DMP & Mutual Support Thread - Part 11

zenshi

Sazzie23 wrote: »

Can't afford to offer more even if it's for only one debt? I was going to suggest 25% but Spoonheads 15% seems reasonable, apparently they rarely agree to a first offer. Why not try it, you can always say, sorry I don't have the money available now if you're not happy?
.

Saz

Sadly no. Even an extra 5% would mean me finding another £150 ish. I'm happy to sit and wait and tackle the lesser debts first

Dandytf

Newchapter wrote: »

I need to buy myself a car to get to work. I have a new job and I cant get there on public transport.
Any ideas how I might get a car loan?

Anyone tried Money Barn?

Thanks

Yes -Moneybarn.

I'm over 2 yrs into 4 yrs finance via Moneybarn during sc dmp.

Excellent for this who 'didn't make it' post financial crisis years.��

[Deleted User]

zenshi wrote: »

I'm going to go in branch on Tuesday....will let you know how it goes

ETA had some spare time before work so thought I'd have a go online. Was accepted no problem at all. It was for a rewards based account with switching bonus....that's more than basic I think?!

Thank you! Yes, it's a lot more than Basic. No rewards at all on the Basic account:(. I have a Basic account at Nationwide (taken out just before I started my DMP so no debts with them;)). I've a perfect record on the way I've handled my account but as there's nothing I can do wrong (no overdraft facility etc) it's not surprising:o.

OH was interested in switching one of his current accounts (he has no money problems or debts) and I recommended Nationwide to him as I saw an ad for a reward for both of us if I recommended him and he was accepted. Sadly, the Basic account that I hold doesn't even qualify me for the referrer's bonus:mad:

I've tried for the TSB account that gives cashback on purchases etc and the Santander 123 one. Neither will accept me:(

Good luck with your application:beer:

[Deleted User]

zenshi wrote: »

ThE application for the bank account had a box asking.....have you any CCJ, are bankrupt or in a formal debt programme.
As everyone on here states a DMP is not formal , I ticked the no box

I had an email this morning with new account details on saying it's set up and ready to go

That's absolutely brilliant, well done:T:T:T

I know people say a DMP is informal but I wouldn't feel easy about ticking a 'no' box myself somehow:o. After all, I'm in a lot of debt and my creditors have accepted my arrangements to pay them via Stepchange which is a Debt Management company. Seems pretty 'formal' to me and that's the type of formality I imagine they meant by the question.

Also, I'm amazed your new bank doesn't credit-check as an extra precaution to what people (not just you but any applicant) put on an application form. Most companies including mobile phone contract providers etc credit check nowadays:(

zenshi

carbootcrazy wrote: »

That's absolutely brilliant, well done:T:T:T

I know people say a DMP is informal but I wouldn't feel easy about ticking a 'no' box myself somehow:o. After all, I'm in a lot of debt and my creditors have accepted my arrangements to pay them via Stepchange which is a Debt Management company. Seems pretty 'formal' to me and that's the type of formality I imagine they meant by the question.

Also, I'm amazed your new bank doesn't credit-check as an extra precaution to what people (not just you but any applicant) put on an application form. Most companies including mobile phone contract providers etc credit check nowadays:(

It's certainly crazy! What makes it more so is the fact that I have a mortgage with them that I recently switched to a better rate...they knew of my debts. One of said debts is actually with them but it's a small one that I plan to pay off completely using the switching bonus as part of mu payment.

While some may say it's not ethical, I have done nothing wrong. I answered their question truthfully to their wording
I am not going to have an overdraft even if it's offered and never want credit cards again LOl

[Deleted User]

zenshi wrote: »

While some may say it's not ethical, I have done nothing wrong. I answered their question truthfully to their wording
I am not going to have an overdraft even if it's offered and never want credit cards again LOl

Sorry,zenshi, I didn't meant to offend by suggesting you'd done anything unethical:o. I would probably have 'read' it differently but it just goes to show how ambiguous these companies are when they word documents/forms.

As you say, they already 'know' you as you have other products with them. Maybe they didn't bother to credit check this time. I expect I'm being unsuccessful because I'm trying new banks etc that have to credit check people they have no knowledge of.

I'm very chuffed for you, well done:j:beer::T

System

Happy Sunday everyone.
Just had my 1st statement from one of the CC after 1st token payment and they've added £120 in interest in charges. Really hate the fact that our debt amount is going to go up rather than down.

I've been reading back on the thread and it's clear that trying to get defaulted ASAP is worth doing....so does that mean we should continue token payments for as long as it takes for everyone to default us?
I was going to do another couple of months to build an emergency fund, but could do longer if this was the case.

Our debts are with Virgin, MBNA and Tesco Loan - if anyone else has similar how long did it take to default you?

Still finding all of this very stressful - and weird - i've never not paid up before and I don't like it! Early wobbles I guess.

Thanks Ramble x

bsclp118

I would definitely look up some template letters (there's been lots posted on the forum) and complain about the charges. I complained to barclaycard and got the charges repaid plus and extra £100 because the initial customer service agent didn't deal with my complaint correctly.

Have you written to your creditors to explain your situation?

ramblehan wrote: »

Happy Sunday everyone.
Just had my 1st statement from one of the CC after 1st token payment and they've added £120 in interest in charges. Really hate the fact that our debt amount is going to go up rather than down.

I've been reading back on the thread and it's clear that trying to get defaulted ASAP is worth doing....so does that mean we should continue token payments for as long as it takes for everyone to default us?
I was going to do another couple of months to build an emergency fund, but could do longer if this was the case.

Our debts are with Virgin, MBNA and Tesco Loan - if anyone else has similar how long did it take to default you?

Still finding all of this very stressful - and weird - i've never not paid up before and I don't like it! Early wobbles I guess.

Thanks Ramble x

Puzzcat

ramblehan wrote: »

Happy Sunday everyone.
Just had my 1st statement from one of the CC after 1st token payment and they've added £120 in interest in charges. Really hate the fact that our debt amount is going to go up rather than down.

I've been reading back on the thread and it's clear that trying to get defaulted ASAP is worth doing....so does that mean we should continue token payments for as long as it takes for everyone to default us?
I was going to do another couple of months to build an emergency fund, but could do longer if this was the case.

Our debts are with Virgin, MBNA and Tesco Loan - if anyone else has similar how long did it take to default you?

Still finding all of this very stressful - and weird - i've never not paid up before and I don't like it! Early wobbles I guess.

Thanks Ramble x

Hi Ramble, Yes you can continue with token payments but do be aware that creditors could go for a ccj if they were unhappy about how long it is taking to set up the dmp, up to you.
Defaults are a mystery each creditor varies, the majority of mine defaulted in the first year and now I only have one that hadn't defaulted but has been sold so better be now!!

The debt does tend to rise at first but then goes down once everything has settled with your dmp and the majority will freeze interest but they don't have to and if you write and complain then you can take it to the fos. Still no guarantee but I did get my one interest charging debt reduced but never stopped until sold to a dca.

Puzz.x

Boldhoof

ramblehan wrote: »

Happy Sunday everyone.
Just had my 1st statement from one of the CC after 1st token payment and they've added £120 in interest in charges. Really hate the fact that our debt amount is going to go up rather than down.

I've been reading back on the thread and it's clear that trying to get defaulted ASAP is worth doing....so does that mean we should continue token payments for as long as it takes for everyone to default us?
I was going to do another couple of months to build an emergency fund, but could do longer if this was the case.

Our debts are with Virgin, MBNA and Tesco Loan - if anyone else has similar how long did it take to default you?

Still finding all of this very stressful - and weird - i've never not paid up before and I don't like it! Early wobbles I guess.

Thanks Ramble x

Hi,

We had credit card debt with MBNA and Tesco, we did 6 months token payment of £1, and then the DMP kicked in few months later both defaulted ans not long after sent to DCA. Both stopped interest the moment we informed them of our financial issues, and other than the normal letters they have to send they never bothered us. If you haven't already write to them, or ring them and follow up with a letter, we did it with both of them.