DMP & Mutual Support Thread - Part 10

BlueFuzzy

Thanks for posting the template letters TTFTM, very useful. I'll get some letters written this weekend and post them on Monday.

I've been reading that it's best to communicate solely through letters. This is fine for most of the creditors on the DMP I'm setting up. The one problem I have is with my Aqua credit card. Interest will be charged on 3rd February and will put the account over-limit. There's not enough time to get a letter to them before then, so is it a good idea to call them and explain the situation? Or should I just send a letter with a token payment and allow the account to go over-limit? I think the worst that happens is a £12 fee, but I'd be worried that this might affect the DMP.

Puzzcat

BlueFuzzy wrote: »

Thanks for posting the template letters TTFTM, very useful. I'll get some letters written this weekend and post them on Monday.

I've been reading that it's best to communicate solely through letters. This is fine for most of the creditors on the DMP I'm setting up. The one problem I have is with my Aqua credit card. Interest will be charged on 3rd February and will put the account over-limit. There's not enough time to get a letter to them before then, so is it a good idea to call them and explain the situation? Or should I just send a letter with a token payment and allow the account to go over-limit? I think the worst that happens is a £12 fee, but I'd be worried that this might affect the DMP.

Hi,
Don't worry about it going over its limit. Your debts will rise before they fall, being over the limit will make no difference to the dmp set up.
Puzz.x

NewcastlePaul

Hiya all.
My 10th year on a Stepchange DMP (Max of 9 more to go. Unless PPI and F&F can reduce it)

It does get easier and it also becomes less daunting.
I probably stretched myself to the absolute limit the first year I done my DMP because I just was trying to make the highest payment possible each month.

To give you an indication.
My first payment was £440 per month.
10 years later it is £475 (and that is being honest - Also must add that rent, and electricity has went up a lot steeper than pay has)

Going to be around a bit more so thought I would say hi again.

james_joyce

NewcastlePaul wrote: »

Hiya all.
My 10th year on a Stepchange DMP (Max of 9 more to go. Unless PPI and F&F can reduce it)

It does get easier and it also becomes less daunting.
I probably stretched myself to the absolute limit the first year I done my DMP because I just was trying to make the highest payment possible each month.

To give you an indication.
My first payment was £440 per month.
10 years later it is £475 (and that is being honest - Also must add that rent, and electricity has went up a lot steeper than pay has)

Going to be around a bit more so thought I would say hi again.

Hi, just read your post and I really feel for you. I've just started my own DMP which in theory will last 25 years (£50k at £150 pm) but I expect to get one or more of inheritance/house sale/career advancement, well before that. If I was in your position I would have thrown in the towel with the bankruptcy courts by now! You obviously have serious commitment and determination.

Best wishes
James

Sazzie23

NewcastlePaul wrote: »

Hiya all.
My 10th year on a Stepchange DMP (Max of 9 more to go. Unless PPI and F&F can reduce it)

It does get easier and it also becomes less daunting.
I probably stretched myself to the absolute limit the first year I done my DMP because I just was trying to make the highest payment possible each month.

To give you an indication.
My first payment was £440 per month.
10 years later it is £475 (and that is being honest - Also must add that rent, and electricity has went up a lot steeper than pay has)

Going to be around a bit more so thought I would say hi again.

Hi NewcastlePaul

Great to hear from you again, more than halfway already:T:T was wondering how things were going, your knowledge and experience are invaluable on here, esp for the very long termers. Glad you were able to pop back and say hi.

Sazzie23

Came across this thread about some new DMPers, basically it's the same advice you get here but maybe folk would like a third/fourth opinion, worth a read if you are new to this.

https://forums.moneysavingexpert.com/discussion/comment/67596006#Comment_67596006

so_very_confused

NewcastlePaul wrote: »

Hiya all.
My 10th year on a Stepchange DMP (Max of 9 more to go. Unless PPI and F&F can reduce it)

It does get easier and it also becomes less daunting.
I probably stretched myself to the absolute limit the first year I done my DMP because I just was trying to make the highest payment possible each month.

To give you an indication.
My first payment was £440 per month.
10 years later it is £475 (and that is being honest - Also must add that rent, and electricity has went up a lot steeper than pay has)

Going to be around a bit more so thought I would say hi again.

Thanks for posting NP it's stories like yours that keep the rest of us inspired.

Time_to_face_the_music

NewcastlePaul wrote: »

Hiya all.
My 10th year on a Stepchange DMP (Max of 9 more to go. Unless PPI and F&F can reduce it)

It does get easier and it also becomes less daunting.
I probably stretched myself to the absolute limit the first year I done my DMP because I just was trying to make the highest payment possible each month.

To give you an indication.
My first payment was £440 per month.
10 years later it is £475 (and that is being honest - Also must add that rent, and electricity has went up a lot steeper than pay has)

Going to be around a bit more so thought I would say hi again.

Well done on those PPI claims and good luck with your F&Fs :T

I think you will be telling us you are debt free a lot sooner than 9 years from now :j

TTFTM x

January2015

Hi all

Quick question - how and when do I let my old bank (current account and 2 personal loans) know we are going onto DMP?

We have let all other creditors know and make token payments of £1 this month. However, our bank has an overdraft and the 2 loans are paid up to date (but we took payment holiday on both loans this month to get us through the set up period with StepChange). This means next payment on 1st loan is not due until 16th Feb.

The StepChange agreement was emailed by to SC on Friday and original signed copy, together with signed DD was posted to them on Friday.

Do we need to let bank know or will they hear from SC before next payment is due?

Thanks for any advice

Time_to_face_the_music

January2015 wrote: »

Hi all

Quick question - how and when do I let my old bank (current account and 2 personal loans) know we are going onto DMP?

We have let all other creditors know and make token payments of £1 this month. However, our bank has an overdraft and the 2 loans are paid up to date (but we took payment holiday on both loans this month to get us through the set up period with StepChange). This means next payment on 1st loan is not due until 16th Feb.

The StepChange agreement was emailed by to SC on Friday and original signed copy, together with signed DD was posted to them on Friday.

Do we need to let bank know or will they hear from SC before next payment is due?

Thanks for any advice

Is your new bank account set up and all due money (salary, benefits etc) ready to go into that new account? If so, you can move any money from old current account into new and you are ready to go. If not, ask Stepchange to delay telling current bank to ensure they don't offset.

TTFTM x