DMP Mutual Support Thread - Part 12

sourcrates

sonicetomeetyou wrote: »

Hi everyone,
I am looking at setting up a DPP with Step Change. I have been in touch with all of the pay day lenders that I owe money to and all have stopped interest. However I also have debts with Barclaycard, TSB and Very and am not sure about the best way to get in touch with them as I can't find addresses for any of them. I was just wondering if anyone knows the addresses that I should write to them at?

Thanks.

Use Google, there will be a correspondence address listed for each of them on there respective websites.

Caequinn

Hi all,

Thanks to January for replying to my previous thread and recommending this one! I'm still very new to all this and although I'm "only" 28, I've never really been involved with any forums!

My first DMP payment with SC will be taken on 1st May. My debt is £12,171 and I'm so pleased to finally be dealing with it. It took a good year of burying my head in the sand before I felt brave enough to do something about it. My new year's resolution to myself was to get my finances in order and here I am.

I know I'm at the very beginning of my journey, but I feel relieved I am now on the way to improving my life. Not just financially; but physically, emotionally and mentally also. It's so nice to read all these posts and have some relief from all the shame I've felt this last year or so. Although I'm so cross at myself for getting into such a state, I know I'm not the only one and we are all in the same boat here.

Reading how well everyone has done is just so inspiring and I can't imagine the elation I'll feel once I'm finally debt free!

Look forward to hopefully becoming a regular here

January2015

carbootcrazy wrote: »

Thank you:T

Never before have I been so eager for letters from creditors to land on my doormat.:rotfl:

A couple of my other debts are of a similar vintage so here's hoping......;)

CBC - I did think that if you could get rid of a couple of your debts and get your total owing to under £20k you might want to think about a debt relief order (DRO). I'm not sure whether you would qualify, but being on a pension I imagine you might. However, I also thought it may not be a route you want to consider as I know that for your own very good reasons you have not shared your debt situation with your partner and perhaps a DRO (being a formal solution) may mean you had to share the details of your debts (not sure though).

Worth thinking about though - DRO = no more payments and debts gone in one year:beer:

sourcrates

A DRO is a very simple process, and once approved you don't have any further contact with the insolvency service, the twelve months just tick away, after that your debt free.

Your credit file is only affected for 6 years as with a DMP, the qualifying criteria is the main stumbling block though, because of this, most people won't qualify.

Debtfreehopeful

I have a query with regards to getting interest refunded after a DMP has been set up. Is this something that most creditors do (excluding Very of course!)? Just wondered if someone could shed some light on this please- thank you

sourcrates

Debtfreehopeful wrote: »

I have a query with regards to getting interest refunded after a DMP has been set up. Is this something that most creditors do (excluding Very of course!)? Just wondered if someone could shed some light on this please- thank you

Don't ask you don't get.

They are under no obligation to do so, you have to ask for it back and take yer chances.

Most will do so, some may take more persuading than others.

There is no rule of thumb here though, it's up to them in the end.

Debtfreehopeful

Thanks Sourcrates! Will definitely try my luck and see

Amandadwi

Hi all,
Thanks for everyone's advice over the last week. I finally took the plunge today and have sent off my first letter to Tesco (my largest debt) to inform them I will be unable to pay this month. I have also been through my direct debits and cancelled most of my non essential bills.
Kinda feel relieved but also scared to death - but after reading everyone's diaries on here am trying to stay strong.
I will know be able to save my payement to Tesco this month to start building my emergency fund with a view to submitting my sc paperwork later in the month. Hope I am doing the right thing!

January2015

Debtfreehopeful wrote: »

I have a query with regards to getting interest refunded after a DMP has been set up. Is this something that most creditors do (excluding Very of course!)? Just wondered if someone could shed some light on this please- thank you

Write and request interest is refunded and all future interest is stopped. Remind them of their commitment to support customers in financial difficulty by quoting The Standards of Lending Practice, which states:

7. Firms should apply an appropriate level of forbearance, where, after having made contact with the customer, it is clear that this would be appropriate for their situation.
9. Firms should consider freezing or reducing interest and charges when a customer is in financial difficulty.

[FONT=&quot]Let them know that you acknowledge it is likely they may have to default your accounts, and/or pass them to a third party debt collection agency. Tell them at this point, having taken the difficult decision to undertake a DMP, you are fully aware these debts will not be repaid in the short term and you are looking at (no of years) on a DMP and even then this will only be achievable if debt is frozen at the current level and no further interest or charges are added. Make a point of formally asking them to default the account(s).


Ask - but let them know you know they have responsibilities to listen and give fair consideration to your request:beer:[/FONT]

January2015

Amandadwi wrote: »

Hi all,
Thanks for everyone's advice over the last week. I finally took the plunge today and have sent off my first letter to Tesco (my largest debt) to inform them I will be unable to pay this month. I have also been through my direct debits and cancelled most of my non essential bills.
Kinda feel relieved but also scared to death - but after reading everyone's diaries on here am trying to stay strong.
I will know be able to save my payement to Tesco this month to start building my emergency fund with a view to submitting my sc paperwork later in the month. Hope I am doing the right thing!

Well done. I can't remember if you bank where you have any associated debts, but if you do then make sure you open a new bank account asap.

Sorry - I know one of our new members clarified they had no debts with their existing bank account but I can't remember if it was you or not. Better to be safe than sorry - hence the reminder/warning

In no time at all you will be feeling so much better about of all this - it really does all swing into order so quickly and debts will no longer be a constant worry to you :j