DMP & Mutual Support Thread - Part 10

Kate_fixing_it

gettinggoing wrote: »

Hi. I am just about to start on my DMP with SC - am feeling frightened and relived at the same time. This forum has been incredibly useful in terms of getting information and top tips - thank you. I have set up a new bank account and then need to transfer direct debits etc over.

Can I just ask a couple of questions...

Had anyone every had doorstep collectors from the major credit card companies/banks etc?

Would it be a good idea just to pay a token amount for payments next month whilst SC set up my DMP etc?

A lot of my debts (about £24000) are with Barclays. We have a joint mortgage with them which is up to date. Is there any chance that they will close our mortgage or anything as a result of me applying for a DMP? The DMP and debts are all in my name .

Thanks in advance for any help with these - hopefully they are just me worrying but they're niggles that are stopping me from signing and sending the paperwork off.

Try to look at this as you sitting around a table with Barclays and saying: "hands up, I need your help. We are getting nowhere currently, my priority bills are going to be paid but I need you to work with me on the rest". Debt isn't a crime - you'd ask for crutches to help you get around if you broke a leg so a DMP is (sort of) asking for crutches to help you get along financially.

A DMP is informal. There are no adjudicators telling you what to pay - SC are just the physiotherapist helping you to learn to get around again and holding the door open while you do it yourself. And again much like recovery from a broken leg (sorry for all the leg stuff ,it's constantly a theme for me ) life won't be the same again. It'll be better. You are giving your finances time and support to recover and learning new ways to do things so that they don't break down again.

SC are nothing short of amazing. In a few months you won't know yourself. I won't promise you'll get your life back (would you want it the way it was?) but you will feel better, you will be able to live without the stress you were/are under and things will be easier all round.

I can't speak for Barclays but most creditors will appreciate you making the effort and asking for help. They'll recognise that you want to repay them and you are taking steps to do it responsibly before things are totally out of control (although they probably won't tell you that

Kate x

Monkeyballs

Hi Getgoing,

Welcome to the thread!

Everyone stresses just before the start of a DMP as they expect the worst, often because when they've tried speaking to their creditors in the past they get the cold shoulder treatment.

£24k sounds a lot (which, to be fair it is) but there are folk on here with more...

When I was setting up my DMP with SC I had a Barclays overdraft and a Barclaycard but SC assured me that they work very closely with them and have a "special relationship" what did SC tell you at the time?

Sending a token payment is up to you really, I didn't but many on here did - I don't think anyone was particularly disadvantaged although I would suggest you do it if you're planning on more than one month of token payments to build an emergency pot.

I can't really comment re. the mortgage but I'm sure someone else can and will shortly

MB of G x

blisteringblue

Monkeyballs wrote: »

£24k sounds a lot (which, to be fair it is) but there are folk on here with more...

:think: Hmm, somebody with more than 24K

:wave: Hello, that would be me then. Currently 57K, although it was over 60 3 months ago

But :shhh: don't tell anybody.

And loving every minute of it. 1.7% paid off every month. 1st time it's gone down in a decade.

drhuxtable

Monkeyballs wrote: »

Ah yeah, I remember reading about the Amigo loan and fair play to you for not wanting to drop your guarantor in it.

If it's any consolation, Wonga are normally pretty helpful even if it's just with an offer to enter into a repayment plan similar to what Mr Lender has offered.

Most if not all creditors should agree to a 30 day freeze on your account once you tell them you're entering into a DMP with someone like SC as this allows time to receive details like I&E form, offer of payment, etc. so that will help to shorten the painful spell which I think you're heading into...

Have you considered speaking to your guarantor though to let them know what your position is and asking them to pay on your behalf and then reducing the amount of income you declare to SC and paying the amount to the guarantor? You mention it's about £800 left but no mention of time/months left?

After it's paid then you could tell SC you've had an income boost...

Not strictly playing by the rules but it's only a few months I'm guessing? Maybe someone else on here can comment?

MB of G

Thanks again for that, I'm glad wonga maybe easier to deal with, as its quite a big debt. I have considered going to guarantor over amigo but hes not in the best shape health wise and is my partners father, so could really do without him being affected. Will see what happens though I think.

The amigo loan has a good 7 months of paying 108 a month but I can clear it in a couple of big payments.

Thanks for your advice

TimeToDoIt

I have just made my first DMP payment to stepchange

Yikes. That's it now. It has begun.

Is it normal to not really know how to feel right now?!!

Puzzcat

TimeToDoIt wrote: »

I have just made my first DMP payment to stepchange

Yikes. That's it now. It has begun.

Is it normal to not really know how to feel right now?!!

Yep quite normal... relief, scared, happy, worried.. a rollercoaster of emotions.. but it does all settle down...


Well done on your first payment to debt freedom.. :T


Puzz, x

TimeToDoIt

Thank you

tayajade

gettinggoing wrote: »

Hi. I am just about to start on my DMP with SC - am feeling frightened and relived at the same time. This forum has been incredibly useful in terms of getting information and top tips - thank you. I have set up a new bank account and then need to transfer direct debits etc over.

Can I just ask a couple of questions...

Had anyone every had doorstep collectors from the major credit card companies/banks etc?

Would it be a good idea just to pay a token amount for payments next month whilst SC set up my DMP etc?

A lot of my debts (about £24000) are with Barclays. We have a joint mortgage with them which is up to date. Is there any chance that they will close our mortgage or anything as a result of me applying for a DMP? The DMP and debts are all in my name .

Thanks in advance for any help with these - hopefully they are just me worrying but they're niggles that are stopping me from signing and sending the paperwork off.

Hi,

I am also very new to this thread and at a similar point to you just in the set up phase of a Dmp with payplan, bracing myself for the calls and letters:)

We were advised to send off token payments while the Dmp is being set up and following monkeyballs advice we have put the money that we would usually make our minimum payments with in a savings account as an emergency fund.

We have a large loan and overdrafts with Santander and our mortgage is also with them, again we were told that as long as you keep up your mortgage repayments that wouldn't be affected at all

Puzzcat

Just completed my first SC review online, very painless...


I wanted to do it early due to house full of visitors in August.. Have upped my payments by £13 a month and taken 2 months off my dfd...:D


Still a long way to go but all in the right direction...


Puzz, x

livingindreamland

when you did your review, did they ask for wage slips etc? Just hubby has been doing a it of overtime the last few weeks, but this isn't guaranteed. So I guess what I really want to know is should he not do any for a month before our 1st review is due?