DMP & Mutual Support Thread - Part 11

bsclp118

ARGHHHHHHHHHHHH.

Just checked noddle and barclaycard shows:
March - Debt management plan (token payment)
April - Debt management plan (token payment)
May - Early Arrears
June - Sustained Arrears
July - OK (back to a green marker).

I got a letter a while back saying if I didn't pay by the end of August I'd get a default, what the &$$*&$£$% are they playing at....

BeingDebtFreeStartsHere

Sazzie23 wrote: »

Hi everyone.

I just wanted to say how I've been feeling lately.
I was lucky enough to get some unexpected back pay (£2k) recently.
I have invested in some essential new clothes, replaced the rusty microwave, saved a bit and have a small amount ready to buy that new car battery I've been harping on about for the last year !!!

I can't tell you (but I'm going to try) what a difference the small amount of extra money available has made to how I feel about living, not worrying about whether I can afford the car park closest to the station if I'm late (I go early to walk from the cheaper one), or worrying whether I can afford to buy a lunch if I don't have anything prepared. Knowing if a tyre goes flat or whatever I can actually access the money to pay for repair, means I spend less time worrying and more time living, and it's a good feeling. I think if you are a couple both in DMP or a single person you might understand this more than if your in a couple where one has free access to credit.

I don't think I've been flippant with the unexpected windfall, and I have one or two other essential things to sort, like new gutters and a security timer for lights, after 3 years in DMP I feel like I'm ready to start tackling these debts again with renewed vigour....

Saz

Hi Saz,

I think you have used the money very wisely - and you deserve to get yourself those new clothes - you have not just spent it all on frivilous items.

I totally get what you are saying - my husband and I are on a joint DMP and when I do a bit of extra overtime and we have an extra £50 for example it just loosens that belt slightly and means we can put a couple of luxuries on the food shop or get a takeaway once in a while without stressing!!

I do wish I could turn back the clock and never have got any credit........but I can't.

I now quite enjoy the challenge of budgeting and feel quite proud that what we spend is our money and we never need to rely on credit. I hear people at work talking about their overdrafts and credit cards and think I am so glad I am now back in control. They may be buying new cars (on finance), a new sofa (on finance) or going out for posh meals and buying nice clothes (on the credit card). I am proud that I budgeted for everything over the summer including kids days out, school uniform etc.

I think being on a DMP makes you so much more savvy when shopping - I am already looking out for bargains and deals for Christmas presents and already have the Christmas budget sorted

So pleased that you got your unexpected windfall - you've used it for some essential repairs, household improvements - make sure you enjoy the odd luxury

Take care,

BDFSH x

sourcrates

TLJones wrote: »

Hi guys,

It's gotten to the point now where I need to do something. My Income is ~£2100 a month (£1800 on a flat month with no overtime) and my monthly outgoings are now almost equal to my income, one flat month and I'll end up in arrears.

I went on the SC website and went through their questions, and I must have incorrectly inputted something because apparently I am capable of paying it all in full every month. I am a bit confused as to what to do.

My total debt is £13,990.

Do your budget again, correctly, and go through the debt remedy again.

Tiggerlou

Hi Guys.... has anyone successfully had interest/charges stopped with Lloyds? Currently paying them through my dmp with stepchange and they are hammering the interest on... when I asked about this they said they hadn't heard from stepchange yet which is a worry as they've had the first payment... tried sending sc a message but heard nothing back there either.... thanks

heavenlyharry01

After loosing two of my three jobs I had and having a suprise baby...my husband and I have had to face up to the debts we have.
We have called the Debt Hepline and been through our finances and debt owed and a DMP is the way forward.

As yet we haven't actually defaulted on anything, but I'm unsure how we will manage payments this month.

My question is....should I continue to pay what ones I can?
Should we purposely not pay?
Should I contact them in the mean time or wait for the paperwork regarding the DMP?
Many thanks in advance

changeforbetter

Hi All (great thread here by the way),

Just wondering if anyone can answer a quick (fairly simple) question about creditors while on a DMP (mine was started in March this year).

If creditors have stopped adding interest to your debt, are they legally (or any other way) obliged to let you know if they start adding charges or interest to the debt? And also does this include new companies who might have bought the debt too (though I understand they usually don't add interest, from what I've heard).

Any advice about charges and interest would be most gratefully received, TIA.

[Deleted User]

Tiggerlou wrote: »

Hi Guys.... has anyone successfully had interest/charges stopped with Lloyds? Currently paying them through my dmp with stepchange and they are hammering the interest on... when I asked about this they said they hadn't heard from stepchange yet which is a worry as they've had the first payment... tried sending sc a message but heard nothing back there either.... thanks

Hi Tiggerlou

I'm on a Stepchange DMP and at the outset my Lloyds credit card was maxed out with a balance of £15000:o and I also had an arranged overdraft with Lloyds of £300. They cancelled interest on the CC fairly early on in the DMP (within a couple of months if I remember correctly)without me having to beg. They carried on charging interest on the overdraft though:(. It was only a very small amount but I never could understand why they did it.


I contacted SC and they communicated with them twice but they never did stop the charges. I decided to rid myself of this debt asap and as it was such a small amount I scraped enough together to have it paid off completely earlier this year.


One of the advisors at SC mentioned that Lloyds are often 'awkward' so I consider I got off fairly lightly:). Good Luck

sourcrates

heavenlyharry01 wrote: »

After loosing two of my three jobs I had and having a suprise baby...my husband and I have had to face up to the debts we have.
We have called the Debt Hepline and been through our finances and debt owed and a DMP is the way forward.

As yet we haven't actually defaulted on anything, but I'm unsure how we will manage payments this month.

My question is....should I continue to pay what ones I can?
Should we purposely not pay?
Should I contact them in the mean time or wait for the paperwork regarding the DMP?
Many thanks in advance

Hi,

Who is the "debt helpline" ?

Please don't sign up with a fee charging company.

You should contact stepchange, have you ?

sourcrates

changeforbetter wrote: »

Hi All (great thread here by the way),

Just wondering if anyone can answer a quick (fairly simple) question about creditors while on a DMP (mine was started in March this year).

If creditors have stopped adding interest to your debt, are they legally (or any other way) obliged to let you know if they start adding charges or interest to the debt? And also does this include new companies who might have bought the debt too (though I understand they usually don't add interest, from what I've heard).

Any advice about charges and interest would be most gratefully received, TIA.

Hi,

Creditors are not legally oblighed to do anything in a DMP, as it is an informal arrangement, and not a regulated solution.

Usually your payments have to be less than the normal minimums in order for them to stop interest and charges, if your payments are likley to be higher, then a DMP is not for you.

When debts get sold on the balance is frozen.

Any potential new owner of the account cannot add interest or charges unless the original agreement allows them to do so, 99.9% of which do not.

changeforbetter

sourcrates wrote: »

Hi,

Creditors are not legally oblighed to do anything in a DMP, as it is an informal arrangement, and not a regulated solution.

Usually your payments have to be less than the normal minimums in order for them to stop interest and charges, if your payments are likley to be higher, then a DMP is not for you.

When debts get sold on the balance is frozen.

Any potential new owner of the account cannot add interest or charges unless the original agreement allows them to do so, 99.9% of which do not.

Thanks again sourcrates,

No worries about my payments being too high, as you saw in the other posting of mine, sadly the opposite!
I am fairly sure about my 8 different debts, but sometimes a worry is that they kind of stop being so 'visible' to me - e.g. removing my online banking so I can't 'see' the accounts online now. I worry that they've suddenly started adding unseen charges to my debt (partly just paranoia I know). I know I can contact them, but that is both cumbersome (with 8 debts) and possibly not always a company (eg debt collecters) I want to be constantly speaking to for sure....