DMP & Mutual Support Thread - Part 10

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

Thanks everyone for the kind words



We have a family holiday booked for the summer but we are trying to think of something we can do as a family to celebrate before then. Possibly a really nice day out and a meal to finish it.

I couldn't have done it without you twin, you have been my constant support and encouragement :T

TTFTM x

Likewise sweetie

HHx

January2015

TTFM - Wow, awesome news. You have made my weekend start with a smile. I'm not proposing you change your username, but perhaps now it's Time to Find the Music (because you faced it and dealt with it ).

Brogden - great name for NWest. We have one small balance on a CC with them and they have been great (so far).

Happy Saturday everyone

System

Well done TTFM...:T:T:beer:

Hopelessly_Hopeful

January2015 wrote: »

TTFM - Wow, awesome news. You have made my weekend start with a smile. I'm not proposing you change your username, but perhaps now it's Time to Find the Music (because you faced it and dealt with it ).

Brogden - great name for NWest. We have one small balance on a CC with them and they have been great (so far).

Happy Saturday everyone

Great suggestion!

HHx

blisteringblue

Do you know for all my moaning and actually treating them as a swear word, Barclaycard have actually been great to deal with.

As soon as I got the letter telling me interest was back at 12.9% I went into action going it alone with the DMP.

After speaking last week to Barclaycard informing them I want them to default me and will only be paying £5 until they do, well today they have written to me again.

Letter simply says, thanks for agreeing to a regular payment (the £5) as long as I make that payment they will freeze the interest! However as this payment is too small for a formal payment plan the debt will eventually move to their collections team. This will be recorded with credit agencies blah blah blah.

That will do for me cocker :cool:

As much as I love Stepchange and they do a great job, their totally regimented payment system isn't always best. Sometimes you just have to reduce the amount you pay even if you can pay more to trigger different mechanisms with the creditors.

Sazzie23

Time_to_face_the_music wrote: »

Good morning DMPers old and new :hello:

I want to scream from the roof tops that our debt is down to 3 figures! We only owe hundreds, rather than thousands, or tens of thousands or our original £82,344 which is pretty close to one hundred thousand!

Can't sleep for excitement :rotfl:

We would never be in this position now if it wasn't for the help, advice, experience and support from this thread :T

TTFTM x

Happy dance :j:T:T:T:):j

I know it's taken a lot of effort on your part to get here, you deserve it :beer:

Sazzie23

:mad::mad:
Called my none DMP loan to find pit how much the final payment was (balance less than £10) for them to tell me there was £2.34 to add in arrears payments - well I've never been in arrears with them, so they can do one, I'm not paying it!!! I know it's only a small amount, but blummiin heck all the other accounts I do have arrears with and this one wants to charge me when I'm not. As the lady couldn't explain why it was due she will launch an investigation - ha ha - it'd probably be cheaper for them to write it off I will make the final payment on the due date without the arrears amount, and see what happens.

Spoilt what I was hoping would be happy news:eek:

But it's still good news it's paid off:D one less to worry about. :T

ICantPayYou

blisteringblue wrote: »

Do you know for all my moaning and actually treating them as a swear word, Barclaycard have actually been great to deal with.

As soon as I got the letter telling me interest was back at 12.9% I went into action going it alone with the DMP.

After speaking last week to Barclaycard informing them I want them to default me and will only be paying £5 until they do, well today they have written to me again.

Letter simply says, thanks for agreeing to a regular payment (the £5) as long as I make that payment they will freeze the interest! However as this payment is too small for a formal payment plan the debt will eventually move to their collections team. This will be recorded with credit agencies blah blah blah.

That will do for me cocker :cool:

As much as I love Stepchange and they do a great job, their totally regimented payment system isn't always best. Sometimes you just have to reduce the amount you pay even if you can pay more to trigger different mechanisms with the creditors.

Just out of interest, how do step change manage the payments to creditors?

Puzzcat

ICantPayYou wrote: »

Just out of interest, how do step change manage the payments to creditors?

Hi,
They don't base it on what is owed, they do it based on the original minimum payments. not sure why and it can be a bit of a pain for some if the reduced payment offered is too close to the original minimum payment.


I believe Payplan do it the opposite way, based on the outstanding debt rather than what you were paying..


Puzz. x

blisteringblue

ICantPayYou wrote: »

Just out of interest, how do step change manage the payments to creditors?

Puzzcat wrote: »

They don't base it on what is owed, they do it based on the original minimum payments. not sure why and it can be a bit of a pain for some if the reduced payment offered is too close to the original minimum payment.

Depending on the debt also they apply different %. Eg an overdraft will get a slightly larger % of your payment than say a credit card.

However their biggest failing is they will always treat all creditors the same. If your payment means you actually end up paying a credit card more than your old minimum payment they will do this, and this in turn leads to interest from some companies (such as Barclaycard in my case) because you are paying too much, even though it's only the DMP and zero interest that means you make inroads into the debt.

It's this inflexibility that Stepchange cannot deal with. I should be paying Barclaycard £180 but I'm only going to pay them £5 until they default me. Stepchange cannot do this even though it's in my better interest, they will always pay the £180. So I've gone self managed and will pay them £5 until default.

Barclaycard were not even slightly bothered by this, all they are concerned is you make some kind of payment to prevent non-payment fees.