DMP & Mutual Support Thread - Part 10

Scaredofdebt_2

January2015 wrote: »

Thank you :beer:

I've logged in to all my accounts and only Hellifax (same group as Lloyds) has updated the balance with the April SC payment.

Creditors not yet updated are:

B'card
MBNA
V'money
RBS
NWst
ShopDirect

On a very nice positive note - the balance on the MBNA account had reduced by just over £385 so I was confused.....but MBNA have accepted my complaint over interest and fees charged when we initially notified we were going on a DMP in January and refunded the lot :j The disappointing bit is that we had 3 MBNA accounts of which 2 were under the guise of V'money. In Feb V'money separated from MBNA. Same complaint to V'money but they won't reverse the charges - oh well, win some lose some....just make sure I continue trying The fees and charges they refuse to remove are 'up to the date' we notified of DMP and appeared on following month statement so I do understand - just don't like:mad:

That's interesting about Virgin and MBNA, both mine and hubbys ccs were initially with Virgin but we haven't heard anything to suggest the debt is moving back to them. Watch this space!!

BlueFuzzy

Oops. I thought I would get email notifications when receiving messages from StepChange, but just logged into my account to see the message about the change in payment date. I’ve responded to a few “missed minimum payment” letters in the last week or so with a letter saying that StepChange would be paying them on the 25th of each month.

Hope I haven’t confused my creditors! Hopefully they’ll be smart enough to figure out that they should listen to StepChange regarding payment dates rather than the derp that is me.

Dancingthroughlife

Hi all,

After dragging my feet due to a certain amount of denial and a large amount of fear, I have sent all the documents off to stepchange to set up a DMP.

How long did it take for everyone's DMP to take effect/become active? How do I respond to letter from the bank regarding missed payments etc? What do I need to do in the time I am waiting for DMP to start?

Sorry for all the questions, I'm just a little confused!

Thanks.

Puzzcat

Dancingthroughlife wrote: »

Hi all,

After dragging my feet due to a certain amount of denial and a large amount of fear, I have sent all the documents off to stepchange to set up a DMP.

How long did it take for everyone's DMP to take effect/become active? How do I respond to letter from the bank regarding missed payments etc? What do I need to do in the time I am waiting for DMP to start?

Sorry for all the questions, I'm just a little confused!

Thanks.

Hi Dancingthroughlife and welcome to the best thread on mse..


Now...


Have you changed bank accounts if you have debt with your current bank? This must be done asap and you will need to change to a basic bank account.


Are you starting your dmp straight away or doing a few months token payments to allow yourself to build up an emergency fund? Remember when you enter a dmp you have no access to credit? If you are going to miss any payments before the dmp is set up you should pay a token of £1 to each one for each month you will miss a payment until SC take over. I did this for 3 months prior to starting.


Sc will send you paperwork including a letter template you can send out to your creditors advising them you are setting up a dmp. If you receive any phonecalls you can just quote " I am setting up a dmp with sc and my referance is ******".


Best advice I can give you is to make a cuppa, pull up a chair and start reading this thread from the beginning, lots of information and answers to questions you have yet to ask.


Puzz. x

Dancingthroughlife

Puzzcat wrote: »

Hi Dancingthroughlife and welcome to the best thread on mse..


Now...


Have you changed bank accounts if you have debt with your current bank? This must be done asap and you will need to change to a basic bank account.


Are you starting your dmp straight away or doing a few months token payments to allow yourself to build up an emergency fund? Remember when you enter a dmp you have no access to credit? If you are going to miss any payments before the dmp is set up you should pay a token of £1 to each one for each month you will miss a payment until SC take over. I did this for 3 months prior to starting.


Sc will send you paperwork including a letter template you can send out to your creditors advising them you are setting up a dmp. If you receive any phonecalls you can just quote " I am setting up a dmp with sc and my referance is ******".


Best advice I can give you is to make a cuppa, pull up a chair and start reading this thread from the beginning, lots of information and answers to questions you have yet to ask.


Puzz. x

Great advice, thank you. I may start with the token payments for a few months then as unfortunately neither myself nor my partner can get credit so it sounds like a smart idea, I wasn't really aware it was an option so thank you for the advice.

x

angela1976

Hi I was wondering if any helpful people had any dealing with creation credit card, they have accepted our dmp, but are still chairing interest of around 12% now I know this is a lot lower than I was paying! but my stepchange payment to them each month will actually only be clearing 10 a month off the debt so will take forever to clear the debt. I have wrote to them but I've just got a this is the best we can offer. This is our 1st month on our dmp so I don't feel confident enough to go on my on and make £1 payments in hope that they default me. Has anyone got creation to freeze interest??

Jon81

So Argos have sent me a default notice requiring I pay the minimum payment within 14 days. From the outset they have flatly refused to accept stepchange's offer of token payment followed by a dmp. During this time they have continued to add interest late payments.

Has anyone had any recent experience with them once defaulted are they likely to begin accepting what stepchange are proposing and halting interest

Jon81

January2015 wrote: »

Thank you :beer:

I've logged in to all my accounts and only Hellifax (same group as Lloyds) has updated the balance with the April SC payment.

Creditors not yet updated are:

B'card
MBNA
V'money
RBS
NWst
ShopDirect

On a very nice positive note - the balance on the MBNA account had reduced by just over £385 so I was confused.....but MBNA have accepted my complaint over interest and fees charged when we initially notified we were going on a DMP in January and refunded the lot :j The disappointing bit is that we had 3 MBNA accounts of which 2 were under the guise of V'money. In Feb V'money separated from MBNA. Same complaint to V'money but they won't reverse the charges - oh well, win some lose some....just make sure I continue trying The fees and charges they refuse to remove are 'up to the date' we notified of DMP and appeared on following month statement so I do understand - just don't like:mad:

Add nationwide to the list they have added my payment but not next

Ali80

Jon81 wrote: »

So Argos have sent me a default notice requiring I pay the minimum payment within 14 days. From the outset they have flatly refused to accept stepchange's offer of token payment followed by a dmp. During this time they have continued to add interest late payments.

Has anyone had any recent experience with them once defaulted are they likely to begin accepting what stepchange are proposing and halting interest

Hi,

Argos sent me threatening letters in February just after I'd first contacted SC. So I rang them saying I'm with SC and they would receive their portion of my money from April onwards. They weren't particularly helpful or knowledgeable on the phone and I haven't received much correspondence since apart from monthly statements, but from what I can gather they have lumped on the interest I would have paid from BNPL offers, but have stopped charging monthly interest and late payment charges.

They can only have the money you can afford and need to step into line! Presumably most of your creditors have stopped interest? A phone call or letter might help...?

Ali

Ali80

6 out of 9 creditors showing reduced online balance so, based on my monthly payment, 1.5% is paid :j

Still a long way to go, but so chuffed my debt payment has for the first time in ages, mostly (BC.....grrrrrr :mad:) gone towards clearing debt and not interest!

Small victory, but surely we all need little wins to help get us get to the end!

xx