DMP Mutual Support Thread - Part 12

LadyMorticia

Hey guys.

A little update from me.

Wrote "write off" request letters to all my creditors and supplied medical evidence at the suggestion of my GP and psychiatrist and also asked said creditors to accept a £1 token payment for the forseeable future if this is not possible and I will update them if my circumstances change.

NCO Resolve have marked both my Littlewoods and Very accounts as "closed" on their system. I'm not sure if this means they have accepted my request or referred the debts back to Littlewoods and Very. I haven't had any communication from them.

Cabot who are managing my Aqua account have accepted my token payment offer, as have CCS and Arvato. CCS and Arvato have sent me letters with their standing order details but I only found out that Cabot had accepted by looking online on my account and seeing my payment schedule.

So far, not had any problems at all! Hoping to save up as much as possible to be able to offer F&F settlement figures at some point.

FoolishGirl77

Hello all, no news on DMP front but too early for the creditors to have replied to my letters suspending payments and providing updated balance info to aid my review.

Just posting to say thanks again for all the support and to let you know I’m now 3 days over but no baby yet. Will try to keep posting!

For anyone reading this who have not taken the plunge I would just say this, read the thread and take the advice - it’s all very very good. Most importantly if you’re reading this you are proabably already living in fear of creditors and you’re ability to pay them so you have nothing to lose at all by taking steps to take back control so don’t delay.

For what it’s worth, from my perspective and experience as someone who jumped straight in with a fee paying company and no emergency fund and consequently wasted 18 months and god knows how much in fees that could have gone towards the debts - a self managed DMP (if a DMP is the appropriate solution for you) is without doubt the best financial decision I have ever, ever made.

:D

kram

sourcrates wrote: »

Should of issued you with a "notice of assignment" letter.

Just a technical breach if they didn't, and you can always request one from them.

Called tesco who said the notice of assignment letter is in the post as they had only just sold the the debt to 1st credit at the end of january.

selinek

FoolishGirl77 wrote: »

Hello all, no news on DMP front but too early for the creditors to have replied to my letters suspending payments and providing updated balance info to aid my review.

Just posting to say thanks again for all the support and to let you know I’m now 3 days over but no baby yet. Will try to keep posting!

For anyone reading this who have not taken the plunge I would just say this, read the thread and take the advice - it’s all very very good. Most importantly if you’re reading this you are proabably already living in fear of creditors and you’re ability to pay them so you have nothing to lose at all by taking steps to take back control so don’t delay.

For what it’s worth, from my perspective and experience as someone who jumped straight in with a fee paying company and no emergency fund and consequently wasted 18 months and god knows how much in fees that could have gone towards the debts - a self managed DMP (if a DMP is the appropriate solution for you) is without doubt the best financial decision I have ever, ever made.

:D

I agree with you... trust all goes well with the new arrival

IANB77

Ok so finally i have taken the plunge after building up 34k of debts which was costing me £1300 a month to service and one viscous cycle.. the tipping point for me was Lloyds new excessive OD charge which increased by £140 a month, Child Maintenance going up by £180 a month and a change in my partners circumstance (thanks Carrilion:T).

So there we go i am in my 1st week of SC contacting my suppliers and i got to admit i feel awful, i am a proud man and this has made me feel like a failure to myself and my family . I really am struggling.

So my creditors are

Lloyds OD £4000
Vanquis £3000
Lloyds Loan £9500
L/Woods £3900
Capital one £750
Lume £450
Bamboo £10000
B/Card £4500
P2P £400

B/card have already agreed to my payment amount, frozen my interest and accepted the payment.


Does anybody else have experience with the others and how they will react? Just so worried they won’t accept the offer and keep piling on the cost. Feels like I am sitting on a ticking time bomb!!

DF estimate 9 Years!!

January2015

IANB77 wrote: »

Does anybody else have experience with the others and how they will react? Just so worried they won!!!8217;t accept the offer and keep piling on the cost. Feels like I am sitting on a ticking time bomb!!

DF estimate 9 Years!!

Hi and welcome :beer:

My initial advice is don't panic. Regardless of whether creditors accept your offer through SC or not, they will take the monthly payment. They cannot have what you do not have - simple :T

The beginning of a DMP is scary, but as you will see from the many of us who are either part way through the DMP journey, or those who have completed it - it really is not a scary process.

Don't hesitate to ask questions here.

IANB77

January2015 wrote: »

Hi and welcome :beer:

My initial advice is don't panic. Regardless of whether creditors accept your offer through SC or not, they will take the monthly payment. They cannot have what you do not have - simple :T

The beginning of a DMP is scary, but as you will see from the many of us who are either part way through the DMP journey, or those who have completed it - it really is not a scary process.

Don't hesitate to ask questions here.

Thank you, i just find it scary. I haven't had my password from SC yet so cant log on to see who has accepted what, only reason i know about BC is because they DM me, got to admit i was surprised at there response.

I am not bothered about trashing my Credit score at all, just all the rest that goes with it. SC originally suggested an IVA but if i did that my Job would be gone as well.. Hence why i am worried about them not freezing the interest etc... as an IVA would have done that.

Worst thing is that i just feel like a failure.

January2015

IANB77 wrote: »

Thank you, i just find it scary. I haven't had my password from SC yet so cant log on to see who has accepted what, only reason i know about BC is because they DM me, got to admit i was surprised at there response.

I am not bothered about trashing my Credit score at all, just all the rest that goes with it. SC originally suggested an IVA but if i did that my Job would be gone as well.. Hence why i am worried about them not freezing the interest etc... as an IVA would have done that.

Worst thing is that i just feel like a failure.

I started my DMP just over 3 years ago and was forecast originally almost 9 years on a DMP. I now owe just under £45k :j

From memory of SC, logging in [STRIKE]does[/STRIKE] doesn't show who has accepted or not, it just shows the amount owed, the amount paid and the balance. Others currently on SC plans will correct me if my memory is wrong though

Regarding freezing of interest, it may not happen immediately, it is a battle with some creditors and a breeze with others. There doesn't even seem to be any rhyme or reason as one creditor will freeze interest for one of us and perhaps not for another. We each have our own battles to fight. However, you can and will come to be able to fight your battles with your creditors. I've had hundreds and hundreds of pounds of interest refunded, I've had defaults backdated. Arm yourself with knowledge and enter the strategy game that is DMP :rotfl:

I can honestly say that I have come to enjoy my DMP. That sounds so weird, but I think you find many, many of the lovely people on this DMP Mutual Support Thread will say the same thing. And believe me, it doesn't take long to come to that place in your head where you feel you've made the right decision and there is light at the end of the tunnel - albeit that tunnel feels very long at the moment, it's amazing how quickly you begin to move through it.

I look forward to getting to know you and support you through your journey :beer:

Edit: By the way, you are far from a failure. You have not run from your debts, you are dealing with the problem and moving forward with life. If you are a failure because of your debts, then there are flipping hundreds of thousands of people throughout the country.... er make that millions probably.... Start being positive and acknowledge that whilst you have debt it will no longer increase and you are moving towards a point in your life where you know you will be debt free

Edited .... again Carbootcrazy was right... I did mean to put SC doesn't show if creditors have accepted DMP or not.

System

IANB77 wrote: »

Ok so finally i have taken the plunge after building up 34k of debts which was costing me £1300 a month to service and one viscous cycle.. the tipping point for me was Lloyds new excessive OD charge which increased by £140 a month, Child Maintenance going up by £180 a month and a change in my partners circumstance (thanks Carrilion:T).

So there we go i am in my 1st week of SC contacting my suppliers and i got to admit i feel awful, i am a proud man and this has made me feel like a failure to myself and my family . I really am struggling.

So my creditors are

Lloyds OD £4000
Vanquis £3000
Lloyds Loan £9500
L/Woods £3900
Capital one £750
Lume £450
Bamboo £10000
B/Card £4500
P2P £400

B/card have already agreed to my payment amount, frozen my interest and accepted the payment.


Does anybody else have experience with the others and how they will react? Just so worried they won’t accept the offer and keep piling on the cost. Feels like I am sitting on a ticking time bomb!!

DF estimate 9 Years!!

Hi and welcome. Don't panic... The start of a DMP can be scary but after a while it will settle down.
We started our DMP journey at the same time as January, and after 3 years it has just become part of life now and certainly stopped us having sleepless nights.

We also had debts with BC and although they accepted our payment plan no problem, they did take a while to stop interest and default us, but we got there in the end. Same with Lloyd's, all interest was eventually stopped and they defaulted all accounts.
Remember a default is actually a good thing when you are on a DMP as it vwill fall off your credit file after 6 years.

There are so many knowledgeable people on this site to offer advice, so you can ask anything and will always get the right answers.

Like you, I felt a failure when we first started, but it is actually the creditors who are failing, by not helping us sooner. Now I am proud that in 3 years we have knocked more than 12k off of our debts.

[Deleted User]

January2015 wrote: »

From memory of SC, logging in does show who has accepted or not, it just shows the amount owed, the amount paid and the balance. Others currently on SC plans will correct me if my memory is wrong though

Comments in red are mine (Carbootcrazy's).
I think this was a typo in January's post, I think she meant 'logging in doesn't show....'

I agree with everything else she wrote in her whole post:T:beer:


Regarding freezing of interest, it may not happen immediately, it is a battle with some creditors and a breeze with others. There doesn't even seem to be any rhyme or reason as one creditor will freeze interest for one of us and perhaps not for another. We each have our own battles to fight. However, you can and will come to be able to fight your battles with your creditors. I've had hundreds and hundreds of pounds of interest refunded, I've had defaults backdated. Arm yourself with knowledge and enter the strategy game that is DMP :rotfl:

I can honestly say that I have come to enjoy my DMP. That sounds so weird, but I think you find many, many of the lovely people on this DMP Mutual Support Thread will say the same thing. And believe me, it doesn't take long to come to that place in your head where you feel you've made the right decision and there is light at the end of the tunnel - albeit that tunnel feels very long at the moment, it's amazing how quickly you begin to move through it.

I look forward to getting to know you and support you through your journey :beer:

Edit: By the way, you are far from a failure. You have not run from your debts, you are dealing with the problem and moving forward with life. If you are a failure because of your debts, then there are flipping hundreds of thousands of people throughout the country.... er make that millions probably.... Start being positive and acknowledge that whilst you have debt it will no longer increase and you are moving towards a point in your life where you know you will be debt free

A big welcome to the thread from me too:beer:. Any questions or problems along the way please just ask. There's usually someone who has already experienced the same thing or is still doing so. We're always happy to help when we can as we've all been so immensely grateful to the lovely people who generously helped us through the difficult bits.

Good Luck:beer: