DMP & Mutual Support Thread - Part 10

System

Philip624 wrote: »

Thanks Plops, good luck, I started last March on £57k and similar time frame

Its scary isn't it? I know we are doing the right thing, but so far there seems to be an awful lot of stress involved and my body doesn't take kindly to stress:eek: and I don't want to end up ill again, as I was a few years ago during a period of personal stress. Trying to relax and chill out and not think about it and just be confident that all will be well by the time I retire!:)

jools35

neiljmuk wrote: »

Just bang the lot over. They might be able to see why you've done it but there is not much human intervention in the early stages. Just generic nasty letters because a computer can see that payments have not been made. They would not offset until after a payment goes into arrears and cannot move money back. That's theft once you've spent (ie transferred) it surely. Just cancel DDs you don't want active at the same time as moving your money. Kill the BACS details you have saves as well as the DDs and it's as you were. Make double sure the next pay goes no where near the old account though!

Thanks. I have that nervous feeling that they'll not let me transfer it and then it gets stuck in limbo somewhere.

I know I'm probably creating worry for myself but I've also got another potential problem with Stepchange. I emailed them all the creditors account numbers and my wageslip at the weekend. Also have the actual forms and direct debit instruction for them ready to post. They've replied asking me to supply the balances of the credit cards etc and then they'll set up the plan. But, they haven't listed the bank which makes me wonder if they've actually already contacted the bank.....I'm also starting to wonder if all our creditors will accept the payments Stepchange offer....I didn't realise they could reject the offers.

I don't think that I'll breathe until I've got my wages out of that account and safe. My nerves are shattered. Hopefully after this weekend we can start to make progress.

angela1976

Well we are due to make our first payment to step change on 1st April and I have been getting lettered from our creditors mostly agreeing to the the plan and agreeing to freeze interest, all but creation who are saying they will reduce the interest to 9% which is a lot less than the 21.9% they were charging but working out some quick figures the payment they will be receiving from the plan will only just cover the interest therefore paying nothing off the original debt. I have wrote again to them asking to freeze the interest but they are saying this is basically the best they will offer. Any advice, or shall we just hope that we can save to clear this debt or once our other creditors are clear throw all the money at this???

Scaredofdebt_2

jools35 wrote: »

Thanks. I have that nervous feeling that they'll not let me transfer it and then it gets stuck in limbo somewhere.

I know I'm probably creating worry for myself but I've also got another potential problem with Stepchange. I emailed them all the creditors account numbers and my wageslip at the weekend. Also have the actual forms and direct debit instruction for them ready to post. They've replied asking me to supply the balances of the credit cards etc and then they'll set up the plan. But, they haven't listed the bank which makes me wonder if they've actually already contacted the bank.....I'm also starting to wonder if all our creditors will accept the payments Stepchange offer....I didn't realise they could reject the offers.

I don't think that I'll breathe until I've got my wages out of that account and safe. My nerves are shattered. Hopefully after this weekend w
e can start to make progress.

Hi, I was worrying like you about my OH's wages, as my new account seemed to take ages to set up. I know it's a pain but in the end we drew all of his wages out for peace of mind. I even drew the money out of my boys savings accounts just in case and felt awful doing it but it is your money. It's all very scary. We are just in the process of setting up a Dmp with SC too and trying to feel positive about it all.

Puzzcat

angela1976 wrote: »

Well we are due to make our first payment to step change on 1st April and I have been getting lettered from our creditors mostly agreeing to the the plan and agreeing to freeze interest, all but creation who are saying they will reduce the interest to 9% which is a lot less than the 21.9% they were charging but working out some quick figures the payment they will be receiving from the plan will only just cover the interest therefore paying nothing off the original debt. I have wrote again to them asking to freeze the interest but they are saying this is basically the best they will offer. Any advice, or shall we just hope that we can save to clear this debt or once our other creditors are clear throw all the money at this???

Hi angela,


I had exactly the same with Creation I was paying £32 and the interest was about £30 a month and they wouldn't back down so I complained to the FOS. They eventually agreed to reduce the interest and I now pay about £10 interest a month, which is much better.. They also refunded the previous interest paid. So yep complaint to the FOS if you have already complained to Creation..
Puzz. x

Puzzcat

tequilabird wrote: »

Some advice needed.....so I'm currently in a situation where I have written to my creditors offering a £1 token payment on a temporary basis. Things went sour after Christmas when my father died, I had to resign from my job because my boss was bullying me and I found myself in a position where I had no money and a lot of debt! So, I'm in the process of renting my house out - tenants due to move in at the end of this month, I've sold my car and I'm currently sharing with my mother, I've switched my bank accounts (although I'm not sure what to do because I have 2 Halifax cc's and I've switched to a Lloyds account - hmm) and I've changed or cancelled DD's. My problem is that I am due to move abroad next month and although I've done all this, I haven't told my mother and I'm conscious of the fact that mail is going to be sent and I'm going to have to keep in contact with my creditors and SC. Can I request that I only receive communication by email? Can I communicate with my creditors by email? Can I make online payments until I can arrange a DMP with SC? Aaargh! Too many questions, so confused, need advice! Please help!

Hi,


Not sure is the answer! I don't think you can stop creditors writing to you at your registered address, and I don't think they will communicate entirely by email. Online payments can be made, I think you need to speak to Stepchange about your situation as it is quite unique.


Puzz. x

Puzzcat

neiljmuk wrote: »

Thats funny as! SC have not only got the amounts back to front for my wife and my MBNA cards, but they've done it too for the Barclaycards so my wifes higher balance has a lower amount agreed for payments against it than mine with the lower balance lol. As a result, my interest is now 3% but my wife's interest is frozen! Boom!


They have, credit to them, tackled my grievance re 'AP's head on but unfortunately they have simply advised that the AP situation is the correct reflection of what has occurred which well, an arranged payment and that to issue a default is not correct because I'm paying them!

I think the only way to mitigate lingering APs is going to be to save up and pay these off early then tell SC my Nan gave me the money to do a full balance payment. Will the APs go after 3 years if I keep the barclaycard accounts open? If I want to keep them open to get quicker AP removal I'm guessing a reduced FF settlement negotiation is out the window?


With regards to Lloyds just doing 6 months plan. Anyone got any advice what they will do after the first 6 months. What marker they will apply now and after 6 months?

N

Hi,
Ap's stay on file for 6 years after the debt is settled so not sure how a partial settlement would work. I would also have thought the accounts would be closed by the creditor at the settled point as I can't see them wanting to lend more money to those of us who have defaulted on payments but I could be wrong. I just assumed that all the creditors I currently owe money to will want to see the back of me when my dmp finishes.


I don't have a debt with Lloyds.. everyone else but not them so not sure what they do with regards to defaults.


Puzz. x

angela1976

Thanks Puzz, think I will let them get the first payment get my exact interest figures and contact them again, if no joy will have to. This is where I have to be strong and not think well I do owe them the money don't know what I would have done without all the support on this thread :T

Puzzcat

Philip624 wrote: »

Hope everybody is well.

My first annual review is due at the end of April, its been a tough first year with various stresses along the way but I will fortunately be in the position to increase my DMP payment by £50 a month. Spread over 11 creditors it will not amount to much of an increase individually but will have the effect of bringing forward my DFD by a whole year.

What re peoples experiences of increasing their DMP payment, will all creditors happily accept this or will they take the view that if I can afford to pay more then they will start adding charges etc?

Hi,


I increased my dmp a whopping £13 spread between 9 creditors at my first review.. all were happy with the little tiny increase...! And it did knock a month off my dfd...


Puzz. x

Pickle29

Time_to_face_the_music wrote: »

We switched suppliers and ours was fine and both our credit records were appalling at the time .... mine still is! Credit checks seem to be a problem just for obtaining actual credit, for things like insurance and utilities etc it doesn't seem to be a problem.

Give it a go and please let us know how you get on.

TTFTM x

Hi
Thanks for the advice, put my mind at rest for a while - will let you know when I hear something. Fingers crossed x