DMP & Mutual Support Thread - Part 11

patch22

Katkins - Thanks so much for the post and the tips. We're right at the very start of our DMP (with SC) so your words were very much needed and it's so good to hear a positive story. We've been doing a lot of beating ourselves up over the last few weeks but now feel like we're doing the right thing. Just wish we'd started 6 years ago when we first got into trouble!

It's all been fairly quiet here. I had my first scary, legal sounding letter yesterday regarding my overdraft (a termination notice withdrawing the agreement for the overdraft/emergency borrowing etc). I flapped and rang SC in a panic but they reassured me it's all part of the process. The letter does say that from 31/7/15 I'll accrue daily fees of £0.00 so sounds like they're stopping charges and interest? Just waiting for husband to get the same letter now for his overdraft. He checked his Barclaycard account the other day and the token payment has been applied, so that's good. We've also had the breakdown of the payments SC will be making and the debt that's already been handed to a DCA will be getting about £4 a month less than they do now. Bit nervous about that!

sexyshark

just checked my credit filed and barclaycard haven't put on the default is it still worth putting in a complaint


Quote:
Originally Posted by sexyshark View Post
I got a default from barclaycard last month and the irony is after 5 more payments it will be gone after paying them on an arrangement for the last 10 years or so
Complain!!! They should backdate it.
Puzz.x

kb_soma

Hi everyone, just checking in. I hope all is well.

Good luck to everyone just starting off, you're doing very well xx

LoveLifeAgain

katkins2 wrote: »

Hi,

.......
So, there you have it, my almost success story. .......

K x

I would say katkins2 that it is a very big success story, not almost and you are rightfully very proud and a great model for your family and everyone.
Good luck getting to the end of the last chapter :beer:

kb_soma

Hi Patch22, sounds like everything is moving along nicely!

When I set up my DMP with SC, they portioned out my payments to creditors proportionally, so that the biggest payment was going to my largest debt.

When I made over payments on my DMP, some advisors asked if I wanted it to go to a certain creditor, and some didn't.

tequilabird

Hey folks,

Well, I've had my head buried in the sand for a few months now. Recognised that I needed to sort something out back in March and contacted SC. Since then, I've been making token payments of £1 to all my creditors. Have received default letters from most of them, just 1cc and overdraft that haven't been defaulted.

I've now moved abroad, living with my boyfriend who pays for everything. I rented my home back in the UK and after bills/payments, etc. have come out I am left with about £250 a month from the rental income. I'm not earning anything over here because we have set up a new business (his finances) so at the moment it's only breaking even.

In a minute, the agreement that I have had with my creditors (£1 a month) is going to come to an end, September to be exact. I need to put something in place and I have this £250 that I can put towards a DMP. However, I'm concerned that SC will not help me because I'm living in another country. I had to leave because after my dad died at the beginning of the year, I couldn't face staying at home.

I'm concerned about setting up a DMP from here. My mother knows everything about my debt and reads all the letters to me daily. However, I'm concerned about keeping in touch and whether this £250 will be enough/acceptable for a DMP.

Need advice, world is swallowing me up, HELP!!

TB x

Ali80

Sazzie23 wrote: »

P

Thinking if that's the case I might need to go self managed, almost feel like I could do it now, but like Ali80 sometimes it all feels a bit much. Sorry to hear about the car Ali, hope it's fixable.

Thanks Sazzie, the car needs 4 new tyres, a new exhaust and a bonnet lock replacement (I have a ford with a weird key opening mechanism!). Quote of just short of £500. I asked SC to reduce paayments for 2 months but they suggested taking the £500 off one monthly payment, because according to them if you reduce your payment more than 3 times in a given 12 month period your SC contract may be voided. Tbh this doesn't worry me, I'm considering going self managed anyway, but it may be useful for others to know that SC and creditors frown upon more than 3 reductions in payment.

Am still glad I decided on the debt management plan route, and know I should really make a couple of phone calls but it just sometimes seems like too much trouble to ring, hold and then speak to someone who has no understanding of what you're talking about!

Puzzcat

tequilabird wrote: »

Hey folks,

Well, I've had my head buried in the sand for a few months now. Recognised that I needed to sort something out back in March and contacted SC. Since then, I've been making token payments of £1 to all my creditors. Have received default letters from most of them, just 1cc and overdraft that haven't been defaulted.

I've now moved abroad, living with my boyfriend who pays for everything. I rented my home back in the UK and after bills/payments, etc. have come out I am left with about £250 a month from the rental income. I'm not earning anything over here because we have set up a new business (his finances) so at the moment it's only breaking even.

In a minute, the agreement that I have had with my creditors (£1 a month) is going to come to an end, September to be exact. I need to put something in place and I have this £250 that I can put towards a DMP. However, I'm concerned that SC will not help me because I'm living in another country. I had to leave because after my dad died at the beginning of the year, I couldn't face staying at home.

I'm concerned about setting up a DMP from here. My mother knows everything about my debt and reads all the letters to me daily. However, I'm concerned about keeping in touch and whether this £250 will be enough/acceptable for a DMP.

Need advice, world is swallowing me up, HELP!!

TB x

Hi TB,
Can't really advise but a call to stepchange will answer your question. If they can't administer the dmp then self managed will be your route. Good luck.
Puzz.x

Sazzie23

tequilabird wrote: »

Hey folks,

Well, I've had my head buried in the sand for a few months now. Recognised that I needed to sort something out back in March and contacted SC. Since then, I've been making token payments of £1 to all my creditors. Have received default letters from most of them, just 1cc and overdraft that haven't been defaulted.

I've now moved abroad, living with my boyfriend who pays for everything. I rented my home back in the UK and after bills/payments, etc. have come out I am left with about £250 a month from the rental income. I'm not earning anything over here because we have set up a new business (his finances) so at the moment it's only breaking even.

In a minute, the agreement that I have had with my creditors (£1 a month) is going to come to an end, September to be exact. I need to put something in place and I have this £250 that I can put towards a DMP. However, I'm concerned that SC will not help me because I'm living in another country. I had to leave because after my dad died at the beginning of the year, I couldn't face staying at home.

I'm concerned about setting up a DMP from here. My mother knows everything about my debt and reads all the letters to me daily. However, I'm concerned about keeping in touch and whether this £250 will be enough/acceptable for a DMP.

Need advice, world is swallowing me up, HELP!!

TB x

Hi Teqs sorry about your dad, I can understand you'd rather be somewhere else.
Think about this another way, why would your creditors rather risk having nothing, and potentially losing touch with you, instead, having a small amount of payment towards your debts on a regular basis.

Will you still be keeping a UK bank account? Does anyone even need to know you'll be abroad if mom is happy to forward your mail?

You could ask the question anonymously (via dfw ask a debt advisor thread), then if it's a problem, just don't tell them!
When the business is a success, you'll be in a great position to pay back more, hopefully by then interest will be 0% and all defaults will be water under the bridge.

Xx

Sazzie23

Growurown wrote: »

I've found the emergency fund always to be a problem and mostly due the high cost of car repairs. I've just had to replace a sensor on my car £140 + VAT! And that was just for the part! OH's car is playing up now, one of those very hard to find electrical faults which causes the engine to stall, and then it won't restart. My emergency fund is pretty low atm and we have used money that should be going to OH's Halifax card. As we are self managed now Halifax only want £50 a month, we should be paying a lot more than that but have had to use those funds recently for car repairs.

Apart from the Halifax debt though everything else is on track and providing there are no major hitches (fingers crossed!) all other debts will be cleared by November. The plan then is to use the money to save for a newer car!

Does that mean GUO (even if Mr GUO isn't quite) will be DFD November :beer: that will be so soon, you won't believe it, that blimmin car of yours needs its own place on the thread all the grief it gives you (pats own old banger fondly so it doesn't get upset).

Ali80 wrote: »

Thanks Sazzie, the car needs 4 new tyres, a new exhaust and a bonnet lock replacement (I have a ford with a weird key opening mechanism!). Quote of just short of £500. I asked SC to reduce paayments for 2 months but they suggested taking the £500 off one monthly payment, because according to them if you reduce your payment more than 3 times in a given 12 month period your SC contract may be voided. Tbh this doesn't worry me, I'm considering going self managed anyway, but it may be useful for others to know that SC and creditors frown upon more than 3 reductions in payment.

Am still glad I decided on the debt management plan route, and know I should really make a couple of phone calls but it just sometimes seems like too much trouble to ring, hold and then speak to someone who has no understanding of what you're talking about!

But you made the call to SC, that's half the battle, fear of the call is usually worse than the call itself.
The trick with reduced payments for more than 3 months with SC is a review which puts the payments on a more permanent reduction, so it goes back to the old,-IMO- don't put your budget so tight it's not got wiggles, better to save your extra for an emergency and then pay it towards debts if you get more than is reasonable.

Have a great day everyone