DMP & Mutual Support Thread - Part 10

Sazzie23

ferry wrote: »

Guys just popped in to ask a quick question please.
Something just occurred to me,been busy cancelling and transferring DD's all weekend to new bank in preparation for a new account.
Will my existing bank get suspicious of me doing this and start asking questions?

Anyone with any experience of this and how did you handle it?

Thanks as usual
F x

Mine didn't cotton on either although we left a few of our 'should have cancelled a long time ago' DD's until the account was actually closed.

Our £5500 overdraft was just moved into the DMP.

Hope this helps, happy banking.

Sazzie23

Just a late post

There is another thread post which say DMP fee paying provider Spencer Hayes has gone into administration. Hopefully no one we know on here uses them, but I realise we have more readers than contributors (happy lurking:wave:).

If you use Spencer Hayes, do not pay them any more money, contact your creditors ASAP and get up to date balances.

Be brave and post here if you need help with this.:eek:_pale_

ailz95

Puzzcat wrote: »

That is really interesting, I thought ap markers showed for 6 years after the debt was settled? Does it not show on any of the credit files?

I thought that too, but I had 2 debts marked as AP and both of them just disappeared when I paid them off. My dmp was running from 2009 - 14. I use Noddle so they were a little longer catching up, but, although the defaults are still there the AP are gone - and all accounts are marked satisfied.

Ailz

Puzzcat

ailz95 wrote: »

I thought that too, but I had 2 debts marked as AP and both of them just disappeared when I paid them off. My dmp was running from 2009 - 14. I use Noddle so they were a little longer catching up, but, although the defaults are still there the AP are gone - and all accounts are marked satisfied.

Ailz

Thanks aliz, that's really encouraging news for those of us on ap with bc.
Puzz.x

neiljmuk

Hi all, sorry if I come across as wanting to be spoon fed but after dropping in here a month or so ago it's time to get the party started.

I need to get 'I can't pay but here's £1, my step change ref and wait for there correspondence' type letters sent, and I just cannot find the template. All I saw was templates but now I need one I can't find however long I trawl back. Probably because I'm rushing I know.

Thanks in advance if anyone can post one up. I'll be on here a lot more from now on. Missed a month of payments. Late tokens being made so the nasty bit has started (mobile calls galore - currently ignored but then they don't leave VMs!)...

Puzzcat

neiljmuk wrote: »

Hi all, sorry if I come across as wanting to be spoon fed but after dropping in here a month or so ago it's time to get the party started.

I need to get 'I can't pay but here's £1, my step change ref and wait for there correspondence' type letters sent, and I just cannot find the template. All I saw was templates but now I need one I can't find however long I trawl back. Probably because I'm rushing I know.

Thanks in advance if anyone can post one up. I'll be on here a lot more from now on. Missed a month of payments. Late tokens being made so the nasty bit has started (mobile calls galore - currently ignored but then they don't leave VMs!)...

Hi,


Something like this.


Accountdetails


Dear Sir/Madam


I am writing to inform you that I am currently seeking advice and assistance regarding my current financial difficulties.


I am working with StepChange to set up a Debt Management Plan (DMP) – my reference number is *** . They will send you an offer ofpayment along with a copy of my budget and list of creditors.

I am unable to meet my normal monthly payments, would you please accept a token payment of £1 per month until StepChange contact you withmy DMP details. I would appreciate if you could hold any action on the above account until this time.

I would ask that you please consider stopping or reducing interest and any other charges on my account to help me during my financial difficulties and to avoid increasing my debts any further.

I would be grateful if you could move my current ‘due date’ to 25th or later in the month to avoid timing differences with Stepchange which might result in unnecessary late payment charges, further compounding my debt problems.

I would please note all future communications should be in writing only.

I thank you inanticipation of your assistance and co-operation whilst I am going through this difficult time, and assure you that I am doing everything I can to resolve my current financial situation in a responsible and sustainable manner.

Yours faithfully

neiljmuk

Puzzcat wrote: »

Hi,


Something like this.


Accountdetails


Dear Sir/Madam


I am writing to inform you that I am currently seekingadvice and assistance regarding my current financial difficulties.


I am working with StepChange to set up a Debt ManagementPlan (DMP) – my reference number is *** . They will send you an offer ofpayment along with a copy of my budget and list of creditors.

I am unable to meet my normal monthly payments, would youplease accept a token payment of £1 per month until StepChange contact you withmy DMP details. I would appreciate if you could hold anyaction on the above account until this time.

I would ask that you please consider stopping or reducinginterest and any other charges on my account to help me during my financialdifficulties and to avoid increasing my debts any further.

I would be grateful if you could move my current ‘duedate’ to 25th or later in the month to avoid timing differences with Stepchangewhich might result in unnecessary late payment charges, further compounding mydebt problems.

I would please note all futurecommunications should be in writing only.

I thank you inanticipation of your assistance and co-operation whilst I am going through thisdifficult time, and assure you that I am doing everything I can to resolve mycurrent financial situation in a responsible and sustainable manner.

Yours faithfully

Nice one, awesome. With what I've learned on here, I can tweek that nicely and blast it out. Made some of the token payments online so know they have em too!

Just found out the missus could lose job! Timing!! Did I read here that hardcore DMPers hold out just making token payments for up to 6 months before getting stepchange to start paying creditors? This would give us plenty breathing space if so.

I'm up for this now big time. Knowledge is power. You all got got me confident and ready for this. Thanks all! :beer:

Growurown

neiljmuk wrote: »

Nice one, awesome. With what I've learned on here, I can tweek that nicely and blast it out. Made some of the token payments online so know they have em too!

Just found out the missus could lose job! Timing!! Did I read here that hardcore DMPers hold out just making token payments for up to 6 months before getting stepchange to start paying creditors? This would give us plenty breathing space if so.

I'm up for this now big time. Knowledge is power. You all got got me confident and ready for this. Thanks all! :beer:

That's not good news about your wife's job, let's hope it doesn't happen!

Yes it is quite normal to make token payments for a few months to give yourself some breathing space and build up a bit of an emergency fund. Plus a lot of people when they get that LBM are in arrears with priority debts like council tax or rent, so they need to be paid up first before the creditors get their bit.

kalcide

Wish I'd made more token payments rather than one month. My emergency fund isn't that big with christmas absorbing some of it. Plus my budget sheet hasn't quite worked out the way I thought it was going. Think I need to rehash it as I thought I was going to have more surplus than I did this month. Now worried about really starting it from this months pay as I start with step change on 1st jan.

How does everyone do theirs? Think I need a budget list then a cash book of actual in and out and differences between spent and budgeted.

Also, one more thing. Which credit file company do you use to track what creditors are reporting please?

Puzzcat

kalcide wrote: »

Wish I'd made more token payments rather than one month. My emergency fund isn't that big with christmas absorbing some of it. Plus my budget sheet hasn't quite worked out the way I thought it was going. Think I need to rehash it as I thought I was going to have more surplus than I did this month. Now worried about really starting it from this months pay as I start with step change on 1st jan.

How does everyone do theirs? Think I need a budget list then a cash book of actual in and out and differences between spent and budgeted.

Also, one more thing. Which credit file company do you use to track what creditors are reporting please?

I use noddle as its free...!!


I use the old fashioned pen and paper method for keeping track of my account.. I have a main current account with lots of savings accounts linked to it. On payday I take my pay + anything left over from the previous month and then list all my regular dd's, I then move all my budget amounts into the appropriate savings account - car/christmas/birthdays/e.fund etc.. I also use cash weekly in the envelope system so split it between groceries/fuel and sundries .. once empty, that's it for the week....


Hope it all works out for you..


Puzz. x