DMP Mutual Support Thread - Part 12

usedtobeblue

usedtobeblue wrote: »

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

I'm only starting out myself, ive contacted stepchange and received a ref number from them. I then used the attached template and contacted my creditors using this.
To the best of my knowledge, and correct me if I'm wrong guys, but you build up your emergency fund by cancelling all your direct debits to your unsecured creditors. Open a new unattached bank account and transfer all you funds to the new account (dont use a switch service). You then save up what you would have been paying for a few months before embarking on your dmp.
I seen earlier on the thread that token payments were a waste of time.
Hope this helps a little.
Im still asking loads of questions too, like i want to delay my dmp start date as i currently have no emergency fund set up and i want my creditors to default me as my dmp is estimated to last 7 years, so hopefully everything would be dropped off by then.

usedtobeblue

chereb wrote: »

Do yoi send the token payment via cheque? Or is it arranged with the company? Thank you

Are you doing this by yourself of using a debt charity such as step change or payplan?

chereb

usedtobeblue wrote: »

Are you doing this by yourself of using a debt charity such as step change or payplan?

I am going through stepchange. But need time to save an emergency fund

usedtobeblue

Tweek the template letter slightly to say you are seeking help from Step change regarding your financial difficulties, decide on a date to start, put it in writing to all your creditors, and tell them if anything changes, you will be in touch.
Im pretty sure token payments are of no use.

julies123

Hi everyone,

This is my first post after reading this thread several times over that last couple months.
You are all so inspiring.
I am in a lot of debt and have been for years, I couldnt see a way out until I found out about a dmp, never even knew there was such a thing.
I have been so careful with my credit rating panicking about never making any payments late etc, that it will take some getting used to and I feel guilty about thinking about starting a dmp but I have so many payments to organise and find each month it is driving me crazy!
I went onto stepchange and the plan worked out at 9 years to clear debt :-( this make me feel really sad, that I have done this to myself .

Could I ask a couple of questions to you lovely people?

I have a mortgage with natwest, but one of the credit cards is with RBS (balance of £10,000) I dont want my mortgage to find out that I will be on a dmp, does anyone know if they will find out if I include my RBS card as they are part of the same group. It may be that I have to leave RBS out.

Also for various reasons, health being one of them I don't want my partner to know, he doesnt know how much debt im in, house is mine, we have no financial connections etc, I realise that this would be a big no no for some, but I simply will not tell him. So I cant have any debt collectors knocking on the door, has anybody ever had this happen to them? I dont want to be panicking every time the doorbell goes or a car goes past :-(

My debts are:
Nationwide loans & cc & o/d
RBS
MBNA
Ratesetter
Drafty

The biggest one is ratesetter is anyone in a dmp with them?

Thank you all, you are all doing increadibley well.

sourcrates

julies123 wrote: »

Hi everyone,

This is my first post after reading this thread several times over that last couple months.
You are all so inspiring.
I am in a lot of debt and have been for years, I couldnt see a way out until I found out about a dmp, never even knew there was such a thing.
I have been so careful with my credit rating panicking about never making any payments late etc, that it will take some getting used to and I feel guilty about thinking about starting a dmp but I have so many payments to organise and find each month it is driving me crazy!
I went onto stepchange and the plan worked out at 9 years to clear debt :-( this make me feel really sad, that I have done this to myself .

Could I ask a couple of questions to you lovely people?

I have a mortgage with natwest, but one of the credit cards is with RBS (balance of £10,000) I dont want my mortgage to find out that I will be on a dmp, does anyone know if they will find out if I include my RBS card as they are part of the same group. It may be that I have to leave RBS out.

Also for various reasons, health being one of them I don't want my partner to know, he doesnt know how much debt im in, house is mine, we have no financial connections etc, I realise that this would be a big no no for some, but I simply will not tell him. So I cant have any debt collectors knocking on the door, has anybody ever had this happen to them? I dont want to be panicking every time the doorbell goes or a car goes past :-(

My debts are:
Nationwide loans & cc & o/d
RBS
MBNA
Ratesetter
Drafty

The biggest one is ratesetter is anyone in a dmp with them?

Thank you all, you are all doing increadibley well.

As long as your mortgage is up to date you will be fine.

You should include all your creditors.

Once you inform your creditors of your DMP things normally tick along nicely, no knocks on the door.

sourcrates

chereb wrote: »

Im looking to start on the DASscotland scheme. I have started contacting credit cards to say im having trouble paying but they keep calling me. Where can i find the template for not paying annd how do i send the token payment whilst i get set up? I see EF saving so what do i do to start that? Like how soon should i send my DAS paperwork back?

National debt line(Scotland) is a good source of information and template letters.

January2015

julies123 wrote: »

I have a mortgage with natwest, but one of the credit cards is with RBS (balance of £10,000) I dont want my mortgage to find out that I will be on a dmp, does anyone know if they will find out if I include my RBS card as they are part of the same group. It may be that I have to leave RBS out.

I know Sourcrates has said already your mortgage will be fine just as long as your are up to date with your repayments, but just to confirm we have our mortgage with RBS and also have debts on our DMP with RBS and NW (NW being part of the same banking group as RBS). The mortgage has been 100% fine. It's never been an issue that we have debts on DMP with the same banking group.

:j

January2015

boobaby wrote: »

I have copied this over from an old thread.... apologies for the duplication.

Dear all

I am a little late to the party but hoping that someone can give me a little guidance. We have been with a well known fee charging DMP provider for many years and this post has encouraged me to bite the bullet and self-manage our DMP moving forward.

I shall using the Nedcab template and contacting our DMP provider this week notifying them of our intention to terminate our DMP with them. Does anyone have any experience with DMP providers and how helpful they were providing creditor information? Did they also provide contact information?

Any information would be appreciated.

I was with Stepchange prior to going self managed. Even SC do not provide contact or account information for creditors. This is something you will need to pull together for yourself. It's not too hard, and until each creditor provides you with the account number & sort code, and payment reference you have a genuine reason for not making any payments :rotfl:

Suseka97

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

Oh dear... am so sorry to hear this, but on the plus side you have a great mindset and a strategy to deal with whatever follows. Anyway, I just wanted to say that I hope you find gainful employment soon and can put your redundancy money to better use than paying for the basics.

My workplace as, yet again, initiated an organisational review (3rd in the 11 years I've worked here) and this time I'm less convinced my job will survive the inevitable cuts. But like you, I feel much more able to handle the consequences if that is the case and it may well expedite my retirement plans

Have you thought about 'fixing' your mortgage deal so you don't have to worry about interest rate rises? I've recently switched my over from a BMR to a fixed saving a few £s in the process, but saving money wasn't the driver - I just wanted to be certain of our mortgage payments for the next 3 years and so I can start overpaying once the DMP is cleared.