DMP & Mutual Support Thread - Part 10

Sazzie23

Mum2three wrote: »

Thank you, was advised about a debt relief order but for now the dmp sounds like the best option. We have very little money to give the creditors which is why it's going to take so long. Waiting on confirmation about the mini credit account which would reduce the amount we owe quite a lot. Will deff stick around, apart from my husband no one knows about the dmp so is quite overwhelming

And it's no one else's business if you choose not to tell them, personally I've found having a line about saving for pensions or paying off debt to do xxx keeps any troubling enquirers at bay. Glad you've shared with DH though, helps if you have someone on your side (apart from us:D)

A lot can and will change in 35 years, so whilst it may be the long haul, you might find the time can reduce dramatically further along.

Merry Christmas from mini credit though :j

Sazzie23

spot3 wrote: »

what i've done is phone to check its definitely £0 and i've received letters from all of my creditors telling me that its cleared, I didn't have to ask for them.

Thanks, that's useful to know, I shall have dreams of £0 balance letters dropping through my door - only dreams at the moment, but one day:o

jubilee14 wrote: »

Well done Spot3, and thanks for the update will go check out the balance.... sadly bit more than 3 payments to go but hey its xmas

That amount owing showing on your sig is really coming down though

Puzzcat wrote: »

I'm into the 52's.......


puzz. x

Woohoo go Puzz, can't wait til this payment goes out and will be down to 40 payments (or so) left:T

And Hutch, sorry it's taking time to settle down, especially this time of year when it's tough going. Do you want to say which creditor is refusing to accept, someone else on here might have direct experience that could help?

Regards SC not being in touch, the information is sent via a portal link rather than in the mail and I think this does cause problems at times. Double check you have given all the creditors the correct SC ref, (I had 2 for a while which caused a problem) and also check the creditor details given to SC are correct! It's easy to make a mistake at start up when it's very stressful. Ask SC to notify the creditors again if you get any more calls from creditors.

Not sure why you keep getting the letter from SC surely once a month would be enough, can you call them to check everything is ok ?

But hang in there, it will get better and this time next year, you'll look back and be pleased you did it.

Sazzie23

_I guess that quite a few folk will be out of circulation for the Christmas break so

:xmassign::xmassign:

Hope you get :snow_grin if you want it and plenty of _party_ time.

Hopefully :santa2: will leave lots of Nice things under the :xmastree:

Congratulations on another year in DMP land.:beer:

babybaby1

can I say hi, coming onto my third payment with Step change, and feeling good that things are under control, they think it will be just over 4 years to be debt free, and I can't wait :-) Stepchange have been great things got set up quicky they had no hassle from anyone and all accpeted the payments, I unfortuntely have had hassle from a couple - Very and Bank in terms of phone call, Very did stop and I have lodged complaint but bank are still phoning (although when I google the number it says scam number!), but I have put their number on block, and had a couple of other issues with them but letters of complaint have gone in a few weeks ago so should hear soon from them. I do have another name on MSE but would prefer to keep that :silenced: if you don't mind.

I am looking forward to christmas as I have been able to buy things with cash

cydney11

Hi i've been on DMP with step change since 2011. At the start I owed £26000 now £12000. My DFD estimated to be jan 2017. I've been a bit of a plodder but woyl now like to speed things up with more frugalism and some overtime. My question is should i snowball with any extra cash as i go along or save and ask SC to offer settlement later in the year when i will owe around £6000. I found another thread Paddle when starting DMP. So sorry for barging in here but thoughts would be appreciated. Thanks Cyd.

cydney11

cydney11 wrote: »

Hi i've been on DMP with step change since 2011. At the start I owed £26000 now £12000. My DFD estimated to be jan 2017. I've been a bit of a plodder but woyl now like to speed things up with more frugalism and some overtime. My question is should i snowball with any extra cash as i go along or save and ask SC to offer settlement later in the year when i will owe around £6000. I found another thread Paddle when starting DMP. So sorry for barging in here but thoughts would be appreciated. Thanks Cyd.

Sorry i meant paddle was really helpful when starting out.

Sazzie23

cydney11 wrote: »

Hi i've been on DMP with step change since 2011. At the start I owed £26000 now £12000. My DFD estimated to be jan 2017. I've been a bit of a plodder but woyl now like to speed things up with more frugalism and some overtime. My question is should i snowball with any extra cash as i go along or save and ask SC to offer settlement later in the year when i will owe around £6000. I found another thread Paddle when starting DMP. So sorry for barging in here but thoughts would be appreciated. Thanks Cyd.

Hi Cyd.m

fantastic news about your DMP progress, I think plodding at the start til you find your feet seems sensible and being able to see the end makes it much more feasible to aim for a reduced DFD.

Couple of questions - apologies if they are obvious but they could be relevant to advice or suggestions given.

Firstly do you have up to date balances from the creditors ? Not just the SC balances as they could differ a lot.

Secondly do you have decent emergency funds (or back up from a partner or family who has access to funds or credit). ?

Thirdly do you currently pay any interest or fees to any of the creditors ?

Hopefully this will help give suggestions as to how to go.

Thanks for joining us, we like company here.

spiffyiffy

Hi all,


I haven't updated in a while for many a reasons but so here goes: I finally started my DMP on 1st Dec and am paying £71.00 a month and that has already been taken out; am relieved.


My DFD is 20/08/2051; that is over 30 years away but will hopefully come down as I pay more off, etc. I've just got a few letters to write to a few of my creditors to see if they'll refund any of the late charges and interest. I have 2 questions to this does anyone have a template for this which I have seen on here a few times and should I just send the same letter out to all my creditors?


Thanks

cydney11

Sazzie23 wrote: »

Hi Cyd.m

fantastic news about your DMP progress, I think plodding at the start til you find your feet seems sensible and being able to see the end makes it much more feasible to aim for a reduced DFD.

Couple of questions - apologies if they are obvious but they could be relevant to advice or suggestions given.

Firstly do you have up to date balances from the creditors ? Not just the SC balances as they could differ a lot.

Secondly do you have decent emergency funds (or back up from a partner or family who has access to funds or credit). ?

Thirdly do you currently pay any interest or fees to any of the creditors ?

Hopefully this will help give suggestions as to how to go.

Thanks for joining us, we like company here.

Hi S23

Thanks for welcome. I do have accurate balances though rough estimate here. I plan to have £1000 emergency fund by late jan. I have 2 defaults £59 and £1400 due to drop off jan 2018, that i would like gone first. 2 AP with Barclay £2500 and £4100 both at 6.9%. Another card account £2870 at no interest, and no markers cause they made a mistake as should have D me, so reimbursed lots of interest. 1 private/student loan £970 no interest and doesnt show on ref agencies agencies. That's it :-)

I would like it all gone asap ( obviously) would like to try or another mortgage. Thats why i wonder whether settlement offers would make things worse bearing in mind i already have 2 D and 2 AP.

Puzzcat

spiffyiffy wrote: »

Hi all,


I haven't updated in a while for many a reasons but so here goes: I finally started my DMP on 1st Dec and am paying £71.00 a month and that has already been taken out; am relieved.


My DFD is 20/08/2051; that is over 30 years away but will hopefully come down as I pay more off, etc. I've just got a few letters to write to a few of my creditors to see if they'll refund any of the late charges and interest. I have 2 questions to this does anyone have a template for this which I have seen on here a few times and should I just send the same letter out to all my creditors?


Thanks

Hi,
Maybe adapt this to suit your complaint although its more for those that are still charging interest rather than requesting interest back, but i'm sure you can do something with it..! I haven't seen a template specifically for charges during set up as most of us I believe just suck them up in the hope they go 0% for the long term..!


Your address


Date


Dear Sir/Madam

Re: **Credit Card – account details


Thank you for your statement concerning the above account. I am sorry that you feel unable to freeze interest and charges on this account.

As you are aware, I am in a DMP with Stepchange, reference number*** . The majority of my other creditors have agreed to the offer of payment and agreed to suspend any interest charges still accruing. They have accepted that to continue to charge interest would not assist me in my present financial difficulties, and can only serve to delay my efforts to repay this debt.

I have already paid considerable sums in interest to my account.If interest charges continue, the monthly instalments I am paying will onlyjust cover that interest. Also, the cooperation of my other creditors who havea greed to freeze interest already would be put at risk.

I am aware that you subscribe to the Lending Code which statesthat lenders will consider reducing or suspending interest and charges if these would cause the debt to increase or lead to the repayment term becoming too extended. I would therefore be grateful if you would reconsider your decision not to freeze the interest. This wouldmean that the monthly payments I make would actually reduce the balance outstanding to your company within a reasonable time period.

Please consider this letter as a complaint about the interest and charges you are continuing to apply to my account. I would like to see these stopped immediately.


If you are unable to help me with this issue,I will have no alternative but to take this case to the Financial Ombudsman Service.

I look forward to hearing from you as soon as possible.

Yours faithfully