DMP & Mutual Support Thread - Part 10

Time_to_face_the_music

Sickofthisdebt wrote: »

Hello everyone

I bit the bullet today and contacted the PDL companies I am going to default with tomorrow. I built myself up into a right state and when I talked to the lady at Quick Quid she couldn't have been nicer. I ended up crying cause she was being nice to me. How stupid :rotfl:

To be honest it was a lot easier than I expected and once that first one was out of the way the other conversation was a bit easier.

If only HSBC will be this nice to me as they have over half of my debt. From what I've read on here though I'm not expecting it. But who knows.

Well done on speaking to the PDL companies :T

Apologies if you have been asked before but have you cancelled your continuous payment authorities with your bank, as well as with the PDL companies? If not, make sure you do both ASAP.

TTFTM x

Time_to_face_the_music

ldhme wrote: »

Morning everyone.

I have a question for someone in the know.

I have 7 debts, 6 of which are flexible credit facilities, 1 being a fixed term loan (with Tesco Bank).

My question is how is the loan balance usually handled in a DMP? as it's not as simple as simply freezing interest.
What I mean by this is, will it be the balance of the loan or do they usually use the settlement figure when dealing with what I owe them.

Sorry if that makes no sense lol.
Asking mainly as I have a CC with Tesco Bank and they have already agreed to accept my repayment proposal, heard nothing from their loan department yet though.

I don't know the answer to this but I think it's something to do with whether the interest on the loan was front loaded or not. We didn't have a loan in our DMP but hopefully someone who did will be along soon to help out.

TTFTM x

ldhme

Time_to_face_the_music wrote: »

I don't know the answer to this but I think it's something to do with whether the interest on the loan was front loaded or not. We didn't have a loan in our DMP but hopefully someone who did will be along soon to help out.

TTFTM x

Yeah, can't find a straight answer anywhere lol.

The current balance of the loan is £5016.
A settlement figure I got from a 2 months back was £4600ish
So technically if they cancelled the interest for the remainder of the loan I'd owe £4500ish as opposed to £5k.
Only £500 but "every little helps" lol.

Growurown

We have a loan with Nat West and to be honest I'm not sure what they did. I know interest was stopped after the first month into the DMP so I am assuming we are just paying off what was left.

I've been thinking - dangerous I know, but I think I am going to go self managed too. Step Change have been brilliant and I am so grateful for the help and support they gave me especially at the start of the DMP. However the big loan I have with Nat West will be paid off in the next two months. This is by far the biggest chunk of my DMP payment. Now when it is finished SC will divide it amongst all my other creditors and I want to throw it all at the Hellifax to get rid of them asap as they are the only creditor still charging interest. Then I should have a decent amount to make some f&f settlements.

I was working towards a DFD of October next year, but reducing my payments to have more money for the car has extended that now by another 3 months and I really don't want to spend another Christmas on a DMP. I am off work today so I am going to spend some time calling all my creditors and check on my balances, speak to the ones that aren't happy about the reduced payment and hopefully sort them out.

gettinggoing, ldhme, Sickofthisdebt, autumnsong Oi you lot - be proud you are dealing with your debt. You may have got yourselves into a bit of a pickle but you are sorting it out and paying it back and it will be fine. Give yourselves a pat on the back:D

Puzzcat

ldhme wrote: »

Yeah, can't find a straight answer anywhere lol.

The current balance of the loan is £5016.
A settlement figure I got from a 2 months back was £4600ish
So technically if they cancelled the interest for the remainder of the loan I'd owe £4500ish as opposed to £5k.
Only £500 but "every little helps" lol.

Hi, My bank loan entered the dmp at the same amount that I owed prior to starting the dmp if that makes sense, I certainly didn't get a lower figure, I was grateful it didn't increase at all!! Is it a bog standard bank loan from a mainstream lender we are talking about?
Mine was the one debt I was sad to include as I had paid off 5 of 7 years on it...never mind, it will be gone eventually!!!!

Hopelessly_Hopeful

Growurown wrote: »

We have a loan with Nat West and to be honest I'm not sure what they did. I know interest was stopped after the first month into the DMP so I am assuming we are just paying off what was left.

I've been thinking - dangerous I know, but I think I am going to go self managed too. Step Change have been brilliant and I am so grateful for the help and support they gave me especially at the start of the DMP. However the big loan I have with Nat West will be paid off in the next two months. This is by far the biggest chunk of my DMP payment. Now when it is finished SC will divide it amongst all my other creditors and I want to throw it all at the Hellifax to get rid of them asap as they are the only creditor still charging interest. Then I should have a decent amount to make some f&f settlements.

I was working towards a DFD of October next year, but reducing my payments to have more money for the car has extended that now by another 3 months and I really don't want to spend another Christmas on a DMP. I am off work today so I am going to spend some time calling all my creditors and check on my balances, speak to the ones that aren't happy about the reduced payment and hopefully sort them out.

gettinggoing, ldhme, Sickofthisdebt, autumnsong Oi you lot - be proud you are dealing with your debt. You may have got yourselves into a bit of a pickle but you are sorting it out and paying it back and it will be fine. Give yourselves a pat on the back:D

Wehey. Way to go with self managed. Will drop you a PM.

HHX

loobylou2

Hi everyone, hope you are all ok.


I'm still using the kids battered old computer so apologies for any typos etc. Does anyone know how long it takes normally for the paperwork from Stepchange to arrive? I spoke to somebody there on Monday but am still waiting for the paperwork and am really wanting to get my DMP sorted out and set up. Have pretty much decided that I'll go with either Stepchange or Payplan as think it would be too much to go it alone. I had a phone call from Payplan this morning but feel really embarrassed about talking to them about it so chickened out and said I'll call them back. Does anybody have any opinions on who is the better company to go with???? I also spoke to my bank this morning and cancelled 3 CPA's that I had on my account and a standing order for the credit union. I was trying to save small amounts with them but think it would be better to focus on getting rid of the debt instead as all I was doing was putting cash into the credit union and then taking it out again to live on. Have a good day everyone.

Hopelessly_Hopeful

ldhme wrote: »

Morning everyone.

I have a question for someone in the know.

I have 7 debts, 6 of which are flexible credit facilities, 1 being a fixed term loan (with Tesco Bank).

My question is how is the loan balance usually handled in a DMP? as it's not as simple as simply freezing interest.
What I mean by this is, will it be the balance of the loan or do they usually use the settlement figure when dealing with what I owe them.

Sorry if that makes no sense lol.
Asking mainly as I have a CC with Tesco Bank and they have already agreed to accept my repayment proposal, heard nothing from their loan department yet though.

I had a loan. From memory interest was front loaded or at least calculated on what would have been a redemption figure at the point of the DMP. Regardless, SC distribute payment according to the 'contractual amount'. I think at the start of my DMP all payments were approximately 30% below the minimums I had been paying.

Hope that helps.

HHx

Coinmachine

The amazingly helpful Puzz suggested posting this here, I had created a thread and received one helpful response from someone who had no problems, but I am not sure how long they had been on their DMP and whether being a newbie, and a newbie who has recently had to reduce their payment due to far too ambitious budget. Here goes....

Has anyone any experience of doing this with Stepchange? Car needs servicing in September and already been warned that cam belt will need changing so looking at £500 plus. I started DMP in March, had to reduce payments from June as original budget was too tight but not yet been able to build up enough of a contingency fund.

Im going to really try and be tight to avoid this happening, scrimp like mad and see what more can be ebayed - but if I have no other choice than to ask for a 1 month break on £450 payment or a reduced payment that month to help cover the bill, how does this work? Id rather not do it so soon into the DMP, particularly as I had to reduce the amount I pay which has now all been agreed by all creditors.

Anyone any experience of this?

Puzzcat

loobylou2 wrote: »

Hi everyone, hope you are all ok.


I'm still using the kids battered old computer so apologies for any typos etc. Does anyone know how long it takes normally for the paperwork from Stepchange to arrive? I spoke to somebody there on Monday but am still waiting for the paperwork and am really wanting to get my DMP sorted out and set up. Have pretty much decided that I'll go with either Stepchange or Payplan as think it would be too much to go it alone. I had a phone call from Payplan this morning but feel really embarrassed about talking to them about it so chickened out and said I'll call them back. Does anybody have any opinions on who is the better company to go with???? I also spoke to my bank this morning and cancelled 3 CPA's that I had on my account and a standing order for the credit union. I was trying to save small amounts with them but think it would be better to focus on getting rid of the debt instead as all I was doing was putting cash into the credit union and then taking it out again to live on. Have a good day everyone.

From memory, it took about 10 days for the paperwork to arrive after I'd done online debt remedy. I chose sc purely because I could do it all online and didn't have to speak to anyone!