DMP & Mutual Support Thread - Part 11

Tiggerlou

No my debts are too much for a DRO but thanks.... think I may have to do some research on this one... x

changeforbetter

HEROWHENZERO wrote: »

I entered into a DMP with StepChange in June, I keep noticing on here that people have moved to self managed. What benefits does self managed give you, as with SC every penny I give them goes towards the debts.

I'm not sure if anyone answered this question earlier, but I am also interested in why some choose to self-manage (vs using Stepchange for example).

Personally, I love having my DMP with SC as it feels rather like a security blanket against my financial difficulty. I would feel rather vulnerable without them!

sourcrates

changeforbetter wrote: »

I'm not sure if anyone answered this question earlier, but I am also interested in why some choose to self-manage (vs using Stepchange for example).

Personally, I love having my DMP with SC as it feels rather like a security blanket against my financial difficulty. I would feel rather vulnerable without them!

It's mainly because some people have awkward creditors such as Barclaycard who refuse to default or stop interest or whatever it may be.
The usual way to deal with them is to stop paying them until you are defaulted.
Stepchange would not advocate this treatment of a single creditor, if your with them, all creditors must be treated equally.

So it can be problematic sometimes, and easier to go self managed.

changeforbetter

sourcrates wrote: »

It's mainly because some people have awkward creditors such as Barclaycard who refuse to default or stop interest or whatever it may be.
The usual way to deal with them is to stop paying them until you are defaulted.
Stepchange would not advocate this treatment of a single creditor, if your with them, all creditors must be treated equally.

So it can be problematic sometimes, and easier to go self managed.

Not sure I could live with the hassle (8 different creditors) personally! But I get that specific example you mention as a possible issue - thankfully, I've discovered BC have defaulted mine, which I think you mentioned earlier means they can't start adding interest again?

sourcrates

changeforbetter wrote: »

Not sure I could live with the hassle (8 different creditors) personally! But I get that specific example you mention as a possible issue - thankfully, I've discovered BC have defaulted mine, which I think you mentioned earlier means they can't start adding interest again?

That's correct, once defaulted, balance is frozen, no more interest, no more charges.


Paying your creditors is actually much simpler than you might imagine, you just get there bank account information, set it all up on internet banking, along with the correct ref/account number, then its dead easy to pay them every month, a simple click of the mouse for each one, job done.


Its personal choice in the end, after a while, some people have gained more knowledge, and confidence, and decide to go it alone, its much more flexible when you do it yourself, and there's absolutely no reason why the creditors should treat you any differently.

[Deleted User]

changeforbetter wrote: »

I'm not sure if anyone answered this question earlier, but I am also interested in why some choose to self-manage (vs using Stepchange for example).

Personally, I love having my DMP with SC as it feels rather like a security blanket against my financial difficulty. I would feel rather vulnerable without them!

I know exactly what you mean about the security blanket, changeforbetter:T

I'm almost halfway through my DMP with SC and feel quite relaxed about the whole thing, even though there's lots of money still to be paid off:eek:.


I'm a total control freak in many other areas but I've made such a mess of my financial affairs for the best part of my life:o that I love the feeling that someone else is taking this particular weight from off my shoulders. My creditors are relatively amenable and there are no real issues but it would take a lot for me to cancel SC and take over myself. It's free after all, which is a bonus:j. Maybe when I'm nearer the end, if I've managed to save any extra money, I could perhaps go self-managed and negotiate some F&Fs. I completely understand why other people go self-managed and admire them for it:beer: but it's just not for me at the moment.

changeforbetter

carbootcrazy wrote: »

I know exactly what you mean about the security blanket, changeforbetter:T

I'm almost halfway through my DMP with SC and feel quite relaxed about the whole thing, even though there's lots of money still to be paid off:eek:.


I'm a total control freak in many other areas but I've made such a mess of my financial affairs for the best part of my life:o that I love the feeling that someone else is taking this particular weight from off my shoulders. My creditors are relatively amenable and there are no real issues but it would take a lot for me to cancel SC and take over myself. It's free after all, which is a bonus:j. Maybe when I'm nearer the end, if I've managed to save any extra money, I could perhaps go self-managed and negotiate some F&Fs. I completely understand why other people go self-managed and admire them for it:beer: but it's just not for me at the moment.

So similar carbootcrazy - I can be a control freak about so many things, but I know I've been useless with my money! :doh:
I'd much rather someone else have an element of control over its function, especially my debt issues. I can see that later in the process things might change, perhaps, if I get the chance for settlements. Let's hope we get to that point! :beer:

heavenlyharry01

Hi all

Thanks for all the help and advice!
After much thought and discussion my husband and I called step change and we've been through and budget and options and have got everything in place for a DMP. £575 spread over a whopping 11 creditors and £75k of debt!! Yay us!!
I didn't realise that our crappy northern rock mortgage which has loan attached, is actually an unsecured loan, so that has to be included in the dmp and treated the same as the others!
Anyone had any experience of northern rock or NRAM as they are now?!

Sourcates - we have a mortgage...owe £75.
An IVA was discussed but we are in a very lucky position in which within a few years I will receive an inheritance which will clear the debt.


Actually if this DMP works out we will have more money for food, petrol etc than we've ever had before!
I'm so surprised that we've managed to keep our heads above water this long..... paying off the minimum and spending more.
Am I allowed to pass some of the buck to the creditors who kept lending to us!! Especially Barclaycard who I have a massive credit card of £11000. Slightly irresponsible that they kept increasing my limit when I've only ever made minimum payments!! I guess I only have me to blame though for using it!!

I'm going to read back properly over as many pages as I can. And continue to read and ask for more advice during this process.
It feels scary, yet I'm feeling positive and focused!
A lot of phone calls and letters to do next week.
And 11 £1 token payments! (How do you make these? Standing order or just with your debit card over the phone?)

Sazzie23

HH

unsecured loan instead of mortgage, sounds like misselling to me, secured yes ....
£1 payments - either through your normally bank transfer or a cheque or a postal order or if it's too much hassle, don't worry about it. I was in such a state at start I didn't pay them and nothing bad happens.

Sorry it's brief, I'm away on shared Internet.
Saz

Misst

I am unsure as how to post on here hopefully i can get some advice

I have an old debt which i have been receiving letters from a debt agency. i ignored the letters from the company called llowell but now received a letter from bm legal saying the are issuing a county court order against me. i received a county court order which is grey and white it looks like a really bad photocopy as the court badge is all blurred. it has a number on and i have tried ringing the court number 0300 123 1056 but this number is out of service. I think possibly the company are trying to use a bullying tactic. there is a dead line of 14 days to respond to the form before action. what do I do?

Thank you in advice for any advice from a worried mum