DMP Mutual Support Thread - Part 12

determinedtobedebtfree_2

I sent my SM letters to creditors last week offering token payments for 6 months. 2 have written to me today wanting me to do E&F statements which I don’t really want to do as will show I can afford more than £1 (not a hell of a lot more mind, but more). Should I do them and just put the max for all categories? Make up a priority debt? Can they make me do one? I really want to do the token payments for 6 months to then start snowballing debts.

Advice please x

[Deleted User]

determinedtobedebtfree wrote: »

I sent my SM letters to creditors last week offering token payments for 6 months. 2 have written to me today wanting me to do E&F statements which I don’t really want to do as will show I can afford more than £1 (not a hell of a lot more mind, but more). Should I do them and just put the max for all categories? Make up a priority debt? Can they make me do one? I really want to do the token payments for 6 months to then start snowballing debts.

Advice please x

I would say, from experience, that they will not consider very low/token payments if it looks as if you have more available money that could be used for debt repayments. From what others have advised in earlier posts, and from my own experience too, make sure your I&E form shows that you can only afford to pay your creditors £x. What you claim for in your expenditure is entirely up to you;). They won't need to see bank statements, invoices etc but I think you'll find that they will insist on an up to date I&E.

Good luck:beer:

sourcrates

determinedtobedebtfree wrote: »

I sent my SM letters to creditors last week offering token payments for 6 months. 2 have written to me today wanting me to do E&F statements which I don’t really want to do as will show I can afford more than £1 (not a hell of a lot more mind, but more). Should I do them and just put the max for all categories? Make up a priority debt? Can they make me do one? I really want to do the token payments for 6 months to then start snowballing debts.

Advice please x

You do not have to give reasons for your actions, tell them the token payments are for a six month period to allow time for you to judge your situation, that's it, no more, no less.

How exactly do you think they can MAKE you fill it in ?

No they cant do that, nor can anyone else, don't fill the form in, just tell them the above.

humblebee86

Hi quick question

Posted the other day, my dmp was put into action 3 weeks ago I've gone with stepchange. so far all creditors have got back to me except for Very who are adding on shed loads of interest and charges as I was already behind when I started dmp. As the balance is 3500 the interest charges are around the 100 mark every month, if they don't default how am I ever going to pay it off?

System

humblebee86 wrote: »

Hi quick question

Posted the other day, my dmp was put into action 3 weeks ago I've gone with stepchange. so far all creditors have got back to me except for Very who are adding on shed loads of interest and charges as I was already behind when I started dmp. As the balance is 3500 the interest charges are around the 100 mark every month, if they don't default how am I ever going to pay it off?

We had this problem with BC & wrote them a very nice letter explaining that all our other creditors had stopped interest and defaulted, and that as our financial situation was not going to improve, how did they think we would ever pay off the debt if they kept adding interest. They eventually stopped it and refunded us some money as an apology and defaulted. Its just a matter of communicating nicely with them and explaining your situation.

sourcrates

humblebee86 wrote: »

Hi quick question

Posted the other day, my dmp was put into action 3 weeks ago I've gone with stepchange. so far all creditors have got back to me except for Very who are adding on shed loads of interest and charges as I was already behind when I started dmp. As the balance is 3500 the interest charges are around the 100 mark every month, if they don't default how am I ever going to pay it off?

ploppy57 wrote: »

We had this problem with BC & wrote them a very nice letter explaining that all our other creditors had stopped interest and defaulted, and that as our financial situation was not going to improve, how did they think we would ever pay off the debt if they kept adding interest. They eventually stopped it and refunded us some money as an apology and defaulted. Its just a matter of communicating nicely with them and explaining your situation.

I would go with this approach first, if it works, all well and good.

If it doesn’t, stop paying them, remove from the DMP, and wait until a new company pick it up.

Sparklyteacher1987

Your stories are so positive and inspirational.
I've been thinking about contacting StepChange for a while but have stopped myself.
I have about £19k in credit card debt which has built up due to my own recklessness etc. I have a mortgage which has 12.5 years left on it.
I'm 30.

Here's why I've stopped myself: I've been "coping" with minimum repayments....just.
But I also have a boyfriend (he's German) who is doing a masters course for the next year and a half. After that I don't know what is going to happen-whether he will try and find a job here or whether I will sell up and move with him somewhere else. I'm hesitating about starting a DMP because I know I won't be able to get a mortgage again. I'm also worried that if I stay put, when my mortgage deal is up for review, they won't offer me a new one and I'll be stuck on an unpredictable interest rate.

Any advice?! ��

Onebrokelady

Just a quick query, when I get default notices after setting up my DMP will it be obvious from the envelope that that is what they are,I don’t want my daughter to find out I am in debt

January2015

Onebrokelady wrote: »

Just a quick query, when I get default notices after setting up my DMP will it be obvious from the envelope that that is what they are,I don’t want my daughter to find out I am in debt

Don't worry - there is nothing on the envelope that indicates default notices or anything else about your debt problems.

The only thing that is on the envelopes (usually) is a return PO box and postcode.

LadyMorticia

Hey guys.

Does anyone have any experience dealing with Moorcroft? My Vanquis account was sold to them a few months ago.

My GP has suggested that I try to get my debt written off due to my health which isn't going to get better (and my mental breakdown at the time of obtaining credit.)

I sent a letter with my I&E and medical evidence and advised that if they do not accept my request to write off the debt then I will be paying a token payment of £1 a month and requested their bank details to set up a SO if this was the case.

Today Moorcroft sent my documentation back with a covering letter saying that they will be actioning my account accordingly and they may be in touch again.

They didn't send me their bank details and they also didn't saying what "action" they would be taking on my account.

Should I try to clarify with them or wait until they maybe get back in touch?

Thanks.