DMP & Mutual Support Thread - Part 11

grant1wish

Hi all,


I have not posted for a long time, but read the thread everyday. My plan is going OK (3-4 years in I lose count!), but three creditors have still not defaulted, so yesterday I decided to give them a ring.


Argos have reduced my interest, and stated that if I continue to make regular payments my account won't default at all. And when I finish paying it off it will be marked as settled on my account. Is this true? Or will they likely sting me with a default at some point.


Barclaycard have said that they will most likely default me in the next few months, and won't back date the default. This is going to really hurt me for 3-4 years after everyone has dropped off my file. Is there anything I can do?


The Co-op did not help at all, am trying a different phone number today.


G1W


P.S. TTFTM, you have been an inspiration and a wealth of knowledge, please don't let one silly member stop you helping many more hundreds of people.

Time_to_face_the_music

grant1wish wrote: »

Hi all,


I have not posted for a long time, but read the thread everyday. My plan is going OK (3-4 years in I lose count!), but three creditors have still not defaulted, so yesterday I decided to give them a ring.


Argos have reduced my interest, and stated that if I continue to make regular payments my account won't default at all. And when I finish paying it off it will be marked as settled on my account. Is this true? Or will they likely sting me with a default at some point.


Barclaycard have said that they will most likely default me in the next few months, and won't back date the default. This is going to really hurt me for 3-4 years after everyone has dropped off my file. Is there anything I can do?


The Co-op did not help at all, am trying a different phone number today.


G1W


P.S. TTFTM, you have been an inspiration and a wealth of knowledge, please don't let one silly member stop you helping many more hundreds of people.

Hi GIW :hello:

Most of our debts were never defaulted and two that were happened very late, so I am now in the process of trying to get defaults backdated and AP markers changed for defaults. I don't really know why I am doing this because we don't want any more credit but it just makes me feel better :rotfl:

Anyway I have found these three threads useful so please have a look:

https://forums.moneysavingexpert.com/discussion/5325956
https://forums.moneysavingexpert.com/discussion/4910894
https://forums.moneysavingexpert.com/discussion/5161646

Good luck with getting this sorted and thanks again

TTFTM x

Ellieseleven

Growurown wrote: »

Hi all,
I decided to treat myself to a new phone. I've had my little Nokia since 2007 so thought it was about time! Didn't think about the credit reference check:eek::eek::eek: Told the sales person I might not pass, no worries they said put it in your partner's name. Ah well, I said he might not pass either. However I passed!

For those starting out on their DMP journeys hang on in there. It's amazing how soon the time passes and eventually debt freedom will arrive.

I know that feeling Growurown and I'm still on my DMP:eek: I was offered a far better deal for my TV, phone & Broadband which would save me some money each month so I decided to apply. Everything was fine until the operator said "We are just going to do a credit check..." I panicked and tried to back out of the whole thing but in the end the check was done and I passed:o
I was bothered that this will be viewed as taking more credit or the embarrassment of being rejected but I figured that the amount I'm saving each month is a good thing and could go towards my debt's (unfortunately this won't happen as the Council Tax and Gas/Electric has gone up:()


Ellie x

ianparrynw

Hi Guys.

New here

Just set up a dmp with stepchange for about 24 thousand paying £477 per month... few different credit card companys.

just got a letter from stepchange saying halifax have rejected the dmp... is there anything i can do should i ring or write to halifax?

cheers

sourcrates

I'll just post once more on this thread, then I'll say no more.

Although I'm sure brogden can speak for himself, I feel I must speak up in his defence, I thing he was trying to convey his own struggle with his concience, there was no insult meant to anyone.

To beat the devil, you must become the devil.

It's all too easy to take offence on an Internet forum, especially when you can't hear the tone of the OP's voice.
I feel partially responsible as I am somewhat more militant in my approach to debt and creditors in general, and I fear this is the wrong thread to express those thoughts.

Time_to_face_the_music

Sazzie23 wrote: »

Welcome to the DMP mutual support thread.

Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here. There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

If you are in a DMP or thinking of one, this is the place to be. We are a non judgemental and all questions welcome.

Sazzie23 wrote: »

My now infamous Newbie message, slightly more generic and adapted a little.

If we made this the second post, newbies would be able to read it before moving on to our latest posts.

Comments and suggestions positive or otherwise all welcome

Well done for getting this far, there may be a lot of activity on the thread at the moment, many newbies who are posting, not so newbies still DMPing and quite a few lurkers at a guess (that's ok, we don't mind, one day you'll feel up to posting and smile about how worried you were).


So some general Newbie Advice, setting up and starting out is probably to most difficult time you will face in your DMP, so don't panic if it all seems scary and too much . Facing up to the fact you can no longer pay your debts is a massive step and very confronting for many people, this is life changing stuff so worrying is absolutely normal.

Now you've done the horrid thing of adding it all up (often a shock) you've worked out (with SC or whoever) how much you can pay back, that's the crucial bit done, just a matter of getting the paperwork sorted.

Despite SC being the largest debt charity, some call centre people know nothing about them, that's ok, they are just ignorant, don't let it worry you.
All debt collection sections know about SC, some are better equipped to deal with it than others. Often the people at the front end that you speak to know nothing about how the system works, remember you do, you are better equipped than them, don't let them scare you.

It doesn't matter if you choose to DIY DMP or SC, the plan is the same, you are paying them what you can afford and they can't have anything else. They 'reject' the plan, tough luck, keep paying it just the same, they'll get with the programme at some point.

Some creditors will let you know they have accepted, some will just accept it and show something on the statement, some will not say anything but just stop or reduce your interest, HBOS and BC will probably still charge you interest in some form, don't panic over it, it extends your DFD but there are things you can do, start on page 1 of the thread when you have a spare few hours and then decide what to do.

Overtime and non regular bonus payments, no you don't have to declare these, and you can choose to save them to your emergency fund, make some extra repayments to reduce your DFD, save up for F&f payments when you get enough, or even....shhhh ...spend them on a little treat but don't tell anyone. Most people go for a combination of the above, all depends on your priorities.

When you start out and your DFD is generally 4-10 years away, you think, I want to pay as much as I can straight away so the creditors think I'm doing my best. Actually I don't think they care much, as long as you keep in touch and keep paying what you agree - so don't cut your budget so fine that you are having 4 years of hell instead of 6 years in moderate comfort. I'm not saying do your shopping at M&S, and have 4 holidays a year, but just leave yourself the option of buying a cake at birthday time, a new pair of shoes for DD and maybe a very cheap caravan break once a year.

Try to get yourself an emergency fund before you start, savings, selling things or making token payments at the start.

Default letters are good, they look scary but they mean the creditor is actually looking at what you pay and putting your account into limbo. If your account goes to a DcA this is usually good and they are mainly not the scary people you see on the Tv, they have all been very reasonable, and just want you to keep in touch and keep paying.

There will be wobble times, if you have to reduce a payment, when a creditor starts grumbling or just because DFD seems a long way off, but we've all done it, you come here log on and we'll all get through it together.

If you are having trouble with creditors, eg Someone not playing ball with sticking to what they promised, or getting information mixed up when they shift to a DcA. I'd continue to pay, the payments seem to get to where they should eventually, but if you are worried, send a recorded delivery letter to the collections team at the creditor, quoting your account number and SC ref and saying this is what is happening, these are the payments that have been made, please make your sure your accounts are up to date and let ask them to reply to you in writing so you have confirmation. It does take several months for an account to get over from creditor to DcA and often the information is limited but it's just like the original set up and the DcA will let you know to change the payments in SC, and you can just log in and do it.

Get stuff in writing, from them to you or you to them, then there is no mistake.

I hope this helps, there are lots of scenarios I haven't covered, but in the main it's grit your teeth, keep plodding through and it will all settle down.

One day soon, you will be able to say l will be debt free next year:eek:

If you are in or thinking of a DMP join us on our current thread
https://forums.moneysavingexpert.com/discussion/5285089

Let's get back to what we are all about and what we do best and it can't be said better than in Sazzie's wonderful post.

TTFTM x

FunBrum

Sazzie23 wrote: »

If it was me, I'd cancel the DD then call them so I don't back out.
Welcome to the DMP mutual Support thread.

Whether or not you start to pay again straight away through SC or self managed won't make much difference in the big picture so that is up to you.

Many thanks sazzie 23

DD cancelled. I feel empowered already!:j
I'm going to phone SC in the morning. I'm helping my friend today so haven't got time but that's my first job of the day tomorrow!
Once I've spoken to SC, I will get in touch with my 'ex' DMC to break the news to them and request my creditors details. I have account numbers and know that there is one with RBoS, one with Lloyds and two that were with MBNA, are now With Link, but I don't have their phone numbers or addresses.
Sourcrates mentioned that I should reclaim the charges. Does anyone know how I do that?
Thank you for your help:)

sourcrates

FunBrum wrote: »

Sourcrates mentioned that I should reclaim the charges. Does anyone know how I do that?
Thank you for your help:)

Most people who sign up with these companies do so at a very stressful time in there lives, you were probebly searching for a way out of debt when you stumbled across DMC.

They may of put undue pressure on you to sign up to there service, or they may not of told you free alternatives exist, or the fees were not adequately explained to you.

If you feel any of these reasons may apply to you, send a written complaint telling them so, and asking for a refund of the fees you have paid.

If you don't ask, you don't get !!

FunBrum

Ok thanks sourcrates.

You are right. I was at the end of my tether and couldn't sleep!.
A work colleague gave me their number and although they were initially helpful, they didn't tell me there was a free alternative.
When my circumstances changed last year, they ignored my new SOA which was well below my previous one. I never get speak to the same person and I had to request 'strongly' for them to send me copies of the payments I had made as I had NEVER received anything from them for three years.

Ive said it before, I wish I had seen this thread before.. never mind, I'm here now.
I will request a refund. You never know!

January2015

ianparrynw wrote: »

Hi Guys.

New here

Just set up a dmp with stepchange for about 24 thousand paying £477 per month... few different credit card companys.

just got a letter from stepchange saying halifax have rejected the dmp... is there anything i can do should i ring or write to halifax?

cheers

Nope - don't do anything. Hellifax can accept the DMP or not. Whether to do or don't SC will just keep paying them. Hellifax will not do anything, other than perhaps default the account :j and pass it to a debt collection agency (DCA). That's good news, if and when that happens.