DMP & Mutual Support Thread - Part 10

zenshi

Its been so long since I've had chance to read or post on here. I have been working all hours averaging around 60 per week plus the general upkeep of house and animals, so I'm exhausted but......the upside of that is that I'm chucking loads (by my account) at my debts :j

My aim for this year is to get below 20k

KID77

KID77 wrote: »

We have also just sent our stuff off to stepchange hoping to be set up for july 1st, we are £47k in debt with similar creditors to yours so will be good to compare notes :-). We are only paying £210 per month as i have over estimated our outgoings to ensure we dont leave ourselves short and i want to try and save as well if i can. You are obviously paying alot more than us per month if your debt free date is in 4 years. Hope it all goes well :-)

Just a little update.....
Stepchange have confirmed we are set up for first payment from 1st July.
2 x MBNA accounts have confirmed that they accept the plan and will freeze interest
Haven't heard from Barclays/Barclaycard yet who we have most of our debt with so anxious to see what happens with them
Tesco also to respond but I am hoping they will be ok

I am in the process of sending of SAR's to all creditors so I can see if its possible to reclaim any charges etc and also to check out of curiosity how much interest I have paid to each one over the years!

I am pretty consumed by this DMP, I spend ALOT of time reading these forums and all the previous DMP threads absorbing as much information as I can. I am in a much better place mentally that I was this time last month when i couldn't see a way out of our debt without selling our home. However I do still feel anxious about what lies ahead, I will keep updating and sure I will have questions for you experienced dmp'ers :-)

K
xxx

Scaredofdebt_2

KID77 wrote: »

Just a little update.....
Stepchange have confirmed we are set up for first payment from 1st July.
2 x MBNA accounts have confirmed that they accept the plan and will freeze interest
Haven't heard from Barclays/Barclaycard yet who we have most of our debt with so anxious to see what happens with them
Tesco also to respond but I am hoping they will be ok

I am in the process of sending of SAR's to all creditors so I can see if its possible to reclaim any charges etc and also to check out of curiosity how much interest I have paid to each one over the years!

I am pretty consumed by this DMP, I spend ALOT of time reading these forums and all the previous DMP threads absorbing as much information as I can. I am in a much better place mentally that I was this time last month when i couldn't see a way out of our debt without selling our home. However I do still feel anxious about what lies ahead, I will keep updating and sure I will have questions for you experienced dmp'ers :-)

K
xxx

Hi KID77

I haven't posted for a while but I'm 4 months in to my Dmp and I can honestly say it does get easier and less consuming! I was in a right state when I started but it is the best thing we have done. I know we are not far in to the plan and have not got a lot of experience but knowing our debt is decreasing is such a good feeling. As far as the creditors are concerned, I was finding it really difficult not knowing what they were going to do so me and hubby spent an afternoon ringing each of them and explaining our situation. I was terrified but they were all nice and reassuring. I know this is not for everyone and I know there has been discussion on here as to whether this is the right thing to do but it helped me enormously. Good luck and it really does settle down.

KID77

Scaredofdebt wrote: »

Hi KID77

I haven't posted for a while but I'm 4 months in to my Dmp and I can honestly say it does get easier and less consuming! I was in a right state when I started but it is the best thing we have done. I know we are not far in to the plan and have not got a lot of experience but knowing our debt is decreasing is such a good feeling. As far as the creditors are concerned, I was finding it really difficult not knowing what they were going to do so me and hubby spent an afternoon ringing each of them and explaining our situation. I was terrified but they were all nice and reassuring. I know this is not for everyone and I know there has been discussion on here as to whether this is the right thing to do but it helped me enormously. Good luck and it really does settle down.

Thank you Scaredofdebt, even though SC told me I don't have to contact my creditors as they would do it for me and have done, i still emailed them all advising as I just felt I should. That's how I found out about MBNA. I don't know if I am brave enough to ring :-)

Have your creditors all frozen interest? Have you had any defaults yet?

K
xx

Coinmachine

Sigh. i have been in my DMP for 15 months now, I was fortunately (or so I thought) able to increase my payment three months ago shaving a year off my DMP, but because of that halifax have now written to state that as they are receiving more than the contracted monthly payment they will start adding interest again!

On top of this Nationwide are seeking a charging order, its pointless really as I have no intention of selling and they have stated they wont push for a sale.

No real reason for posting other than when you think you are getting on top of matters somehting comes back to hit you, it just feels that creditors are making life hard unneccesarily

KID77

Sorry to hear that Coin Machine, The only charging orders I have read about are from Nationwide and Natwest. Must be a stressful process for you. Does it apply if you remortgage for a cheaper rate too? Do you owe them alot?
K
xx

Coinmachine

Thanks. Im not sure, luckily I have a very good mortgage rate that tracks the bank base rate so no need to shift. I owe them £5k, I wouldnt mind but I owe other creditors more and theyve been much more reasonable to deal with. Its just annoying and then if theres a hearing I have to attend, so thats gonna cost to travel to and time off work, its just frustrating.

Scaredofdebt_2

KID77 wrote: »

Thank you Scaredofdebt, even though SC told me I don't have to contact my creditors as they would do it for me and have done, i still emailed them all advising as I just felt I should. That's how I found out about MBNA. I don't know if I am brave enough to ring :-)

Have your creditors all frozen interest? Have you had any defaults yet?

K
xx

SC said that to me too but I phoned them for my own sanity. I was very scared and made my husband go first but they were all.sympathetic and nice!! Our biggest creditor was Bc too and they were fine. Beside Bc, our creditors are Hfx, MBNA, next, Hitachi and NW and they have all frozen interest so far but believe it's different for everyone. As far as defaults go, thiink only NW have defaulted us. To be honest our mortgage is up in under 8 years and I never want to use credit again so at the moment not too fussed about defaults but know it's important to some. Keep going with it. The part you are going through was definitely so far the hardest. This forum helped me loads.

KID77

Hope everything goes CoinMachine x

Thanks Scaredofdebt, as crazy as it sounds im hoping for defaults early on as im in this for the long haul so the sooner they dall off my credit file the better as then i can maybe remortgage in 6-7 years, we have still got 16 years left on mortgage. Have you checked your credit file yet? I would be interested to know how BC and MBNA are marking it as I have them as creditors too xx

Coinmachine

you too Kid77 we owe similar amounts, thanks it helps just posting here sometimes to get things off your chest. Have a nice evening.