DMP & Mutual Support Thread - Part 11

kezzb

NewcastlePaul wrote: »

After 12 years of Stepchange DMP payments.
an 18 month PPI reclaiming mission and then offering full and final payments I am as of today debt free.


The final payment left the account today.
When I think how I didn't know who to turn to. I couldn't ever see a way of clearing £128,596.72 worth of debt.


I thank the day I discovered Stepchange and this site.
No matter how bad you think it is, its not.
Just don't worry. Don't bottle it up and just keep chipping away.
You will get there.


It's been 1 hell of a slog but today I have my life back.
I will stick around to post and help where I can.


This board kept me sane at times x

Wow, Thank you for posting this, it gives me real hope. Just starting out and Ive been told it will take 12 years to clear my debts.
Wishing you a debt free happy life!

Save

make_the_change

Hoping for some help....

I wrote to Argos and asked to be defaulted and complained regarding fees and interest and that repayment would take forever based on my DMP. They replied saying 'a default notice was issued on the 13th and if no payment is received by the 27th Sept, a default would be issued on my credit file. Also fees and interest are correct and can't be refunded'.

I checked noddle and as yet no default is registered, will I definitely get one? Also, can I challenge the fees and interest further?

I have also received a further letter stating 'account has been referred to financial recovery services - a specialist debt collection team at argos'

What should I expect from this?

Thanks!!

Puzzcat

make_the_change wrote: »

Hoping for some help....

I wrote to Argos and asked to be defaulted and complained regarding fees and interest and that repayment would take forever based on my DMP. They replied saying 'a default notice was issued on the 13th and if no payment is received by the 27th Sept, a default would be issued on my credit file. Also fees and interest are correct and can't be refunded'.

I checked noddle and as yet no default is registered, will I definitely get one? Also, can I challenge the fees and interest further?

I have also received a further letter stating 'account has been referred to financial recovery services - a specialist debt collection team at argos'

What should I expect from this?

Thanks!!

Hi,
They are under no obligation to refund fees and charges during set up. You can ask but it is usual for your debt to increase at the early stages. Again you can request a default but you can't force one unless you stop paying but then could be given a ccj. A dmp is fantastic for paying off debt but is not a quick fix, more a marathon than a sprint..
Puzz

sourcrates

make_the_change wrote: »

Hoping for some help....

I wrote to Argos and asked to be defaulted and complained regarding fees and interest and that repayment would take forever based on my DMP. They replied saying 'a default notice was issued on the 13th and if no payment is received by the 27th Sept, a default would be issued on my credit file. Also fees and interest are correct and can't be refunded'.

I checked noddle and as yet no default is registered, will I definitely get one? Also, can I challenge the fees and interest further?

I have also received a further letter stating 'account has been referred to financial recovery services - a specialist debt collection team at argos'

What should I expect from this?

Thanks!!

They send all past due accounts to collections.

Nothing to rock the boat, standard procedure with most debts, you just keep paying, the world keeps on turning, no more to say really.

Sazzie23

kezzb wrote: »

Hi all, I am wavering between feeling relieved and in control one moment to feeling sick and worried the next. In the final stages of setting up DMP with Stepchange. My income is not as good as it was a few weeks ago, my tax credits have gone down and Ive lost a couple of hours of work. Im self employed so my income fluctuates. Taking a close look at what Ive had coming in versus what goes out its no big surprise Im so in debt. All makes me feel physically sick, infact I have been. I know that if I cant make the DMP work we will end up losing our home I have also been a complete idiot and gave Stepchange my overdraft figure at a point when it was low as i had just had a fair bit of money go in. have had to send them a revised figure. Do the ever not let someone set up a DMP? it is my last hope, without it we are truly doomed.

Save

Hi Kezz

Try to see you DMP as a fresh start rather than a last ditch saviour. With that in mind, review your SC budget to the lowest figures of income and highest outgoings. You can do this in the on-line debt remedy if you want to try it to see what works out.

SC will set up the DMP if you can pay £5 per creditor per month. They will question you hard if your DfD on DMP is over 10 years, but perhaps there are changes within the next few years like paying off a mortgage or loan or reducing commitments for childcare etc.

Alternatives are : stop paying your debts, get defaults and then arrange your own DMP. In the meantime get yourself a small emergency fund.
Or choose another debt option like IVA or DRO if suitable

Or consider selling up and, paying your debts off and starting again.

But none of this is the end, it's the beginning, keep that in mind and you'll see the best thing to do.

Saz

cmcavon

kezzb wrote: »

Hi all, I am wavering between feeling relieved and in control one moment to feeling sick and worried the next. In the final stages of setting up DMP with Stepchange. My income is not as good as it was a few weeks ago, my tax credits have gone down and Ive lost a couple of hours of work. Im self employed so my income fluctuates. Taking a close look at what Ive had coming in versus what goes out its no big surprise Im so in debt. All makes me feel physically sick, infact I have been. I know that if I cant make the DMP work we will end up losing our home I have also been a complete idiot and gave Stepchange my overdraft figure at a point when it was low as i had just had a fair bit of money go in. have had to send them a revised figure. Do the ever not let someone set up a DMP? it is my last hope, without it we are truly doomed.

Save

I've been in a very similar position to you, that fear is so all-consuming you become unable to sleep or focus on anything else. I am in a DMP with stepchange and can honestly say it is the best decision I could ever have made. We've got a long road ahead of us but for me, being on a DMP has made me able to breathe. I was worried about so many things to begin with, whether we'd be accepted, whether creditor would stop interest and agree the plan (they all did).

I think you do need to look at all of this in a positive way, you're taking steps to repay your debt in a manageable way. Try not to worry about things that haven't happened, you haven't been told you can't go onto a DMP and you haven't been told you'll lose your house, positive thinking! You can always do the debt remedy on the stepchange website so you get an idea yourself what options they'll recommend without having to wait to speak to them. I would say though that when I did this it told me I had to speak to them anyway, it was just because our DMP would be longer than 10 years overall.

Good luck, stay positive.

sourcrates

People can I just make one thing crystal clear, there is no real acceptance criteria for a debt management plan, as long as you have an income, and can afford to pay something, then your in, no ifs, no buts.

I believe stepchange insists on a min of £5 per creditor per month, but you can do your own plan and just pay what you can afford.

If you have less than 20k of debt, are not a home owner, have few assets, and have £50 or less left a month, after essential bills have been paid, then you should concider a debt relief order instead.

DRO's are so under used by the public, and I can't for the life of me think why !!!
As long as you fit the criteria, and go through a recognised intermediary, 99.9% are accepted.

make_the_change

sourcrates wrote: »

They send all past due accounts to collections.

Nothing to rock the boat, standard procedure with most debts, you just keep paying, the world keeps on turning, no more to say really.

I am trying to force a default.... should I hold off paying?

As per noddle the other day, two accounts have defaulted (including the big overdraft one ) and one has agreed to default, so just waiting for that to update on noddle and now waiting on Argos and BC to default!!

sourcrates

make_the_change wrote: »

I am trying to force a default.... should I hold off paying?
!!

Well that would have the desired effect yes.

NewcastlePaul

Sazzie23 wrote: »

Fantastic news Paul :beer: I know you put your life on hold in a lot of ways, so good luck and enjoy. :j:j

Thank you. Just been walking about for last few days with a stupid grin on my face. Will probably hit me more on the 1st November when there isn't a DMP leaving my account