DMP & Mutual Support Thread - Part 10

FuzzyDF

antonic wrote: »

To me the letter is a sign of good news for you ... why ??

1) They have defaulted you (thats the S87 reference

2) As they have defaulted you no further interest or fees should be charged and

3) If its sent to their in house DCA (Blair Oliver & Scott) they will accept the payment offered through your DMP .

They certainly did all 3 for me when I defaulted !.

Thank you for putting my mind at ease, must say I got a bit stressy about this letter; I know its probably computer generated but still.

I shall unpack my Holloway Prison bag

antonic

FuzzyDF wrote: »

Thank you for putting my mind at ease, must say I got a bit stressy about this letter; I know its probably computer generated but still.

I shall unpack my Holloway Prison bag

Glad to hear that bag is now unpacked and your feeling calm !

kalcide

Evening all!


I sent my application off to Stepchange yesterday, and started to contact my creditors to let them know whats happening.


The man at Very, seemed ok with me and asked me to make sure I had their address to send the plan/pack to them?


I took down the address, but I wasn't sure what he meant.


Do I get some thing back from SC that I then have to forward onto each creditor?


Also, is it best to start the £1 token payments without agreeing it? as some ive spoken to or emailed and they have agreed but some ive only just sent letters off to as I too scared to ring them!!!




Also, how long after the dmp is in place will creditors take a f&F? like my next account is only £300 so was thinking about using some of my free council tax months and using that?

Sazzie23

kalcide wrote: »

Evening all!


I sent my application off to Stepchange yesterday, and started to contact my creditors to let them know whats happening.


The man at Very, seemed ok with me and asked me to make sure I had their address to send the plan/pack to them?


I took down the address, but I wasn't sure what he meant.


Do I get some thing back from SC that I then have to forward onto each creditor?


Also, is it best to start the £1 token payments without agreeing it? as some ive spoken to or emailed and they have agreed but some ive only just sent letters off to as I too scared to ring them!!!




Also, how long after the dmp is in place will creditors take a f&F? like my next account is only £300 so was thinking about using some of my free council tax months and using that?

Hello Kalcide and welcome :wave:

Start off with the easy bit, SC will write to creditors, but you can do so as well. Most people send a covering letter with their £1 token payments, I'm sure someone here will be able to quote one, or look back on the thread for ideas. Actually I think SC send you one in their pack.

Send £1 payments to each creditor where there is a payment due, include the covering letter even if you have told them by phone. If you are using bank transfer, just send the letter without the payment, but say that is what you have done.

Regards F&f I don't think you'd get very far straight away (although do you lose anything by asking? Comments......)
As Kate has said get more off if they've gone to a DCA and still have a while to run. I suppose it also depends on what the rate or repayment is likely to be ?

Have you got any sort of emergency fund? We harp on about it a lot here, but it can make a huge difference to how you survive the DMP.
Maybe better to save the money for now and consider again in 6 months?

Good luck with it, glad you found us

Kate_fixing_it

Happy December DMP-ers! The month where, as a debt buster we are probably the least stressed because we know there aren't going to be credit card statements the size of War and Peace dropping through the door next month

After a lot of thought I'm taking the F&F offer once I have it in writing. It'll eat into my emergency fund a little but Dec bills are covered, Christmas is covered and by the big day I'll owe £7057. Best gift EVER

As regards to your F&F plan Kalcide, I think it's doubtful (sorry). As much as that debt is a millstone around your neck by Feb/March you'll barely have registered on their radar. You'll get lots of automated rubbish through the post but it's unlikely that a real human being will have even looked at it yet. As Sazzie said, I think an emergency fund is more appropriate for those funds and will be better for you in the long run. I'm incredibly lucky to have got what I have, it's only 9 months since Creation last got a "full" minimum payment from me and they're still making money out of me! Focus on settling into DMP life, living within your means and fighting any interest and charges. Sorry, I know it isn't what you wanted to hear.

Have a great day all

Kate x

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

I just need to run in, jump up and down and shout at the top of my voice ......

OUR DEBT IS UNDER £10K, WE ARE IN 4 FIGURES!

Thank you Student Loan Company, you really have made my (and of course my daughter's) day :T

TTFTM x

Flippin fantastic news

HHx

almamatters1985

Hello everyone,

I'm starting my self-managed DMP today and am interested to hear other people's experiences.

I was going to use Stepchange but I stupidly forgot to add two of my creditors. I also felt that I could easily do it myself so I've cancelled that arrangement.

I've posted out my letters to all six creditors this morning including a budget sheet and explaing that I have £xxx spare each month. I've split this pro rata between each creditor and set up standing orders for five of them. (QuickSquid will need to provide me with that information which I've requested in their letter). First payments will go out 27th December.

I've been through the angry letters/phonecalls then defaults and DCA process before so I'm not too worried about that. I was just wondering how everyone else copes doing it self-managed. Have you had interest frozen relatively easily or have you had to fight?

Here's to being debt free in two years! :T

kalcide

Kate_fixing_it wrote: »

Happy December DMP-ers! The month where, as a debt buster we are probably the least stressed because we know there aren't going to be credit card statements the size of War and Peace dropping through the door next month

After a lot of thought I'm taking the F&F offer once I have it in writing. It'll eat into my emergency fund a little but Dec bills are covered, Christmas is covered and by the big day I'll owe £7057. Best gift EVER

As regards to your F&F plan Kalcide, I think it's doubtful (sorry). As much as that debt is a millstone around your neck by Feb/March you'll barely have registered on their radar. You'll get lots of automated rubbish through the post but it's unlikely that a real human being will have even looked at it yet. As Sazzie said, I think an emergency fund is more appropriate for those funds and will be better for you in the long run. I'm incredibly lucky to have got what I have, it's only 9 months since Creation last got a "full" minimum payment from me and they're still making money out of me! Focus on settling into DMP life, living within your means and fighting any interest and charges. Sorry, I know it isn't what you wanted to hear.

Have a great day all

Kate x

no that's fine. its all new to me so glad im getting advice as to what to do. We have a big year ahead so having an emergency fund (which I have not had in a long while) will be great!

NewYorkJetsFan1

Hi,

I have been lurking on this thread for quite some time, I am 4 months into my DMP with Stepchange all going well except Barclaycard but I will save that story for another time.

I have a dilemma and as nobody knows about my plan I thought I would ask my virtual friends who had no idea of my existence until now.....

I currently work part time and am looking for a full time job - I have an interview in 2 weeks time for an admin role with a police force, I have printed all the forms out today and there is one section on finance and the reasons they want to know this. What happens if it comes down to me an A N Other will I be rejected because I have a DMP ? Thinking about cancelling the interview rather than putting myself through the trauma.

I am happy in my current role and have been for a few years so no reason to leave other than I would like more money.

Any thoughts greatly appreciated.

NYJF

antonic

You could contact them before the interview and make them aware of your financial situation and ask if it would adversely affect your application.

Whatever you do dont lie, because if you are successful and they then discover the DMP, they could dismiss you for lying on your application.

The reason they ask for this info is that you *could* have access to sensitive information, which others with nefarious ideas may want to know and offer you obscene amounts of money to find out ....

Good luck with your interview !