DMP Mutual Support Thread - Part 12

January2015

Wantingtojustlive wrote: »

Hi have been reading through some threads, is there anywhere that has what the abbreviations stand for, so that I can refere to them,

There is a sticky post at the top of the main DFW forum - within that is a DFW dictionary.

You can't follow a particular person within the Mutual Support Forum, you just have to follow the whole thread. However, if any of them start a diary you could follow that by subscribing to their diary thread.

System

NewbieNat wrote: »

Hi Summer
Yes I see what you mean. I await with interest what they reply to of my offer of token payments, I bet they say no to that. It's just mind boggling knowing what I have a right to do. Also what they can dictate. A CCJ is my worst fear. I would prefer to go self managed, but with 8 creditors I think I'd struggle. Good Luck with yours

We have just gone SM and we have 16 different debts spread over 7 DCA's. Once you have sent off the original letters and set up the SO's it is plain sailing. I got OH to make me a spread sheet as I am rubbish at that sort of thing, and I update it every month to keep track of what we owe etc.
Also , remember they can only have what you can afford....they cannot dictate.,.. You are in control of your own DMP. That is something that took me a while to get my head round....but now I realise it, DMP is going brilliantly.

Summer12

January2015 wrote: »

When I went self managed, creditors asked me for a reference number. I generated one using the NEDCAB DMP website - I am self managing but creditors don't seem to know that NEDCAB DMP is for those of us self managing. The site generates a reference number - and that shut up all of my creditors :j

Thank you January! That’s great to know x

Summer12

sourcrates wrote: »

At present anyone can run a DMP, there are no real rules to follow.

Hence why a lot of DMCs take advantage of this.

Well big changes to DMPs are on the cards, a proposal currently going through parliament would see a 6 week (possibly longer) breathing space and a government backed DMP scheme which would be flexible but more importantly put into law, so interest, charges etc, would be stopped from day one.

This would bring the scheme into line with other available debt solutions that are currently subject to regulation, and would more than likely see the end of fly by night DMCs who currently charge for this service.

Im please to say I again took part in this consultation so fingers crossed.

Details are on the StepChange website, and here :

https://www.gov.uk/government/consultations/breathing-space-call-for-evidence

Sounds like there are a lot of positive changes potentially coming soon. Also in September with the new rules for credit cards and people who can only make the minimum repayments. About time really. As you say fingers crossed.

January2015

Afternoon everyone :wave:

So, today I found out I am being made redundant at the end of this month. Well, being honest I found out I was on the 'hit list' early in December, but there was always the potential that another vacancy would arise that I could be slotted into..... clearly that hasn't happened, so redundancy it is.

I will get a tax free lump sum of redundancy money (maximum allowed by the government because my employer doesn't give more than that ). I'm not offering that to creditors just yet because I need to know I have a safety net should I not be able to find alternative employment. The redundancy money will cover us for between 18 and 24 months based on our current priority expenditure - of course that may change if mortgage interest rate goes up.

I will also get a few days annual leave paid to me with my final month's salary.

Before DMP days I would have been in pieces with worry. Our finances will be extremely tight - even token payments will be a struggle - but at least I know we are budgeting well and we can scrape through for at least a couple of years - but hopefully a job will come along and then the redundancy money will feel like a windfall I can put towards my F&F offers or reducing the secured loan balance :T

I am so unconcerned by this - is this normal :rotfl:

NewbieNat

I sent an email to a company I have a personal loan with, advising them of my financial difficulties. I did the usual, asking for a 30 day hold. This was about 2 weeks ago. They have not replied at all. They certainly received it! I went to send a secure message & see that all of my usual info such as payments made/date have all vanished from my online account. As had the ability to send a secure message. Is this unusual?

MK-4

NewbieNat wrote: »

Hi

All my creditors - apart from one have agreed to the 30 day breathing space. One will not do so until I provide them with my SC reference. So the charges are increasing my debt. I have messaged them & said I need more time & will make token payments until I am ready to start with SC. I'm interested to know if anyone else has experienced refusal to put a hold on a CC account until SC reference has been given. Hopefully it will go to a DC after 3 months, but am aware this might not happen!

Similar position here, trying to get a EM fund running. Mine is with H-fax..
Does SC give a reference when you get the paperwork or only when you start?

Summer12

January2015 wrote: »

Afternoon everyone :wave:

So, today I found out I am being made redundant at the end of this month. Well, being honest I found out I was on the 'hit list' early in December, but there was always the potential that another vacancy would arise that I could be slotted into..... clearly that hasn't happened, so redundancy it is.

I will get a tax free lump sum of redundancy money (maximum allowed by the government because my employer doesn't give more than that ). I'm not offering that to creditors just yet because I need to know I have a safety net should I not be able to find alternative employment. The redundancy money will cover us for between 18 and 24 months based on our current priority expenditure - of course that may change if mortgage interest rate goes up.

I will also get a few days annual leave paid to me with my final month's salary.

Before DMP days I would have been in pieces with worry. Our finances will be extremely tight - even token payments will be a struggle - but at least I know we are budgeting well and we can scrape through for at least a couple of years - but hopefully a job will come along and then the redundancy money will feel like a windfall I can put towards my F&F offers or reducing the secured loan balance :T

I am so unconcerned by this - is this normal :rotfl:

Sorry to hear this. Maybe it hasn’t quite sunk in yet, maybe this is actually a really positive thing? A nice little lump sum for whatever you choose and a fresh start perhaps doing something different or maybe a couple of small jobs to replace the one full time one. Whatever happens you at least have a few years of budgeting under your belt and the flexibility with a dmp to do what you need to do to get through. Good luck with whatever you decide to do x

January2015

Summer12 wrote: »

Sorry to hear this. Maybe it hasn’t quite sunk in yet, maybe this is actually a really positive thing? A nice little lump sum for whatever you choose and a fresh start perhaps doing something different or maybe a couple of small jobs to replace the one full time one. Whatever happens you at least have a few years of budgeting under your belt and the flexibility with a dmp to do what you need to do to get through. Good luck with whatever you decide to do x

Oh it's sunk in :rotfl: As I say, this has been on the cards since early December so it hasn't come as a surprise.

:beer:

NewbieNat

MK-4 wrote: »

Similar position here, trying to get a EM fund running. Mine is with H-fax..
Does SC give a reference when you get the paperwork or only when you start?

I was given my reference when they were in receipt of my I & E, so before it's set up.