DMP & Mutual Support Thread - Part 10

January2015

2 x letters from SC today advising Hellifax have advised they are no longer dealing with our loan accounts. SC need us to find out who to pay.

Phoned Hellifax, eventually got the number for the recoveries dept. Nice lady gave me bank sort code and account details for SC to pay and confirmed all interest and charges now stopped and accounts are progressing to formal default as requested. Happy days

phoenixx

Time_to_face_the_music wrote: »

This was January2015's excellent post about the lending code :T

I have voted. Please add your votes if you think this was useful

TTFTM x

How do I vote TTFM? I felt was an excellent post also. X

Time_to_face_the_music

phoenixx wrote: »

How do I vote TTFM? I felt was an excellent post also. X

Click on the link in Fermi's post or go here:

https://forums.moneysavingexpert.com/discussion/5216212

TTFTM x

phoenixx

Thanks TTFM! Now voted.

blisteringblue

"I Like Barclaycard" .......

There I said it. After sorting my 12% interest back to zero going self managed and waiting for the default, sent the same letter re the better half's Barclaycard that has been at 6% interest since we started the DMP.

Now got the same letter in response, thanks for agreeing to a regular payment (£5) it's not enough for a formal agreement but we will freeze interest and your account will eventually pass to recoveries.

Sorry Stepchange while your service is great and a life saver for some you need to help your customers better by allowing this flexible approach. The creditors aren't bothered they just want regular payments and their money back eventually.

So all you fellow DMPers fretting about Barclaycard you simply have to reduce your payment drastically for a few months. Unfortunately you have to go it alone to accomplish this.

sourcrates

blisteringblue wrote: »

"I Like Barclaycard" .......

There I said it. After sorting my 12% interest back to zero going self managed and waiting for the default, sent the same letter re the better half's Barclaycard that has been at 6% interest since we started the DMP.

Now got the same letter in response, thanks for agreeing to a regular payment (£5) it's not enough for a formal agreement but we will freeze interest and your account will eventually pass to recoveries.

Sorry Stepchange while your service is great and a life saver for some you need to help your customers better by allowing this flexible approach. The creditors aren't bothered they just want regular payments and their money back eventually.

So all you fellow DMPers fretting about Barclaycard you simply have to reduce your payment drastically for a few months. Unfortunately you have to go it alone to accomplish this.

There you go, this post should be added to the stickies, as the number of posts on this subject, by new users, grows on a daily basis.

littlesprinkles

We have a DMP, and have made two payments via SC now.
Our debts are with
Natwest
HSBC
M&S
Barclaycard

We have only heard from NW. Should I expect to hear anything from the others?

SquirrelNuts

littlesprinkles wrote: »

We have a DMP, and have made two payments via SC now.
Our debts are with
Natwest
HSBC
M&S
Barclaycard

We have only heard from NW. Should I expect to hear anything from the others?

Hi Littlesprinkles,

Welcome!

You don't always hear from creditors - in fact most of mine didn't formally acknowledge that I am on a DMP.

Sometimes they will reference the DMP on statements etc, but best way to tell if they have accepted is to check that they have frozen interest, and sometimes they change minimum payment amount on statements etc to match the Stepchange amount too.

It's best to keep looking out for interest and charges anyway and if they are still charging, write to them to ask for this to be stopped and refunded...

Squiz

littlesprinkles

SN,

Thank you, that is so helpful. We were so worried about the debt that we rushed into SC as we could no longer afford repayments, and our health and happiness were severely suffering. I'm glad we are on our DMP, I'm just getting my head around it. I think I'm a little sad too, as I'm only 25 but feel like because we now have this DMP we will never be able to get a mortgage.

Sazzie23

littlesprinkles wrote: »

SN,

Thank you, that is so helpful. We were so worried about the debt that we rushed into SC as we could no longer afford repayments, and our health and happiness were severely suffering. I'm glad we are on our DMP, I'm just getting my head around it. I think I'm a little sad too, as I'm only 25 but feel like because we now have this DMP we will never be able to get a mortgage.

Hi sprinkles,

I know it feels like you are teetering on the end of the world, but it's really not so bad. Not sure how long your DMP is, but chances are once it's paid up you'll be in a better position to get a mortgage as hopefully not only will you be debt free, but you'll also know how to budget, understand the value of money, and be able to save for a decent deposit.

Not sure what your earning capacity is, but if you find yourselves suddenly in a much better position financially, you'll either be able to pay off debts quicker, or decide to come out of DMP. Many folk I know that have had mortgages have ended up having to rent because they've got themselves in trouble financially, you are just doing it the other way round.