DMP Mutual Support Thread - Part 12

Worriedman

Also, please can anybody point me to a letter template to send to the creditors outlining January's advice to me above?

Thanks very much.

sourcrates

Worriedman wrote: »

Also, please can anybody point me to a letter template to send to the creditors outlining January's advice to me above?

Thanks very much.

National Debtline has a range of sample letters.

Adapt them to your needs :

https://www.nationaldebtline.org/EW/sampleletters/Pages/default.aspx

motivated

Bepop wrote: »

found myself in a financial situation that i cant see anyway out of. I cant tell anybody about this as i feel like a failure having let this happen. Im in full time employment. I pay all my main household bills. My debt is credit cards, store cards and an overdraft. Currently I have 4 credit cards, 2 of which are with the same provider and one with my bank. I have 3 store cards and an overdraft. After paying my household bills I found myself having to rely on my credit card more often to get through the month. The credit card reached its max so I applied for a balance transfer card and cleared the card on to the new one. Over the years I was surviving off the credit card and each time I was offered a 0% balance transfer I kept transferring. I don't know where to turn and my fear is now verging on being unable to cover the payments. Each card is well over the 0% interest period and I am not in a position to transfer to another balance transfer card. I've sat every night on the Internet scaring myself to death reading about the debt management schemes. I don't want to lose my house as I'm scared this will be the first thing they suggest. I share the house with my sibling. The debt is my problem nobody else's. I was thinking of making an appointment with my bank and asking for a personal loan to consolidate the debt but I'm so scared as I'm in my overdraft with them and one of my credit cards are with them. I wasn't sure whether to apply elsewhere. If I can be given the chance to consolidate the cards and pay over a long term this would at least pay off the debt in the long run but im worried about being seen as at risk, but i know i can pay it this way just given the chance. I don't have a fancy car, I don't socialis as I have no money and I don't go on holiday. I work Monday to Friday and pay my bills. After bills I pay £655 on debt and I'm verging on not meeting this. I can't sleep, I'm worried sick and just want a normal life back. I hate myself for ending up like this. I just want somebody to help. Thank you for your time

Hi bepop

First of all DONT PANIC! Please do not consolidate been there done that,

Honestly,It wasn't so long ago I was in the same boat as you are. even consolidating twice over the years No late payments or missed payments, but we got to the point that we were struggling to make ends meet, worried sick, up all night, arguing with OH you name it. One day the brown stuff well and truly hit the fan.

Look at me now, Still over £80,000 in debt on credit cards and loans. but now I am dealing with it, paying it all back and being allowed to live aswell. I too asked for help on here and it was the best thing I ever did. I asked questions, I listened and took the advice offered. I did everything that the other posters advised me to do. January2015 is :A

The hardest thing was contacting Stepchange and admitting I needed help to sort out my debts. I was actually petrified of ringing them. My OH wasn't on board at all which added to my stress. Fast forward a few weeks to now. How silly was I worrying like I did Stepchange were amazing :T My OH is now totally on board and we both wish we had done this a long time ago. (we live and learn)

They advised me to set up a DMP they helped me to sort out my budget and told me the things I had to do from then on. I even opened a new basic bank account all done online too.


I contacted my CCs through the online messaging service and I wrote to my bank regarding loans. I havent spoken to any of my creditors personally. All interest and charges have been stopped for the foreseeable future and I even had the courage to challenge 2 CCs when they added interest. I got it refunded. (Go me)

My DMP was up and running within a couple of weeks. I even sent all the necessary information to SC via email. simples.

I haven't had one phone call or nasty letter from creditors and now I go to bed at night, sleep like a baby and wake up and smile. We have an emergency fund and I have even set up savings account for car tax car insurance and even Christmas

I honestly thought I was a lost cause and the bailiffs were about to kick my door in and take all of my stuff etc etc. (watching too much TV) Nothing of the sort has happened and I am now on my way to being debt free :j There is light at the end of my tunnel now and I dont care how long it takes me to get to the end. The main thing is I WILL get there with the help of SC and my DMP which I love.

Listen to the advice on here, ask many questions and you will be absolutely fine.

Good luck and keep posting
M

Worriedman

Thanks for the link, sourcrates. Much appreciated!

Motivated: can I ask which basic bank account you have opened online? I might have to do the same as I applied for a normal current account online yesterday, and they said they would contact me within 7 working days. It might go through okay, but it would be good to have a back up to move my essential DDs, just in case.

Thanks.

BeingDebtFreeStartsHere

Worriedman wrote: »

Thanks for the link, sourcrates. Much appreciated!

Motivated: can I ask which basic bank account you have opened online? I might have to do the same as I applied for a normal current account online yesterday, and they said they would contact me within 7 working days. It might go through okay, but it would be good to have a back up to move my essential DDs, just in case.

Thanks.

Hi and welcome :wave:

You only need a basic bank account with a debit card and no overdraft facility. I chose the Santander Everyday basic account but not sure if you said Santander were one of your creditors? I know a lot of people on here have used the FlexBasic account from Nationwide which they have had no problems with.

Good luck

BDFSH x

Worriedman

BeingDebtFreeStartsHere wrote: »

Hi and welcome :wave:

You only need a basic bank account with a debit card and no overdraft facility. I chose the Santander Everyday basic account but not sure if you said Santander were one of your creditors? I know a lot of people on here have used the FlexBasic account from Nationwide which they have had no problems with.

Good luck

BDFSH x

Thanks for that

Yep, Santander are one of my creditors, so that's a no go. I have applied for the Nationwide Flex account, but don't think it's the basic one. I should have done that really. They said they would be in touch, so fingers crossed. I just really want to move my essential DDs to a new account ASAP.

racht

heavenlyharry01 wrote: »

In regard to interest - I had a Very statement through the post today in which they have charged £60 interest this month and next month is going to be £75. Considering we are only paying an agreed £1 per month that's a hefty amount of interest.
When we were using the account we took advantage of the "buy now pay later" "pay nothing for 6 months""pay no interest for 12 months" etc. Could the interest charges be related to these deals and because we obviously haven't paid them off within the offer period?
Do you think there is any likely good they will refund and stop these charges?
Also the account is being handled by NCO - if I write to request they refund and stop interest should I write to Very or NCO?

When I first started my DMP Very still added interest- I sent a letter to complain and they did stop adding interest but didn't refund anything. I used a template letter from National Debtline.

I also had some BNPL , but they only added interest for the months before by my DMP started- not the full 12 months, so was lucky there I guess.

These have been the only creditor I really had any issues with. I had to go self managed in the end as they refused to default account (tried complaining but said no). I dropped them down to £5 token payments and took 7 months to get my default and they have recently sold on to Lowell.
I see you are only paying £1 also- so I would just keep with this and hope they default you sooner then they did me.

Keezing

AMEX finally managed to respond to my DMP requests after sending them multiple letters and complaints since December.

They concluded that they sent 3 letters to an 'incorrect address', despite my address being correct on their system and on all communication.

They refunded me over £500 in interest charges and gave me an additional £75 as a good will gesture.

The account had already been defaulted during this period and I'm in a DMP with a DCA, but I'm pretty chuffed that that I've been able to reduce the balance by 600 quid without making a payment.

motivated

:money:

Worriedman wrote: »

Thanks for that

Yep, Santander are one of my creditors, so that's a no go. I have applied for the Nationwide Flex account, but don't think it's the basic one. I should have done that really. They said they would be in touch, so fingers crossed. I just really want to move my essential DDs to a new account ASAP.

I was going to say I opened a Santander account before I read this. Fingers crossed you manage to get one opened soon so you can start moving your DDs over
M

motivated

Great news keezing Every little helps eh
M