DMP & Mutual Support Thread - Part 11

Scaredofdebt_2

Evening everyone, 2 weeks ago I had a final demand letter from one of my creditors, I phoned and reiterate the dmp details etc and today I've come home to another letter from said bank saying the final demand figure in the previous letter was incorrect and they will send me another final demand for the correct amount!!! Is it just me who finds their incompetence scary :eek:.

Jvic28

Hi Everyone,

This is really hard for me to say but I've made a huge mistake. I'm on a DMP and have been since 2008. I've only got £1435 left on it.

A while ago though I ended up in a fix and stupidly took out a payday loan. It's spiraled out of control and I now owe so much I'm struggling to pay it back and survive. And it's just getting worse. I don't know what to do to fix it.

Can I please have some advice as I really don't know what to do.

Tia

x

Sazzie23

Jvic28 wrote: »

Hi Everyone,

This is really hard for me to say but I've made a huge mistake. I'm on a DMP and have been since 2008. I've only got £1435 left on it.

A while ago though I ended up in a fix and stupidly took out a payday loan. It's spiraled out of control and I now owe so much I'm struggling to pay it back and survive. And it's just getting worse. I don't know what to do to fix it.

Can I please have some advice as I really don't know what to do.

Tia

x

Hello Tia , well done for surviving since 2008, sure you've made a decision that turned out to be unwise possibly, but it's not going to be the end of the world. I know is seems massive at the moment, but you've done the hard stuff already and done so well, it's bound to be fixable.

Couple of questions, - is your DMP with SC or are you self managed?
How much is your DMP monthly amount , and how much is the repayment for the pay day?

My suggestions would probably involve reducing your DMP payment in order to get the PDL paid off. In the short term, ring the PDL and tell them you are having difficulty, they should give you the standard 30 days while it gets sorted out.

Don't panic, you'll get there

Sazzie.

Marianne26

Hi everyone

I'm new to the forum. I started my DMP with Stepchange on March 2015. At the moment I'm able to pay £150 per month. My debt is more than 20K. I would like to increase my payment to finish quickly but I can't at the moment. I went back to college this year to do my GCSEs and I was hoping to do my access course for nursing next year. I changed my mind after the government scrapped the NHS bursary for 2017. I refuse to go into more debt. I'm hoping to get an apprenticeship in healthcare next year. After qualify, I'll work as much I can to pay quickly and become debt free.

neiljmuk

Hi all.

The DMP has been going well since March. Most defaulted, some charging minimal interest. In October I hit a £900 car bill and dropped to token payments. Not a sausage from any creditor bar Cap1 and this month will be my 3rd token payment.

Cap1 sent a nasty letter but then I called and explained about the planned 5 months token payments to help with the bill and they just said ok, we'll make the plan £5 a month for 12 months, but feel free to overpay! They don't care lol!

On the back of paying £400 a month, for 7 months, then dropping to £5 for 3 months, I'm due a review with SC as I set up and only started the payments 3 months in. I want to drop my payments to a total of £300 and my new budget with SC will reflect this requirement.

My question. Will my creditors kick off much after getting total £400 for a time then token payment if as of January they get a new proposal for 25% less as a regular payment? I've Lloyds OB / Loan / CC, Barclaycard, Argos, Mint, MBNA, amongst other creditors if anyone has made a DMP reduction upon their yearly review and had experience of how these react?

I've noticed over time that the time to get defaults and how long it will take to pay off is becoming less important that the debt just decreasing month on month. On that front, it's all good!

Thanks in advance for any input :beer:

neiljmuk

January2015 wrote: »

Hi Sazzie

I am having 2 payments in one month for my energy

Old supplier collected on 1st and new supplier collecting on 23rd (Monday).

I have money due back from old supplier but it won't arrive for a couple of week apparently. I did have £100 in my emergency fund....transferred it tonight to cover the double energy payment in one month and will put it back when the refund comes from old supplier.

Fingers crossed for you that you don't have this situation.

I'm changing supplier. To OVO. Did not consider credit checks but they are probably more concerned with just checking the report specific to payments to my current supplier.

OVO stated that the DD always starts one month after so I know this won't be until January, so as long as I get the welcome pack and give my meter reading before the end of this month, I can just cancel the DD for my current supplier so they often what will be the non payment for next month against the final bill. Both should virtually cancel each other out. Might have to give em about £30 quid at a guess but thats better than letting the payment go through via DD then chasing for a partial refund.....

Karen777

hello old friends - not been up to internet-ing recently for a variety of tedious reasons - still plodding along though watching the debt go down and the pride go up - popped in here though and just wantd to say massive congratulations to GUO on your new found debt free status. Well done - lovely news.

Boldhoof

neiljmuk wrote: »

Hi all.

My question. Will my creditors kick off much after getting total £400 for a time then token payment if as of January they get a new proposal for 25% less as a regular payment? I've Lloyds OB / Loan / CC, Barclaycard, Argos, Mint, MBNA, amongst other creditors if anyone has made a DMP reduction upon their yearly review and had experience of how these react?
Thanks in advance for any input :beer:

Hi neiljmuk,

We unfortunately have had to reduce our month payments from £319 to £34 after the job my OH moved too turned out not to be the promised permanent post, 3 months in they ended the job. We were due a review with SC, it reduced to this amount for the next 12 months. Not had any letters so far from any of our creditors who are PRA Group, Llyods Bank, Tesco Bank, Wescot Credit Services, Halifax. Just keep hoping that my OH manages to find some employment, as currently it will be 2091 when we pay it off.

Little_Miss_Sunshine

I just wanted to say a quick hello - I'm posting on the Dfw board some questions regarding our DMP.
Our LBM was on Thursday evening. An eye watering £55k worth of cc debt. Many tears and no sleep have followed along with a call to step change. The paperwork is nearly done. We have a decent budget. But I just have a few questions.
Token payments - is online ok??
I will contact all our creditors either in writing or online messaging.
Should we include all our debts - 1 we could pay off - it's not a lot???

Charging orders - I stupidly read all about them just before going to bed. Result - no sleep again.

Thank you

January2015

Little_Miss_Sunshine wrote: »

I just wanted to say a quick hello - I'm posting on the Dfw board some questions regarding our DMP.
Our LBM was on Thursday evening. An eye watering £55k worth of cc debt. Many tears and no sleep have followed along with a call to step change. The paperwork is nearly done. We have a decent budget. But I just have a few questions.
Token payments - is online ok??
I will contact all our creditors either in writing or online messaging.
Should we include all our debts - 1 we could pay off - it's not a lot???

Charging orders - I stupidly read all about them just before going to bed. Result - no sleep again.

Thank you

Hello again :beer:
So pleased you popped in :j

All I will say, for the moment, is that last January I was in the very place you are in. I'd done Christmas on credit (yet again) and hadn't slept worrying about it all. I was amazed at how quickly I felt I had some control back and how supportive our creditors were. As soon as they are advised you are working out a DMP with Stepchange they are required to put your accounts on hold for 30 days. This gives you massive breathing space, but they do extend it if needed.

I think, for me, even though we were suddenly making massively reduced payments I felt I was dealing with the problems and therefore felt more in control than when I was borrowing from one credit card to pay another.

Don't try to anticipate what will happen and worry about it. Come here, ask questions, but importantly deal with each issue as it arises. You really are on the road to becoming debt free now. It doesn't matter how long it takes (for us we are looking at 2023) I can honestly say the first 10 months of DMP payments have flown by and the satifsaction and joy I get from watching our balances reduce each month is amazing.