DMP & Mutual Support Thread - Part 10

so_very_confused

carlyfarley wrote: »

Good morning everyone,
I'm new to almost this and am considering an iva or a dmp.

SC have told us ours would last 11/12 years. How did you all speed this up? I'm just a bit unclear after your monthly payment is set how you increase it/make offers etc

Thank you
C x

Hi Carly
Just to add to Sazzies great answer, if you are considering your options it is worth spending several hours going back over this thread and also the IVA thread this will give you a good idea of the plus 's and pitfalls of both.
It will also ensure you are making a thoroughly informed choice as unlike a DMP an IVA is a form of insolvency and can have huge implications for property, job choice and the impact if it should fail.
Good luck whatever you decide.:)

January2015

I received our login in for the StepChange site today - still haven't heard anything from creditors, but at least I know SC have set the DMP up

Happy days

neiljmuk

Sazzie23 wrote: »

Hi Neil

Glad you are making progress with it, I know life gets in the way of posting, but at least you know we are here.

You might need to explain the Lloyds thing to me again, they have cut the interest but you still get charged £25 for something and that goes onto your OD? It doesn't sound right to me so I think I've misunderstood (I'm easily confused as others will confirm:o).

Hi, thank you. To clarify, I'm still being charged interest on the loan so until I kick off my debt will increase as interest is greater than the amount they will get from SC. I'm proactively pestering them, though they have implied if I don't revert to full payment after 6 months it will go to their DR recovery and progress in that regard. They seem confused I wish to speed this process up

The fee, I think I've got stopped is a £25 non payment fee they applied. But instead of adding it to the Lloyds loan balance they charge to your Lloyds current account. Naturally if I'm up to the overdraft limit and my SC payment on that is £18 it will kill my overdraft every single month and cost me hundereds a month in daily fees and all sorts even if Lloyds stop the OD charges that would push me back over otherwise (they've not told me they will yet but I've seen they increased my OD limit to stop daily charges at the moment by checking online).

Thankfully I think this £25 will stop but thats proper naughty! Just need to make sure they understand that the payment will be £25 etc but they should do. They know when the SC plan starts!

carlyfarley

Thanks so much for your replies.
I spoke to Stepchange again today (3rd time now) and I've decided to go with a dmp. I've applied and opened a new account. Feeling a lot more positive already x

neiljmuk

ploppy57 wrote: »

Well looks like I was wrong about Lloyds loan...received a letter stating that they will accept the SC payment plan for 6 months and then they will expect full payment and will continue to add interest, which will make the total a lot more as there will be more interest due to payments being less! Think I may write to them again and ask if any chance of them stopping interest as other creditors have stopped it etc etc.

Hi, exactly the same as me then afterall. I think they have sort of done this prior to sending to their debt recovery, unlike with most credit cards where the SC payments have been taken onboard as being permanent as we'd wish.

My guess is that if left, it would progress to DR after we said we could not revert to Normal payment, at which point we'd ask SC to send the same proposed payments. At that point progress perhaps.

However 6 months is 6 months so I've sent em a letter today. Main points being:

If this is temporary respite from full payment, forget it.
Don't wait 6 months, just pass to DR, default me, whatever, like now!
Please freeze my interest, if you are a responsible lender, please, please etc.

No mention of FOS or all that trickery. Just a gentle letter at this stage.


Look out for £25 charges on your current account too. My advice is to ring to get those stopped esp if they might play havoc with maxed out overdraft. But I think it was only charged due to no proposal for payment after the first missed payment (and prior to token payments). I called re this, and the bloke on the phone was incoherent and waffled but I deduced that this £25 was being stopped, the one charged, even being refunded, but that I was being told to swivvel re the interest charges. One step at a time!

Puzzcat

carlyfarley wrote: »

Thanks so much for your replies.
I spoke to Stepchange again today (3rd time now) and I've decided to go with a dmp. I've applied and opened a new account. Feeling a lot more positive already x

Hi Carly,
Lovely to have you joining our dmp team... This is the best thread on mse! Do try when you have time to sit with a cuppa and start at the beginning of the thread. Lots of information and answers to questions you didn't know you wanted to ask. I read 3 of these threads before and during my set up and so knew how it all worked and how to deal with it.
Do feel free to post any questions, there is usually a lovely dmp'er around to assist.
Puzz.x

January2015

Hi

Just checking my list of debts on the online login on SC. We have 2 virginmoney credit cards but these are listed on SC as Newday - anyone else have this or should I phone and query this with SC.

As far as I was aware Virginmoney credit cards are operated by MBNA - in fact I know this is the case as DH also has a CC with MBNA and when he contacted them about the DMP on the MBNA login he received a message to say please read the message we have sent to you other account with us, card number ending in 1234.....so definitely virgin is MBNA, but on SC login we have one account for MBNA and 2 for Newday

Puzzcat

January2015 wrote: »

Hi

Just checking my list of debts on the online login on SC. We have 2 virginmoney credit cards but these are listed on SC as Newday - anyone else have this or should I phone and query this with SC.

As far as I was aware Virginmoney credit cards are operated by MBNA - in fact I know this is the case as DH also has a CC with MBNA and when he contacted them about the DMP on the MBNA login he received a message to say please read the message we have sent to you other account with us, card number ending in 1234.....so definitely virgin is MBNA, but on SC login we have one account for MBNA and 2 for Newday

Hi January,


Unless someone pops up shortly who knows the answer I would just give them a ring.. Googling newday/mbna brings up all sorts of stuff. including payday loans.. so they may just have the wrong name listed for you, or maybe new day are part of mbna... either way I'd give them a call.. when mine was being set up the list they sent me offered each creditor 1p....


Puzz.x

January2015

Puzzcat wrote: »

Hi January,


Unless someone pops up shortly who knows the answer I would just give them a ring.. Googling newday/mbna brings up all sorts of stuff. including payday loans.. so they may just have the wrong name listed for you, or maybe new day are part of mbna... either way I'd give them a call.. when mine was being set up the list they sent me offered each creditor 1p....

Puzz.x

Where do you see how much they have offered each creditor? I can only see the total owed to each creditor....either that or I am not looking in the right place :rotfl:

Puzzcat

January2015 wrote: »

Where do you see how much they have offered each creditor? I can only see the total owed to each creditor....either that or I am not looking in the right place :rotfl:

They sent me a list with a break down on it.. and then another list which was considerably more than 1p per creditor...! you may not be able to see it online until your first payment goes out from sc.


Puzz. x