DMP & Mutual Support Thread - Part 10

blisteringblue

Ooh just cancelled my direct debit to Stepchange having written to them on Monday.

So we are now going it alone !! Sending the NEDCAB financial statement to the creditors today. My budget is the same as my Stepchange Review so they are getting the same. Except our friends at Barclaycard, they are getting £5 ......... hehehe

neiljmuk

blisteringblue wrote: »

Ooh just cancelled my direct debit to Stepchange having written to them on Monday.

So we are now going it alone !! Sending the NEDCAB financial statement to the creditors today. My budget is the same as my Stepchange Review so they are getting the same. Except our friends at Barclaycard, they are getting £5 ......... hehehe

Do you need to bother re-sending a statement for creditors who are getting the same? Can't you just send a letter saying "payments will continue as normal but direct from me, not SC and the SOA is as per the original SC correspondence so no changes, just who pays you, thanks"

Of course, have SOA's on standby covering a range of scenarios to just print and send if they ask for reviews.....


Nice to get all payments showing up against all my accounts, and my signature updated. Mint have closed my online access but guessing that them knowing the SC payments have started triggered this as they have taken it as an end to the agreement and defaulted me. All good. Will ring them every few weeks to spot check balance though!

blisteringblue

neiljmuk wrote: »

Do you need to bother re-sending a statement for creditors who are getting the same? Can't you just send a letter saying "payments will continue as normal but direct from me, not SC and the SOA is as per the original SC correspondence so no changes, just who pays you, thanks"

Probably but the NEDCAB templates produce them so I will just send them with the cover letter. All it basically says is I'm going alone and will be making the payments shown in the statement on or around 21st April.

As there is no more 3 week delay too I've gained a months Stepchange payment as a nice bonus emergency fund too.

Ellieseleven

I've just logged onto Stepchange to find that I have a message that payments will be sent to creditors within 5 days of receipt from April...has everyone else had this message?

Ellie x

Puzzcat

Ellieseleven wrote: »

I've just logged onto Stepchange to find that I have a message that payments will be sent to creditors within 5 days of receipt from April...has everyone else had this message?

Ellie x

Hi Ellie,


Yes I have got the same message.. also says you will receive your statement 1 week later than at the moment.. I'm sure it makes sense to them...!


Puzz. x

neiljmuk

blisteringblue wrote: »

Probably but the NEDCAB templates produce them so I will just send them with the cover letter. All it basically says is I'm going alone and will be making the payments shown in the statement on or around 21st April.

As there is no more 3 week delay too I've gained a months Stepchange payment as a nice bonus emergency fund too.

Cool, when I do self managed i'll not be able to gain a month as everything happens in the same payment month, if that makes sense. Oh well! Tokens to Lloyds will rack up those funds I failed to get. Thats still assuming they won't play ball in the first place. If they do I'll accrue emergency funds the hard way safe in the knowledge the debt is plummeting.

SquirrelNuts

Full messages from Stepchange:

"From April we'll start to send your payments to creditors within five working days of receipt."

"We now send your payments to creditors within five working days of receipt"

"From April, you'll receive your online statement approximately one week later than currently. You don't need to do anything and your payments aren't affected."

For me Direct Debits are collected on the 1st, so next Stepchange payment will be around 6th April, that should bring in my DFD a whole month. :T

I think the message around Statements is just that they are going to produce statements at the end of the calendar month instead of the 25th. Makes sense really as there wont be a single payment run any more.

In other news... At long last, I've got a sig! :T

Squiz

January2015

My postman must wonder what is happening in the January2015 household - having had paperless accounts for a number of years, the poor postie is putting through multiple letters each day:j

Today's letter drop brought the promised letters from H'fax formally initiating the default process for both my loan and OH's loan. Again, they also wrote to us separately with a personal letter thanking us for contacting them and talking to them and advising whilst the SC payment proposed to them did fall within their guidelines for continuing to add interest to the loans they fully understood our reasons for wanting the accounts defaulted asap in order to stop interest and were happy to agree to this. Lovely people :A

So 5 out of 10 creditors officially on the way to formal defaults - will monitor noddle accounts as they have warned the default may not appear for a few months as they need to follow their internal processes - I can wait;)

BC statement arrived today - I have been charged £0.19 interest. I can't be bothered to chase that one up [today]. I am too happy:j

January2015

ploppy57 wrote: »

Did you actually ask to be defaulted? OH has an OD with them and we both have CC's. So far they have stopped interest, but do say it is only for 6 months.

Yes Ploppy - in our letters re Current Account OD and 2 x loans we 'formally request they take action to default the accounts sooner rather than later'. We went on to explain why we wanted this (to stop all interest and charges, and to keep having to ask via reviews etc) and explained that we understood the implications this action would have on credit reference agency files but the decision to go into a DMP was not taken likely and was taken with the aim of being able to be debt free by retirement age. If they did not default the accounts and continued to add interest and/or charges we could see no forseeable change in our circumstances which would mean we would enter retirement still facing debts because of their actions....and then we quoted S225 of the Lending Code. Quoted this because a 9 year DMP and going beyond into retirement would, in our opinion, result in the repayment period becoming excessive.

Section 225 states:

• It is inappropriate for interest and charges to continue to be taken where the result would be that the repayment period for the customer becomes excessive. In forming a judgement on what might be excessive, a subscriber should take into account the type of product and the individual circumstances of the borrower.

It's lovely when it works;)

Edit: Ploppy originally they were still going to charge us £1 per day OD fees. Sounds as if they not doing that to you. Also on loans, all interest was still being added and because reduced payments were being made the loans were never going to be paid off before we retire.

Edit: advised H'Fax of DMP mid Feb and agreement to default all accounts within 6 weeks. I am chuffed with myself

Growurown

Afternoon peeps, another creditor off my list! Just finished paying the second and last of the two Halifax bank accounts that went onto my DMP as they both had overdrafts.

I have gone from 14 creditors down to 9 now and it's nice to see them going:j

Still working towards being debt free by November.