DMP & Mutual Support Thread - Part 11

[Deleted User]

Thanks, blisteringblue. Yes, I agree about SC.

All my creditors stopped interest at the outset of my DMP 3 years ago and have not reimposed it so far:j. I was wondering that now that I may be approaching the time when the payments they are getting are more than what the 'normal' minimum payment should be that they might start charging interest again.

Are you saying that you can adjust the level of payments to individual creditors as you go along or are you expected to keep it the same each month once you go self-managed? Do they expect an annual/half-yearly review of your financial situation?

It's having to go back to regular communication/negotiation with creditors that's putting me off doing it:o

City1

Strangest feeling when you are 'happy' that you finally get a default from Barclaycard!

January2015

2 letters received from BC today. They have accepted £1 token payment offer on both accounts for the next 12 months. They also confirm there will be no further interest or charges whilst token payments are made. This despite our I&E statement clearly showing we could afford to pay them far more but we refuse to do this whilst they charge interest on what we can afford to pay.

The frustrating thing is all the interest we have paid over the last year because being with SC they insisted all were creditors treated equally and paid BC 0.03% over their 1% bar on which they decide to charge interest.

Hey ho - lesson learnt...move on...as blisterblue says...we are calling the shots now Self-managed is great

jchrispin

All my creditors stopped interest 5 years ago when I started my DMP with Vincent Bond. I've just changed to stepchange and my payments are lower because of a change in circumstances. My husband is due to retire later this year and I hope to make some F&F offers, If my PPI claims are successful, I hope to use that to clear them or at least reduce them a bit. If I had continued to pay what I was paying originally I would only have 4 years left, but now I've potentially got 14 years left. I felt demotivated over this so decided to see if I had any PPI (I have on an old Britannia Mortgage which was useless as both myself and my husband were Civil Servants so had a good sickness/redundancy package). I hope to get something back from that. Of course any ppi due on the outstanding debts go towards them, which is what I want.

I will never get myself into this problem again. If I can't afford it, I won't have it!

Puzzcat

carbootcrazy wrote: »

Thanks, blisteringblue. Yes, I agree about SC.

All my creditors stopped interest at the outset of my DMP 3 years ago and have not reimposed it so far:j. I was wondering that now that I may be approaching the time when the payments they are getting are more than what the 'normal' minimum payment should be that they might start charging interest again.

Are you saying that you can adjust the level of payments to individual creditors as you go along or are you expected to keep it the same each month once you go self-managed? Do they expect an annual/half-yearly review of your financial situation?

It's having to go back to regular communication/negotiation with creditors that's putting me off doing it:o

Hi CBC,

All my creditors have frozen interest as well and they better stay that way or my available expenditure will be rising to ensure I can't afford more than tokens.... For now I am setting it up to pay the same as SC were and will see what happens.. I do have 2 undefaulted, one of these is currently on hold having CCA'd it and they are trying to locate the paperwork.. assuming they do then this one and the other may get some token payment treatment once I've settled in...

I believe you are expected to pay the same each month, but doing it yourself means you can easily pay more to one if you want/can do to get rid quicker... And yes you certainly will be expected to do 6 or 12 month reviews but as we know not a lot in life changes so it will just be mild/no amendments to your i & e to send back to them again..

I don't mind talking to creditors they can't have what you haven't got. but I do state communication in writing on my letters anyway.
I am quite excited at getting going.. the letters are ready to post...
Love Puzz. x

Puzzcat

jchrispin wrote: »

All my creditors stopped interest 5 years ago when I started my DMP with Vincent Bond. I've just changed to stepchange and my payments are lower because of a change in circumstances. My husband is due to retire later this year and I hope to make some F&F offers, If my PPI claims are successful, I hope to use that to clear them or at least reduce them a bit. If I had continued to pay what I was paying originally I would only have 4 years left, but now I've potentially got 14 years left. I felt demotivated over this so decided to see if I had any PPI (I have on an old Britannia Mortgage which was useless as both myself and my husband were Civil Servants so had a good sickness/redundancy package). I hope to get something back from that. Of course any ppi due on the outstanding debts go towards them, which is what I want.

I will never get myself into this problem again. If I can't afford it, I won't have it!

Good Luck with your ppi claims and well done for going to SC, I assume your previous dmp was with a fee paying company...:eek:

Puzz.x

Puzzcat

January2015 wrote: »

Whooooo Hooooooo......Can you hear me shouting with joy from over here :rotfl:

Well done Puzz:T

blisteringblue wrote: »

Copy Puzzcat

It's great Puzz, best thing I did. I call every shot :rotfl:

Thanks to you both, and Brogs of course.. my experts in the SM field.. I will be calling on you if I get stuck...!

Love Puzz. x

blisteringblue

carbootcrazy wrote: »

Thanks, blisteringblue.

Are you saying that you can adjust the level of payments to individual creditors as you go along or are you expected to keep it the same each month once you go self-managed? Do they expect an annual/half-yearly review of your financial situation?

It's having to go back to regular communication/negotiation with creditors that's putting me off doing it:o

I basically did a review at the start of the Self Managed process with the NEDCAB template and I'm not planning on doing anymore.

If you've seen any of my earlier posts I did this to get BC and ex Marble CC to stop charging interest, so went self managed and paid them £5. They have now both defaulted and gone to DCAs, so will just keep paying what the original NEDCAB plan showed until I am done.

Sainsbury's got a bit twitchy in the summer and interest appeared for a month. I rang them and they wanted a new review before agreeing to a new plan, and I basically said I'm not doing it. They could either accept my payment and go back to 0% or I would pay them the Barclaycard £5 option until they default me. Funnily enough I am now on a 12 month 0% plan with them, with no extra info given, and I will do exactly the same again.

What I basically mean is I am done jumping through their hoops. I'm not doing reviews or the like, they accept my payment or I force a default. Once you get to a DCA as long as you look like you are paying them back they are not slightly bothered what you pay, they will make money on the level they paid for the debt.

Just remember its a game, we just need to learn the rules.

Puzzcat

Quick question to those SM experts ...

When you sent in your i&e did you include all your creditors/debts and how much you pay them individually or did you do something else? I ask because on the NEDCAB I & E it includes all this info...

Love Puzz. x

blisteringblue

Puzzcat wrote: »

Quick question to those SM experts ...

When you sent in your i&e did you include all your creditors/debts and how much you pay them individually or did you do something else? I ask because on the NEDCAB I & E it includes all this info...

Love Puzz. x

Hi Puzz,

I just copied my final Stepchange review over the Nedcab templates exactly, so all the figures matched. Then setup standing orders for the payments.

If any get funny in the future I will simply email them a copy with a changed date

PS. The companies charging me interest I sent them the breakdown showing them they should be getting xxx but because they were still charging interest they are now getting £5. This made me smile ALOT Certainly worked.

BB