DMP & Mutual Support Thread - Part 10

Growurown

sunnyskies2 wrote: »

Hi GUO glad all is going fairly smoothly apart from phone call :eek: I am taking screen shots of your progress for future reference

Thanks

Sarah x

I'm hoping the wink means that's a joke, otherwise the responsibility is going to be enormous!!

Yes all in all it hasn't been too bad going self managed. I wouldn't have been able to do it in the beginning and I'm so grateful for all the help and advice SC gave me. Three years down the line I feel I can cope now, and due to all the great advice I have read here (extra special thanks go to HH and her twin TTFTM) I think I know how to deal with creditors now. Plus I feel strong enough to deal with them too. I'm not phased by talking to them either, something I couldn't do when I started out.

I think when people have that LBM they are so worn down by worry and stress that it is difficult to know where to start and organisations like SC and Payplan are so reassuring and helpful. It is a good way to start to get one's finances back on track. So to all the newbies out there - good luck! and a few years down the line maybe going self managed will be the route for you too.

Puzzcat

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

Hi Julie, I had the same problem with creation and took it to the FOS, they got them to agree a lower rate so instead of £30 a month interest, on a payment of £33 I pay £10 interest. This is my only interest paying debt so £10 interest on currently just under 55k total debt I'm happy with that.

sunnyskies2

Growurown wrote: »

I'm hoping the wink means that's a joke, otherwise the responsibility is going to be enormous!!
.
.

....more of a cheers

Brogden

Hi All,

I haven't posted on here for absolutely ages.

I am not 'out of the woods' but hoping I can sort some F&F's early next year. If I can pay the lot then great but if I can't then things will be much better

My LBM was in 2011 - a long time ago. It wasn't really a flash of light but my Missus jumping on the whole thing.....you know.....cash withdrawals from one card paying the minimum on another! We had payday loans by then too

I spoke a few times to Step Change (then the Consumer Credit thingy....) and when it came down to it, I thanked them and started the DMP myself........'self-managed.' I really appreciate what they do and they are very approachable and professional. Please use them but if you can speak up for yourself.....acknowledging to the world that you are not in the best financial position it may well be worth looking at 'self-managing.'

In 2011, I was in a very dark place. Whilst I may still not be out of this for a while I have learned something along the way. I made grave mistakes whilst I was 'self-managing' and I just want to say to anybody doing the same to PLEASE heed these words:-

- No matter what threats are made to you DO NOT pay any payday loan company or 'respectable' bank money that should be going to your utilities.
- Make sure your mortgage, electricity, gas, water AND COUNCIL TAX is all paid before offering anybody else one penny.

I had TWO attachments for Council Tax arrears. OK.....I was pleased they were paid BUT an attachment 'knackers' the cash-flow completely and in ridding ourselves of payday loans found we were looking for them again! If you haven't been there, you would not believe how much of your wages can be taken in an attachment of earnings.; The 'self-managed' DMP can go to the wall!

Do not go there. Please, make sure all of your utilities are paid. If you do this then the 'self-managed' DMP is pretty-OK!!

All the best everybody!

Brogden.

igaveupnowimback

First payment to SC today, message on site says they are 'Unable to pay one of my creditors - it's my former bank, CC and overdraft. Status says 'Held'. Will call SC tomorrow, but any ideas?

igaveupnowimback

I seem unable to grasp my new SC budget, I am used to having LESS disposable income than that actually allows, yet I can't organise myself, don't know how best to divide up the budget to cover the various categories so they build up as required. I couldnt understand the YNAB budget. Any tips on organising ?

Sazzie23

igaveupnowimback wrote: »

I seem unable to grasp my new SC budget, I am used to having LESS disposable income than that actually allows, yet I can't organise myself, don't know how best to divide up the budget to cover the various categories so they build up as required. I couldnt understand the YNAB budget. Any tips on organising ?

Well done for actually having a look at the budget & YNAB, more than alot of people manage

I'm still learning this budgeting thing, but my 5 things are

1- transfer all the fixed bills payments into a bill paying account (mortgage, SC, gas etc)

2- all the amounts that I am supposed to save for bills like car tax, insurance, goes by standing order into a savings account, (I use a building society without internet access so I can't raid it too easily)
.
3-money I am supposed to save for odd things like haircuts, car service, house maintenance where in my case where I don't have a regular spend date, goes into yet another savings account (with a card but I dont carry the card with me)

4. fuel money goes by standing order into a prepaid credit card account - but make sure you check costs for this

5.the rest is money for shopping and daily expenses which stays in my main account & i monitor useage
I think this is the bit I struggle with the most, especially as its very easy to overspend in the supermarket. I also use the supermarket fund for going out costs, so if I eat out I have to cut the shopping costs.

Doing it this way means I can always put fuel in the car, pay the essential bills and have to make an effort if I want to spend my savings on something (essential or otherwise).

I'm sure there are better ways of doing this, but its working for me at the moment. You need to adapt any system to make it work for you.

Hope it helps

Sazzie23

Zerdi6 wrote: »

: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

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.

igaveupnowimback wrote: »

First payment to SC today, message on site says they are 'Unable to pay one of my creditors - it's my former bank, CC and overdraft. Status says 'Held'. Will call SC tomorrow, but any ideas?

Hi Zerdi6,

Glad you found us, and its working out with SC, does sound like you might be able to consider self managed at some stage too? Well done for ditching the fee charging DMP

IGUNIB

Is your bank HSBC too I wonder if its a technical glitch? Or possibly a system is not recognising an account number or something maybe? You can always contact SC on the online system & they will get back to you, can take a day or two but I have problems contacting them by phone at work so I find that facility really useful.

Looking forward to tomorrow to find out what the issue was ??

igaveupnowimback

Thanks so much Sazzie, really helpful, especially no.2 - I know I would raid it, need to go no access too lol. Lots good suggestions there. Bank not HBSC, will call SC, cheers.

Zerdi6

igaveupnowimback wrote: »

I seem unable to grasp my new SC budget, I am used to having LESS disposable income than that actually allows, yet I can't organise myself, don't know how best to divide up the budget to cover the various categories so they build up as required. I couldnt understand the YNAB budget. Any tips on organising ?

I've just started a system similar to Sazzie:

I have my salary paid into my main current account, which is the account all my bills, mortgage, car insurance etc comes out of.

I then transfer an amount to a second current account (my 'living' account) which is for food, fuel and anything else.

I have 3 savings accounts which an amount is transfered into each month:
1. car/household. This is for mot, car tax, car repairs, household repairs/items
2. gifts. This is for birthdays, Christmas gifts etc.
3. General savings. This is just me trying to build a bit of money up behind me, not to be touched.

Sazzie23 wrote: »

Hi Zerdi6,

Glad you found us, and its working out with SC, does sound like you might be able to consider self managed at some stage too? Well done for ditching the fee charging DMP

Hi Saz, I did try self managed between DFH and SC, I like being very organised (can tell I'm a Virgo!) and it went well with the majority of my creditors. I then got to a point where I had a lot going on with work and family and felt I needed a little more support. I definately feel it's something I can look at again in the future though