DMP & Mutual Support Thread - Part 10

Sazzie23

wen3 wrote: »

Sorry if being dim what are AP and defeat markers we have been on noddle but wasn't really sure what we was looking for apart from the default? Also how long does it normally take to get the default taken off the credit file?

Very late posting, and poor eyesight = default rather than defeat sorry:o

But as Puzz says, check in noddle and actually drill down aka click on till you see individual payments either with a tick or AP or late or a cross or something. Then,let us know what they say. If it's all green it's good.

Sazzie23

Justjules2012 wrote: »

Hello
I have just started a DMP well I have to get all paperwork together and send it off. My main debt is a moneywise loan and it says in there t&cs that if you enter a DMP then they can claim immediate payment of the full loan. Does anyone have experience of them being on a DMP is this what they do or do the accept? Whole thing is very scary and dreading it

hi Jules,
Try not to panic, I understand what a scary time this is for anyone starting out.

Not familiar with money wise and they don't get much of a mention on here but in any case they have no ore priority than any other unsecured creditor. If you are with SC, SC will tell you tMoneywise will get what is offered, like it or lump it, they may well default you, but that's a good thing if it happens early on in DMP.

Wait and see what happens, but think calm thoughts;)

Justjules2012

Sazzie23 wrote: »

hi Jules,
Try not to panic, I understand what a scary time this is for anyone starting out.

Not familiar with money wise and they don't get much of a mention on here but in any case they have no ore priority than any other unsecured creditor. If you are with SC, SC will tell you tMoneywise will get what is offered, like it or lump it, they may well default you, but that's a good thing if it happens early on in DMP.

Wait and see what happens, but think calm thoughts;)

Thank you, I hope it goes OK I am freaking out
SC have told me to let all my creditors know so I am going to write letters but what do I say?!
I'm just so scared they're all going to say I don't think so and just send debt collectors after me, can't believe I got myself into this mess, I've always had credit cards but this is the first time I've ever got to the point where I actually can't afford to survive So horrible

Justjules2012

Sazzie23 wrote: »

hi Jules,
Try not to panic, I understand what a scary time this is for anyone starting out.

Not familiar with money wise and they don't get much of a mention on here but in any case they have no ore priority than any other unsecured creditor. If you are with SC, SC will tell you tMoneywise will get what is offered, like it or lump it, they may well default you, but that's a good thing if it happens early on in DMP.

Wait and see what happens, but think calm thoughts;)

sorry its Moneyway not Moneywise, got that wrong.

Karen777

Hey Justjules - you are right - think calm thoughts and keep posting on here - we have all had (and contonue to have) that fear at some points but reality rarely turns out to be as bad as our worst fears - and they can't take what you haven't got so hang on in there and breathe.

blisteringblue

I love how companies think threatening a default is something you will be scared of.

My only mickey mouse debt is with a company called OPUS who have charged 12% interest thinking its doing me a favour :wall:

Anyway I've tried the Barclaycard £1 a month approach until they default me. And low and behold finally got a reply from them telling me they are going to remove the 12% preferential rate and reintroduce the stupid 30%+ standard rate and they may default me which will be registered with credit blah de blah de blah.

It's my smallest debt so not worried, but have replied telling then not to just threaten a default but to actually do it. I'm not paying interest and take this letter as a formal complaint before I send it to the FOS. They cannot increase the debt etc etc.

I will get every single debt interest free

rattters

I've done it!!!! I have cancelled my DMP with SC :eek:

Whilst I don't doubt how supportive and helpful they are for a lot of people- I have just had one too many issues and the final straw was when I realised today that they were paying my MBNA and Virgin credit cards the wrong amounts ( £76 that should be going to MBNA was going to Virgin and £272 that should be going to Virgin was going to MBNA) resulting in interest and default charges on my Virgin cc.

I have spoken to each and every creditor and and feel so much more in control and confident about managing all this- along with all the hints and tips I have read here.

Thanks to each and everyone of you for sharing your stories, giving your advice and support - it is amazing what we can achieve :T

Sazzie23

Justjules2012 wrote: »

sorry its Moneyway not Moneywise, got that wrong.

Nah still don't recall much about them, sorry, it you have time maybe read back through the pages see if they crop up at all.

On the same note, I found it really useful to read the SC pages about debt collectors, what they can and can't do, what rights you have etc. not that a debt collector ever came near once the, or was even threatened but it stopped me making plans about hiding the TV etc:o

If you check the email pack SC sends you'll probably find some template creditor letters, but basically you write to to them saying :

Your name address account number

I am experiencing financial difficulties. I have taken advice from SC and am starting a DMP with immediate effect (or from xxx start date).
SC will contact you with details of payments.

Please put any enquiries in writing to the above address.

And sign it and send to each creditor .


Many folk on here started out with the position of never having missed a payment until crisis hit, and I think most would say they wish they'd started the DMP sooner.

My top tip is to make sure you have enough in your emergency fund before you start, or what will you do if you have a boiler/fridge breakdown/car troubles (GUO:eek:) etc

If you don't have an emergency fund, is there anything you could sell/family to help/access to credit from partner etc. if you still don't have an emergency plan, then I'd strongly consider deferring the DMP start date for a month or 2, sending token payments to creditors to save at least £250 pref £500.

If you need help or are worried, just ask, no judgements here about how we got here, it's all about getting through the DMP and getting to that DFD:D

Karen777

I agree Sazzie - I wish I'd started my dmp about five years earlier!!

Puzzcat

Hello dmp'ers... and welcome to any newbies...


I am now in my 19th month of my dmp and have dropped from £60k into the 49k's so all going well at my end..


And yes sazzie and karen don't we all wish we had known about the good old dmp many years before.. but at least we are all travelling on the right path now..


I thought I would pop this up as I read a mention recently and haven't seen it on the thread for awhile..


Love Puzz. x




CARD/DEBTDETAILS – ACCOUNT NUMBER


DATE


Dear Sir/Madam





I am writing to inform you that I am currently seeking advice and assistance regarding my current financial difficulties.


I am working with Step Change to set up a Debt Management Plan (DMP) – my reference number is ******. They will send you an offer of payment along with a copy of my budget and list of creditors.



I am unable to meet my normal monthly payments, would you please accept a token payment of £1 per month until Step Change contact you with my DMP details. I would appreciate if you could hold any action on the above account until this time.


I would ask that you please consider stopping or reducing interest and any other charges on my account to help me during my financial difficulties and to avoid increasing my debts any further.


I would please note all future communications should be in writing only.
I thank you in anticipation of your assistance and co-operation whilst I am going through this difficult time, and assure you that I am doing everything I can to resolve my current financial situation in a responsible and sustainable manner.

Yours faithfully