DMP Mutual Support Thread - Part 12

LexieLou

The-mrs, totally agree with Carbootcrazy, I was the exact same until Wed when I had gone over my overdraft

I could pay all bills, except I had a minus £80 each month and then I was using my CC to pay.

You'll build your credit file back up, personally I wish I had done a DMP years ago, instead of giving my 30's and early 40's to the burden that is debt. If debt had been a man, he'd have been kicked to the kerb a long, long time ago

I wish my debt was gone in 3.5 years, I've 3 more ontop of that.

Good luck my friend, we are all here and we will get through this together

LL xx

the-mrs

LexieLou wrote: »

The-mrs, totally agree with Carbootcrazy, I was the exact same until Wed when I had gone over my overdraft

I could pay all bills, except I had a minus £80 each month and then I was using my CC to pay.

You'll build your credit file back up, personally I wish I had done a DMP years ago, instead of giving my 30's and early 40's to the burden that is debt. If debt had been a man, he'd have been kicked to the kerb a long, long time ago

I wish my debt was gone in 3.5 years, I've 3 more ontop of that.

Good luck my friend, we are all here and we will get through this together

LL xx

I know it's such an obvious thing to say, but it's so good to know you're not alone. I've being giving serious thought to starting a DMP with SC since Christmas. I stupidly tried to convince myself that I would be able to stop using the cards and would in turn just miraculously get on top of the balances.

Life is not that simple though is it? When your cards are nearing the limits on the cards the interest alone makes it fighting a losing battle.

Now I've got the ball rolling, I'm starting to think about practical next steps. I have full (as in not basic) current accounts with Natwest, Halifax and HSBC, will I be able to stop the direct debits to creditors from the Natwest account which I use day to day and is the only one I owe any money to (CC and personal loan) and start having my wage and CTC paid into one the other ones?

Of the two, I'd prefer to start using the HSBC one rather than Halifax, I have no real reason why though. The only thing that's making me think I should go with the Halifax one is that at the moment I have a direct debit to pay the minimum payment to Barclaycard set up to go out of the HSBC whis is funded by a standing order from Natwest. Seems farcical I know, but once upon a long ago the money that I was paying in was savings and when the balance started creeping up, it seemed like the sensible thing to do and also I didn't feel the hit in my day to day budget.

I probably do have many more questions than this, but I can't think off the top of my head right now.

Thanks again everyone
Mrs

the-mrs

I have also had a letter this morning from PayPal Credit collections to inform me of a missed payment which I now have no intention of making the astronomical minimum payment when I am about to sign my DMP. How would you all deal with it? Would you make a token payment on the account and write to their collections department to say I am experiencing financial difficulty and am working with SC to rectify? Or just write and not pay anything for now?

sourcrates

the-mrs wrote: »

I have also had a letter this morning from PayPal Credit collections to inform me of a missed payment which I now have no intention of making the astronomical minimum payment when I am about to sign my DMP. How would you all deal with it? Would you make a token payment on the account and write to their collections department to say I am experiencing financial difficulty and am working with SC to rectify? Or just write and not pay anything for now?

Write and tell them you are working with stepchange and considering going into debt management, and will be in touch in due course.

[Deleted User]

sourcrates wrote: »

Write and tell them you are working with stepchange and considering going into debt management, and will be in touch in due course.

I agree 100% with sourcrates:T. Creditors tend to be really amenable nowadays (I think they have to be;)) and it's only if you suddenly disappear completely off their radar by ceasing payment and not contacting them that their alarm bells start ringing.

the-mrs

Thanks Sourcrates and Carboot, I will sort that this weekend to print and post Monday. What would you pay? MP is £124 or thereabouts.

Together72

Hi,

After a month of sorting my DMP and organising for my first payment to be taken.

I have today received my first default letter for one of my credit cards.

I have read through this and it states my account is over the limit and I need to make a payment as I have breached my agreement.

This is all new to me and was wondering if I need to advise SC.

I spoke to SC about another matter the other day and they said everything was all to plan.

If anyone would be able to just advise me of what I should expect I would be most grateful.

Many thanks.

sourcrates

Together72 wrote: »

Hi,

After a month of sorting my DMP and organising for my first payment to be taken.

I have today received my first default letter for one of my credit cards.

I have read through this and it states my account is over the limit and I need to make a payment as I have breached my agreement.

This is all new to me and was wondering if I need to advise SC.

I spoke to SC about another matter the other day and they said everything was all to plan.

If anyone would be able to just advise me of what I should expect I would be most grateful.

Many thanks.

As said many times before, completely ignore it, it is a requirement of the consumer credit act, that a default notice be sent if you fall behind with your payments, to give you a time frame in which to bring your account back up to date, you are not bringing your account up to date, you are starting a debt management plan.

These letters and other statutory notices will not take that into account, they are generic computer generated gumph sent, in your case, for information purposes only.

Unless a letter specifically talks about your arrangement, or your debt management plan, then it does not apply to you.

File safely away in the recycle bin.

[Deleted User]

Together72 wrote: »

Hi,

After a month of sorting my DMP and organising for my first payment to be taken.

I have today received my first default letter for one of my credit cards.

I have read through this and it states my account is over the limit and I need to make a payment as I have breached my agreement.

This is all new to me and was wondering if I need to advise SC.

I spoke to SC about another matter the other day and they said everything was all to plan.

If anyone would be able to just advise me of what I should expect I would be most grateful.

Many thanks.

Don't give these a second thought, Together72. I could wallpaper a wall with all the ones I've received:rotfl:. Admittedly, like you I had a wobble when the first few arrived as I hadn't found this forum then. In typical ostrich fashion I ignored them (or tried to) but eventually phoned SC for advice and they said exactly what sourcrates has advised.

Together72

Thank you for replying to me.

I think I knew the answer from reading on here, but as it’s now actually happened to me I just needed to be told.

It’s very true what you all advised me on my first day of writing on here about how it gets easier.

I didn’t feel that way at first but now everything is in place I feel so much better.

Many thanks.