DMP & Mutual Support Thread - Part 10

FuzzyDF

Received a rather lovely letter from the two catalogues that were going to refuse freezing interest which I would have been paying off for 22 years. I wrote to the CEO of said company explaining my current situation and why I had to enter a DMP. The CEO's office responded to say that all interest will be frozen, they will also accept my SC payment which originally they said they wouldn't and no DCA's would be contacting me. :T

To say I'm happy is an understatement.

Just wish B@rclaycard and BOS would be so kind as they are the only two that have rejected my offer.

Time_to_face_the_music

FuzzyDF wrote: »

Received a rather lovely letter from the two catalogues that were going to refuse freezing interest which I would have been paying off for 22 years. I wrote to the CEO of said company explaining my current situation and why I had to enter a DMP. The CEO's office responded to say that all interest will be frozen, they will also accept my SC payment which originally they said they wouldn't and no DCA's would be contacting me. :T

To say I'm happy is an understatement.

Just wish B@rclaycard and BOS would be so kind as they are the only two that have rejected my offer.

That is fantastic news about the catalogues Fuzzy - well done :T :j

Time_to_face_the_music

Oh I have just got my mortgage free glee badge - I am so excited! :j

It's better than actually paying the mortgage off :rotfl:

Growurown

Monkeyballs wrote: »

I have just paid off my largest creditor and my debts are now below £10k for the first time in.... Who knows when!!!! Awesome eh?

FuzzyDF wrote: »

The CEO's office responded to say that all interest will be frozen, they will also accept my SC payment which originally they said they wouldn't and no DCA's would be contacting me. :T.

Time_to_face_the_music wrote: »

Oh I have just got my mortgage free glee badge - I am so excited! :j

It's better than actually paying the mortgage off :rotfl:

Well done all, making great strides here!

autumnsong

Hi everyone, I hope there's room here for another little one ...


I have finally got to that point of accepting that I need to take some action to sort out my finances and a DMP seems the best option.


I know you will have all had the same feelings and I can't believe how much they consume me every day. It's wonderful to read just how strong you have all been and how much support you offer one another. I am just about done with beating myself up over not doing this a year ago, how I believed I could crack it instead of asking for some help. I feel a little relief just in accepting my fate...


Anyways, as I take my first tentative steps I really hope you can help me make sense of the jumble?


I have opened a new bank account with Coop, but not a basic one, just one of their standard ones. Does this matter does anyone know?


I am planning to make reduced payments this month and contact my creditors. I have written a letter to send them but wonder if it's worth calling them first to discuss, or is it best to wait for them to contact me once they don't get paid and receive the letter? I am planning to go through Stepchange or do it myself, not sure yet, so any pointers would be gratefully received. If I choose to go through SC do I need to have this in place before reducing my payments? Is it right that if you contact them to advise financial difficulties they have to hold your account while you sort a payment plan?


If I were to reduce my payments this month and next, do you think that would be acceptable? I don't want to start it too soon, or too late, but a couple of months breathing space would be fab! Sorry, sounds a dumb question, I'm just drawing on your collective experience....


Soooo many questions! No doubt they have been answered a 1000 times but odd how you need the reassurance for your own case.


I hope you are all enjoying this fabulous sunny day. I can't believe this is what is on my mind instead of icy drinks in the garden! Things sure have to change.


Thanks for your time x

Monkeyballs

Evening all!

Sorry, another bit of a flier as t'internet is down again at home and I'm back at my bro's being scowled at... He loves me really... Honest

So, I just got a call from one of my DCA's who had apparently posted their acceptance to a very low offer asking why I'd not accepted and if I still wanted it?

Original debt = £267, offered as F&F = £120, after a bit of haggling £95 I have an email of the original letter that they sent back on the 27th of June confirming all the necessary re. F&F's and it's on headed template and they're sending another copy of the original and revised letter for my records!

That means another creditor down, my balance is now down to £9172 and at the end of the month when I make my normal DMP payment that'll just nicely take me into the £8k's!!!!!

Very chuffed with myself right now :j

Kate - at the risk of being disgusting, it'll take more than Tena to stop the Monkeeeeeeeeeeeeey!!! Great going on getting interest stopped on you catalogues too :beer:

Ooh... one other thing, remember to keep your balances up to date! The reason for getting more trimmed off was because their balance was lower than the one held by SC (which was obtained by me anyway)!!! I don't know why but I still see from time to time random small drops of a tenner or so for no reason :eek:

Cya!

MB of G xxx

Time_to_face_the_music

autumnsong wrote: »

Hi everyone, I hope there's room here for another little one ...

I have finally got to that point of accepting that I need to take some action to sort out my finances and a DMP seems the best option.

I know you will have all had the same feelings and I can't believe how much they consume me every day. It's wonderful to read just how strong you have all been and how much support you offer one another. I am just about done with beating myself up over not doing this a year ago, how I believed I could crack it instead of asking for some help. I feel a little relief just in accepting my fate...

Anyways, as I take my first tentative steps I really hope you can help me make sense of the jumble?

I have opened a new bank account with Coop, but not a basic one, just one of their standard ones. Does this matter does anyone know?

I am planning to make reduced payments this month and contact my creditors. I have written a letter to send them but wonder if it's worth calling them first to discuss, or is it best to wait for them to contact me once they don't get paid and receive the letter? I am planning to go through Stepchange or do it myself, not sure yet, so any pointers would be gratefully received. If I choose to go through SC do I need to have this in place before reducing my payments? Is it right that if you contact them to advise financial difficulties they have to hold your account while you sort a payment plan?

If I were to reduce my payments this month and next, do you think that would be acceptable? I don't want to start it too soon, or too late, but a couple of months breathing space would be fab! Sorry, sounds a dumb question, I'm just drawing on your collective experience....

Soooo many questions! No doubt they have been answered a 1000 times but odd how you need the reassurance for your own case.

I hope you are all enjoying this fabulous sunny day. I can't believe this is what is on my mind instead of icy drinks in the garden! Things sure have to change.

Thanks for your time x

Hi and welcome autumnsong :hello:

We have a "normal" Co-op bank account, they offered it before our credit record was in tatters. This is fine but just be careful they don't start offering you overdraft facilities or credit cards!

Even if you don't decide to use SC, just use their online debt remedy to get a reference number and refer to this in any communication with your creditors, this should be enough to halt any actions for 30 days while you get sorted. If you have an overdraft with your previous bank and this is going into your DMP, make sure your funds are safe in your new account before contact.

A couple of months of token payments allow you to practice your budget, make a start on an emergency fund and possibly encourage early defaults.

Make sure you don't pay anyone to manage your DMP, either use Stepchange, Payplan, Christians Against Poverty or manage it yourself. If you do use one of the above organisations to distribute your payments, make sure you still keep in control of what is going on: check your balances, follow up interest being charged etc.

Ask anything you need, someone here will always try and help.

TTFTM x

Karen777

Hello autumnsong - welcome.
I don't have anything to add to the last wise post other than I have a 'normal' coop account too and I've been in a dmp for over a year now and have just taken over managing it myself.

Well done on confronting the issue, it gets easier from now on - not to say it's not a rollercoaster but at least one heading to debt freedom and this place is great for support. Best foot forward and all that.

Sazzie23

FuzzyDF wrote: »

Received a rather lovely letter from the two catalogues that were going to refuse freezing interest which I would have been paying off for 22 years. I wrote to the CEO of said company explaining my current situation and why I had to enter a DMP. The CEO's office responded to say that all interest will be frozen, they will also accept my SC payment which originally they said they wouldn't and no DCA's would be contacting me. :T

To say I'm happy is an understatement.

Just wish B@rclaycard and BOS would be so kind as they are the only two that have rejected my offer.

Just goes to prove, always ask, you might just get what you want ...fab news Fuzzy :T

Time_to_face_the_music wrote: »

Oh I have just got my mortgage free glee badge - I am so excited! :j

It's better than actually paying the mortgage off :rotfl:

Woohoo TTfTm great news :T

Monkeyballs wrote: »

Evening all!



So, I just got a call from one of my DCA's who had apparently posted their acceptance to a very low offer asking why I'd not accepted and if I still wanted it?


That means another creditor down, my balance is now down to £9172 and at the end of the month when I make my normal DMP payment that'll just nicely take me into the £8k's!!!!!


MB of G xxx

And you were all gloom a few months ago ....£8k can you just imagine it ?? Happy for you (if a little jealous of all this good news:o) but grateful I'm still able to keep plugging away 1% a month

Well done everyone, inspirational stuff and thanks for sharing.

Puzzcat

A quick hello to autumnsong welcome to the best thread on the forum. And some:T to all celebrating today.
Puzz.x