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DMP & Mutual Support Thread - Part 10

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  • sourcrates
    sourcrates Posts: 31,624 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Hi

    Very are part of my DMP with SC and currently set to receive £21.65 per month. If I make payments over and above this directly to Very will that cause any issues with SC ?

    To be honest, they won't know anything about it, unless very tell them, which is doubtful.
    You are supposed to treat each creditor fairly blah, blah, blah

    Just do whatever works best for you, I think that's a good plan.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    edited 11 March 2015 at 12:43AM
    Gulp ! Just read the Very statement again, the BNPL period for the first lot ends end March. I can either pay £375 or 'don't worry' I can continue to spread the cost and they will add £275.52 interest.....errrrrrr NOOOOOOOOOOOO.

    Fortunately I've just had just under £200 from eBay sales. I've had the positive feedback, so purchasers happy and I can withdraw the balance from paypal tonight. I'll just have to dip further into the emergency funds for now to clear the £375 and make sure I put some more of our tat on eBay this weekend.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • Very have stopped interest / charges for me on my 'standard' balance.

    The bad news for me is that I still have £800 of BNPL still accruing interest at 45%APR which matures around June and July.

    I found out a couple of months ago that this interest would still be applied by a staff member at Very, so am trying to work out a way to clear it beforehand otherwise a massive backward step!

    Squiz
  • racht
    racht Posts: 46 Forumite
    Tenth Anniversary Combo Breaker
    babybaby1 wrote: »
    Needing some help please. I wrote to Very/Isme asking to freeze the interest, been with stepchange since October 14, I sent the template, I got a letter back saying if having problems please forward details of how much I could pay etc, I wrote back explaing that I was already with Stepchange and making payments and that I was looking for the interest, but since then I have not had a reply and the statements have still had late payments fees etc added, where do I go from here? I also have a smilar problem with TSB credit card, have written to them several times but they are totally ignoring me. Would Stepchange be able to help? I have sent a letter of complaint to the financial ombusman as Very continued to call even when I asked for them to stop and write to me, they and TSB have been the most difficult.

    Good news is that MBNA sent a letter saying that dispite being in arrangment, payments were up to date :-)

    Hi- when Very started making loads of calls to me- from various different numbers, I went onto my account and just put a false number to stop them :p
    The first statement I had after setting up my DMP did have interest added but I wrote a letter complaining about how I would never clear the balance etc if they didnt reduce interest and it was then frozen :)- I found a template letter on the National Debtline website- I then had a letter from their in-house recoveries NDR saying they were now looking after my account and that was it! Its been 7 months now and haven't heard anything else, I can still log onto my Very account as usual online, I get the monthly statements- from Very not NDR.
    Just have to try and clear the BNPL items now, think I'm going to pay 1 item off at a time on the statement and still make the monthly payment as usual from Stepchange
    LBM June 2014
    Self managed since July 2016,
    Nationwide OD Default :) Nationwide CC Default :) Next Default :) Very Default :j
    Total Debt Aug 2014 £20,852 :eek: April 2017 £11,785 Jan 2020 £5,932 :T
  • I'm feeling really disheartened this morning.

    I had a good day yesterday and managed to get all my creditors to agree to my £1 token payments for a period of 3 - 6 months initially. I really thought I was making progress towards setting up a DMP and sorting myself out and then I posted on another thread about F&F settlements (just to try and make sense of it all) where I felt I was a bit knocked down for asking.

    Feeling sad :(
    Lightbulb Moment: 18/01/2015 :j
    Current Debt: 31,869.62 :eek:
    DMP Start Date: 01/09/2015
    DFD: TBC but sooner rather than later, I hope! :beer:
  • neiljmuk
    neiljmuk Posts: 186 Forumite
    I'm feeling really disheartened this morning.

    I had a good day yesterday and managed to get all my creditors to agree to my £1 token payments for a period of 3 - 6 months initially. I really thought I was making progress towards setting up a DMP and sorting myself out and then I posted on another thread about F&F settlements (just to try and make sense of it all) where I felt I was a bit knocked down for asking.

    Feeling sad :(

    Stay on this thread exclusively in terms of forums at least. You will generally get treat with contempt anywhere else. Don't know why this thread does not get interrupted by judgemental people or trolls but they just don't come here. They'd get ripped a new one anyway! What you've done so far is good this early on.
    LBM October 2014 :idea: DMP with StepChange as of March 2015
    Debt at Start of DMP 01/03/15: [STRIKE]£36,282.69[/STRIKE] :eek:
    Debt Now: £33,993.48 :j
  • neiljmuk wrote: »
    Don't know why this thread does not get interrupted by judgemental people or trolls but they just don't come here. They'd get ripped a new one anyway!


    There's been a few and they haven't lasted long ;)
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • Thanks guys! Makes me feel a bit better. I only wanted to know what it was all about and then I started getting comments about why, with my level of debt, was I not declaring bankruptcy, taking out an IVA and that it would take me 2000 years to pay back my debt based on £1 payments - clearly I have no intention of doing this! Good way of bursting someone's happy bubble when they feel they are making headway and just starting to feel less panicked by the whole situation!
    Lightbulb Moment: 18/01/2015 :j
    Current Debt: 31,869.62 :eek:
    DMP Start Date: 01/09/2015
    DFD: TBC but sooner rather than later, I hope! :beer:
  • Karen777
    Karen777 Posts: 416 Forumite
    Don't worry about such people. you're amongst friends here. I don't look at any other part of the forum and have had nothing but non judgemental support and good advice here.
    Debt at highest - June 2013 - 26k/ March 2018 - 2500
    Proud to be dealing with my debts
  • BlueFuzzy
    BlueFuzzy Posts: 13 Forumite
    I’ve been reading this thread every morning to gather as many nuggets of information as I can. Very helpful so far, thanks to everyone who posts here!

    My first payment to StepChange went out on 1st of the month and so far I think things are going okay (it’s not always easy to tell, so much waiting around!):

    Aqua – No response, but I’ve received a statement that includes no interest or overlimit/overdue fees. Assuming that’s a good sign.

    Capital One – Interest and charges stopped and the DMP has been accepted. 28-day default notice issued.

    Halifax overdraft – The account is being sent to the ‘recoveries team’ where it will be defaulted. Interest and charges stopped as long as DMP payments are made.

    Marisota – They sent me a letter accepting reduced payments and interest and charges have been stopped. My latest statement shows a missed payment of the DMP amount minus the £1 token payment I sent last month PLUS this month’s DMP payment due. I’ve sent the statement to Stepchange to ask for their advice, which will probably be to do nothing and keep paying the agreed amount.

    Natwest Loan and overdrafts – Interest and charges have been stopped and we’ve received a 28-day default notice.

    Natwest Credit Card – No response yet, but the account has disappeared from online banking. I’d like to assume that no news is good news.

    Very – I’ve not heard anything yet but from the recent posts here it sounds like I’m going to have a bit of a nightmare with them. The only debts I have with them are Buy Now Pay Later, which I can’t afford to pay off at the moment. I had come to accept that the interest would be added once the BNPL period was over, but I’d prefer if interest didn’t then continue to be added each month as we’ll never pay them off if the debt doesn’t come to a stop at some point! I can tell it’s going to be a complicated one as my BNPLs all end at various times this year, so there could be a lot of back and forth if I try to challenge it. For now I’ll keep an eye on statements to see how they react to the DMP payments and plan my next move from there.
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