DMP & Mutual Support Thread - Part 10

Jacko_amz

Hi everyone,

some quick advice needed please. My partners took the plunge and spoken to stepchange for his debts. we're now sorting the paperwork out and have a couple of questions. stepchange have advised him to offer a £1 token payment until his finances are better.

1) he has 4 creditors, do we just send the notice of token payment plan to the main office eg barclays main bank or a local one?
2) also does he have to send a £1 token with this letter or wait until stepchange has set up the plan before sending any payments?

thanks in advance x

Sazzie23

Jacko_amz wrote: »

Hi everyone,

some quick advice needed please. My partners took the plunge and spoken to stepchange for his debts. we're now sorting the paperwork out and have a couple of questions. stepchange have advised him to offer a £1 token payment until his finances are better.

1) he has 4 creditors, do we just send the notice of token payment plan to the main office eg barclays main bank or a local one?
2) also does he have to send a £1 token with this letter or wait until stepchange has set up the plan before sending any payments?

thanks in advance x

Hi Jacko

Real quick as I should be asleep now...zzzzz

Token payments, £1 to each account, so if you have 2 barclaycards, pay £1 to each etc, pay on-line or by cheque or postal order or cash.
If you are sending payment, send it to the usual address with a covering letter which you'll find a template for somewhere back in the thread. If you are in line paying, send the covering letter to the accounts or collections department. Let us know of you are struggling with addresses. The token payments replace the normal monthly payment, so I wouldn't send them until about the time your normal payment is due, but make sure you cancel your direct debits.

Important ; do not bank where you have debts - search offsetting rule for more info.

Look out for more thorough replies later,

p.s. DMP - defo a good thing in the right circumstances.

Jacko_amz

Thanks sazzie, we are struggling for the addresses. The creditors are:
Nationwide cc
Barclays overdraft
Barclays cc
Tesco loan. We've just googled main offices but not sure if there going to be the right place? With the loan and overdraft the token payment will have to be sent via post but the 2ccs can be online.
Amy x

Puzzcat

Jacko_amz wrote: »

Thanks sazzie, we are struggling for the addresses. The creditors are:
Nationwide cc
Barclays overdraft
Barclays cc
Tesco loan. We've just googled main offices but not sure if there going to be the right place? With the loan and overdraft the token payment will have to be sent via post but the 2ccs can be online.
Amy x

Hi Amy,


I just sent mine to the addresses on the statements, do you have a statement for your tesco loan? With my bank overdraft and loan I sent the letters and token payments to the branch where I had the accounts. All seemed to get to the right places..!
Puzz. x

DeeGee75

Grrr. Was due a DMP review with Payplan this morning. Been working on the budget for a while, but was worried because although I've had a decent payrise, it's mostly been swallowed up in additional travel costs and childcare due to now working on three sites instead of one.

Not slept much the past few nights worried that they wouldn't accept the new budget which only allows me to offer an extra 20 quid.

They didn't call. I tried calling them to be told they'd call in a few minutes. They didn't.

I've sent them an email with my revised budget.

Also can't send them all the docs they've requested as the mortgage is now in the wife's name and the bank account is joint - and I don't want to get my wife wrapped up in all this DMP stuff, especially as she has no idea what I owe or how long I have to go (lots, and too long being the answers).

Puzzcat

DeeGee75 wrote: »

Grrr. Was due a DMP review with Payplan this morning. Been working on the budget for a while, but was worried because although I've had a decent payrise, it's mostly been swallowed up in additional travel costs and childcare due to now working on three sites instead of one.

Not slept much the past few nights worried that they wouldn't accept the new budget which only allows me to offer an extra 20 quid.

They didn't call. I tried calling them to be told they'd call in a few minutes. They didn't.

I've sent them an email with my revised budget.

Also can't send them all the docs they've requested as the mortgage is now in the wife's name and the bank account is joint - and I don't want to get my wife wrapped up in all this DMP stuff, especially as she has no idea what I owe or how long I have to go (lots, and too long being the answers).

Hi,


If you can up your payments by £20 then that is good, they can't force you to pay more than you have..!!


Was a little confused as to the mortgage now in wife's name but you have a joint bank account as this means she is financial associated to you anyway so will already be 'wrapped up' in this!


Puzz. x

DeeGee75

Also interested in this F&F discussion, as I reckon with a bit of acumen and enterprising use of eBay I could probably have something to offer for either of my Barclays debts, which are at about £1200 each.

Puzzcat

DeeGee75 wrote: »

Also interested in this F&F discussion, as I reckon with a bit of acumen and enterprising use of eBay I could probably have something to offer for either of my Barclays debts, which are at about £1200 each.

Maybe have a read of this thread..


https://forums.moneysavingexpert.com/discussion/115430


Puzz. x

cmcavon

I feel like I've had a milestone moment, our total debt has fallen below £20,000! We have got a very long road ahead of us and we are in a DMP for the long haul but it still feels good!

Puzzcat

cmcavon wrote: »

I feel like I've had a milestone moment, our total debt has fallen below £20,000! We have got a very long road ahead of us and we are in a DMP for the long haul but it still feels good!

Well done you.. that's got to be worth a ..


Puzz. x