DMP & Mutual Support Thread - Part 10

drhuxtable

Hey, just thought I would check in to let you all know how I’m doing with the DMP. Finally activated the plan with SC, first payment coming out 01/10/2014, after paying tokens for 3 months. The Amigo loan is now paid, so guarantor will get no mither. Had some default notices. There’s been mountains of letters sent through the post although this is settling down now along with the phone calls. I found a lot of the creditors completely ignored my token payments and letters and just piled on late fees. I have had 3 acceptances of the DMP already 2x Capital One and 1x Vanquis. Barclays have been quite understanding as have a few others but shop direct and namely Lightening Loans (Savvy) have come down hard bombarding me with letters, phone calls, texts. Additionally Savvy are saying they have not even heard from SC and check their dmp letter pile daily.. I have only heard from Wonga once in the past 3 months, Lending Stream have transferred to a DCA. I’m relieved that my wages are going to the safe haven of co-op, I’ve built a bit of savings up andfinally feel that the ball is rolling. Just wanted to say thanks for everyone who replied to my plight and also reading the forum got many tips on how to get round this mess. Have totally now realised credit isn’t for me. Once I become DF I’m just going to save a lot and I will be well practiced on budgeting with my own money! I’m sure you will hear from me again, so bye for now and thanks again, doc

sunnyskies2

drhuxtable great news to hear how things have already turned around for the better...onwards and upwards towards debt freedom and savings

Sarah x

Nellie1331

Hello everyone long term Lurker here, but thanks to reading your posts on here my hubby and I have gone for a DMP with stepchange starting 1st oct , Its going to be a long one about 14 years ,but you never know our circumstances may improve , got a letter from Barclays this morning saying they defaulting our loan unless we stop DMP ? can anyone help is this usual practice ? Many thanks Nel

Brogden

Nellie1331 wrote: »

Hello everyone long term Lurker here, but thanks to reading your posts on here my hubby and I have gone for a DMP with stepchange starting 1st oct , Its going to be a long one about 14 years ,but you never know our circumstances may improve , got a letter from Barclays this morning saying they defaulting our loan unless we stop DMP ? can anyone help is this usual practice ? Many thanks Nel

Hi Nellie,

So pleased to hear of your decision and wish you all the best going forward.

When you bear in mind that Step Change is funded by the banks it seems odd they should act in such a 'DMP-unfriendly' way. Of course they would prefer that you were not on a DMP but they have to accept it.......surely?

Guite honestly Nellie, their threat is entirely irrelevant. I am sure you knew when you came to a decision to go into a DMP that banks would issue defaults - that is the real cost to us lot of going on DMP's! The benefits are great though

All the best,

Brogden.

Growurown

Nellie1331 wrote: »

got a letter from Barclays this morning saying they defaulting our loan unless we stop DMP ? can anyone help is this usual practice ? Many thanks Nel

Hi Nellie, yes it is the usual practice. Even though you have done the honourable thing and are sorting your debts, you still haven't paid what you agreed to pay when you took out the loan, so it's a default regardless of the circumstances. Don't worry about it though, you won't be wanting any more credit for a long time yet!

Nellie1331

Thanks for replies, Feel so stupid now I didn't realise that's what it meant should of googled it before

Growurown

Nellie1331 wrote: »

Thanks for replies, Feel so stupid now I didn't realise that's what it meant should of googled it before

No query or worry is stupid:) We all started off in a state of ignorance as to how it all worked, which is why this thread is so great:D

Nellie1331

Thanks GUO you are so right this is a great thread and indeed a fantastic site, I was only a few weeks ago in a dark scary place but now since looking round the site , and contacting Stepchange , I feel like I will soon be seeing a light at the end of the tunnel

Sazzie23

Nellie1331 wrote: »

Thanks GUO you are so right this is a great thread and indeed a fantastic site, I was only a few weeks ago in a dark scary place but now since looking round the site , and contacting Stepchange , I feel like I will soon be seeing a light at the end of the tunnel

Well done Nellie for focussing on your debts and finding that elusive light, it will all work out and I'm sure your positive attitude will help shorten that DFD.

Remember for everyone that has the courage to ask a question there are several people out there lurking and wishing they had asked it. So you are helping others already - welcome to the thread:D

Nellie1331

Thank you Sazzie, I have found such comfort and strength through reading diaries and posts put up by others ,My husband knew we had debt ,but I had kept the fact we were struggling to pay the debt away from him, my thoughts were no point 2 of us worrying ,and I felt like I had let him down ,how was I going to tell him we were going to have to do a dmp? ,but through reading other peoples experiences and speaking to Stepchange, I told him phew what a relief ,he was fine ,and even though I am the one dealing with everything at least I know he is aware of the situation ,no worrying when the postman comes ,and through everyone's experience's and the fact that its documented on here, it has given me the reassurance that everything will be fine ,so a massive thanks to everyone who has had the courage to post their thoughts and situations Nellie xx