DMP & Mutual Support Thread - Part 10

Sazzie23

charmed1318 wrote: »

Hi all.

I have just got my credit report via callcredit, just the £2 stat report, to check default dates, however I have noticed there is one debt from virgin for £183 that I did not know about, no-one has contacted me, virgin or otherwise (and it's not like they couldn't find me, been a virgin payg customer for years). I thought all my debts had caught up with me. I can't think what it'd be for...? Do I say nothing? But if I want a mortgage in the future I would have to declare it? Do I just query it and then wait for a DCA letter to come through my door?
Thanks

Hi Charmed,

That's a bit puzzling isn't it, is there a date on the debt or default? Mat the very least I think you should find out what it's about. If no one contacts you in 6 years for the debt I think you are allowed to forget about it.

Maybe post this on the main DFW page as there are lots of very experienced debt busters on there

Let us know though, oh and do you Noddle? It's free and they update every month

Hopelessly_Hopeful

Great post Sazzie

HHx

Ellieseleven

What a great post Sazzie and sums everything up nicely (I felt emotional reading it:o)

Ellie x

Time_to_face_the_music

Sazzie, you should save that post and resurrect it every few months, it's just what we need to help and reassure new DMPers .... and some who have been around for a while too :T

Am feeling very happy today with our latest milestone which has taken us under £5000 of debt. I really can see the light at the end of the tunnel burning very brightly now but I still have a few job issues to sort out so won't get too excited yet!

TGIF, have a great day and weekend everyone :j

TTFTM x

fermi

Sazzie23 wrote: »

Morning all

Newbie message

<read on in original post>

Thought I would get that in as one of the nominations for "post of the month".

https://forums.moneysavingexpert.com/discussion/comment/67537284#Comment_67537284

SquirrelNuts

Sazzie23 wrote: »

Morning all

Newbie message

I know there is a lot of activity on the thread at the moment, many newbies who are posting, and quite a few lurkers at a guess (that's ok, we don't mind, one day you'll feel up to posting and smile about how worried you were).

I agree with what's been posted already busy the regulars, and I think all the queries have been answered.

So general Newbie Advice,:D setting up and starting out is probably to most difficult time you will face in your DMP, so don't panic if it all seems scary and too much :eek:. Facing up to the fact you can no longer pay your debts is a massive step and very confronting for many people, this is life changing stuff so worrying is absolutely normal. :sad:

Now you've done the horrid thing of adding it all up (often a shock) you've worked out (with SC or whoever) how much you can pay back, that's the crucial bit done, just a matter of getting the paperwork sorted.

Despite SC being the largest debt charity, some call centre people know nothing about them, that's ok, they are just ignorant, don't let it worry you.
All debt collection sections know about SC, some are better equipped to deal with it than others. Often the people at the front end that you speak to know nothing about how the system works, remember you do, you are better equipped than them, don't let them scare you.

It doesn't matter if you choose to DIY DMP or SC, the plan is the same, you are paying them what you can afford and they can't have anything else. They 'reject' the plan, tough luck, keep paying it just the same, they'll get with the programme at some point.

Some creditors will let you know they have accepted, some will just accept it and show something on the statement, some will not say anything but just stop or reduce your interest, HBOS and BC will probably still charge you interest in some form, don't panic over it, it extends your DFD but there are things you can do, start on page 1 of the thread when you have a spare few hours and then decide what to do.

Overtime and non regular bonus payments, no you don't have to declare these, and you can choose to save them to your emergency fund, make some extra repayments to reduce your DFD, save up for F&f payments when you get enough, or even....shhhh ...spend them on a little treat but don't tell anyone. Most people go for a combination of the above, all depends on your priorities.

When you start out and your DFD is generally 4-10 years away, you think, I want to pay as much as I can straight away so the creditors think I'm doing my best. Actually I don't think they care much, as long as you keep in touch and keep paying what you agree - so don't cut your budget so fine that you are having 4 years of hell instead of 6 years in moderate comfort. I'm not saying do your shopping at M&S, and have 4 holidays a year, but just leave yourself the option of buying a cake at birthday time, a new pair of shoes for DD and maybe a very cheap caravan break once a year.

Default letters are good, they look scary :eek: but they mean the creditor is actually looking at what you pay and putting your account into limbo. If your account goes to a DcA this is usually good and they are mainly not the scary people you see on the Tv, :cool: they have all been very reasonable, and just want you to keep in touch and keep paying.

There will be wobble times,:( if you have to reduce a payment, when a creditor starts grumbling :mad: or just because DFD seems a long way off, but we've all done it, you come here log on and we'll all get throu it together.

If you are having trouble with creditors, :mad:eg Lloyds troubles BDF, when they shift to a DcA I'd continue to pay, the payments seem to get to where they should eventually, but if you are worried, send a recorded delivery letter to the collections team at the creditor, quoting your account number and SC ref and saying this is what is happening, these are the payments that have been made, please make your sure your accounts are up to date and let ask them to reply to you in writing so you have confirmation. It does take several months for an account to get over from creditor to DcA and often the information is limited but it's just like the original set up and the DcA will let you know to change the payments in SC, and you can just log in and do it.

I hope this helps, there are lots of scenarios I haven't covered, but in the main it's grit your teeth, keep plodding through and it will all settle down.

One day soon, you will be able to say like Ellie I will be debt free next year :j:j

Super post Sazzie - sums up the DMP lifestyle quite nicely! :T :T :T :T :T

Puzzcat

:T:TExcellent post sazzie:T:T




And TTFTM.. look at you.. go girl. the last 5k... :T


Puzz. x

Puzzcat

January2015 wrote: »

Do I tell StepChange why I want to delay the start date?

I've cancelled all the direct debits from the original current account and although we each have a personal loan with this bank we have both requested a payment holiday so that no funds will be called for until mid Feb. We did this just to be sure that if our salaries went to this account in error we would have half a chance of getting the money out quickly.

Thanks for all your help and advice - this would be a total nightmare without this forum.

Hi January,


Yes just tell SC that you want to start the plan in March instead of February.. remember this is all an informal arrangement and these are your debts so you are in charge..!


Puzz. x

Puzzcat

Stepchange statement out today.......


I'm still in the 52k's... 13.3% now paid and 90 months to go...:T


Love Puzz. x

SquirrelNuts

January2015 wrote: »

Do I tell StepChange why I want to delay the start date?

I've cancelled all the direct debits from the original current account and although we each have a personal loan with this bank we have both requested a payment holiday so that no funds will be called for until mid Feb. We did this just to be sure that if our salaries went to this account in error we would have half a chance of getting the money out quickly.

Thanks for all your help and advice - this would be a total nightmare without this forum.

Hi Jan2015 - no need to give Stepchange a specific reason for the delay, just hold off on sending the forms for a while or tell them you want to begin in March. They'll start the DMP from when you want it to.

The alternative to an emergency fund is that when you encounter an emergency (e.g. car broken down) you can ask Stepchange to temporarily reduce a payment for one month to cover the unexpected expense. They will do this for you, but it can sometimes cause 'excitement' with some of your creditors, so the emergency fund route is the simpler option to take.

If it helps reassure you, I did 3 months of £1 token payments to build up my emergency fund (Nov, Dec and this month) and all of my creditors (bar one still to reply) have accepted the DMP and frozen interest & charges.

I'm glad I did this as my washing machine went pop in early December, so that needed replacing and I also accidentally broke the toilet seat (with a bottle of mouthwash amazingly!!) on the same day so another unexpected expense that I hadn't planned for...

cheers

Squiz