DMP & Mutual Support Thread - Part 10

January2015

Puzzcat wrote: »

Cod you not just use cash withdrawn from dh' s account and put in an envelope/file? 3 bank accounts seem a lot to balance, why do you need a third? Working with cash only really does ensure you stick to budget!

It's a psychological thing - I would hate to be somewhere and need more than I had in cash. Shopping won't be a problem becasue we will use DHs card. I don't even take my card anywhere - it will never be used because that account only pays out DDs.

Taking cash out and putting in envelopes - as I've read some people do - is just not for me.

I will have a re-think. I don't plan to have much cash on me ever - I shouldn't need it, but I do drive regularly quite considerable distances and I just think if something happened and I needed money I could have the account with £50 in it to see me through.

james_joyce

Ali80 wrote: »

James, I just wanted to say I'm sorry this is all making you unwell. You need to take time to make yourself happy. At least you can tell your boss, and given that he seems understanding maybe you can take some time to recover. Employers have an obligation to support employees in times of illness and I hope you're feeeling better soon.
Ali

Thanks so much Ali. To be honest, work and debts are the least of my problems, but when I feel ill anyway for other reasons, everything seems to turn horrible!

Regards
James

james_joyce

SquirrelNuts wrote: »

Either I guess...

I personally prefer to communicate, so another letter back including the same I&E as before and politely declining to provide bank statements etc but reiterating that this is accurate and you are making fair offer to all creditors.

I would maybe add a few comments along the lines of other creditors have accepted and have frozen interest etc. and it would be helpful for them to do the same.

I'm with Stepchange, and I understand they just carry on paying the proposed payment anyway regardless of what the creditor says... after all, if it is a fair amount and it's all you can genuinely afford what more can they expect?

cheers
Squiz

Sounds like great advice!

Ali80

Sorry guys, bit of an overload from me tonight but was just wonderng if anyone would know why I had a notice of default from Capital One for 2x credit cards when my token payments last week were the first minimum payments I have missed? Not that I'm complaining but everyone is saying 3-6 months is the norm..?

james_joyce

Ali80 wrote: »

Sorry guys, bit of an overload from me tonight but was just wonderng if anyone would know why I had a notice of default from Capital One for 2x credit cards when my token payments last week were the first minimum payments I have missed? Not that I'm complaining but everyone is saying 3-6 months is the norm..?

Hi Ali, maybe it's just me feeling ill but I find there's an Alice in Wonderland element to all this DMP stuff. Defaults are good, avoiding them is bad. We try to pay as little as possible (monthly) to pay as much as possible (long term). An acceptance of DMP from a creditor doesn't mean much more than a refusal. Etc

I think I should go to bed!

Regards
James

January2015

Ali80 wrote: »

Sorry guys, bit of an overload from me tonight but was just wonderng if anyone would know why I had a notice of default from Capital One for 2x credit cards when my token payments last week were the first minimum payments I have missed? Not that I'm complaining but everyone is saying 3-6 months is the norm..?

Hi Ali

A notice of default is issued as soon as you miss payments. This is different to a default that CC companies file with credit reference agencies. Don't muddle the two things up - easily done because both are called defaults.

The first notice of default is usually accompanied with a £12 charge:(. it doesn't immediately mark anything on your credit file (maybe a late payment mark but that's all)

It will take a few months (if at all) before CC companies actually register a default on credit reference agency files. This is when the 6 year period starts (I think from reading on here...please correct me anyone if I am wrong).

I probably haven't explained it very well .....but I know what I mean:rotfl:

dad2one

People, rule no1 is to be calm don't worry, easier said than done i know. Know this : Their systems are very slow. We panic and think that someone is looking at us and chasing us from day 1 of missing payments. It really does not work like that. The systems are slow. There are tonnes of processes to go through, and it takes a while for humans to intervene with the computer letters and statements. There is law with debt and it is on your side as the debtor. Be honest, and be nice, and you won't be harrassed. Hard to believe at first, but it will all fall into place as the systems catch up. Try to remember by falling behind financially you are simply changing agreements with a product the companies sold you. You are not in trouble and it is nothing to do with 'criminal law'. The law is on your side.

Sazzie23

BlueFuzzy wrote: »

Hi again DMPers. I got my letter from StepChange this week to say that my DMP is all set up and my first payment will be taken on 1st March, which is fantastic news!

Before it was all set up, I sent token payments of £1 to any creditors that I owed a minimum payment to early on in the month. Now that StepChange has contacted all the creditors, I’m wondering if I need to continue doing this. There are a few minimum payments that would have been due towards the end of this month (first one is due on 19th) and I haven’t yet sent token payments to these creditors. Should I still do so, or is it better to just sit tight and wait until the DMP starts on 1st March?

Good news on start of DMP. You have to remember though that SC collects at the beginning of the month and doesn't pay creditors until 25th of month, so I'd pay another round of token payments to cover March with a letter saying SC will take over payments commenting 25th of month and can they change the payment date to 25th.

ploppy57 wrote: »

True....I was hoping I would feel up to going back to work tomorrow, but to be honest I am not sure I will. Think I might need the weekend to recover and be ok for next week....when I have overtime the first 3 days of the week:D I am ok if I sit still and in the warm, but as soon as I move I start coughing and it is an effort even to walk into the other room, I feel all achy:(. I had pneumonia a couple of years ago and don't want this going to my chest for a repeat performance, so need to get some positivity in my brain again....and to get better

Wrap up, lots of fluid and rest, there's a nasty bug or 2 out there, being in a DMP and debt situation can seriously lower your immunity so be kind to yourself.

james_joyce wrote: »

Hi Ali, maybe it's just me feeling ill but I find there's an Alice in Wonderland element to all this DMP stuff. Defaults are good, avoiding them is bad. We try to pay as little as possible (monthly) to pay as much as possible (long term). An acceptance of DMP from a creditor doesn't mean much more than a refusal. Etc

I think I should go to bed!

Regards
James

. I'm inclined to agree a bit, and it's probably a good thing to keep in your mind if you get some random request from a creditor. 'Worlds gone mad, type of mindset' like Australia in the Eurovision, what's that about:eek:

james_joyce

January2015 wrote: »

It's a psychological thing - I would hate to be somewhere and need more than I had in cash. Shopping won't be a problem becasue we will use DHs card. I don't even take my card anywhere - it will never be used because that account only pays out DDs.

Taking cash out and putting in envelopes - as I've read some people do - is just not for me.

I will have a re-think. I don't plan to have much cash on me ever - I shouldn't need it, but I do drive regularly quite considerable distances and I just think if something happened and I needed money I could have the account with £50 in it to see me through.

I think HSBC do a basic bank account if that's any use to you?

Regards
James

james_joyce

Sazzie23 wrote: »

Good news on start of DMP. You have to remember though that SC collects at the beginning of the month and doesn't pay creditors until 25th of month, so I'd pay another round of token payments to cover March with a letter saying SC will take over payments commenting 25th of month and can they change the payment date to 25th.




Wrap up, lots of fluid and rest, there's a nasty bug or 2 out there, being in a DMP and debt situation can seriously lower your immunity so be kind to yourself.

. I'm inclined to agree a bit, and it's probably a good thing to keep in your mind if you get some random request from a creditor. 'Worlds gone mad, type of mindset' like Australia in the Eurovision, what's that about:eek:

Thanks a lot Sazzie, lovely and supportive as ever. Hope you're well and coping with everything x