DMP & Mutual Support Thread - Part 11

January2015

henrryyyy wrote: »

So I should tell StepChange I want it to start in August so I can get an emergency fund built up? or literally just say i want to start in august(seems a long way away). StepChange wont mind me making contact with my creditors either?
What does LBM stand for? I see it on peoples signatures but cant figure it out

It's your DMP. SC are there to help you. August is not really that far away. If you start on 1st August that is just delay the DMP by 4 months. In all seriousness do you think you have enough saved in an emergency fund should some catastrophe or other crop up? For example major car repairs, boiler breakdown, or something similar?

SC are used to people needing to do this. Of course you can still contact your creditors directly. SC won't mind.

henrryyyy

January2015 wrote: »

It's your DMP. SC are there to help you. August is not really that far away. If you start on 1st August that is just delay the DMP by 4 months. In all seriousness do you think you have enough saved in an emergency fund should some catastrophe or other crop up? For example major car repairs, boiler breakdown, or something similar?

SC are used to people needing to do this. Of course you can still contact your creditors directly. SC won't mind.

Thanks
yeah I just kind of worry the longer I leave it the more likely they are to reject stepchanges(my) offer and sell it to a debt collector.
I know getting an emergency fund is something I have to do to make this DMP a success, it just kinda feels like cheating saving up some cash while owing so much out. I cant even remember the last time I had a month where I never had to pay huge payments.

I am going to tell Stepchange to start on August 1st and see what my creditors responses are. Im about ready to return my documents to SC.
Im in 2 minds whether to wait til my next paydate(28th) before I send to SC and inform my bank in case my employer hasnt updated to my new bank account, although they said in email they have done it

Barbie61

Hi, your thread is very informative and supportive -thank you but I am confused because I thought StepChange contacted them for you?

Barbie61

Hi can anyone tell me if the card companies/loan companies allow you to log in and check your statements after a DMP is set up? I don't receive paper copies any more so would be stuck if I can't log on

Thank you

[Deleted User]

Barbie61 wrote: »

Hi can anyone tell me if the card companies/loan companies allow you to log in and check your statements after a DMP is set up? I don't receive paper copies any more so would be stuck if I can't log on

Thank you

From my own experience, once an account is no longer active the creditors close internet access to it. I hadn't discovered this thread when I started my DMP and I wasn't ready for that:o. Had I known I'd have printed off any relevant previous statements and other information before I was prevented gaining access to it.


I'm not sure if all companies do it but all mine certainly did:mad:


What does happen though is that all my creditors send a paper statement, usually yearly, others more often. I think legally they have to keep you informed of your payments/balance in this way. I used to receive paper statements anyway, even though I used to check my accounts online too, so things may be different for paperless clients. I'm pretty sure that your creditors should mail something to you every now and then though, to fulfil their legal requirements.


Sourcrates will know and will maybe come along soon and put you (and me!) right on this score:T

sourcrates

Barbie61 wrote: »

Hi, your thread is very informative and supportive -thank you but I am confused because I thought StepChange contacted them for you?

Barbie61 wrote: »

Hi can anyone tell me if the card companies/loan companies allow you to log in and check your statements after a DMP is set up? I don't receive paper copies any more so would be stuck if I can't log on

Thank you

Stepchange do contact your creditors, but creditors then tend to send two lots of correspondence, one lot to you, and one lot to stepchange.

Usually your old accounts get closed, and you won't have access to them, you can request statements at any time, and your balances should be viewable via your stepchange online account.

Dandytf

Barbie61 wrote: »

Hi can anyone tell me if the card companies/loan companies allow you to log in and check your statements after a DMP is set up? I don't receive paper copies any more so would be stuck if I can't log on

Thank you

Some do some don't

Natwide except non dmp mtg is no online for credit card and overdraft
Barclays continued to be online approx 3 yrs before remaining balance passed elshere this year.

Most credit card companies are no online during dmp though SC statements is your accurate upto date statement online includes all your dmp debts etc.

Allow a few months then start to see the positive effect on reducing your debts.

I use my yearly mortgage statement as motivation to see dmp through to 2019

heavenlyharry01

Hello

Can I ask a question about phone calls from creditors?

I have had two today to my mobile phone from the same DCA. I missed both calls as I was driving both times. First time they didn't leave a message, the second it was a recorded message asking me to call.
I requested the original creditor not to contact me via the telephone, but corespond in writing. But now they have clearly handed it over to a DCA.

Do you answer calls, and then tell them to write? Should I call back? Or wait for them to write, (which I'm sure they will if they can't make contact)?
Thanks in advance

January2015

heavenlyharry01 wrote: »

Hello

Can I ask a question about phone calls from creditors?

I have had two today to my mobile phone from the same DCA. I missed both calls as I was driving both times. First time they didn't leave a message, the second it was a recorded message asking me to call.
I requested the original creditor not to contact me via the telephone, but corespond in writing. But now they have clearly handed it over to a DCA.

Do you answer calls, and then tell them to write? Should I call back? Or wait for them to write, (which I'm sure they will if they can't make contact)?
Thanks in advance

Do what you feel comfortable with. If you feel up to calling them or answering their calls, advise them you are in a DMP and that you did notify the original creditor that all correspondence should be in writing and you will deal with them on the same basis. Tell them to put their enquiry to you in a letter and you will respond in a timely manner. You don't have to get into any further discussion about your account or your situation - just be firm and tell them to write.

If you don't feel comfortable speaking to them on the phone then put the same information in a letter. You could wait for them to write, but either answering their calls or writing to them will stop the unwanted phone calls.

muppetscotland

I have been managing on our DMP for a year and had been managing to keep up payments on the "priority" bills of mortgage, utilities, secured loan x 1 and council tax.

Unfortunately I was in hospital and missed work for 2 weeks in February. As I am self employed that meant no cash and I missed the February and now March contractual payments to Central Trust secured loan for £30,000.

I called them to explain and they have been so incredibly nice and said that they would suspend chasing me till mid April for me to send them an income and expenditure form and details of my medical condition (which is chronic but has flare ups). While I am more than happy to comply, I do wonder why they're not being more "nasty" considering it's a secured loan. I am currently 2 months in arrears (around £800) and don't expect to be able to return to full payments till May.

When I do return to payments, will I also have to repay all the missed payments? Does our account remain in arrears till that's repaid?

I just was expecting the roof to cave in and am now worried because it hasn't :rotfl: I thought I was cool about my DMP but now I'm worried anew that this latest set back will risk our home.

I'm only paying a small amount to my other debts so there's no point cancelling them and rechanneling to the secured debt as it wouldn't cover the monthly payments. (But which otherwise would have been a good idea I know).

Any experience of Central Trust specifically or the general idea of falling behind on secured loan most appreciated.
Thanks