DMP Mutual Support Thread - Part 12

[Deleted User]

fatbelly wrote: »

It may be relevant for the future that MBNA are one of the best companies to do full & final settlements with; Barclaycard one of the most difficult.

That's good to know but probably a bit late for me as MBNA sold my 2 debts (two of my biggest) to Link a couple of years ago:(.

Danny008

January2015 wrote: »

From personal experience, MBNA are one of the best creditors to deal with. They immediately freeze interest and are very supportive. The defaulted our accounts very quickly, once we made it clear that was what we wanted. Barclaycard on the other hand were a nightmare. They continued to charge interest because we were paying just over 1% of the outstanding balance.... and I mean just over.... we were paying pence over the figure that was 1% but that was because that was the figure worked out by Stepchange and they wouldn't let us change it. We had to fight BC to backdate our default date - which we did and we won that argument.... but it was battles all the way with BC and smooth sailing with MBNA.

I would do the balance transfer whilst you can

Also, just immediately prior to starting our DMP I withdrew the maximum cash I could on any credit card we had. I wasn't worrying about interest on cash withdrawals because I was going to fight for interest to be zeroed anyway. I just needed cash in the bank before I started what felt like a worrying journey. If felt worrying at the time, but in all honesty it was so easy and the best thing (financially) we have done.

Good luck with the DMP

Thanks for this I will do the transfer tomorrow.

January2015

kram wrote: »

Looks like i'm in for a bumpy ride in the future as I have 2 card debts with Barclaycard.

Do Barclaycard sell them on or do they manage debts in house?

I'm almost 3 years into my DMP and BC still have our debts with them. We've been paying token payments only to BC and still they don't sell them on - or accept F&Fs.

zenshi

There seems to be no rhyme or reason to them!

BC froze interest straightaway for me, defaulted quickly and sold on after about 18 months. No hassle at all

pinkpunto

Hi, I've been lurking for a while and following the thread but had my head in the sand for a while hoping that something would happen to get us out of this mess but can't leave it any longer now (over £30,000 of debt).

I'm on maternity leave and my partner is out of work and I'm at the stage now where I'm coming to missing 3 payments. I'm sleep deprived (baby waking every couple of hours for a feed and not sleeping either 😴) and worrying sick about the debts.

I've completed the Stepchange debt tool and it is suggesting a DMP. I've not been able to save anything for an emergency fund as we've had a few unexpected expenses the last few months plus my monthly pay reducing. A few weeks ago I sent emails to all my creditors advising that I'm in financial difficulty and taking advice from a Debt Charity and that I would be back in touch. All have replied with a 30 day hold (which will be up in a couple of weeks) except for M&S and Santander. Santander keep calling and texting for me to ring them, but I really don't want to speak with them if I can help it. I'm now coming up to the third month when payment is due again so really need to get going with StepChange.

My main question is in the debt tool for the things such as council tax, gas, electricity, car and house insurance do you have to put exactly what you are paying or can you increase it in order to be able to give yourself some cash to be able to save for an emergency fund? Does anybody check these amounts and do you have to provide proof? They would all be under the amounts before you get a message in the tool advising that the amount is too high.

I've not set up another bank account yet, but need to as have a loan and over draft with my current bank (loan has still been paid) . I don't want to set one up with Nationwide as have mortgage with them, so was thinking of Co-op.

Also, once you've received the pack from StepChange and sent it back, how long is it before the DMP is set up and payments start. Do you need to speak with StepChange or can it all be done via email?

I'm so fed up of just about existing. Any advice would be really appreciated. Thanks.

Dandytf

January2015 wrote: »

I'm almost 3 years into my DMP and BC still have our debts with them. We've been paying token payments only to BC and still they don't sell them on - or accept F&Fs.

In my experience my only barclaycard was eventualy passed to link financial during SC DMP.

2012 until 2017 and BC only passed to link early this year.

Not a problem though this is my biggest DMP debt -enjoying the much needed lower balances from SC every year.

sourcrates

pinkpunto wrote: »

Hi, I've been lurking for a while and following the thread but had my head in the sand for a while hoping that something would happen to get us out of this mess but can't leave it any longer now (over £30,000 of debt).

I'm on maternity leave and my partner is out of work and I'm at the stage now where I'm coming to missing 3 payments. I'm sleep deprived (baby waking every couple of hours for a feed and not sleeping either 😴) and worrying sick about the debts.

I've completed the Stepchange debt tool and it is suggesting a DMP. I've not been able to save anything for an emergency fund as we've had a few unexpected expenses the last few months plus my monthly pay reducing. A few weeks ago I sent emails to all my creditors advising that I'm in financial difficulty and taking advice from a Debt Charity and that I would be back in touch. All have replied with a 30 day hold (which will be up in a couple of weeks) except for M&S and Santander. Santander keep calling and texting for me to ring them, but I really don't want to speak with them if I can help it. I'm now coming up to the third month when payment is due again so really need to get going with StepChange.

My main question is in the debt tool for the things such as council tax, gas, electricity, car and house insurance do you have to put exactly what you are paying or can you increase it in order to be able to give yourself some cash to be able to save for an emergency fund? Does anybody check these amounts and do you have to provide proof? They would all be under the amounts before you get a message in the tool advising that the amount is too high.

I've not set up another bank account yet, but need to as have a loan and over draft with my current bank (loan has still been paid) . I don't want to set one up with Nationwide as have mortgage with them, so was thinking of Co-op.

Also, once you've received the pack from StepChange and sent it back, how long is it before the DMP is set up and payments start. Do you need to speak with StepChange or can it all be done via email?

I'm so fed up of just about existing. Any advice would be really appreciated. Thanks.

Hi Pinkpunto,

First off, stop worrying about your debts, the absolute worst case scenario is that you are taken to court and ordered to pay what you can afford to the debts each month, so its nothing to be worried about, the mainline weapon of choice for collections dept`s, and debt collectors is the telephone and of course the snail mail, again, easily dealt with, so stop worrying, theirs nothing they can do to you.

A DMP (debt management plan) is an unregulated, informal agreement, to repay your debts at a rate you can afford, by all means make your budget work for you, you are in charge, no one else, all Stepchange do is act as a 3rd party intermediary who simply passes on your payment, and deals with any issues for you.

A good emergency fund is essential, so don't scrimp on it.

leanne12345

pinkpunto wrote: »

Hi, I've been lurking for a while and following the thread but had my head in the sand for a while hoping that something would happen to get us out of this mess but can't leave it any longer now (over £30,000 of debt).

I'm on maternity leave and my partner is out of work and I'm at the stage now where I'm coming to missing 3 payments. I'm sleep deprived (baby waking every couple of hours for a feed and not sleeping either 😴) and worrying sick about the debts.

I've completed the Stepchange debt tool and it is suggesting a DMP. I've not been able to save anything for an emergency fund as we've had a few unexpected expenses the last few months plus my monthly pay reducing. A few weeks ago I sent emails to all my creditors advising that I'm in financial difficulty and taking advice from a Debt Charity and that I would be back in touch. All have replied with a 30 day hold (which will be up in a couple of weeks) except for M&S and Santander. Santander keep calling and texting for me to ring them, but I really don't want to speak with them if I can help it. I'm now coming up to the third month when payment is due again so really need to get going with StepChange.

My main question is in the debt tool for the things such as council tax, gas, electricity, car and house insurance do you have to put exactly what you are paying or can you increase it in order to be able to give yourself some cash to be able to save for an emergency fund? Does anybody check these amounts and do you have to provide proof? They would all be under the amounts before you get a message in the tool advising that the amount is too high.

I've not set up another bank account yet, but need to as have a loan and over draft with my current bank (loan has still been paid) . I don't want to set one up with Nationwide as have mortgage with them, so was thinking of Co-op.

Also, once you've received the pack from StepChange and sent it back, how long is it before the DMP is set up and payments start. Do you need to speak with StepChange or can it all be done via email?

I'm so fed up of just about existing. Any advice would be really appreciated. Thanks.

Hi,

Just to add to what Sourcrates has said, the only thing Stepchange asked us for proof of was our income so you can put whatever figures you like for other things.
Also, I did everything online- I didn't physically speak to anyone. I didn't even contact my creditors to let them know about the dmp as Stephange advise, and everything has been fine.
I can't remember exactly but I think it took about a month from doing the debt remedy tool to the first payment being taken, but you could delay this a bit by not sending the paperwork back immediately if you wanted.

I hope that helps, Good luck!

manue1970

Hello
Hope someone can help.
I have 25k worth of debt :

Barclay Card : 11k
Natwest Card : 5.5 k
NatWest Overdraft : 6.5 k

I would like to do a Debt Management program to clear my debt but worried about few things :

My Mortgage is with Natwest so if I need to close my account with them will I be able to renew my mortgage with them when the time come and if I cannot stay with them will I found it difficult to move my mortgage with another company. Will I need to pay high interest rate?

Which bank should I use? I have been told that it should not be a bank link with NatWest. Any Advice on bank please?



Many Thanks in advance

Emmanuelle

sourcrates

manue1970 wrote: »

Hello
Hope someone can help.
I have 25k worth of debt :

Barclay Card : 11k
Natwest Card : 5.5 k
NatWest Overdraft : 6.5 k

I would like to do a Debt Management program to clear my debt but worried about few things :

My Mortgage is with Natwest so if I need to close my account with them will I be able to renew my mortgage with them when the time come and if I cannot stay with them will I found it difficult to move my mortgage with another company. Will I need to pay high interest rate?

Which bank should I use? I have been told that it should not be a bank link with NatWest. Any Advice on bank please?



Many Thanks in advance

Emmanuelle

Hi,

Nat-west are a stand alone bank, not linked to any other bank, so you can pick any other bank offering a basic bank account (there are many) as long as you have no other debt with the bank you choose.

Re-mortgaging may be a problem, i will let others comment on that, you should be able to find a reasonable deal though, possibly through a broker.