DMP Mutual Support Thread - Part 12

ayupmeduck

Has anyone got a Natwest debt on their DMP? I've gone self managed and the DMP has been accepted by NCO (very) & JD Williams but I've got issues with Natwest.

At present (til July) I'm paying all creditors £1 them increasing payments to what my budget suggest (CAB Derbyshire). I am still able to pay Very & JD Williams via their sites and I use the 'pay by card' site for Natwest.

I have today received a response to my letter stating that I am to call them with my income & expenditure details to hand (they haven't enclosed a form like they state). They also state that they will still be adding interest & other charges while I am overdrawn.

Should I just send them a letter stating again I will only correspond in writing and asking for interest to be frozen?

Suseka97

Jwatson wrote: »

..........I have had a good read and just wondered if anyone could help with my questions.

Do people recommend a token payment to credit cards the month before the DMP starts. Wondering if to delay DMP till June and make a token payment in May?
When our mortgage fixed rate ends in 2 years I presume we will have to start with our mortgage lender and go to flexi. How have people found this?
Can anyone recommend a thread to read etc on clever budgeting?
Thank you

Okay, to answer your first question... do not rush into starting your DMP so quickly. Give yourself time to build up an emergency fund. If you have read back on the thread you'll see the same advice being given to new DMPers time and time again. You'll also read where some folks didn't know about saving for an EF and then found soon after they were facing an unexpected and costly bill so had to then go back to SC and ask for a month's grace or to reduce their monthly DMP for x months. Creditors prefer to know where they stand - so start only after you've saved a sum of money and feel confident you're ready to launch into the DMP. You should contact all your creditors so they know the situation and tell then you are entering into an agreement with SC and until then you'll be either not paying, or just paying tokens for x months. Stop all non-priority payments (Direct Debits) now and start that EF.

Re the mortgage question - I've remortgaged (changed from fixed term to BMR and back again twice) during my DMP with no problem. It's best to stay with your current provider and most remortgages can be done online these days.

There are other threads on the MSE forum about budgeting, so go have a looksee

Hope that helps.

bumblebee78

Hi all - I have finally decided to pull my head out of the sand and deal with my debt issues. I am not currently in any arrears but my repayments are just too high for me to keep up with. I have read this thread from start to finish over the past few weeks and there is so much very helpful information for which I thank you. A large percentage of this debt has accumulated in just the last two years and I do feel ashamed. I think deep down I have been dealing (or rather not dealing) with some mental health issues but it is time for me now to get sorted.

I am not a homeowner and have decided to go down the NEDCAB DMP route and am putting together my details and working out exact current balances. I have cancelled all direct debits - only one so far this month will have tried to have been collected. I have not made any contact with any of the creditors yet. I have no savings and no emergency fund - I will build this up while making token payments to begin with.

I have debts with:-

Tesco (one loan and two cards) - total approx. £12k
Barclaycard (two cards - one previously was with Egg) - total approx £14k
Lloyds (one card) - approx £4.5k

Apart from a small overdraft, I have no debt with the bank where my long-time current account is - Santander. I intend for this to be brought into the black on my next payday (and for it to stay in the black!) and will be making sure the available overdraft is reduced. I would be keen to keep this account - is there any relationship between Santander and any of the creditors I have listed which might fall in to the "set-off" category?

I will be contacting my creditors with the template holding letter in the next few days, either by post or by secure messaging. Would anyone be able to tell me if I need to send separate letters to Tesco and Barclaycard for each of the debts with them or would one letter to each suffice but referring to the three/two accounts?

I am terrified of receiving calls at work as I work for a legal firm (admin role). My job is secure and I have been in the same job for many years but I have this horrible feeling that if the creditors look back at my applications, they will see my job title and where I work and make life harder for me based on that - almost as if making an example of me!

I appreciate very much your help. (I am a long-time MSE member but have gone incognito for this!)

Suseka97

bumblebee78 wrote: »

Hi all - I have finally decided to pull my head out of the sand and deal with my debt issues.......I will be contacting my creditors with the template holding letter in the next few days, either by post or by secure messaging. Would anyone be able to tell me if I need to send separate letters to Tesco and Barclaycard for each of the debts with them or would one letter to each suffice but referring to the three/two accounts?
I am terrified of receiving calls at work as I work for a legal firm (admin role). My job is secure and I have been in the same job for many years but I have this horrible feeling that if the creditors look back at my applications, they will see my job title and where I work and make life harder for me based on that - almost as if making an example of me!
I appreciate very much your help. (I am a long-time MSE member but have gone incognito for this!)

Firstly hi :hello: and congratulations for taking the bull by the horns. From the sounds of it you've done your homework and are well prepared for this.

I think one letter to each company listing the accounts is sufficient and add into those letters that they only have permission to contact you in writing to your residential address. Tell them to remove all other methods of contact held on their systems which includes your home/mobile/work telephones numbers if held. The companies you list are certainly not amongst the more 'shadier outfits' (pay day lenders etc.) that we hear about and so I'm pretty sure you'll be fine with that. We had several debts with Barclays/Barclaycard and they've never tried to contact us at our workplaces. If by any chance you did get a call, you can simply repeat what you had instructed and say all contact is to be dealt with in writing.

bumblebee78

Suseka97 wrote: »

Firstly hi :hello: and congratulations for taking the bull by the horns. From the sounds of it you've done your homework and are well prepared for this.

I think one letter to each company listing the accounts is sufficient and add into those letters that they only have permission to contact you in writing to your residential address. Tell them to remove all other methods of contact held on their systems which includes your home/mobile/work telephones numbers if held. The companies you list are certainly not amongst the more 'shadier outfits' (pay day lenders etc.) that we hear about and so I'm pretty sure you'll be fine with that. We had several debts with Barclays/Barclaycard and they've never tried to contact us at our workplaces. If by any chance you did get a call, you can simply repeat what you had instructed and say all contact is to be dealt with in writing.

Thank you so much for your reply and advice Taking the first step is certainly tough - I keep putting it off but I know it needs to be done.

sourcrates

NewbieNat wrote: »

Advice please. My mobile phone has died, I've been to a phone shop & they tell me it's not worth repairing. I can upgrade with my current provider, but it will cost an extra £6.00 per month. Not a huge amount, but the credit will obviously show on my credit report. My DMP isn't set up yet, but in the process of being so. Would this look irresponsible to my creditors when they have a peak at my credit file? I'm not after a shiny latest model (far too ancient for that). Any views most welcome.

Nat

Nat,

Your seriously overthinking this, creditors have millions of customers to deal with, do you really think,

(A) they will look at your credit file at all,

(B) have the time and resources to be checking your file on a regular basis for a measly six quid a month, when mobile bills vary anyway according to usage.

Nat, it just does not happen, your thinking Big Brother, George Auwell 1984, none of this will happen.

Get the phone if you wish.

January2015

bumblebee78 wrote: »

Hi all - I have finally decided to pull my head out of the sand and deal with my debt issues. I am not currently in any arrears but my repayments are just too high for me to keep up with. I have read this thread from start to finish over the past few weeks and there is so much very helpful information for which I thank you. A large percentage of this debt has accumulated in just the last two years and I do feel ashamed. I think deep down I have been dealing (or rather not dealing) with some mental health issues but it is time for me now to get sorted.

I am not a homeowner and have decided to go down the NEDCAB DMP route and am putting together my details and working out exact current balances. I have cancelled all direct debits - only one so far this month will have tried to have been collected. I have not made any contact with any of the creditors yet. I have no savings and no emergency fund - I will build this up while making token payments to begin with.

I have debts with:-

Tesco (one loan and two cards) - total approx. £12k
Barclaycard (two cards - one previously was with Egg) - total approx £14k
Lloyds (one card) - approx £4.5k

Apart from a small overdraft, I have no debt with the bank where my long-time current account is - Santander. I intend for this to be brought into the black on my next payday (and for it to stay in the black!) and will be making sure the available overdraft is reduced. I would be keen to keep this account - is there any relationship between Santander and any of the creditors I have listed which might fall in to the "set-off" category?

I will be contacting my creditors with the template holding letter in the next few days, either by post or by secure messaging. Would anyone be able to tell me if I need to send separate letters to Tesco and Barclaycard for each of the debts with them or would one letter to each suffice but referring to the three/two accounts?

I am terrified of receiving calls at work as I work for a legal firm (admin role). My job is secure and I have been in the same job for many years but I have this horrible feeling that if the creditors look back at my applications, they will see my job title and where I work and make life harder for me based on that - almost as if making an example of me!

I appreciate very much your help. (I am a long-time MSE member but have gone incognito for this!)

Definitely send CCA requests off to check those debts are enforceable. Many EGG accounts were unenforceable. It doesn't matter if it was taken over by BC, get them checked

Good luck with the DMP :beer:

NewbieNat

EmergencyNurse wrote: »

I'd get a cheap 2nd hand / reconditioned sim free phone from a high street phone shop. Then when your current contract runs out you could just go for a sim only contract.

Thanks EmergencyNurse

I'll do that. I didn't realise I could get a reconditioned sim free phone from a High St shop:o
My lower payment DMP is starting next month. I'm just at that stage of ' How did I get into this mess, but hey, I'm doing something about it'

NewbieNat

sourcrates wrote: »

Nat,

Your seriously overthinking this, creditors have millions of customers to deal with, do you really think,

(A) they will look at your credit file at all,

(B) have the time and resources to be checking your file on a regular basis for a measly six quid a month, when mobile bills vary anyway according to usage.

Nat, it just does not happen, your thinking Big Brother, George Auwell 1984, none of this will happen.

Get the phone if you wish.

Thank Sourcrates, I'm very much thinking George Auwell! It was more the total credit amount that was worrying me. Anyway, I've spent too much time worrying of late, it's time to realise it's just money, I'm doing my best to sort it out, I won't be sent to the gallows and life will trundle on. I won't be walking around with a big neon sign on my head saying 'This person is in debt & is an unworthy citizen', Hell no :rotfl:

Jwatson

NewbieNat I also need to remember there is no neon sign!!!!
Thank you everyone for the advice, I need to stop thinking about the what ifs!
Can anyone tell me what will my credit rating look like in 6 years?
Also our car is on a HCP loan, a balloon payment which will be up for renewal in 4 years. Does anyone have any experience with something like this and what they did?