DMP & Mutual Support Thread - Part 11

Sazzie23

Puzzcat wrote: »

Hi January,
I believe you can just go online and do the review early updating the necessary part of your budget and submit it, this should update your Monthly payments. If any issues give sc a call.
Puzz.x

Just to add, nothing wrong with doing another review in a few months if something else changes, although if you are likely to go reduced payments both times, might be worth doing in one hit, although there is no right or wrong way to do this.

Puzzcat

I haven't posted this for awhile so may be of use to any newbies..


This is the initial letter I sent to the Creditors and then adapted slightly for a second and third token payment whilst my dmp was being set up.


Your address


Account Details
Date

Dear Sir/Madam



I am writing to inform you that I am currently seeking advice and assistance regarding my current financial difficulties.

I am working with StepChange to set up a Debt Management Plan (DMP) – my reference number is ******* They will send you an offer of payment along with a copy of my budget and list of creditors.

I am unable to meet my normal monthly payments, would you please accept a token payment of £1 per month until StepChange contact you with my DMP details. I would appreciate if you could hold any action on the above account until this time.

I would ask that you please consider stopping or reducing interest and any other charges on my account to help me during my financial difficulties and to avoid increasing my debts any further.

I would please note all future communications should be in writing only.
I thank you in anticipation of your assistance and co-operation whilst I am going through this difficult time, and assure you that I am doing everything I can to resolve my current financial situation in a responsible and sustainable manner.



Yours faithfully

alamaya

update

I have cancelled our Stepchange plan with them and now self managed , Already paid off £20 off one of my £40 debt that Stepchange wouldnt allow without splitting between everyone

My question now is i am going to pay everyone same as what SC were and focus on the smaller debts to get rid off with extra payments.

Can i get some advice,

Some of these are stopping or reducing interest. I obviously dont want them to start charging interest. How do i do it? Ring them and ask what their threshold is for restarting interest and remain below it? Save up enough and just clear each one in turn (can they then backdate interest?).

Thanks

January2015

Sazzie23 wrote: »

Just to add, nothing wrong with doing another review in a few months if something else changes, although if you are likely to go reduced payments both times, might be worth doing in one hit, although there is no right or wrong way to do this.

Thanks Sazzie and Puzz for the advice

I think I will do an early review. Other things are changing as well - car insurances are different costs now and TV/phone/internet package has increased (we were on 6 month intro offer when DMP set up and I just used that figure).

I will wait to see what DH takes home next month and then get all the figures together and force myself to complete the online review.

Puzzcat

alamaya wrote: »

update

I have cancelled our Stepchange plan with them and now self managed , Already paid off £20 off one of my £40 debt that Stepchange wouldnt allow without splitting between everyone

My question now is i am going to pay everyone same as what SC were and focus on the smaller debts to get rid off with extra payments.

Can i get some advice,

Some of these are stopping or reducing interest. I obviously dont want them to start charging interest. How do i do it? Ring them and ask what their threshold is for restarting interest and remain below it? Save up enough and just clear each one in turn (can they then backdate interest?).

Thanks

Hi,
I don't think ringing them would be a good idea. I would pay the same as I was to those who are interest free and token pay others whilst saving the difference to pay in full or to offer full and finals. You may not be successful in these as you have only been on a dmp for a short time. My concern at only paying tokens would be whether they would take further action ie; ccj etc.
I am sure someone wiser who is self managing will advise your best move.
Puzz.x

Triangle

Saturday is....default day!

This is our biggest creditor, a joint loan we took out last year which was the straw that broke the camel's back.

2 out of the 4 debts now defaulted.

Hope everyone is enjoying the weekend

Tx

patch22

Thanks Sazzie and Growurown for your thoughts about credit unions. Think we may go down this route after Christmas. Reassuring to know they have the same protection as a savings/bank account as that would be my main concern.

Hope everyone is having a good weekend. Had a letter from Barclays accepting the plan for my overdraft. OH had one a few weeks ago. Huge relief! Third payment went out to SC a few days ago. Got home on Thursday to a red Royal Mail card saying I'd missed a signed for letter. Immediately thought it was something to do with debts (uh oh, court papers - silly I know!) and had a panicky night thinking about it. Went to the sorting office the next day and it was a £15 Waterstones gift card from a competition that I'd won! Time for some guilt free spending!

SpamTomorrow

SpamTomorrow wrote: »

Hello All,

I'd really like some help please. I apologies if this has been discussed elsewhere; I've not spotted it if it has.

I started my self managed DMP journey this summer. I've had my head down busily working over the last few months and have made some good progress. I'm quiet organised, I know my exact position with all the creditors and have agreements in place with all but 2 of my 15 gems. My question the is in relation to a PDL. This particular crowd and have been unbelievably slow in responding and they are now saying that their 'policy' is not to accept financial statements and want me to complete there review process which requires me to send them copies of my bank statements. Does anybody have any advice on how to respond to this? I really don't want to give them any more information than the financial statement they have already had.

Thank you!

Fitz

Hello All,


Just thought I'd post an update on this one. I went back to them and politely told them I wasn't in a position to re-review my offer as it wouldn't be fair on the other creditors. They completely ignored this; no response at all. I nudged them a few times as I wanted an answer and I also wanted them to confirm their bank details. Eventually they wrote to me confirming the bank details and nothing else. My feeling is they were just trying their luck, I guess it will be now be deferred to a DCA. In the meantime I have made the first payment of the DMP to them. I would have preferred to have a formal acceptance of some kind but this seems unlikely. It is a very small fraction of my DMP so I feel reasonably comfortable paying them, seems safer than ignoring them.

timetosayenough

Don't know what to do. My lovely dog was put to sleep this morning, she hadn't been right for a while backwards and forwards to vets plus my Dads not been well had doctors and nurses out over the last month. Because of all this I've forgotten to pay my token payments for last month. I'll do them this week but am concerned that creditors will think I don't want to pay.

Triangle

timetosayenough wrote: »

Don't know what to do. My lovely dog was put to sleep this morning, she hadn't been right for a while backwards and forwards to vets plus my Dads not been well had doctors and nurses out over the last month. Because of all this I've forgotten to pay my token payments for last month. I'll do them this week but am concerned that creditors will think I don't want to pay.

I am so sorry to hear this TTSE massive hugs xx