Started my DMP with Stepchange tonight.....

edwardo27

gemma2014 wrote: »

Moohound is right, post your SOA and the wonderful people here will be able to help!

I am sorry, I am new, what is a SOA?

moohound

Statement Of Affairs, there is a sticky at the top for it.

On_my_way

The thing with a DMP to remember is that it will ruin your credit rating until your defaults drop off. Have you missed any payments yet? If you haven't then the best thing is to get your finances in order and find ways to seriously cut back and pay them back on your own. If you really can't cut back any more and can't pay at all then you might need a DMP.

gemma2014

So I've had a few responses to the letters that Stepchange have sent out...


MBNA have agreed to the reduced payment and have stopped charges and interest, and so have Next.


Capital One have said that they have agreed to the reduced payments and they will be sending Stepchange a letter confirming this. It doesn't mention stopping fees and interest though?


Barclaycard have written to me acknowledging my £1 payment and have advised that they will put my account on hold for 30 days until they hear from Stepchange.


Barclays have said they will not accept my offer of payment until they have received my income and expenditure details. I guess I will hear from them again once they get this from Stepchange.


Halifax have rejected my offer of payment (confirmed by letter from Stepchange). This is my biggest debt so I'm a bit gutted but the letter says Stepchange will carry on sending them payments. What is likely to happen next?


Littlewoods have called me 15 times today from a variety of numbers (I've Googled them all!), I can't have my phone on me at work so I couldn't have answered even if I wanted to! They have also emailed me twice to say 'We need to speak to you urgently about your account'.


Still waiting to hear from Santander.

longtermplanner

Try to chill out about this, it's early days! If you can't pay any more than your DMP amount, then that is all you can pay. Halifax may change their mind when they get your income and expenditure details.

sourcrates

gemma2014 wrote: »

Littlewoods have called me 15 times today from a variety of numbers (I've Googled them all!), I can't have my phone on me at work so I couldn't have answered even if I wanted to! They have also emailed me twice to say 'We need to speak to you urgently about your account'.

Gemma,
When I was in a similar position to you, I too got the phone calls, all the time, sometimes 10-15 times a day from various creditors.
So I took matters into my own hands, changed my phone number, and went ex-directory, and it certainly worked, it removed there first weapon of choice, BT will actually do this for you for free, if you tell them you are receiving malicious or harassing phone calls, which these calls can defiantly be classed as, of course you can now get a call barring service from nearly all providers, and some handsets allow you to barr certain calls (I have one of those now) as well.
I would certainly look into one of those options, as it gives you back some control over the situation.

System

Stewart_78 wrote: »

If you give them too much money they may start putting AR or AP markers on your file and you will then have a battle.

AR/AP - what effect does this have on your credit file?

Karen777

Hi Gemma
Well done - you're on the right track. Sounds like you have had a good response so far. Halifax may not accept the plan but will sure accept the payments so just let SC deal with them, it's the joy of being in a dmp with a company!
Keep trucking towards debt freedom

Killick

Halifax rejected my payment through Stepchange but don't worry about it, they eventually will.


Barclays are a pain in the backside, don't be surprised if they only reduce the interest you pay rather than stop it. I have two Barclays debts, one they stopped the interest on and the other they only reduced it.....how does that work? :-)

sexyshark

prettynfun22 wrote: »

AR/AP - what effect does this have on your credit file?

AR or AP are worse than defaults in my book and i will explain

Defaults will fall off your credit file 6 years after the default date

AP or arrangement to pay will stay on your credit file 6 years after the final payment