DMP....Nervous

S1Ebbz

Ok so CPA letters sent to payday loan companies - backing this up with an email tonight. CPA cancellation letters sent to bank

Just waiting on my new account to be opened and then will be moving wages over and setting up the DD for priority debts

Info will be then sent to step change as per pack and requirements. I was feeling ok having got this ball rolling now for some reason I am extremely on edge about this whole DMP. Debt is huge.

I need to write to CCs and inform them I am seeking help with step change - need them to give me a 30 day break whilst set this up

What if my creditors say no? What if they don't stop calling? What action will they threaten or impose on me? I am so on edge about this process....is this normal to feel like this?

Thought the DMP was best solution. Its the only one really. I want to pay everything back just can't do it as per the agreements as interest and amounts cripple me each month leading to no option but take more credit and that has to stop

National_Debtline

Hi

It’s understandable that you’re apprehensive about your DMP if you’ve never done anything like it before. It sounds like you’re going about everything the right way though, so I don’t think you need to worry.

The creditors are regulated by the FCA and their CONC guidelines. There are various points in section 7.3 that say creditors should allow you time to seek advice and develop a payment plan if you’re having financial difficulties. The creditors know the rules and you could complain if they don’t comply.

www.handbook.fca.org.uk/handbook/CONC/7/3.html

James
@natdebtline

sourcrates

S1Ebbz wrote: »

What if my creditors say no? What if they don't stop calling? What action will they threaten or impose on me? I am so on edge about this process....is this normal to feel like this?

Nothing will happen, absolutely nothing.

Creditors have to follow rules and guidelines as James says above.

It's perfectly normal to feel like that, I did once, but you should educate yourself on the debt collection process, it takes away a lot of the worry :

http://moneyaware.co.uk/2011/08/you’re-in-debt-but-what-can-your-creditors-actually-do/

Once the DMP is up and running all will be fine, any creditors that don't accept, usually do eventually or they sell on the debt, it makes no difference to you, stepchange pay them anyway.

It's a well worn process your going through, just get on with your life and don't worry about it.

DrWatson1

S1Ebbz wrote: »

What if my creditors say no? What if they don't stop calling? What action will they threaten or impose on me? I am so on edge about this process....is this normal to feel like this?

Thought the DMP was best solution. Its the only one really. I want to pay everything back just can't do it as per the agreements as interest and amounts cripple me each month leading to no option but take more credit and that has to stop

I have a large unsecured debt also, as well as being a homeowner. I went through the same rumination you are when I started my DMP, but the reality its a straightforward and stress free process - one that in 6 months you will have wished you had done much sooner!

I hope everything goes as smoothly for you as it did for me, however if any of your creditors are awkward, there are plenty of people here who can help you deal with them quickly and effectively

Sazzie23

Do join us on the DMP mutual support thread, we're friendly, knowledgable and do what it says in the name. You'll usually find the link on the front page of DFW

Saz

dieselv2

When I went on a DMP I got zero phone calls. StepChange sent creditors letters to say they are dealing on your behalf and if any phone tell them your DMP reference number and who it's with and they leave you alone.

S1Ebbz

I'm just reading more and more stories of people entering this and creditors not playing ball. Debts rising, call volumes increasing. Its just so worrying

whattodo1967

I was exactly the same when my dmp first began. But I have had nothing but a positive experience. All of my 11 creditors have frozen interest, and have paid off so far, 7 more to go. As you can see my debt was large, and now have just under 15k to Good luck on your journey.