DMP & Mutual Support Thread - Part 10

Scaredofdebt_2

Hi everyone. Not been on for a few days but reading through the threads it strikes me just how many people are starting with DMPs and just how much support there is on this forum. I am starting to get my head around it and although still worried I am hoping it will go smoothly. Contacted a couple of creditors so far and they have been helpful, froze account until they hear from SC. However having read an earlier post, I have a question - we have quite a bit of equity in our house, I know about charging orders but can creditors force you in to bankruptcy if they refuse DMP? I am panicking again now.

badgers1975

The only creditor I had any issue with were Nationwide, I got a CCJ for my trouble from them. Had I know what I found out afterwards I could have avoided it. The vital gem being that the money you pay for your DMP does not have to be a proportional split and if one creditor is being more difficult then the amount can be increased for them if the others agree.

The did try to get a charge on my property but as they weren't even my largest creditor and the already had a redetermination the magistrate at the hearing gave their solicitor more than both barrels over it.

I have heard from several sources that nationwide have a rather draconian policy that no other bank or CC company pursue any more.

BlueFuzzy

Quick question: I'm sending a letter to Natwest notifying them of my token payments while StepChange get my DMP set up. I'm not sure which address to send it to. I've found:

Customer Relations Manager
NatWest
Freepost
PO Box 594
Chatham
ME4 9DP

But I think that's their complaints department. Any idea if I should send it to that address or just a local branch address instead?

james_joyce

badgers1975 wrote: »

The only creditor I had any issue with were Nationwide, I got a CCJ for my trouble from them. Had I know what I found out afterwards I could have avoided it. The vital gem being that the money you pay for your DMP does not have to be a proportional split and if one creditor is being more difficult then the amount can be increased for them if the others agree.

The did try to get a charge on my property but as they weren't even my largest creditor and the already had a redetermination the magistrate at the hearing gave their solicitor more than both barrels over it.

I have heard from several sources that nationwide have a rather draconian policy that no other bank or CC company pursue any more.

Thanks for the tip. I'm sorely tempted to pay my Nationwide CC in full every month (it's a 0% one at the moment and only about £30) to avoid the hassle.

Does anyone know if creditors keep an eye on your credit records to see if you're paying any of the others any extra money beyond DMP amounts?

Thanks
James

badgers1975

BlueFuzzy wrote: »

Quick question: I'm sending a letter to Natwest notifying them of my token payments while StepChange get my DMP set up. I'm not sure which address to send it to. I've found:

Customer Relations Manager
NatWest
Freepost
PO Box 594
Chatham
ME4 9DP

But I think that's their complaints department. Any idea if I should send it to that address or just a local branch address instead?

That would be their complaints team.
Found this on on another thread.
National Westminster Bank Plc, Cards Customer Service, PO Box 5747, Southend-on-Sea, SS1 9AJ.

badgers1975

Scaredofdebt wrote: »

Hi everyone. Not been on for a few days but reading through the threads it strikes me just how many people are starting with DMPs and just how much support there is on this forum. I am starting to get my head around it and although still worried I am hoping it will go smoothly. Contacted a couple of creditors so far and they have been helpful, froze account until they hear from SC. However having read an earlier post, I have a question - we have quite a bit of equity in our house, I know about charging orders but can creditors force you in to bankruptcy if they refuse DMP? I am panicking again now.

I can only speak from personal experience. Don't panic, the main thing is you're doing something about it. I found everyone quite easy to deal with. SC are really helpful and you should give them a call if it's really getting to you.

I've only been coming on here for the last few days, but I'm in my third year of my DMP and to be honest it's been all quiet really. Once it was set up it ticks over an reduces each month and i review it each year. It's only been recently that I've started looking at it.

You'll get all the support you need here, take what you need as this is all about helping each other out.

NewcastlePaul

danidav88 wrote: »

Just carried on reading and saw your post Newcastle Paul, silly me!!

haha no worries.
Bringing PPI thread back to life as Barclays now going to investigate PPI claim on Goldfish and Morgan Stanley cards !!!

Just had a days holiday from work.
Sat down with google, phone book, list of creditors and a mobile and a land line and must have spent all day ringing around.

NewcastlePaul

Scaredofdebt wrote: »

Hi everyone. Not been on for a few days but reading through the threads it strikes me just how many people are starting with DMPs and just how much support there is on this forum. I am starting to get my head around it and although still worried I am hoping it will go smoothly. Contacted a couple of creditors so far and they have been helpful, froze account until they hear from SC. However having read an earlier post, I have a question - we have quite a bit of equity in our house, I know about charging orders but can creditors force you in to bankruptcy if they refuse DMP? I am panicking again now.

You would have to get advice from someone qualified but looking that you list your debt as unsecured I would say no.
I know I was worried about the stigma of Bankruptcy 10 years ago when I first set up my DMP but that was because I hadn't told anyone. Not even friends or family.

Remember my first ever advisor, when it was the CCCS rather than Stepchange and he calmed me down and made me feel better about it.

You DMP will be based on a budget that you agree with Stepchange. They will go through everything and say if they think something can be reduced. That final agreed budget is normally ok and creditors generally accept it as if they did try a CCJ then the court would probably rule that the budget was fair and all you could afford after reasonable living expenses.

As long as you're upto date on your mortgage then I would say there is little risk of your home being repossessed.

It can be daunting in the beginning but it does get easier.
I don't get phone calls anymore. Only thing after all these years I get now are occasional statements to let me know balance.

NewcastlePaul

supersavershal wrote: »

Hi all, not been on for a while. Ive just done my review with stepchange!
Ive been on my DMP for two years, last year I increased my payment by 50 pounds but found it really hard paying 950 pounds a month. This review I did it all exactly as paid, no estimates and now its telling me my payment is now 820 pounds a month and my DMP will take an extra 8 months.
I am so torn as I was finding it difficult, working many extra shifts and feeling exhausted just to make the payment. But now Im really worried my creditors will kick up a fuss and all the telephone calls will start again.
Im not so worried about it taking longer as I have a secured loan of 355 pounds a month that has 18 months to run then I will either save for full and finals or add to my monthly payment.
I am so scared right now not sure I will sleep tonight.
Has anyone else had to reduce their payment and what happened?

Creditors will prob understand.
Most people are finding that their bills are going up quicker than their pay. Stepchange accepted the budget as being fair and thus present it to your creditors.

In the grand scheme of things an extra 8 months is nothing and if by your location signature you're going to be on this for 10 years then you will probably find that you will catch up or circumstances will alter and you probably finish it before the 10 years are up.

Sazzie23

moneyworrier89 wrote: »

Hi all sorry I havent posted much not had time to get to a pc. Hello to everyone else who is starting their DMP journey too everyone on here has been fantastic and very supportive.

So DMP news. I have had my repayment agreement agreed by by both Zopa and Vanquis. Other creditors are still awaiting paperwork, Stepchange sent the documents off two weeks ago. Did it take a while for other people?

Thanks xx

Hi MW, I think when you can have time away from the forums it means your life is starting to settle down after the immediate crisis, so it's a good sign:D

If creditors still claiming they've not had SC paperwork by about 5 weeks then I'd ask SC to resend. With most creditors the paperwork goes into a 'portal' thingy rather than actually being sent, so sometimes it's just that the creditors can't access it for some reason.

Ali80 wrote: »

Hi everyone,

I've been a bit of a lurker for the last fortnight and just wanted to thank everyone that posts on here, your stories and advice are a great comfort and support to people who like me, are struggling with their debt and are at a loss of where to turn.

Feeling ashamed and helpless, along with the sleepless nights have been a struggle for me for quite a few months (if not years).

I started to get into debt about 6 years ago when I moved house and my partner was made redundant. It was just too convenient to use credit to pay for household goods and essentials. Feel a bit daft now really and wish I had gone without instead.

I filled in the StepChange debt remedy a few weeks ago and haven't really looked back. I have a new basic bank account, am paying token payments to creditors and my DMP is due to start on April 1st (for fools, I know!).

I am a little scared of what's to come, particularly nasty letters/phone calls, although a lovely man (Jonathan) from StepChange told me today that most letters can be totally ignored and that crediors can only have what I can afford. I was also worried about bailiffs but was told that DCAs are not bailiffs and have no right to enter your property etc. Is this right?

Anyhow, I just wanted to share a few thoughts and although I'm not overjoyed at being on a DMP I'm hoping things will be looking up in a few months.

Ali

Hi Ali , natural to be worried, and yes I had plans to hide the TV in the car/at a friends house etc etc, but I found the info the SC website about bailiffs rights to be quite re-assuring. In my case now 2 years into DMP and no sign of anyone knocking on the door for money;)

phoenixx wrote: »

Hi all

Well, another day, another dollar as they say! Working hard (11 hours today) but while I'm working I'm not spending - yay! Santander will be gone by end of the month and Natwest by end of March is the goal! Welcome all you new DMPers - reckon we are half way through ours now. Long haul but hopefully over the hump. Loads of great advice and support on here and you can be honest without fear of judgement.

Hey Phoenix, great news, those are some brill completion dates and of course your other debts will go down faster once these are paid. That downhill slope towards DFD will pick up speed in no time:T:T