DMP & Mutual Support Thread - Part 10

KrazyKel

Puzzcat wrote: »

The one saying you will often hear on this thread is I wish I'd known about dmp's sooner. The majority of us have been where you are now, most have gained debt from consolidating, it rarely works. The snowball calculator is great if you have enough funds to do it. If not the sooner you start a dmp, the sooner you finish. And as Sazzie says budgeting will be your new best friend, and us of course!
Good luck.
Puzz.x

Thank you, Will look at the snowball calculator, Most my Credit card debts are roughly the same interest rate of 19.9% and then my large OD with HSBC which I think is costing me the most per month in interest alone

I just kept putting it off starting a DMP as was so torn between hoping/waiting for 0% cards / improving credit score and DMP and defaults etc

KID77

KrazyKel wrote: »

Thank you, Will look at the snowball calculator, Most my Credit card debts are roughly the same interest rate of 19.9% and then my large OD with HSBC which I think is costing me the most per month in interest alone

I just kept putting it off starting a DMP as was so torn between hoping/waiting for 0% cards / improving credit score and DMP and defaults etc

Hi KrazyKel

I like you struggled for a few years thinking I could do this myself but it just got worse so we start our DMP on 1st July.
We opened a new bank account to get away from Barclays whom we have debt with, I didn't use the switching service, I just called all my direct debit companies and gave them new bank details.

Good Luck
K
xx

blisteringblue

Puzzcat wrote: »

Will be interested to see how bb gets on with his low token payments now he is self managed.

It is slowly kicking into gear Puzz. Their cogs do whirl slowly.

I caught mine at the right time going to £5 payments and that has never had interest since I started the DMP, even though got the letters on anniversary saying it was going to 12%. Plus got the first Default notice this week so expecting another couple of months to the official default.

Mrs BBs has been a bit trickier because we have always paid interest on that one, they never froze it at the start. However since going to tokens they have said we will be on an informal plan and interest will be frozen, but it never was. So have written every month and only today we got a letter saying still on the informal plan, they have refunded the £64 for last 2 months interest and it is definitely frozen now and will pass to recoveries in a few months.

So fully expecting both to be officially defaulted be september and then we can get back to paying them the full amount to get this thing done.

Just chopped up 3 old fence panels for the chimnea, so going to enjoy a few beers in the sunshiiiiiiine. :beer:

fermi

Moral support needed if anyone has a sec.

---> newbie to DMP

Triangle

Kid77 - how did you get on with Barclays today?

Tx

KID77

Thank you for asking Triangle, well the number that Barclays gave me for the Recoveries Team was actually a department specifically designed to deal with DMP Companies and not individuals. However he quickly looked up my account and advised it wasn't even with Collections yet and there was certainly no mention of court action. He told me to get SC to ring them and sort it out. I am waiting on confirmation from SC of the outcome which will probably be a few days.
So I am not so worried now but still don't really know whats happening. Just a pity they haven't all been as good as MBNA.
How are things with you?
K
xx

little_miss_moneysaver_3

Hi all!

Am trying to be brave and take charge of our finances and debts and just get ourselves sorted.

Have all the figures to add into my spreadsheet today and then will probably faint at how bad it is

My main worry is that whilst I was pregnant with my second son I basically crippled myself by falling down the stairs and am on sick pay and trying to get them to find me a job that's realistic. The other option is to give up work which will obviously mean a lot less money.

The other thing, we remortgaged our house earlier this year and got £15,000 to pay off our credit cards. So my hubby paid his off nd his overdrafts and the time I went to pay mine off he'd frittered a lot of money on.....who knows? There's nothing to show. Also he's spent all his overdraft again and sometimes even he's over his overdraft so means more money. So my debts didn't get touched. Admittedly we spend when we feel down, we are our own worse enemy. I'm trying not to go out much etc.to stop spending.

Sorry for waffling, just need to offload some thoughts to people that will understand and hopefully give me some ideas of what to do next. Feeling desperately in need in of reassurance I guess.

LMMS

blisteringblue

Kidd77, I had many a conversation with Barclaycard and the only way you can get them to play ball is simply pay less. They even told me that on the phone. Some have had some success with the FCA route but that can take a while to get a ruling. My tokens are on the cusp of getting the defaults I want, its just a shame Stepchange cannot do this. They are just too rigid.

Time_to_face_the_music

Triangle wrote: »

Anyway, a question amongst my rambling! I have read the payments Stepchange will be making to each creditor and one of them is pretty much identical to what the current minimum payment is. Has anyone else had this? Does it affect anything?

I think this may have been missed in a busy flurry of other posts.

Stepchange have an odd way of sharing payments to creditors and this can cause problems. If a payment is very close to the previous minimum payment, a creditor may refuse to accept that you are in financial difficulty and hence will not freeze interest/charges etc.

This happened to us with M&S, who told us we should lower our payment to them. We asked Stepchange to do this and they wouldn't and despite taking the case to the FOS we lost because M&S had offered us a solution and we didn't take it. This prompted us to go self managed instead of using Stepchange.

If you do have problems with this one account, please come back and let us know and there may be ways around it.

TTFTM x

Jon81

Morning all hope all you guys are doing well, has been a while since visiting forum as the whole thing was getting me down and I sought counciling.