DMP & Mutual Support Thread - Part 10

Sazzie23

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!

Yeah CMC, big milestone ...am not quite there yet but I think having a debt starting with 1 instead of 2 is brilliant

Happy dance :T:T

Time_to_face_the_music wrote: »

A possible issue with delaying it is that Stepchange will not update your creditors and they may start charging interest etc as some insist on periodic reviews.

Can you do the review online and just "adjust" your figures to make sure it all adds up to what you want to continue paying?

TTFTM x

Sounds like a plan to me - I have agreed with SC to delay mine due to some changing personal circumstances, but they have warned me about the creditors getting restless, I'm thinking as I didn't actually start the DMP til April, I may get away with it for a while.

Sazzie23

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).

I think I may have sent some documents in ahem 'adjusted' to show only the names and accounts I wanted to show.
My joint bank account OD went to the DMP even though I had the DMP in my name only. But OH did know about DMP even though I have not told him how much:o.

Hope this helps a bit, maybe ?

Ellieseleven

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!

Great news! Well done...I do love a good milestone;)

Hopelessly_Hopeful

Morning all

Welcome to the newbies and congratulations to those celebrating milestones.

My view is that once on a plan, any change, whether it is minus a penny or plus £100 has the potential to kick of automated madness or put your file in front of the preditors. Newbies please don't make this worry you as you are the one in power -not them - they cant have what you don't have! My advice is to make as few changes as possible and when you do make a change use it as a lever to demonstrate to the preditors that you are communicating, committed to paying off the debt and to remind them using a DMP process because you are in financial difficulty and need there support to stop or reduce interest.

Hope that helps.

HHx

Ellieseleven

blisteringblue wrote: »

Sig Update Day

Noticed when I clicked into SC for the statement it says my review is now due. It let me click tell me later though. How long can I get away without doing it? Already decided not paying them any more money and they are not going to like that.

BB

I've just done my review with SC on-line and I'm now only paying £4 per month more. As TTFTM says, "adjust" the figures to suit you.

System

Well I have had a message back from MBNA, after sending them the standard letter, via the communication system and it says that they cannot freeze or reduce the interest until they hear from SC. IS that standard practice?

January2015

ploppy57 wrote: »

Well I have had a message back from MBNA, after sending them the standard letter, via the communication system and it says that they cannot freeze or reduce the interest until they hear from SC. IS that standard practice?

I think it is standard - they have responded to us as follows:

"We are happy to provide breathing space but we cannot reduce or waive the interest, prevent the accounts from defaulting or consider reduced payment plans without details of your income, expenditure and other credit commitments; please ask your appointed representative to forward this information to us. .........Once we have received your financial details, we will review current interest rates and fees and set a repayment amount"

We're happy enough with that response for now. Unfortunately, StepChange won't have started paying them within 30 days, but hopefully will have started the ball rolling on sending income/expenditure details to them and agreeing a repayment amount.

System

January2015 wrote: »

I think it is standard - they have responded to us as follows:

"We are happy to provide breathing space but we cannot reduce or waive the interest, prevent the accounts from defaulting or consider reduced payment plans without details of your income, expenditure and other credit commitments; please ask your appointed representative to forward this information to us. .........Once we have received your financial details, we will review current interest rates and fees and set a repayment amount"

We're happy enough with that response for now. Unfortunately, StepChange won't have started paying them within 30 days, but hopefully will have started the ball rolling on sending income/expenditure details to them and agreeing a repayment amount.

Yeah, same as us, we are aiming for start date of March 10th

blisteringblue

Time_to_face_the_music wrote: »

A possible issue with delaying it is that Stepchange will not update your creditors and they may start charging interest etc as some insist on periodic reviews.

Can you do the review online and just "adjust" your figures to make sure it all adds up to what you want to continue paying?

TTFTM x

Yes, going to do this later in the week. Might get away with it.

blisteringblue

ploppy57 wrote: »

Well I have had a message back from MBNA, after sending them the standard letter, via the communication system and it says that they cannot freeze or reduce the interest until they hear from SC. IS that standard practice?

Yes, but these are one of the better companies. They have almost 30% of our total debt and when it all came through from SC they have agreed to freeze for the length of the DMP because it is under 5 years in total, as long as we maintain the current levels of payment.