DMP & Mutual Support Thread - Part 10

dad2one

A week ago I wrote to HSBC to ask them not to add interest to my overdraft debt. I've not heard from them on that yet.
What I have had is a standard mailout explaining changes to current account overdraft charges. Informal / unagreed overdrafts are going to be whacked with hefty charges. Interestingly at the bottom of the letter it says my account is in an informal overdraft state. - !!!!!!s!
I have two other debts with HSBC, both on an accepted DMP schedule. For some reason they are not now treating my overdraft debt in the same way - I say now, because for the past year and a half there have been no added charges.
I shall have to write again I think. I'll inform SC again too of this. They have written again to HSBC asking to accept a DMP schedule on the account.
Apparently this happens - every year or so a debt account can be relooked at and treated differently.

All the best everyone

BeingDebtFreeStartsHere

Bagley1980 wrote: »

Well done to everyone in there varying stages of DMP. My new account is nearing completion and my first payment will be 1st October.

Bagley1980 - we will be DMP twins with both our DMP 1st payments on 1st October!!

BeingDebtFreeStartsHere

All info now gathered for SC and posting the DMP agreement and direct debit details plus all loan/CC account details to SC tomorrow (1st class recorded!!)

Will SC contact me once they have received all of the paperwork? How long does it normally take to get everything finalised?

Just wondering if Natwest will start getting twitchy as every direct debit apart from my remaining loan/CC direct debits for my final payments have now been cancelled!

Just want to get everything set up and the first payment underway - any advice on timescales would be greatly appreciated.

Thanks again to all those who advised me re: the DLA income - I cannot tell you how glad I am that I found this forum

Sazzie23

BeingDebtFreeStartsHere wrote: »

All info now gathered for SC and posting the DMP agreement and direct debit details plus all loan/CC account details to SC tomorrow (1st class recorded!!)

Will SC contact me once they have received all of the paperwork? How long does it normally take to get everything finalised?

Just wondering if Natwest will start getting twitchy as every direct debit apart from my remaining loan/CC direct debits for my final payments have now been cancelled!

Just want to get everything set up and the first payment underway - any advice on timescales would be greatly appreciated.

Thanks again to all those who advised me re: the DLA income - I cannot tell you how glad I am that I found this forum

Hi being debtfree

Sounds like things are looking up, we did the same with Nat West, it didn't seem to be a problem, although right and left hands didn't seem to know what they were doing, as creditor they were very easy to deal with. And anyway, what can happen if they find out...assuming non of your available dosh is in there I hope ?

Sc will probably contact you to confirm they have received the paperwork and when the payments will start. Remember too that although SC collect around 1st they don't pay out til 25th so you may want to schedule another round of token payments.

Hope this helps, always good making steps towards that DFD :T

Sazzie23

smiff_50 wrote: »

Hi there. Been lurking for a couple of days reading posts and finding all the advice really helpful. I've filled out the stepchange debt remedy and am waiting on the application pack arriving.

I missed a few payments on Friday there (I have never missed any up to this) and a few creditors have begun to call and email. Should I email them back and tell them I'm entering a dmp yet?

Also I see some of you recommend not starting the dmp right away. How long do you think I should wait? a couple of months to save up? Can I agree this with SC?

Any advice appreciated!

Thanks

Hi Smiff and welcome

If you can face it, and some people really don't find this easy, I would call the creditors and tell them you are in financial difficulty, are taking advice and will get back to them. They should give you a minimum of 30 days with no problems, it normally takes the heat off while you get things sorted. Most DMPs take longer than that to get started and as long as you keep in touch with creditors and send token payments most if them will give you. Good few months breathing space. If you are anxious, I would email creditors and especially don't ring the catalogue people as they are defo reportedly a pain to deal with by phone.

Any PDL ? They will try and get payments through CPA, make sure you don't leave any dosh in an account they can access, also make sure your CPA and DD are cancelled so you don't lose money you need for food or priority debts like mortgage etc.

Enough for now? Come back if you get stuck, and let us know how y are getting on....otherwise we worry

mol3

Hi all,

Sorry I don't post on here much.

I have a dmp myself and recently reduced the amount as I was struggling to pay the original amount. Trying to be 'fair' to the creditors I put the minimum amounts in that I could on my review so that they would get a bit more because I knew it would be reducing due to income reducing.

Trouble is now, that I am still struggling and really need to reduce it again but I'm worried about how the creditors would react to that having already reduced it not so long ago.

Has anyone done this before? (should I ask generally on the forum?)

sourcrates

mol3 wrote: »

Hi all,

Sorry I don't post on here much.

I have a dmp myself and recently reduced the amount as I was struggling to pay the original amount. Trying to be 'fair' to the creditors I put the minimum amounts in that I could on my review so that they would get a bit more because I knew it would be reducing due to income reducing.

Trouble is now, that I am still struggling and really need to reduce it again but I'm worried about how the creditors would react to that having already reduced it not so long ago.

Has anyone done this before? (should I ask generally on the forum?)

You can only afford, what you can afford, don't be worried about it, you tell them what you can pay, and still meet your essential bills, remember, a DMP is an unregulated agreement, so you decide what you can or cant pay.
Your creditors will be well used to this situation, they wont be looking at you personally, just provide them with an updated SOA, and adjust it to your benefit.

Julie67

Hi All,

Does anyone have a template I can use to complain to the Financial Ombudsman regarding Creation (Asda Credit Card) who refuse to freeze interest.
All our other creditors have stopped charging interest and despite a couple of conversations with them and the template letter I think from
TTFTM thankyou, they still refuse. This means that every month since April last year we have paid off, just a couple of pounds a month by the time they add on their 0.490% percent on.
We will never pay it off at this rate. we have also doubled the payment to them in that time, never missed one but it makes no difference. Do you think its worth complaining. has anyone had dealings with them?
Thanks

sourcrates

Julie67 wrote: »

Hi All,

Does anyone have a template I can use to complain to the Financial Ombudsman regarding Creation (Asda Credit Card) who refuse to freeze interest.
All our other creditors have stopped charging interest and despite a couple of conversations with them and the template letter I think from
TTFTM thankyou, they still refuse. This means that every month since April last year we have paid off, just a couple of pounds a month by the time they add on their 0.490% percent on.
We will never pay it off at this rate. we have also doubled the payment to them in that time, never missed one but it makes no difference. Do you think its worth complaining. has anyone had dealings with them?
Thanks

You just fill in a complaints form on the FOS website.


Link here :


http://www.financial-ombudsman.org.uk/


Always worth a try !!!

Zerdi6

:hello: Hi everyone, lurker here!

I started my first DMP with DFH last year, before I started reading these forums and before I realised I could get the same for free

I changed to StepChange 3 months ago but due to an underpayment of Council Tax, my first payment to StepChange has just been made and will go to my creditors on 25th Sept. I chose to set up a Standing Order with StepChange as I like all my direct debits to go out on the date I get paid, and I believe there's only a couple of possible dates you can choose from with their Direct Debits.

I like their online login and am looking forward to seeing some amounts appear in amounts paid to creditors! I have noticed that under the HSBC overdraft debt it says they can't pay that debt - I need to phone them to discuss that. HSBC havent actually contacted me about the debt for a year now so not too worried about it at the moment.