DMP & Mutual Support Thread - Part 10

Time_to_face_the_music

neiljmuk wrote: »

You'll have to let the debt go up a little. It's normal. My Wife and I had about £35k debt end of November, and after tokens and prior to first SC payment in March it's £36k easy :eek: Comes down and waves goodbye to the original debt amount on it's way down and down eventually though. Take about 3 to 6 months, maybe a few more just to get debt back to what it was when you stopped paying up and started doing token payment, but that's when it's settled down and you just bang cruise control on for the most part, or so I read on here :cool:

It really shouldn't take that long to see debt going down. Ours went up the first month and our payment only made a small impact on the second but the debt did go down. It's easier to get interest stopped early on in a DMP so I would recommend starting to fight any charges ASAP and following up with FOS back up where appropriate. If anyone needs help with this, ask for a template letter and/or advice.

A DMP should be life changing for the better. If people struggle more than they did before the DMP, there is something wrong with the budget. Again please ask for help if anyone is struggling to live within their budget.

TTFTM x

neiljmuk

Time_to_face_the_music wrote: »

It really shouldn't take that long to see debt going down. Ours went up the first month and our payment only made a small impact on the second but the debt did go down. It's easier to get interest stopped early on in a DMP so I would recommend starting to fight any charges ASAP and following up with FOS back up where appropriate. If anyone needs help with this, ask for a template letter and/or advice.

A DMP should be life changing for the better. If people struggle more than they did before the DMP, there is something wrong with the budget. Again please ask for help if anyone is struggling to live within their budget.

TTFTM x

Thanks. Those time frames were for debt doing down beyond what they might have been before they went up a bit on stopping payments and making token payments etc. That bit is done for me now with my debt increasing over the token payment period, with first SC payment due in March, and yes, on the debt as it stands as of the first month making payments via SC I expect to see a reduction from the off, right after the very 1st payment

I've only got Lloyds Loan to worry about re interest. Possibly Mint. The rest evidently playing ball.

I know I'll be stuck with AP markers with BC, and having to argue with Lloyds all over again in 6 months but the rest should default with any luck.

Sure a few will apply charges they promised not to in March but will iron that out for the 2nd month. Want my response from Lloyds for that loan now. Nothing I can do with the others until March has played out now.

SquirrelNuts

Jono987 wrote: »

Thank you I have decided not to worry about it this weekend, try to have a good weekend + then tackle it next week!

My Barclaycard payment from Stepchange just appeared today, so a couple of days to appear. Likewise with a few other accounts - nothing yesterday, but visible today.

Weirdly the Lloyds CC had the Stepchange payment applied on the 24th!

Squiz

Karen777

hello - it definitely takes a few months for things to settle down - payments being made/ accepting not accepting/ creditors doing things in their own time - and it can feel painfully slow and confusing to start with but keep a note of conversations with SC or whoever you are dealing with and any creditors and things will settle... it really doesn't matter if they reject your plan - I've never known a creditor reject the actual money!

Karen777

also i have AP markers on some of my creditors. I have decided that the important thing is the debt going down - default may be preferable but as long as the debt's going down... that's the main thing.

Puzzcat

Karen777 wrote: »

hello - it definitely takes a few months for things to settle down - payments being made/ accepting not accepting/ creditors doing things in their own time - and it can feel painfully slow and confusing to start with but keep a note of conversations with SC or whoever you are dealing with and any creditors and things will settle... it really doesn't matter if they reject your plan - I've never known a creditor reject the actual money!

Funny you should say that, Creation sent my third token cheque payment back and asked me to make it to a different name....umm no it was for £1 had sent it first class so say 60p, then they sent it to me..another 60p..and wanted me to post it again...needless to say I didn't bother...maybe that's why they charge me interest...:rotfl:
Puzz.x

sourcrates

Scaredofdebt wrote: »

Well after feeling really positive yesterday had a letter back from SC to say Hfx has rejected Dmp for both mine and hubby ccs. Can someone who has experienced this advise me what we should expect next from hfx. We have not missed payments with them yet as our account was with them so kept them up to date until our new bank account was set up. Next hfx cc payment due on 11/3, was going to secure message them and offer token payment, should I still do this and what do I do about interest. Panicking again now

What you do is continue to pay them what you can afford, they may not like it, but that's just tough.
There normal response will be to sell the debt on most likely, then you can negotiate with the new DCA who should be more amenable.

sourcrates

tequilabird wrote: »

I'm getting myself in a right pickle here and wondered if anyone could help me.

I've got credit card debts with Halifax, Nationwide, Barclaycard, Creation, MBNA and M&S. My OD is with Santander. I thought I'd been clever and moved all my DDs to my Lloyds current account. However, I now know that Halifax are part of the Lloyds banking group.

1.) Do you think this will be a problem?
2.) If so, does anyone know of a basic bank account that I could open which would not be touched by any of my creditors?
3.) Could I keep the Lloyds account for payment of my household/priority bills and open a separate one for my cc bills?

Thanks for all your help! i'm in a right hole at the moment and this forum is really helping me get through things

The cooperative does a good basic bank account, which also provides you with a visa debt card.
You can apply online, but you must take 2 forms of ID into a branch to confirm your identity.

blisteringblue

Happy New Signature Day

1st payment for year 2 on Monday !! 1st review was painless enough.

Keep Calm & DMP

:money:

Scaredofdebt_2

Completely catastrophising (is that the right word) regarding Hfx. Anxiety back big time!! Worried the rest of our creditors will reject dmp. Sorry but words of encouragement and reassurance needed please.