DMP Mutual Support Thread - Part 12

hign10pines

what evidence do creditors usually ask for? Proof of income, bills etc

heavenlyharry01

Make the change - we have two Creation debts, one is being managed by Moorcroft....the other???? No contact for months!

acee

Leanneglos1


I'm assuming that Lending Stream sold my debt for a lot less than the £1600 I owed them and CRS are happy to accept £922 there was no offer they just told me that's the final fee they are collecting. I went onto the live chat just to confirm they wouldn't be adding interest and they said aslong as I stick to the agreed monthly payments the total I would owe would be £922. Haven't been as lucky with my other creditors though.

Fraise70

Hello, I'm a newbie on here and wonder if anyone can provide some advice please.

I've been on a DMP since last September 2016. I reduced my payments from the original amount agreed due to other commitments. I think I have around 5 yrs to go at £241 per month. I didn't save an emergency fund before I started out and SC advised that if there was an emergency I needed money for, they could be contacted and would support me. I just don't know what this really means and feel anxious as I don't have any surplus funds after all bills and living expenses are paid.

I'm also considering going part time next year as my job is pretty stressful and demanding but am feeling a bit frozen with fear re. my DMP and not having any money to live on!

Should I ask SC again if I can reduce payments in order to have an emergency fund etc. or do I just leave it? And contact them as and when an emergency might arrive?

January2015

Fraise70 wrote: »

Hello, I'm a newbie on here and wonder if anyone can provide some advice please.

I've been on a DMP since last September 2016. I reduced my payments from the original amount agreed due to other commitments. I think I have around 5 yrs to go at £241 per month. I didn't save an emergency fund before I started out and SC advised that if there was an emergency I needed money for, they could be contacted and would support me. I just don't know what this really means and feel anxious as I don't have any surplus funds after all bills and living expenses are paid.

I'm also considering going part time next year as my job is pretty stressful and demanding but am feeling a bit frozen with fear re. my DMP and not having any money to live on!

Should I ask SC again if I can reduce payments in order to have an emergency fund etc. or do I just leave it? And contact them as and when an emergency might arrive?

You should have money left each month to put away for things like repairs and maintenance, dentist, christmas and birthdays, etc. etc. You should at least be putting these allocations for money away each month and therefore building some sort of fund - which whilst not really an emergency fund can be used as such in a dire emergency.

If you are not able to put away these allocations of money from your Stepchange budget plan each month then you seriously need to revisit you budget with Stepchange.

Regarding going part-time next year - if that's what you need to do for your health and sanity, then do it. Your DMP forecast end date will obviously extend, but it may be that you then have other options for dealing with your debt, e.g. debt relief order, bankrupty or IVA. These may become more applicable than they presently are because your income will have dropped, the amount you have after essential costs will be less and the time-frame for debt clearance will be extended. All of which make a difference to the options for clearing your debt.

Fraise70

DMP advice?
#1458 25th Jul 17, 4:58 PM
Hello, I'm a newbie on here and wonder if anyone can provide some advice please.

I've been on a DMP since last September 2016. I reduced my payments from the original amount agreed due to other commitments. I think I have around 5 yrs to go at £241 per month. I didn't save an emergency fund before I started out and SC advised that if there was an emergency I needed money for, they could be contacted and would support me. I just don't know what this really means and feel anxious as I don't have any surplus funds after all bills and living expenses are paid.

I'm also considering going part time next year as my job is pretty stressful and demanding but am feeling a bit frozen with fear re. my DMP and not having any money to live on!

Should I ask SC again if I can reduce payments in order to have an emergency fund etc. or do I just leave it? And contact them as and when an emergency might arrive?

Fraise70

Thank you so much.

That's really helpful.

I don't think an IVA is going to be an option as I had a failed IVA years ago. Kicking myself for getting into debt again.

Sorry for more questions but do you think having had a failed IVA in the past will be an issue re. a DRO if I go part time?

I feel so stuck, I'm paying back this current debt as well as a student loan at £100 per month so can't see any way to pay into a pension at the moment.

I really don't know if it's best to go part time sooner rather than later, and try for a DRO or to soldier on as much as possible in a job that has the potential to cause me real stress. I finally have an affordable rent after over 10 yrs renting (hence why I've got into this mess) and am fairly secure where I live for a few years.

I want to do the right thing but am unsure what that is re. my debts!

January2015 wrote: »

You should have money left each month to put away for things like repairs and maintenance, dentist, christmas and birthdays, etc. etc. You should at least be putting these allocations for money away each month and therefore building some sort of fund - which whilst not really an emergency fund can be used as such in a dire emergency.

If you are not able to put away these allocations of money from your Stepchange budget plan each month then you seriously need to revisit you budget with Stepchange.

Regarding going part-time next year - if that's what you need to do for your health and sanity, then do it. Your DMP forecast end date will obviously extend, but it may be that you then have other options for dealing with your debt, e.g. debt relief order, bankrupty or IVA. These may become more applicable than they presently are because your income will have dropped, the amount you have after essential costs will be less and the time-frame for debt clearance will be extended. All of which make a difference to the options for clearing your debt.

acee

sourcrates can you complain to payday lenders about unaffordable lending even when on a DMP or is it too late? Most of my debts are caused by taking a payday loan out on the very same day I've paid it back to the same company (stupid I know but I was desperate)
Sorry don't know how to reply direct to a message a user has posted on here
Thanks

NewUs

StopIt wrote: »

Welcome NewUs.


Read through the thread for an idea but in a nutshell, a DMP is an informal arrangement. There's never a boat to miss.


If you go self managed and tell your creditors they're only getting token payments, token payments is what they'll get. You'll find that most peoples experiences show that as long as creditors/DCAs know that their money will come, albeit slower, they don't hugely care about periods of token payments. It's running/hiding that get their nasty side out.


If you're thinking of doing CCA requests, sooner is always better than later.


The usual caveats apply, you can't use them on Overdrafts, Taxes, Benefits, Utilities and Mobile Phone contracts etc etc.

So I'm going to write to everyone to say we are going to be self managing and need to regain control of our finances. We will make token payments of £5 per month. Should I say how long this will be for (hoping we can try and stretch to 6 month)? Is this the point where I need to include details of income/expenditure and how much they will get - or should I wait a few month before doing this? Hoping someone can help as we've only been with Stepchange 2 month.

motivated

NewUs wrote: »

So I'm going to write to everyone to say we are going to be self managing and need to regain control of our finances. We will make token payments of £5 per month. Should I say how long this will be for (hoping we can try and stretch to 6 month)? Is this the point where I need to include details of income/expenditure and how much they will get - or should I wait a few month before doing this? Hoping someone can help as we've only been with Stepchange 2 month.

Hi new us
I was also with SC for only 2 months, I then wrote to them explaining I was going SM. all letters I've used so far have come from the NEDCAB site. It generated the letters for me and I added bits in there about unforceen circumstances i.e.: car repairs, vet bills. I told each creditor I would be paying £1 for X amount of months and included my I & E form in there too. This was also generated by NEDCAB. I did increase a few things on my budget. So far none of my creditors have disputed it.
Good luck
M