DMP Mutual Support Thread - Part 12

sourcrates

NewbieNat wrote: »

This is my first post, so please be gentle with me. I would like to post about starting a DMP, but there does not appear to be any recent posts. Am I in the wrong place?

Thank you!

Oh contrai newbienat,

This thread usually is updated daily, or at least every couple of days.

What is it you want to know ?

This is the place for all things DMP.

NewbieNat

Hi sourcrates

Many thanks for replying.

Iv'e spoken to my creditors, and they were far more pleasant than I thought. I really thought I'd be told off! I told them I have been in touch with Stepchange and I'm waiting for the pack to arrive. I need to delay it for say 2 months to build up an emergency fund. How do I tell my creditors this? They have all given me 30 days to get back to them.One lovely lady said she would be happy to extend it for another 30 days after. Do I make token payments to them & say it's been delayed? My new basic bank account is on it's way.

Thanks

kram

Boykickscar wrote: »

If anyone has any suggestions for things I can look into that might help boost my savings to possibly go self managed and pay off debts earlier than I would be hugely appreciative.

Thanks

I would look at starting a separate thread & post an SOA, so that others can suggest where you can cut back?

Here is the link for a SOA.

http://www.stoozing.com/calculator/soa.php

I hope you get things sorted going forward.

kram

NewbieNat wrote: »

Hi sourcrates

Many thanks for replying.

Iv'e spoken to my creditors, and they were far more pleasant than I thought. I really thought I'd be told off! I told them I have been in touch with Stepchange and I'm waiting for the pack to arrive. I need to delay it for say 2 months to build up an emergency fund. How do I tell my creditors this? They have all given me 30 days to get back to them.One lovely lady said she would be happy to extend it for another 30 days after. Do I make token payments to them & say it's been delayed? My new basic bank account is on it's way.

Thanks

Here's a very helpful post from Puzzcat from the previous thread here's the link to it:

http://forums.moneysavingexpert.com/showpost.php?p=69267499&postcount=463

usedtobeblue

HI, could someone please help me. Ive FINALLY bit the bullet and have asked for help (Step Change)! Im currently £28k in debt and every month i was paying for diesel and groceries etc on my credit card, it was keeping me up at night and spent all day worrying. I've filled out my application and am happy with the repayment on DMP, but have a few questions.
1. My fixed rate mortgage is due to end in Jul 2019, whats the changes of being able to switch mortgages or negotiate a lower rate than SVR?
2. I have a joint mortgage an joint bank account (for utility bills)with my husband, how will this affect him?
3. Do i have to contact my creditors or does Step Change do that?
4. Do i just withdraw the money in my account and transfer it into my new basic account?
5. I have never ever defaulted on a payment and im really scared! Am i doing the right thing?

Sorry for the long winded post and thanks in advance!

davestones

Been on my DMP with stepchange for almost a year now. Feels good to have paid off £1500 of my £37000 debt however am just about to send off my letters to go it alone. Stepchange were great at the start to get everything set up however I need more payment flexibility which they won!!!8217;t offer me.

So now going from £220 a month to £33 a month (£3 per creditor) and then paying lump sums off my debts using the snowball method is actually showing as taking three years off my debt which just makes things even better !!!55357;!!!56842;

All my debts are with collection agencies now apart from ratesetter and pounds to pocket who are stubbornly hanging on and giving me a DM marker every month. Neither of them will give bank details for standing order payments either which will just make it that much more fun when their payments stop...

[Deleted User]

davestones wrote: »

Been on my DMP with stepchange for almost a year now. Feels good to have paid off £1500 of my £37000 debt however am just about to send off my letters to go it alone. Stepchange were great at the start to get everything set up however I need more payment flexibility which they won!!!8217;t offer me.

So now going from £220 a month to £33 a month (£3 per creditor) and then paying lump sums off my debts using the snowball method is actually showing as taking three years off my debt which just makes things even better !!!55357;!!!56842;

All my debts are with collection agencies now apart from ratesetter and pounds to pocket who are stubbornly hanging on and giving me a DM marker every month. Neither of them will give bank details for standing order payments either which will just make it that much more fun when their payments stop...

Hi davestones:hello:

I was just wondering whether you have sent CCA requests to your creditors. If they are older debts (but not necessarily) they could prove to be unenforceable if the creditor can't supply compliant paperwork.


Also, rather than snowballing your debts why not do as a lot of us are doing and keep to minimum payments on all your debts for as long as possible, save up the money you have kept back from normal payments and make Full and Final Settlement offers to your creditors a bit further down the line? You can potentially save yourself a heap of money that way.

NewbieNat

I'm waiting for my new basic bank account to be up and running. I've just looked on Trustpilot and the bank I've chosen has the most terrible reviews. Many saying that often the visa card is refused for purchases when there is available funds. As this will be the first time I will have only one card to use, I'm really panicking. Oh how I wish I looked at the reviews first. In fact I'm panicking about everything - yep me, usually such a chilled out being. My fault, my debts.

January2015

NewbieNat wrote: »

I'm waiting for my new basic bank account to be up and running. I've just looked on Trustpilot and the bank I've chosen has the most terrible reviews. Many saying that often the visa card is refused for purchases when there is available funds. As this will be the first time I will have only one card to use, I'm really panicking. Oh how I wish I looked at the reviews first. In fact I'm panicking about everything - yep me, usually such a chilled out being. My fault, my debts.

Which basic bank account did you opt for?

You can open another one. I have 3 basic bank accounts

MK-4

NewbieNat wrote: »

Hi sourcrates

Many thanks for replying.

Iv'e spoken to my creditors, and they were far more pleasant than I thought. I really thought I'd be told off! I told them I have been in touch with Stepchange and I'm waiting for the pack to arrive. I need to delay it for say 2 months to build up an emergency fund. How do I tell my creditors this? They have all given me 30 days to get back to them.One lovely lady said she would be happy to extend it for another 30 days after. Do I make token payments to them & say it's been delayed? My new basic bank account is on it's way.

Thanks

Welcome to the forum.
I am at the same point as you and trying to get an emergency fund going. Also not to sure about the token payments but have written to the creditors without including any budget. Hopefully at the end of the month then send a budget / I&E and ask again for the interest & charges to be stopped. That will give me two months to get something into an emergency fund, then followed by SC plan starting. No idea how the creditors will react.