me 'just' 3% p.a. interest, which I am comfortable with tbh). It's not so much whether SC are 'good at getting creditors to agree', because any decision to freeze interest/charges will be made by each individual creditor and their decision will be based purely on the FACTS of your situation (i.e. based on how 'reasonable' your income/expenditure statement, which SC will assist you in completing and then send to your creditors for you, looks to each of your creditors). SC will ensure that your income/expenditure statement IS reasonable when they help you put it together anyway. Finally, I would expect any person who was fleecing me out of money to be extremely nice to me every time I spoke with them, so don't be fooled that any fee charging company are 'fighting your corner' (a wolf in sheeps' clothing is still a wolf!!)Anyhoo, I wish you all the best on your journey to becoming debt free!!

Monkeyballs

Hi LMJ,

I've seen a few of your posts on other threads but this is the first time I spotter this one you started

Phew! Thank god you binned off Vincent Bond in favour of SC and saved yourself a few quid in the process

Can I ask what was your LBM (light bulb moment)? I ask because after reading through I'm a little worried that you might be viewing this as a way to reduce your outgoings as opposed to repay your debts in a way that is practical income which isn't a good mindset...

I'm not having a pop, just speaking from experience because I went bankrupt about 9 years ago but didn't have an LBM (plus my depression and gambling didn't help) and quickly started to build up debts as soon as I could get credit, hence being in a DMP now... I just don't want you to either look at taking additional credit while on the DMP (because a tenner a week to Provident isn't much as you have a bit to spare now and would like a new telly) or getting to the end and then starting again (because you're free and have loadsa spare cash and £100 a month for 18 months for a £1000 loan now is do'able)?

Tell us your story (we've all got one), it's great therapy and even if you've not had your LBM yet the penny might drop as you type

MB

Toomuchdebt

Just a quickie to say I started off with SC but am now doing a self managed DMP mainly because it was too difficult to pay any extra on SC-managing it myself means I can pay an extra 2.31 off one of the debts if I want to, which yes OK it's a tiny amount but it all adds up and I don't notice that as much as I would notice 5 or 10 extra.Plus everyone agreed to freeze interest and charges straight away as soon as I told them I would be doing it myself.

LMJ10

Monkeyballs wrote: »

Hi LMJ,

I've seen a few of your posts on other threads but this is the first time I spotter this one you started

Phew! Thank god you binned off Vincent Bond in favour of SC and saved yourself a few quid in the process

Can I ask what was your LBM (light bulb moment)? I ask because after reading through I'm a little worried that you might be viewing this as a way to reduce your outgoings as opposed to repay your debts in a way that is practical income which isn't a good mindset...

I'm not having a pop, just speaking from experience because I went bankrupt about 9 years ago but didn't have an LBM (plus my depression and gambling didn't help) and quickly started to build up debts as soon as I could get credit, hence being in a DMP now... I just don't want you to either look at taking additional credit while on the DMP (because a tenner a week to Provident isn't much as you have a bit to spare now and would like a new telly) or getting to the end and then starting again (because you're free and have loadsa spare cash and £100 a month for 18 months for a £1000 loan now is do'able)?

Tell us your story (we've all got one), it's great therapy and even if you've not had your LBM yet the penny might drop as you type

MB

Thanks for your concern MB

TBF the fee paying company's made it sound like it was all about reducing my outgoings some even phoned to say - we can knock £100 off what Vincent bond has offered and you can pocket that!

My story wow where do I start!!! Basically I've had credit since I was about 18 (now 31) so really never been out of debt.. It built up over so years and then I met my husband 5 years ago got married brought a house and had a baby- he had debt as we'll so obv that was combined! Compared to what I have now that was manageable until we moved into our house and I became a little obsessed with clearing the debt very impatient and couldnt accept that the loans have another 3 years left I had to clear the debt now!!!!!!
For about 2 years I turned to gambling every day I thought if I win £50 a day this will be over in 6 months or so..... I dreamt about telling my OH that I'd got us out of it!!!!
As we both got better jobs and better pay I borrowed more and more to try and gamble to win big!

The moment I realised was enough was when it dawned on me that we could lose our house!! We have a shared agreement with David Wilson and in 5.8 years time we need to pay back 15% of our share in the house. Also the fact that payday loans were my only option for credit now was a big factor!

And also the best LBM was when I realised we couldn't afford to have another baby this year and that I couldn't pay my mum to look after my little girl now while I go work (Cheaper than nursery).

Also now I feel confident the debts can be paid and we still have money to eat I have not had 1 urge to gamble, altho accounts are all closed

Seriously the only thing I ever want to use as credit in the future is mortgages! And I know the one thing I will teach my little girl to do is not get a credit card or loan!!!

I do hope to clear my debt off quicker than the 6 years with over paying with commission that I can earn in my job it's not guaranteed but a good month earns a nice amount all that will be going towards my debt!!!

I'm not going to put off my dream off having another baby tho just might have to wait an extra year!

And I have taken up comping as a hobby the free ones of course but it's better than gambling!

LMJ10

Forgot to mention - because we have that share in our house we do need to put some money aside to pay this back in 5 years - I've spoke to SC about this!

I'm pretty sure we aren't going to get a remortgage not one with a good rate on anyway!

So I don't really want to get to 5 years down the line and pay off my credit debts to find we are in another 25k worth off debt or forced to sell our house!

vics1928

If it's one thing I have learned in the past few weeks is that it's my fault I'm in this mess - i have to dig myself out if it BUT It can't hold me back you will find a way to manage if you have another baby