DMP & Mutual Support Thread - Part 10

Time_to_face_the_music

drhuxtable wrote: »

Thanks once again for the sound advice, I am forming a plan and getting on with it. God news my new coop account has been opened and I have received the debit card, shame I couldn't redirect this months wages there but I will hopefully be able to transfer funds soon as it goes into my cash card account.

The Wonga CPA is cancelled, I am on with the others and removing any direct debits from my current account etc

I am now ready to start sending token payment letters, looked at the links you provided and can see a template for such a letter. is it advisable to provide a budget statement with this letter then? How much detail is sufficient? Do you need to include all the creditors names and so forth?

I think what I'm going to do is delay the DMP and (concentrate paying off the amigo loan and get some funds behind me) but quote the SC client ref number with these token letters. I'm not sure whether to do the DMP myself yet. Maybe will wait to see what happens.

As for the actual token payments I'm thinking of making these online hopefully where possible. For the loan companies, I would need to get their account details so not sure if that is possible. Although wonga have provided theirs, when I cancelled CPA

Am I correct in assuming these letters should get sent recorded delivery? Is sending token payments online a good idea?

Once again thanks for the advice I really appreciate it, this is an excellent forum, its cleared my head for an action plan for a way out of this mess

I would advise not to send a budget statement, just the template "I am starting a DMP" letter, with the SC reference number and a £1 payment.

I made my payments via online banking but am not convinced this is a good idea for payday loan lenders, I think I would send them a postal order to be on the safe side.

TTFTM x

Time_to_face_the_music

Karen777 wrote: »

Hello
Just wanted to say thank you and hello. I posted on here about a year ago having just taken the first steps towards a dmp with pp and got some encouragement from people on here. I am now a year in and sleeping better than I have for years and looking forward to a debt free life. I am gutted I waited so long and can honestly say it has saved my life. It's hard living month to month and I still have a way to go but I do know even on the bad days that I am getting there.

Most of the creditors have reduced but not frozen interest which is disappointing but can't be avoided I guess and I am grateful they have reduced it at least - apart from Halifax who take half of my payment to them every month in interest. I have written to them repeatedly but no response other than to add default charges and letter writing charges on to my debt to them. After researching, I made a complaint via the FOS yesterday, so see how that goes.

Anyway - thank you all for existing and making this journey feel less scary and good luck to all of you in the same boat.

Kaz.

Hi Kaz :hello:

Halifax really do seem to be a pain when it comes to DMPs and interest but fingers crossed the FOS should be able to sort them out for you.

I think so many of us wait too long before starting to get sorted, I know that certainly applies to me but I honestly did not know there was a solution until I found this forum in desperation one day.

TTFTM x

Time_to_face_the_music

timeforchange2014 wrote: »

Hi all

I have been reading these threads for just over a month now and am about to start on my debt free journey. Still totally confused by a lot of things and have massive ups and downs with feelings.

If I am being honest I have gone from being a confident bubbly character to a reserved lifeless shell. I have daily emotions and thoughts about how our careless actions leading us into debt have now affected our children. Having to tell them we can't go on holiday like their friends in school and we can't do this and that because me and my wife have got ourselves into debt. Some days I think of all sorts of things that are really not viable or sensible.

Anyway for now it is what it is and we have to get ourselves out of it. The only thing keeping us going at present is that we both have fairly good jobs and at the end are planning to take the kids (although they wont be 'kids' then) to America for a proper family holiday and be able to help them out in early life.

Hi timeforchange2014 and welcome :hello:

Your statement "I have gone from being a confident bubbly character to a reserved lifeless shell" rings so true for me. The weight of our debt, and the pressure it put me under, made me into a different person. After a couple of months, I can remember posting on here what it was like to sleep, smile and laugh again.

It's great to have a big target for the end of your debt like a family holiday but I find it really useful and motivational to set and celebrate smaller milestones. Like paying off a certain percentage of your debt or reaching the next hundred or thousand paid off etc.

The support on this thread is second to none, so please stick around and ask anything you want to know, or just have a chat. We are all or have been in the same boat, so there is no judgement, just mutual support.

TTFTM x

Time_to_face_the_music

Baked_Beans_Babe. wrote: »

Hi hope someone can help.
I've been on a DMP with SC since march everything is going great with the exception of HSBC. My OH has a £300 overdraft with them which was included in DMP, when he switched accounts to go with the COOP bank for his basic account, he was switched over using the switch guarantee where the Coop changed all his DIrect Debits,. Fast forward to now the payments from SC to pay off his overdraft are getting put into his Coop account. I've spoken to SC who advised that with the switching anything that gets paid into his HSBC account for the next 13 months will automatically be transferred into his new Coop account.
They advised to speak o HSBC who could top this from happening.
I've tried my best o sort ths out but unfortunately with he HSBC all their call centres are abroad so no one understands what is happening. Has anyone else had the same problem. If so how did you resolve it.
Sorry for the long post.
Beans x

Hi Beans :hello:

I don't really know how this works because I changed over my bank account and DDs completely manually.

Surely though SC can change where they are sending the payment, it seems like all they have to do is change it from paying the Co-op to paying HSBC. What has happened to the payments they made into the Co-op? I think I would try speaking to SC again and asking them to cancel the payment and then set it up again to HSBC.

Hopefully someone else come along who knows a bit more about this and help you get it sorted.

TTFTM x

FuzzyDF

Saturday post - 4 defaults!

My bank Hellifax whom I have a OD and current account have decided to freeze interest but state "your accounts are on their way to our Recoveries team" and "when our Recoveries team have your accounts they or a designated third party will be in touch with you Regular payments should continue to be made while they consider the next steps".:eek:

Being a newbie DMP-er the last sentence is a tad worrying.

Overall the rest of the letter is written in a surprisingly nice tone. They have stated that they are closing my current account. is this a good thing also?

Five creditors have accepted my offers. Must say SC have really made things move very quickly.

TimeToDoIt

I wish id started this is September when it was first suggested to me....

antonic

TimeToDoIt wrote: »

I wish id started this is September when it was first suggested to me....

But be positive and remind yourself that are you NOW dealing with the problem, for which I congratulate you !.

TimeToDoIt

Yes of course that is true Antonic
Thank you

FuzzyDF

Antonic, may I pick your brains. Hellifax have told me they are going to accept my SC payments but will be closing my bank account "while they consider the next steps". They will be passing my O/D and loan to the recoveries team.

Should I be worried or is this standard procedure?

AngelPoppy

Smile Can you help please
Hiya

I'm new to this site so hope I'm posting this in the right place, if I'm not please tell me & I'll move it but wanted to ask for some advice.

We've been in a debt management plan since 2008 & have paid off a huge amount of our debt () and should be all paid off in the next 26 months.
We've been paying around £25 per month to the debt management company but haven't heard from them for nearly year and haven't been able to make contact with them over the last two weeks by email, phone or via their website. Obviously the last two companies we have debts with must be getting our payments but its a bit concerning for us. I've checked with companies house and they're still registered.
We're now thinking that we should leave them and put the £25 to pay off the debts. I've found a contract that I signed and it said I could just leave but does anyone know if its that straight forward please?
Thanks in advance