DMP & Mutual Support Thread - Part 10

Puzzcat

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:

Hi,


I did 3 months token payments, but I'm not sure SC actually like you doing this unless you have priority bills that need paying off.. I just delayed my start up by not sending my paper work back.. Not sure this would work for 6 months mind..! personally I wouldn't leave it that long as the last thing I wanted was ccj's but others may say different... and I guess it depends if you are a house owener or not.. I had some car repairs that needed doing before I launched into my new 'budget world..'


I have read some giving advice of doing this for 6 months to encourage early defaults, well I got defaulted on all mine except 2 within the first 6 months anyway so not sure it really makes a difference....


Sorry to hear about your wife's job, rotten time of year for that news, hope she finds a replacement job quickly.


Puzz. x

Time_to_face_the_music

Hi DMPers, new and old :hello:

Thanks to another redundancy and a fingers still crossed rescue mission, am hoping for an update and maybe even a milestone in the next few days but in the meantime, please can someone tell me .......

Why on earth do we bother with cars? Why don't we just dig big holes and throw money in instead? Oh that's right, because we need one to get to work :mad:

Would anyone like to join me in a quick chorus of:

All I need for Christmas is a new fuel pump

But hey in the scheme of things we should be really happy that we can manage this. Three years ago this would have been an insurmountable disaster. Now while it's difficult to deal with major extra expense, especially at this time of the year, it's do-able and the lessons we have learned from the last 34 months budgeting will stay with us forever :T

Wishing everyone a peaceful and very happy Christmas and a wonderful debt busting 2015 :xmassign:

Thanks for all you all do for this thread :xmastree:

TTFTM x

babybaby1

Puzzcat wrote: »

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..!

Thank you for this, was looking for something similar.

Had a response back from Bank and they admit they did not follow some procedures so have refunded a payment back into my bank account but now means my loan is one month in arrears but hey ho they will get it in due course, and an extra £20 for the problem. Hoping the credit card issue with bank will sort itself out, but not heard from them yet. Need to send another letter to try and stop charges for a catalogue account. Just cant understand why they send out the letters/statements saying you are in arrears but know that they are getting reduced payments or is just because the computer system says "no"!

KrazyKel

Hi Everyone, I hope you all have a lovely Christmas!

After a few months trying to decide if i can manage without a DMP I think ive decided to go ahead with a DMP in the new year

A lot of my debt was on 0% cards after various balance transfers, i wasnt sure if i was doing the right thing by going down the DMP route as would lose the promotion interest rate and they may not agree to freeze interest (espesh barclaycard)
But now a lot of my cards the 0% has ended... havent looked at more offers but don't think i would even be accepted now (thanks to applying for a payday loan oops)

I have one large overdraft with HSBC
Credit cards with Barclaycard, MBNA, Virgin, Asda and Nationwide

Only 1/3 of my Barclaycard has interest on, rest is 0% till March and July next year
0% Has recently finished from MBNA and Virin, And not sure when the offer ends on Nationwide

I Also have 2 Payday Loans, Sunny and QuickQuid....
Im worried about the amount of defaults ill get with this many lenders on my credit file... Im not sure is it worth paying everything I can to clear the 2 Payday loans before starting the DMP?

Also if do the DMP I need to apply for a new bank account too I think! (Co-Op I think i heard a few mention recently)

so_very_confused

Hi TTFTM
Exactly how big is your hole because mines enormous! Beginning to think I hade just about covered everything that could possibly go wrong this year, but fuel pump:eek: I probably won't sleep tonight.

Happy Christmas to all DMPers:santa2:

:snow_laug:snow_laug:shocked::snow_laug

Puzzcat

Cars....these must cause us the most stress on a dmp, no matter how big the emergency fund! This year I have had exhaust, 2 tyres, brake pads, windscreen wipers and a new clutch...and of course mot which never comes in at double figures..... I also still have a funny noise in reverse...that will have to wait.....car tax is due this month and then car fund pot will be empty...
Onwards and upwards........

antonic

I have never needed a car to either get to work , or in my current job role need one to fulfill it.

It helps that I live in a big town (next to a train station) and my work is in a big Northern City (with a train station 10 minutes from it).

I also get an interest free loan through work (I am a Civil Servant) , which I repay over the year to cover the cost of my £1260/year bus/train ticket.

Time_to_face_the_music

antonic wrote: »

I have never needed a car to either get to work , or in my current job role need one to fulfill it.

It helps that I live in a big town (next to a train station) and my work is in a big Northern City (with a train station 10 minutes from it).

I also get an interest free loan through work (I am a Civil Servant) , which I repay over the year to cover the cost of my £1260/year bus/train ticket.

I live in a big Northern city and work in another big Northern city, as does Mr TTFTM. Total cost for both of our train season tickets would be £5920 pa, then we would need bus fares on top of that at approximately £1232 pa for both of us, so we are up to £7152 pa. Oh and then there is the issue that sometimes I need to be in work before the bus can get me to the train station. I think I'll have to stick with the car, despite its money eating abilities!


TTFTM x

Puzzcat

antonic wrote: »

I have never needed a car to either get to work , or in my current job role need one to fulfill it.

It helps that I live in a big town (next to a train station) and my work is in a big Northern City (with a train station 10 minutes from it).

I also get an interest free loan through work (I am a Civil Servant) , which I repay over the year to cover the cost of my £1260/year bus/train ticket.

I also live 5 minutes from a train station, but unfortunately having a car is a necessity for my job! It would take me a month to do a week's work by public transport!

SquirrelNuts

Merry Christmas all!

Just checking in to give an update on my DMP journey...

Maybe this will help any other new starters wondering what's likely to happen

The most disappointing thing for me is seeing the balance steadily rise during December even though all creditors are aware of the DMP. Hopefully it wont be long before the total debt starts falling back down again. To help with this, I'll be posting out 'Stop Interest' letters in early Jan to those who are still charging interest and fees, in the hope that they will decide to be more favorable!

The Stepchange DMP is now set-up and letters were sent out by them in early Dec. First payment from Stepchange is around Feb 25th and I have continued with the £1 token payments this month.

Aqua - no acknowledgement of DMP or token payments. No phone calls. One letter from collections saying over account limit. Still charging interest and fees.

Argos - acknowledged £1 token payments. Letter to say they would default me and pass to DCA unless I commit to repaying at least £5 per month. I believe Stepchange amount will be higher, so hopefully they will be happy with that. No phone calls. Still charging interest and fees.

Barclaycard - acknowledged £1 token payments and have said they will accept DMP plan next month. No phone calls from them, but i have phoned twice and they have been very polite and helpful. No interest or fees since Nov. This is one of my biggest debts so its reassuring that they are being supportive.

Cashplus - no acknowledgement of DMP. One phone call from them, I explained that I am going on DMP which they noted. Still charging interest and fees, but on phone they said they would look to stop this once Stepchange paperwork with them.

Everyday Loan - acknowledged token payments. Quite a few phone calls immediately after first missed payment end of Nov but after sending token payment letter, that stopped. Still charging interest and fees.

Ladder Loans - acknowledged token payments and I was told put account on hold for 30 days but still charged me interest and late fees anyway! No phone calls, a few emails no letters.

Lending Stream - acknowledged token payments and I was told put account on hold but like Ladder Loans. they still charged interest and late fees anyway! No phone calls, a few emails and text messages, but no letters.

Lloyds Credit Card - rejected proposed Stepchange payment. No phone calls or letters. Still charging interest and fees.

Lloyds Bank Loan - not acknowledged DMP or token payments. No phone calls, one letter from collections saying behind on payments. Still charging interest but no fees.

Lloyds Bank Overdraft - the one I was worried about ramping up fees. Happy to say that I have had a letter accepting repayment plan and all interest and fees are frozen. Default will be registered. No other phone calls or letters.

Peachy - acknowledged token payments, still say via email that they have not had any paperwork from Stepchange so that has been resent to them. No phone calls, quite a few automated letters about defaults and DCAs. No interest or fees charged since November.

Pounds to Pocket - after quite a few emails they have eventually acknowledged token payments and have put account into 'credit counseling' status, not sure what that means as they are still charging default fees (and I suspect interest) though. I had umpteen missed phone calls from them during November, but these eventually tailed off though. No letters but quite a few emails.

Sainsburys - No acknowledgement of DMP. No phone calls, one letter advising missed payment. Still charging interest and fees.

Very - Acknowledged token payments and have frozen interest and fees (although the largest bulk of my balance is buy now pay later which is still accruing interest). No phone calls, have started sending me paper statements that reference overdue payment on them.

Wonga - Acknowledged DMP and whilst waiting for repayment offer have frozen interest and fees since end of November - no token payments asked for. No phone calls, emails or letters. I would say that Wonga have been the best behaved out of the lot alongside Barclaycard!

Mr Lender - This was a small balance. Agreed repayment plan with them in November before starting DMP. 20% discount was offered on remaining balance so paid off now.

cheers
Squiz