DMP & Mutual Support Thread - Part 10

Puzzcat

moneypit2014 wrote: »

Hi and good morning to you all

My husband and I will be entering a DMP with SC from October and thought I would pop my online head in and say hi.

We have a significant amount of debt (>£40k) which has accumulated over the years, in fact we've been in debt since we got together over 10 years ago!

Hello and welcome moneypit2014,


Well done on taking the plunge into the happy world of dmp land, if you haven't had a chance yet, make a cuppa and settle down and read this wonderful thread and the previous one's if you can. They contain many of the answers to questions you didn't even know you wanted to ask!!!


Do pop back and let us know how you are getting on.
Puzz. x

Puzzcat

BeingDebtFreeStartsHere wrote: »

Had our online log in details for SC this am. When I logged on there is all the info I submitted to SC regarding balances etc for each debt we have.

When SC contact the creditors to inform them of the DMP do they get current outstanding balances or is it up to us to keep a track of the balances for each creditor and update the 'my debt' section on SC's website?

I can add this into the letters before thet get posted if we need to get this info.

Thanks in advance

Hi BDSFH,
I second everything that sunnyskies wrote. I would also add that don't forget your total debt is more likely to rise before it goes down due to the charges and interest added whilst setting up the dmp. Mine rose by about 1%... £600 :eek: But all going in the right direction now..!


Do keep an eye on your statements and update your sc balances online every month so you know where you stand and if you need to fight interest charges as you go along then make sure you write to the creditor using the word complaint and if you have no joy then fight them with the FOS.


Good luck.
Puzz. x

kb_soma

BeingDebtFreeStartsHere wrote: »

Had our online log in details for SC this am. When I logged on there is all the info I submitted to SC regarding balances etc for each debt we have.

When SC contact the creditors to inform them of the DMP do they get current outstanding balances or is it up to us to keep a track of the balances for each creditor and update the 'my debt' section on SC's website?

I can add this into the letters before thet get posted if we need to get this info.

Thanks in advance

BDFSH, I recommend updating your debt balances regularly, that way it isn't a shock if there's interest added to them. SC work out your estimated balances on no interest being added.

Hope this helps.xx

BeingDebtFreeStartsHere

Thanks everyone for you replies - I really appreciate it

How do I go about getting information on my loan balances on a monthly basis? A couple of loans I have online access to, however the ones with Tesco and The Co-operative Bank were done via postal application and I have no internet access to these accounts?

I have asked for an up to date outstanding balance for each account in the letters that all the creditors should all receive tomorrow :eek: informing them of the DMP and requesting interest and charges to be frozen as advised by the fab, helpful people on here

Thanks again,

BDFSH x

MegNificent

Sazzie23 wrote: »

Hey Meg,
Sorry rushed a bit this morning but just wanted to say, don't be too hard on yourself, you made some choices that didn't work out so well, those bingo sites are very persuasive and it's easy to lose a lot easily. You have had some dreadful news and your mind was not thinking straight. I think you should consider talking to your husband, how would you react if he had done some thing similar?

Your debt is not massive, although it must seem it, I know you can't pay at the moment, so cancel your direct debits, call you creditors and tell them you are in financial difficulty are consulting stepchange, and will be making token payments. All creditors should give you a 30 day hold to sort things out. This will give you time to decide what to do. DMP is fine way to go if you understand what it's about, what it will do to your credit status and what it actually means.


It is possible to hide this sort of thing from a partner or husband but I think a lot of folk have found it more practical to share as your budget will be highly impacted for the duration of the DMP and that can take some hiding.

There will be some more folk along later with good advice, but in the meantime don't panic, and if you are able to take some time off work (sick/leave or otherwise) I would consider it to give yourself time to sort it.

Thank you for your kindness x

sunnyskies2

Hi all

Welcome moneypit and meg - I would just like to let you know I started my DMP in June and it has changed my finances and state of mind dramatically for the better, those creditors are truly no longer to be feared or controlled by ...and this forum is the best for advice and support too whenever you need it.

bdfsh I seem to have been receiving regular letters with updates on my loans at the moment. I guess when things settle down, I.e. Default I will then have to phone them each month. I know another poster monkeyballs used to phone his creditors each month for a balance update. It is important to do this though, as some people have had a horrible surprise at the end of their DMP where interest was perhaps re-instated without them being made aware.

Sarah x

Puzzcat

BeingDebtFreeStartsHere wrote: »

Thanks everyone for you replies - I really appreciate it

How do I go about getting information on my loan balances on a monthly basis? A couple of loans I have online access to, however the ones with Tesco and The Co-operative Bank were done via postal application and I have no internet access to these accounts?

I have asked for an up to date outstanding balance for each account in the letters that all the creditors should all receive tomorrow :eek: informing them of the DMP and requesting interest and charges to be frozen as advised by the fab, helpful people on here

Thanks again,

BDFSH x

I keep an eye on my loan and overdraft by checking noddle each month. It is usually a month behind. You can always ring and ask them and they should send an annual statement.
Puzz

BeingDebtFreeStartsHere

I'm so sorry to keep asking questions on a daily basis!! I hope that things will settle soon and I will not need to keep asking for help!

Both our MBNA credit card accounts now say 'suspended - the charging privileges for this account have been temporarily suspended' - when we log onto our online banking accounts. Does this mean that the accounts that we have will have been frozen at the interest rate we are currently paying? Or has any 0% deal now been removed?

I don't understand the jargon used at the mo but hoping my knowledge will continue to improve as we go through this journey!!

On a more positive note - my noddle account says I owe £1500 less on 2 of my loans than I thought Will wait for an exact figure from the lenders but hoping it's all correct!!

Thanks everyone,

BDFSH x

Sazzie23

MegNificent wrote: »

Thank you for your kindness x

Hi Meg how are you getting on, have you had time to sit down and read through this thread, there is lots of advice on here.

Remember we have all been there for one reason or another and we are all looking forward to the debt free day I the future.

Kate_fixing_it

Hi all,

I'm up with the larks today! Typically I slept in yesterday...interview day :eek: it seemed to go well. I did a lot of preparation and hopefully I impressed them. They have more people to see so I'm not expecting to know for two weeks.

No money from PPI yet but SC were paid today so that's all my regular bills paid and 5 months of my DMP under my belt

Welcome Meg, how are you feeling? We all know how scary it is at the start but as others have said it really does get easier. Keep reading and asking. The chances are that whatever you are asking there are also people reading that want to know the same things.

BDFSH: don't apologise for asking, the more you know the better armed you are and as above there's undoubtedly someone reading and wondering the same things.

Road trips this weekend for me DD1 is arranging our itinerary for seeing the uni campuses at Nottingham and Bristol and I'm looking forward to it a little scared at how grown up my "baby" is! Couldn't have imagined 6 months ago that this would be possible (financially) but here we are picking out a driving route and getting ready to go!

Have a great day all

Kate x