DMP & Mutual Support Thread - Part 10

Kate_fixing_it

Growurown wrote: »

Thanks for the replies regarding my Paypal enquiries. I did wonder if it was a case of the banks hanging onto my money to make a few extra pennies on the interest before they give it back to me. I am very suspicious of banks and their workings.

I think I have a lot to learn about ebaying and need to do some research! I have so much stuff to sell and get rid of. In the old days it would just go to a charity shop or in the bin but I need to be more proactive and get my a*se into gear.:D

Definitely give it a shot. Follow the rules and you'll be fine.

As mentioned I've had quite a bit of luck with Facebook selling pages recently and none of the hassle of posting things. They either collect or pay you to deliver.

Good luck

Kate x

in_a_noodle

Morning all

Something strange is happening with my accounts. I'm, hoping it means my letter(s) have got through, but to HSBC or MBNA I do not know.

I was due to make a DD for my MBNA CC yesterday but had cancelled the DD with the bank and CC company. However for some reason (I was probably too late to cancel it) it's showing as gone through on my online CC summary. But it isn't appearing on my online bank statement?

I was hoping to have heard from Stepchange by now, I posted the agreement back on Monday, but snail mail isn't fast so fair enough. But I also emailed details on Monday too, and to be fair it did say "upto 5 business days to reply". I was hoping that was a conservative estimate though but no reply to that either

With my HSBC letters I ended up writing to my branch for the OD and loan, and a PO Box in Coventry for the CC.

I'm still worried about everything and expecting a flurry of letters. I've disconnected the house phone as we use our mobiles for all our calls anyway and I know anyone ringing is going to be either HSBC, MBNA or another call centre (why we have a phone anyway I don't know!)

I've now set up a spreadsheet in the hope that everything goes to plan. Very inspiring and motivating to do so, but as I say it's reliant on the DMP being agreed :undecided

Apologies for not replying to those posting since my last post, I'm afraid that with all my worrying I've been very insular at the moment Hopefully once everything is set up I'll be able to use the experience to help others.

steph606

Hi everyone,

Thought I'd ask you guys a question as reading the posts you all seem so helpful

Looking to set up a DMP after completing DebtRemedy via StepChange. Awaiting applicaton form in post. I have set up a new bank account and am currently in the process of transferring my household bills over as I owe £5500 on my current overdraft (as advised by StepChange).

I just wanted to know how people have found the whole process of setting up a DMP? Are creditors quite understanding or have you encountered difficulties? Has anyone's DMP been refused? Trying to work out the best plan to move direct debits/wages over without alerting my current bank account before the DMP is (hopefully) et up.

Great to get any thoughts - any advice appreciated!

Thanks,

Steph

Time_to_face_the_music

steph606 wrote: »

Hi everyone,

Thought I'd ask you guys a question as reading the posts you all seem so helpful

Looking to set up a DMP after completing DebtRemedy via StepChange. Awaiting applicaton form in post. I have set up a new bank account and am currently in the process of transferring my household bills over as I owe £5500 on my current overdraft (as advised by StepChange).

I just wanted to know how people have found the whole process of setting up a DMP? Are creditors quite understanding or have you encountered difficulties? Has anyone's DMP been refused? Trying to work out the best plan to move direct debits/wages over without alerting my current bank account before the DMP is (hopefully) et up.

Great to get any thoughts - any advice appreciated!

Thanks,

Steph

Hi Steph and welcome :hello:

Regarding the DD's, I set up our new bank account then moved each DD over one at a time, using online banking. Make sure you only move ones related to essential household bills etc and cancel any that normally pay towards debts.

Difficult to answer your other question as the creditors all seem to behave differently but if you have any hassle with any, ask here and someone will always try and help you. Some seem to say they are not accepting the DMP but SC generally say to keep the payments going and they always seem to accept the money!

Are you starting your DMP immediately or doing a couple of months of token payments first?

If you get a chance, sit and have a read back through this thread and the previous one(s). It does give you a good feel for what a DMP entails.

Please stick around for help, advice and support.

TTFTM x

steph606

Thanks so much

Sorry for being really thick but what do you mean by making token payments? We were thinking of getting the DMP set up as soon as possible. StepChange have suggested an amount we can afford to pay to the creditors each month however we feel we may be able to pay a little more - is this possible?

This is all new to us - have been trying to struggle on but getting nowehere and the debts are not getting any better. Just want to be able to sleep at night and not have our lives on hold constantly worring about debt.

Will def take the time to read through the thread - thanks again

Time_to_face_the_music

steph606 wrote: »

Thanks so much

Sorry for being really thick but what do you mean by making token payments? We were thinking of getting the DMP set up as soon as possible. StepChange have suggested an amount we can afford to pay to the creditors each month however we feel we may be able to pay a little more - is this possible?

This is all new to us - have been trying to struggle on but getting nowehere and the debts are not getting any better. Just want to be able to sleep at night and not have our lives on hold constantly worring about debt.

Will def take the time to read through the thread - thanks again

Sometimes it's better to pay a couple of months token payments before you start your DMP. This gives you a chance to save a bit of an emergency fun, to practice your budget and to possibly encourage early defaults.

Yes it's possible to pay extra to your DMP but you may prefer to save any extra and again use it for an emergency fund or some people save towards F&F offers.

Being able to sleep again is the thing I remember most about our DMP, 2 months in and I slept like a baby and learned to smile and laugh again.

TTFTM x

steph606

Thanks Time to Face the Music

Looking at your status with regards to initial debt owed and where you are now - that's amazing!! Well done you!! How have you managed to clear it so quickly?
Our total to pay is around £75,000

Are creditors more likely to accept a DMP is there are defaults on your payments?

Think I need a lesson on DMPs and terminology - will start going through the threads xx

Startingover14

Hope everyone is well and doing ok

I came home today to find my new debit card on the mat for the new basic account. I activated the card and found it looks as if my application for a basic savings account has been approved which is what I will be using to put any spare money in to act as an emergency fund. I need to consider the optimum time to move the direct debits as I won't be getting my salary paid into it until September and the main bulk come out at the beginning of each month.

I am finding myself eager to come back and do the next step in all this so that I can send the signed DMP off to get it all in place.

I am considering going through some of my things this weekend and see if I am able to get rid of anything I don't need to add to the pot in the new account

in_a_noodle

Well, it appears the DD that was due has bounced back and two £12 charges added to bring me within 23p of my limit :eek:

No communications from MBNA, HSBC nor Stepchange after the postie delivered at lunchtime . I'm feeling very much in limbo at the moment and should phone Stepchange really but I'm useless on the phone with matters like this.

Welcome steph606, I see TTFTM has answered already but I too recommend a read though as many of the previous threads that you can, there's loads of info to draw knowledge and reassurance from :T

Sickofthisdebt

Hello everyone

Had my welcome pack from SC on Wednesday. Plan starts on 1.9.14. I've had one notification from a catalogue company already that they have accepted the plan. All interest and charges stopped. So pleased about this as I read they could be really difficult.

I had a notification of acceleration from one of payday loan companies though. Should I be worried about this? It says that the whole payment is now due and that they might default me and refer it to a debt purchaser and that no interest will accrue from this point. Is this a good thing?