DMP & Mutual Support Thread - Part 10

Sazzie23

Monkeyballs wrote: »

And a Sazzie shaped hole

MB of G x

Thanks MB & Fuzzy

drhuxtable

Time_to_face_the_music wrote: »

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

OK yes I think I will send POs for the PDLs thanks. I think Im being thick here but where is the template "I am starting a DMP" letter?

Im wanting to start compiling the letters now for sending tomorrow
Thanks again

Growurown

Monkeyballs wrote: »

Hola Amigos!

Sorry I've been a bit quiet the last few days

Have you been on holiday to Spain and just not told us about it?

Growurown

drhuxtable wrote: »

OK yes I think I will send POs for the PDLs thanks. I think Im being thick here but where is the template "I am starting a DMP" letter?

Im wanting to start compiling the letters now for sending tomorrow
Thanks again

There are sample letters here that you can adapt to your own circumstances. I'm sure SC gave me samples of letters when they sent me my pack too.

https://www.nationaldebtline.org/EW/sampleletters/Pages/default.aspx

Kate_fixing_it

Hi all! Hope you are all doing okay.

Noddle report arrived today, I'm officially defaulted with tesco credit card :j looks like HSBC and Capital One will do it next as I have a "1" and a "2" marker on the four accounts between them. Oddly Asda (sygma bank) and barclaycard have no information to provide so they're still green. The next email had me giggling, "please apply for an aqua card - it's been 6 months since we told you to burger orf and your situation may have changed" - well yes, it has but not in a way that'll have you offering me credit!

Then onto the wonga email "we screwed up, but we don't think we did it to you so you're getting s*d all"

Work is going well. Better than I expected actually but it's thoroughly exhausting.

And the biggy...that I'm over the moon with... I'M PRESCRIPTION DRUG FREE (not counting the vitamin supplements) sadly not pain free but it's manageable on OTC medication. I am also crutch-free!!! Haven't felt this good in over a year both physically and mentally. I'm sure that the DMP has contributed to my increased wellbeing.

Long may all the smiley-ness last and I hope anyone having a bad day can read this and see a light at the end of the tunnel for them too. I still have a long road ahead but for now life is good so I'm making the most of it

Kate x

CloudStrife

Hi, ive been following this thread for a while now and ive decided to get involved now that my own DMP plan is up and running.

Firstly a bit about myself, I am only 23 but have managed to accumulate just over £8000 worth of unsecured debt in my early adult life. It all started when I was 18 and took out a gym membership which I prematurely cancelled not knowing it was a 12 month contract and racking up about £200 in charges. To cover this I applied for an overdraft for £500 which was accepted, which soon lead to my bank offering me a CC with £2500 limit on it. In my naivety, I used this newfound credit up in no time, splashing out on clothes, holidays etc..

I think that's where my appealing behaviour to money and credit started, and it had only got worse over time.

I managed to get myself in trouble with gambling a few years ago also, and turned to the dreaded payday loans to fund these. This issue has been knocked on the head now, but I am left behind with all the damage to my finances. Due to the nature of the payday loans they started to cycle out of control, and I was paying one off to then re-take it out and as you all know the dangers of that. Anyway a few months ago I had a LBM when I realised how much money I have wasted over the years in interest, and how considering I am on very good money for my age, I don't really have much to show for it.

Anyway the last month or so, I have been following advice on this thread and contacted StepChange, in which they recommended a DMP. In total I have 10 creditors, 8 of which are payday loans The list below are my creditors and the amount owed to each..

Lloyds O/D - 2000
QQ - 1200
P2P - 1300
Wonga - 940
PaydayExpress - 560
WageDayAdvance - 200
CapitalOne CC - 500
ClearAccount - 230
Sunny - 300
Uncle Buck - 560

I have contacted all of these creditors, barring Lloyds and CapitalOne, saying that I am starting a DMP and to contact SC etc, sent them all token payments last month to build up emergency fund.

Due to me being on good money, and the fact I am in difficulty is because of the payday loans, SC worked out that I can afford a payment of £831 a month to them. This payment is going to come out on 10th July My debt-free date is end of April, so hopefully it will only be 10 months.

Just a few questions..does anyone think ill have any problem with my creditors accepting SCs offer? I believe the payment to capital one will be more then my minimum which means they will obviously accept it but interest wont be frozen, but I know I needed StepChange to take on this debt as well.

Also, how are Lloyds going to deal with me? Ive already got a new account set up with Barclays and my salary is going to be paid into this account at the end of July so I haven't told Lloyds until this months pay has gone in and I have taken it out. Ive also got account benefits with them which I know I need to cancel.

Thank you for listening, I promise I wont be writing anymore essays, I just thought I would get my story across so everyone knows where I am at. I realise I have been stupid over the last few years, and the stress of being bad with money has changed how ive behaved for a while now, so much so I lost my girlfriend for 3 years over it due to how I let it effect me. I just want to get it all sorted now, so that I can live a normal life. I realise my credit rating will be trashed but I know its abysmal now so its not going to make any odds really, accept now ill be making some progress to clear my debts

Cheers CS

Kate_fixing_it

Write all the essays you want CS, this thread is all about supporting each other The other thing to consider is that you may be asking something someone else wants to know

A ten month DMP is fantastic and as you say it's here because of the PDLs, many of us here used them (for varying reasons) and you'll find no judgement. The past is gone, it can't be changed but it can be learned from...which you have

As for Lloyds, I have no idea. I was with HSBC with the same size OD, I also has a loan and credit card. HSBC people have mostly been fine. I've had various automated letters from them over the last few months - one in particular stands out as they "demanded" I deposit £892 IMMEDIATELY "or else action would be taken". That was early May. Haven't heard anything since. God knows where they got that figure from! Anyway, what's the worst they can do? Close the account??? You'll bank elsewhere (and a positive balance is an awesome thing to see ) send a few letters??? Line the cat litter tray with them (after reading) stamp their feet and ask to be repaid??? They will be in 10 months. Just keep at it and stay positive. 10 months really will fly by.

You're also right that the PDLs will have made your credit file less than appealing but that'll all be gone in 6 years. You can use the 5 years and 2 months after the SC plan is finished to save yourself a very healthy nest egg and you wont even be 30! You'll also be much wiser than most people your age (me included - although 30 is a distant memory for me;))

Keep posting any questions here, we're all very friendly and one or two are slightly mad but we're all in this together.

Kate x

Monkeyballs

Growurown wrote: »

Have you been on holiday to Spain and just not told us about it?

Que? Pardon, no habla Inglesa dos cientos grammos de naranjas por favore! ('scuse el spellingo)

CloudStrife wrote: »

Hi, ive been following this thread for a while now and ive decided to get involved now that my own DMP plan is up and running.

Firstly a bit about myself, I am only 23 but have managed to accumulate just over £8000 worth of unsecured debt in my early adult life. It all started when I was 18 and took out a gym membership which I prematurely cancelled not knowing it was a 12 month contract and racking up about £200 in charges. To cover this I applied for an overdraft for £500 which was accepted, which soon lead to my bank offering me a CC with £2500 limit on it. In my naivety, I used this newfound credit up in no time, splashing out on clothes, holidays etc..

I think that's where my appealing behaviour to money and credit started, and it had only got worse over time.

I managed to get myself in trouble with gambling a few years ago also, and turned to the dreaded payday loans to fund these. This issue has been knocked on the head now, but I am left behind with all the damage to my finances. Due to the nature of the payday loans they started to cycle out of control, and I was paying one off to then re-take it out and as you all know the dangers of that. Anyway a few months ago I had a LBM when I realised how much money I have wasted over the years in interest, and how considering I am on very good money for my age, I don't really have much to show for it.

Anyway the last month or so, I have been following advice on this thread and contacted StepChange, in which they recommended a DMP. In total I have 10 creditors, 8 of which are payday loans The list below are my creditors and the amount owed to each..

Lloyds O/D - 2000
QQ - 1200
P2P - 1300
Wonga - 940
PaydayExpress - 560
WageDayAdvance - 200
CapitalOne CC - 500
ClearAccount - 230
Sunny - 300
Uncle Buck - 560

I have contacted all of these creditors, barring Lloyds and CapitalOne, saying that I am starting a DMP and to contact SC etc, sent them all token payments last month to build up emergency fund.

Due to me being on good money, and the fact I am in difficulty is because of the payday loans, SC worked out that I can afford a payment of £831 a month to them. This payment is going to come out on 10th July My debt-free date is end of April, so hopefully it will only be 10 months.

Just a few questions..does anyone think ill have any problem with my creditors accepting SCs offer? I believe the payment to capital one will be more then my minimum which means they will obviously accept it but interest wont be frozen, but I know I needed StepChange to take on this debt as well.

Also, how are Lloyds going to deal with me? Ive already got a new account set up with Barclays and my salary is going to be paid into this account at the end of July so I haven't told Lloyds until this months pay has gone in and I have taken it out. Ive also got account benefits with them which I know I need to cancel.

Thank you for listening, I promise I wont be writing anymore essays, I just thought I would get my story across so everyone knows where I am at. I realise I have been stupid over the last few years, and the stress of being bad with money has changed how ive behaved for a while now, so much so I lost my girlfriend for 3 years over it due to how I let it effect me. I just want to get it all sorted now, so that I can live a normal life. I realise my credit rating will be trashed but I know its abysmal now so its not going to make any odds really, accept now ill be making some progress to clear my debts

Cheers CS

Hi CS,

Welcome to the thread! Debt, gambling, regrets... Cest la vie I very much doubt you'll have any problems although someone might want to comment on Lloyds? PDL's all generally play ball or you can complain and report them to the FOS for being naughty

You say you're on good money... How realistic have you been with your budget as £831 is a lot of dosh... I know it's only 10 months but it's no good if you sabotage yourself after a couple of months I'm not doubting you, I just know it's tempting to tighten the belt too much to get the timescale as low as possible?

MB of G x

tayajade

Hi Everyone

My husband and i have been struggling with debt for a number of years but have managed to keep up with the repayments until now. We made the decision last month that enough was enough, I am so tired of worrying about how we are going to pay for food/bills from one week to the next and so we contacted pay plan. Our minimum repayments total to a staggering £1300 per month and pay plan have us the option of an IVA or DMP, we feel that with pay-rises, overtime and the fact that we will stop paying out huge nursery bills next year the DMP was the better choice in the hope that we can clear it all in 4-5 years and better still they have worked out that we can pay £630 per month which will give us much needed breathing space to live in the meantime!

I am so nervous even though there is no going back now, we have never missed payments and the idea of defaulting is a scary thing! This forum has given me much needed encouragement and reassurance so i decided to join and subscribe to the thread, i am sure that i will need advice from time to time!

:j

Kate_fixing_it

tayajade wrote: »

Hi Everyone

My husband and i have been struggling with debt for a number of years but have managed to keep up with the repayments until now. We made the decision last month that enough was enough, I am so tired of worrying about how we are going to pay for food/bills from one week to the next and so we contacted pay plan. Our minimum repayments total to a staggering £1300 per month and pay plan have us the option of an IVA or DMP, we feel that with pay-rises, overtime and the fact that we will stop paying out huge nursery bills next year the DMP was the better choice in the hope that we can clear it all in 4-5 years and better still they have worked out that we can pay £630 per month which will give us much needed breathing space to live in the meantime!

I am so nervous even though there is no going back now, we have never missed payments and the idea of defaulting is a scary thing! This forum has given me much needed encouragement and reassurance so i decided to join and subscribe to the thread, i am sure that i will need advice from time to time!

:j

Hi and welcome. What a lovely post (not the debt obviously but the other stuff)

This thread haa been a lifeline for me as has the whole DFW section. I'm anonymous(ish) but I can be totally honest and get proper help without fear of being judged. In fact very few real life people know of my situation so I can live without second guessing what people are thinking and now SC are taking care of the debt repayments I can almost forget about it.

It's so good to have friends here that totally understand the highs and lows of debt demolition and I've soon found I look forward to seeing posts from certain users and quite proud to see my comments/advice "thanked" by seasoned DFWers that I admire for their achievements. In fact this forum has become so much a part of my life that I don't discuss debt elsewhere now as I don't feel I need the support/pity/admonishment that I needed at the start.

Good luck with your DFW journey, stick with us and we'll get you through the bad and celebrate the good as if it was our own.

Kate x