DMP & Mutual Support Thread - Part 11

Puzzcat

Hello fellow dmp'ers new and old...

Just a quick update from me..

I am now in the third month of my self managed dmp, haven't managed to pay any extra off mind as other expense keep cropping up..!!

So as of today I am now in the 42k's...:j and have paid off 28.5% :j:j

Can't wait until I get over that 1/3rd paid off...should be Autumn time...

Keep going the light at the end of the tunnel will shine brighter every month that passes..

Love Puzz. x

craftingqueen_2

Hi, we have changed from Payplan to Stepchange our first payment to stepchange is due out on the 1st June . My question is how hard is it to transfer creditors from Payplan to Stepchange ? Stepchange has all the details we had on the creditors . Thank you for your help .

Sazzie23

craftingqueen wrote: »

Hi, we have changed from Payplan to Stepchange our first payment to stepchange is due out on the 1st June . My question is how hard is it to transfer creditors from Payplan to Stepchange ? Stepchange has all the details we had on the creditors . Thank you for your help .

I don't foresee any problems, maybe expect a couple of issues then if anything crops up you won't be shocked or disappointed, but generally I can't see why it wouldn't be a smooth transition.

Saz

Sazzie23

muppetscotland wrote: »

Afternoon - not been on for a while as have been dealing with a nasty turn of events in the form of a newly dignosed heart condition (im in my 40s!). Anyway it will mean I can't earn quite as much and our self managed dmp offers will need to go down a tad.

Seems such a pity after getting agreement from everyone and defaults from most. I am scared of upsetting the apple cart.

I have to be very careful and not get stressed particular while I'm getting used to some hefty medicine Inc beta blockers.

Anyway! I'm posting for some reassurance I guess...we have a huge debt, income which has shrunk by 50% and now me with the ticker of a 70 year old. I live in utter dread of legal action by creditors mainly because I don't want to have to deal with it in terms of court papers visits etc and also in terms of the risk to our home.

I was wondering whether switching to SC now and letting them take the stress might be a good idea?
Thank you lovely peeps.

Hi muppet

Sorry to hear of your health troubles, hopefully all is well for now. Stress is such a tough cookie to master, I think it might be a 'see what works for you'. Thing is with SC you give them control, which is good if you want it all to go away, but if you are the sort of person that likes control, not having it could be more stressful?

If your self managed is running ok and with little issues, then maybe consider letting it run for now, but if you've got to put a lot of effort in to sort it out then SC would be a good option.

Slightly off-topic, but have you considered yoga or meditation, works for some folk for relaxation?

Take care of yourself - life's too short.

Saz

lumpyspaceprincess

Just checking in. Last time I was posted I asked about going self-managed, instead I ended up increasing my SC payment by over £100 pcm. Of course, the first time it’s gone out I wasn’t ready for it, thinking the May payment would come out of my (midmonthly) May wage… so we have found ourselves with £200 less than we need to pay the bills on Friday. Not fun! I’ve been ebaying / fb selling for my life and have made £110 so far, but it’s hard going, and once you take the postage out you’re not left with much! Oh how I wish at the start of my DMP I’d thought to make £1 token payments for a few months to build up a safety net for this sort of thing.

On the positive side (ha!) we have a little food in the freezer, if not the cupboards, and him indoors gets paid Friday 13th. Just got to tough it out for 10 days between now and then!

SpekySquarehead

Hi all.

I've a quick question and I didn't want to create a new thread plus the search function doesn't seem to be working...?

I want to move the debt I have on my Tesco credit card over onto my Barclaycard credit card which is at 0%. I've got the available credit to do it, but is is possible? I'm not sure if to do a balance transfer, you need to set up a new card or not?

Thanks for your help in advance.

bsclp118

So I used one of the template letters I saw on this thread to complain to Barclays about them still charging me interest and late fees to my account. The response I got was:

"Thank you for your e-mail. I am sorry you have had to complain.

I have reviewed your account and can see you have been paying a token payment of £1.00 in March and April 2016. As this was not enough to place you on a formal repayment arrangement you should have been placed in the informal process where you would not have been charged interest. Therefore I have arranged to refund the interest for March and April 2016 totaling £75.03 back to your Barclaycard account.

We have also received a further repayment offer from Stepchange for £53.17 due by the 28 May 2016. I have updated our records to reflect this new amount.
As this amount will not be enough to place you on a formal repayment plan you will be on an informal arrangement and there will be no further interest or charges applied to your account and collections activity will be reduced.

As a responsible lender we have an obligation to continue to provide information to the credit reference agencies, therefore as you are making reduced payments and not enough to place you on a formal repayment plan we will report your account as being in arrears.

I hope this information is helpful to you. Would you please confirm if this resolves your complaint?

Trish Williams
Customer Relations Manager"

Can anyone help me decode this. What is a "formal" vs an "informal" plan....? Will they default me or is this just wishful thinking by me?

Puzzcat

SpekySquarehead wrote: »

Hi all.

I've a quick question and I didn't want to create a new thread plus the search function doesn't seem to be working...?

I want to move the debt I have on my Tesco credit card over onto my Barclaycard credit card which is at 0%. I've got the available credit to do it, but is is possible? I'm not sure if to do a balance transfer, you need to set up a new card or not?

Thanks for your help in advance.

Hi,

I assume as you are wanting to move money from one cc to another you are not in a dmp? If that is the case you are better posting this on the credit card forum.

Puzz

Puzzcat

bsclp118 wrote: »

So I used one of the template letters I saw on this thread to complain to Barclays about them still charging me interest and late fees to my account. The response I got was:

"Thank you for your e-mail. I am sorry you have had to complain.

I have reviewed your account and can see you have been paying a token payment of £1.00 in March and April 2016. As this was not enough to place you on a formal repayment arrangement you should have been placed in the informal process where you would not have been charged interest. Therefore I have arranged to refund the interest for March and April 2016 totaling £75.03 back to your Barclaycard account.

We have also received a further repayment offer from Stepchange for £53.17 due by the 28 May 2016. I have updated our records to reflect this new amount.
As this amount will not be enough to place you on a formal repayment plan you will be on an informal arrangement and there will be no further interest or charges applied to your account and collections activity will be reduced.

As a responsible lender we have an obligation to continue to provide information to the credit reference agencies, therefore as you are making reduced payments and not enough to place you on a formal repayment plan we will report your account as being in arrears.

I hope this information is helpful to you. Would you please confirm if this resolves your complaint?

Trish Williams
Customer Relations Manager"

Can anyone help me decode this. What is a "formal" vs an "informal" plan....? Will they default me or is this just wishful thinking by me?

Hi,

BC are probably the most difficult creditor, certainly they are the one's that like to charge interest/stop and then restart when your payments reach a certain %. Completely have no idea what the difference is between informal and formal, but I am almost certain that it will have nothing to do with defaulting you as they definitely don't like doing that..! It will more likely be to do with the % of your payment v the original minimum payment and then whether they charge interest or not.

BC finally sold me on earlier this year so I do now have a shiny Red D by my DCA debt, but that is over 2 years into the dmp.

Puzz. x

MrsKM

So I have taken the bull by the horns and started a DMP today with Step change very nervous but feeling relieved that I am trying to take control. Any advice for a newbie to DMP's