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DMP & Mutual Support Thread - Part 11

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  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    snowbean wrote: »
    I think it's just that feeling of well the DMP's all going well, don't want to do anything to rock the boat and start getting a load of hassle / stress again.

    I know what you mean, but the important thing is to understand it is just a feeling / perception on your part. The boat won't be rocked if you drop to token payments. But I do understand if easy for me to say, and harder for others to believe. I was in that place myself not long ago and it was only when I took the deep breath and thought 'stuff it' and jumped in and dropped/cut payments....sat and waited...and waited....and waited....and nothing happened.

    We have one creditor we haven't paid at all since Christmas....not a sausage....not a bean....well 2 letters asking us nicely if we would mind paying, but nothing heavy, nothing threatening death doom and destruction...or even court;) This one is extreme and I suspect it's because the DCA know it's not enforceable anyway.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • LadyMorticia
    LadyMorticia Posts: 19,899 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I got in touch with all of my creditors just to give them a heads up and one in particular is being a pain in the bum. They said that SC need to give them written instruction that I will be missing August's payment and then my debt management will need to be set up again which will involve doing another expenditure form. Does this sound right?

    Thanks for all of your help guys. Not even sure I can afford to do token payments this month. :/
    2019 Wins
    1/25

    £2019 in 2019
    £10/£2019
  • neiljmuk
    neiljmuk Posts: 186 Forumite
    I got in touch with all of my creditors just to give them a heads up and one in particular is being a pain in the bum. They said that SC need to give them written instruction that I will be missing August's payment and then my debt management will need to be set up again which will involve doing another expenditure form. Does this sound right?

    Thanks for all of your help guys. Not even sure I can afford to do token payments this month. :/

    SC will tell them. They just advise you to give them the more fluffy version so you can tell em SC will acknowledge that there is to be a month without payment.

    Re doing the set up again just ask SC to resend same SOA and payment propsal and advise it still stands. I've got to do that with LLoyds at the moment.
    LBM October 2014 :idea: DMP with StepChange as of March 2015
    Debt at Start of DMP 01/03/15: [STRIKE]£36,282.69[/STRIKE] :eek:
    Debt Now: £33,993.48 :j
  • Sazzie23
    Sazzie23 Posts: 2,634 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker Post of the Month
    neiljmuk wrote: »
    SC will tell them. They just advise you to give them the more fluffy version so you can tell em SC will acknowledge that there is to be a month without payment.

    Re doing the set up again just ask SC to resend same SOA and payment propsal and advise it still stands. I've got to do that with LLoyds at the moment.


    Good advice from Neilj, that creditor is just taking the proverbial and will get over it. Don't let them mess with your mind, that's all it's about. Remember you are one of the good guys, not running away but dealing with your debt.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
  • blisteringblue
    blisteringblue Posts: 1,140 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Ask them why they are treating the loan and the overdraft differently with respect to interest and charges. Request they revisit their decision on the overdraft and request they refund all interest and charges accrued since they were advised you were entering into a DMP.

    Exactly if you are on a DMP the Overdraft should be cancelled anyway, they just need to convert the overdraft into a simple debt.

    That is what happened when I told Santander I was starting a DMP. They even defaulted it quite quickly too which was nice.

    I would write and ask them to do this anyway.
  • blisteringblue
    blisteringblue Posts: 1,140 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Quite a few new users again and a lot of similar questions. While I am not grumpy this time :D my post in May is very valid and should calm a lot of fears for the new DMPers.

    http://forums.moneysavingexpert.com/showpost.php?p=70719123&postcount=2759
  • Hi Folks,

    I posted on here a fair bit last year. Unfortunatly things have stalled somewhat in the debt paying department and I need to get my bum and DMP in gear again. Coasting on min payments will not get the debts paid!:o

    Potted history - previously with Payplan but went self managed to enable settlement offers. I cleared 5k of debt last year with full and finals. A terrible start to 2016 meant we blasted through our emergency budget and fell into min monthly repayments on the remaining debts.

    I need to do a new budget and DMP this week to get things moving again.

    Flower
    Self managed DMP. :j
    Start debt: £10,342 - 2012.
    Remaining debt: £2500 - August 16
    3 Creditors.
  • neiljmuk
    neiljmuk Posts: 186 Forumite
    Anyone know if it's advisable to ask Stepchange for the BACS details they use for all my creditors, as opposed to asking each creditor, with a view to going self managed, or will they get funny about it given you are advising them of your intention to go self managed.
    LBM October 2014 :idea: DMP with StepChange as of March 2015
    Debt at Start of DMP 01/03/15: [STRIKE]£36,282.69[/STRIKE] :eek:
    Debt Now: £33,993.48 :j
  • neiljmuk
    neiljmuk Posts: 186 Forumite
    Another Q. Why is it that when you go self managed you can basically do what you want within reason and the creditors don't care, but when you talk to SC they make like the creditor will be stressed out to the max over the reduced payments I've agreed to 2 months?

    Guessing it's their way of making me act responsibly in regards to the longer term picture as they were very keen that I change my budget as soon as possible.

    It's all so rigid and I feel like they'd try and kill me if I told them I wanted to go self managed.

    It looks like going self managed is the only way to limit payment to token payments to more than 2 months. I need to do it for 3 or 4 whatever SC think. I also know that Capital 1 will take £5 a month indefinitely so can do the token payment a bit longer still with them for example.

    I want Argos and Barclaycard to default me. Do you think telling them I'm going self managed and giving them indefinite token payments till I one day sort myself out (in their eyes) will work?

    Any other thoughts on my going self managed.

    SC are spot on and very nice. Suppose they need a one size fits all way of dealing with people but they act like creditors are gods to be respected and that winds me up!
    LBM October 2014 :idea: DMP with StepChange as of March 2015
    Debt at Start of DMP 01/03/15: [STRIKE]£36,282.69[/STRIKE] :eek:
    Debt Now: £33,993.48 :j
  • zenshi
    zenshi Posts: 1,133 Forumite
    Part of the Furniture 500 Posts
    I would def go self managed. Write to each creditor yourself telling them how much you can afford, ask for their bank details and set up standing order and bobs your uncle

    I did this nearly 3 years ago, haven't upped my payment, all defaulted and only get one call or letter a year asking for a review.
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
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