DMP & Mutual Support Thread - Part 11

Sazzie23

MrsSammyB wrote: »

Hiya - Argos defaulted me almost immediately and still charge me interest every month I've tried everything to get them to stop, but I pay too much through SC. I'm not brave enough yet to go self managed, but it's on my to do list!

You've made great inroads in that debt already, (signature) don't be afraid to be creative with your SC budget if you want to reduce SC payment. For example, a lot of people at the start will include bonus payments and weekend working payments etc, but since these are not guaranteed, you might decide to lose them from your income and therefore reduce the amount available to pay. You could then use the extra to either make payments to the other accounts, or make larger payments to the Argos to get rid of it quicker?

Saz

BeingDebtFreeStartsHere

Earthmother wrote: »

Hi all, we have been trundling along paying our dmp, but now out of the blue my husband has dropped the bombshell he has been sleeping with some skank at work for the past two years. He's now living at his dads and says that he will continue to pay our mortgage and bills etc. I am in the process of getting legal advice, but wondered should I notify stepchange and where I stand. We still owe around £17k, £10k of it is a joint loan and the rest is in his name. We did a joint DMP because I was always the one to sort out everything. Am I still liable for half the debt, or just half of what is in joint names? We have two teenagers (14 and 15) and they are here with me.

Also should I notify the mortgage provider or keep quiet? Thanks in advance.

So sorry to read this Earthmother

Great advice already posted but just wanted to send you a big hug.

Stay strong, it's sounds like you already have things under control.

Take care,

BDFSH x

BeingDebtFreeStartsHere

Well today has been about creating myself a brand new spreadsheet for my monthly income and expenditure rather than writing everything down manually.

Sad I know but I absolutely love it!!

I keep loading it up and looking at it!! It is going to make my life so much easier

Maybe I should get out more!!........................... (shame I can't as I'm on a DMP!! )

BDFSH x

MissLeah

I hope someone can offer some advice...we have at last reached our final year of our DMP and have started to brave looking at our credit file. We had a fairly large number of creditors and we've noticed that they have all defaulted us a differing points, one as late as Jan 15 [DMP started May 11], and some not at all [AP,AR,DM markers]. After reading this thread it gave me the confidence to call my creditors and ask them about the default dates and some have had the goodwill to move/add defaults to within the 6 months of starting the DMP. However, one, HSBC, appeared to have us down for two different dates on different credit reports , the odd one being Noddle, which showed the defualt almost 12 months after the others. So my husband called to query this with the bank - the assistant checked his file and said that it had been indeed reported wrongly and all the credit agencies had in fact the earlier date reported but said that it should be later one and she was now obliged to change it. This will be the last default remaining on our file, the others will have expired at least 6 months before. Do you have any idea if I can challenge this and if I'd have a leg to stand on?

Bouncybubbles

Does anyone know how to calculate interest? i have just checked my argos statement online and my interest appears to have decreased as the interest payment was £24.40/month on balance of £1080 at 29.9% however since starting DMP it is now £8.80/ month so i wondered what the interest rate is now as it has obviously decreased. thanks

Pc2003

Sorry to read that earth mother. Hope you can move onwards and upwards X

racht

Hi- just wondering if anyone has had any problems with Next?

All has been fine until my DMP reached 18 months with them and they added interest again, they said the reason was due to reaching the maximum time they allow for a DMP- they said they could offer a repayment plan but would have to default me- I said yes please but then had message to say my DMP was set up for 6 months??? The interest was refunded.
Now 2 months later and just had my new statement and interest has been added again- so emailed them asking what was happening- and I've just received this email-

We have agreed to set up a debt repayment plan on your account.
However, for us to be able to set this, your account needs to be in arrears.
As Step Change keep on making payments on this account, it is falling out of arrears and we have been unable to set up the debt repayment plan.
We are currently monitoring your account so that we can set it up.
Please be assured, once the debt repayment plan has been set, all interest charges will be removed from this account,
In the meantime, please can you advise Step Change to suspend payments until the debt repayment plan has been set.

Just seems odd as never seen anything like this mentioned before, will Stepchange actually suspend payments or am I going to have to look at going self managed?
Any advice would be much appreciated.

sourcrates

racht wrote: »

Hi- just wondering if anyone has had any problems with Next?

All has been fine until my DMP reached 18 months with them and they added interest again, they said the reason was due to reaching the maximum time they allow for a DMP- they said they could offer a repayment plan but would have to default me- I said yes please but then had message to say my DMP was set up for 6 months??? The interest was refunded.
Now 2 months later and just had my new statement and interest has been added again- so emailed them asking what was happening- and I've just received this email-

We have agreed to set up a debt repayment plan on your account.
However, for us to be able to set this, your account needs to be in arrears.
As Step Change keep on making payments on this account, it is falling out of arrears and we have been unable to set up the debt repayment plan.
We are currently monitoring your account so that we can set it up.
Please be assured, once the debt repayment plan has been set, all interest charges will be removed from this account,
In the meantime, please can you advise Step Change to suspend payments until the debt repayment plan has been set.

Just seems odd as never seen anything like this mentioned before, will Stepchange actually suspend payments or am I going to have to look at going self managed?
Any advice would be much appreciated.

As difficult as it may be, it's always best to be defaulted as it draws that magical line in the sand where interest and charges stop, and you know that 6 years hence, it will be gone.

Only one way to get defaulted I'm afraid !!

Sazzie23

racht wrote: »

Hi- just wondering if anyone has had any problems with Next?

All has been fine until my DMP reached 18 months with them and they added interest again, they said the reason was due to reaching the maximum time they allow for a DMP- they said they could offer a repayment plan but would have to default me- I said yes please but then had message to say my DMP was set up for 6 months??? The interest was refunded.
Now 2 months later and just had my new statement and interest has been added again- so emailed them asking what was happening- and I've just received this email-

We have agreed to set up a debt repayment plan on your account.
However, for us to be able to set this, your account needs to be in arrears.
As Step Change keep on making payments on this account, it is falling out of arrears and we have been unable to set up the debt repayment plan.
We are currently monitoring your account so that we can set it up.
Please be assured, once the debt repayment plan has been set, all interest charges will be removed from this account,
In the meantime, please can you advise Step Change to suspend payments until the debt repayment plan has been set.

Just seems odd as never seen anything like this mentioned before, will Stepchange actually suspend payments or am I going to have to look at going self managed?
Any advice would be much appreciated.

It seems like your repayments have hit the level where you are now meeting minimum repayment, which is good as obviously that means you've paid off a good chunk of debt, but is bad because for numpty creditors like Nxt they'd rather you didn't pay anything apparently which has to be bizarre doesn't it.

As you say I think SC will have issues with suspending payments, but if you really don't want to go self managed creative reviewing with SC is the only other option. If you decrease your declared income in whatever method you feel comfortable with, increase your declared expenses dry cleaning, pet instance, developing a smoking (or at least a vaping habit), add a couple of quid or a tenner to every insurance bill or savings amount etc, will that get your payments down enough? Then use that 'hidden cash' to save up and make an f&f on Next since they apparently don't want your money.

Of course you could try asking SC what they think, but will that make them suspicious if you take my alternative suggestion? I'm not sure:eek:

Saz

Sazzie23

Bouncybubbles wrote: »

Does anyone know how to calculate interest? i have just checked my argos statement online and my interest appears to have decreased as the interest payment was £24.40/month on balance of £1080 at 29.9% however since starting DMP it is now £8.80/ month so i wondered what the interest rate is now as it has obviously decreased. thanks

hi BouncyB

I've never looked into it, but I'm sure they must be obliged to tell you somewhere what the current rate of interest being applied is.
Complete stab in the dark but I'm thinking about 9%? Think you can face giving them a call to ask maybe? And then ask where this is stated.

Saz