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DMP Mutual Support Thread - Part 12

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  • sourcrates
    sourcrates Posts: 31,589 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 2 May 2018 at 11:51PM
    I can't for the life of me figure out how to quote!
    Hi Devdog, I'm in a similar position of in unmanageable debt again after bankruptcy. Please don't feel alone, you really aren't the only one. We tried taking out a loan to cover it, but we just can't afford the repayments so we're starting the DMP process.

    Press the blue quote button on the bottom of the post you wish to quote.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Hey guys. I had to refill in my debt remedy to get it more accurate.
    Stepchange have since sent me advice but so far no dmp pack (last time they sent it the same day) I'm eager to get out of limbo and ring my creditors but I'm under the impression I need my Step change number.
  • jak669
    jak669 Posts: 23 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    My first DMP payment is also June 1st and like you I haven't received any notification of DMP payments being accepted or rejected by creditors. To keep myself informed, I contacted StepChange to check if there were any refusals. You can check also statements to see if interest has been stopped. I'd like to know whether my debt is increasing due to the continued addition of interest as that would inevitably lead to increasing the duration of the DMP.

    Thanks for your reply. Just to let you know I heard from MBNa this morning. They were brilliant. They have frozen all interest and charges until I clear the balance. They said that they will be there to support me when i need and reassured me that I won’t have anyone chasing me for the money. One creditor down, six more to go. I hope they are all this understanding. Good luck with yours
  • jak669
    jak669 Posts: 23 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    Suseka97 wrote: »
    To be honest it doesn't really matter whether they do or they don't - SC will still make the payment regardless. None of my original 14 creditors contacted me to say they agreed or disagreed to the plan. All you need to keep an eye on is whether creditors have stopped interest and charges by checking online (if you still have access) or by asking for periodic statements. If they have, great, just let things roll -but if not you may have to get a little bit persistent with them until they do :D

    You may be lucky enough to receive quick defaults (and keep an eye on your credit file for that) and some may just sell your debt on because that's their standard response when a DMP is put in place.

    I know its difficult, but you will now just have to sit back and wait to see what sort of letters (if any) you get through the door. But relax - you've done the hard bit :)


    Thanks Suseka, had some good news earlier that mbna have frozen charges and interest so that has given me a bit of a boost. I just hope the others follow suit.
  • EmergencyNurse
    EmergencyNurse Posts: 85 Forumite
    Seventh Anniversary 10 Posts PPI Party Pooper
    edited 3 May 2018 at 5:28PM
    I know creditors are under no obligation to stop adding interest to outstanding balances but it does help. Quite frustrating to get my default notice from Barclays with the planned daily interest fees to be added. I wouldn't behalf as frustrated if I didn't keep being sent application packs from SC for a Barclays Basic Bank Account. I would hope for a bit more mutual respect shown by Barclays towards SC when they ask for interest to be stopped for a DMP client. I'll just have to roll with it and play the DMP game. Its not necessarily a permanent fixture and may change when they actually receive the first DMP payment.
    Debt March 2018 £27,596:eek: DMP Start June 2018 Debt Free Date 2023:T:T:T Debt July 2020 £14,700 Debt July 2021 £9300
  • I know creditors are under no obligation to stop adding interest to outstanding balances but it does help. Quite frustrating to get my default notice from Barclays with the planned daily interest fees to be added. I wouldn't behalf as frustrated if I didn't keep being sent application packs from SC for a Barclays Basic Bank Account. I would hope for a bit more mutual respect shown by Barclays towards SC when they ask for interest to be stopped for a DMP client. I'll just have to role with it and play the DMP game. Its not necessarily a permanent fixture and may change when the actually receive the first DMP payment.

    It must be very annoying for you. I hope things work out better once the DMP is up and running. Good luck:beer:

    If it's any consolation lots of other posters on here have found Barclays less than easy to deal with. Barclays seem to be a law unto themselves:(
  • Suseka97
    Suseka97 Posts: 1,571 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    SoulJacker wrote: »
    I've just discovered that my 12 month DMP with Stepchange has come to an end, I figured that they may have notified me to let me know it was ending to save me this current ballache, but thats no the case.

    Anyway, what' the best next step? Continuing with submitting the budget sheets and 1 hour+ conversations with stepchange, or going at it alone, and telling the people that you owe the money to that this is what you'll be paying each month?
    Or is there another alternative?
    Cheers!

    I have to admit, much like Sourcrates, I'm not quite following you, but from your last statement about 'going it alone' I'm guessing you haven't completed your DMP yet and will therefore be due an annual review with StepChange. I have to admit I don't recall whether they send a reminder for that, but usually if you go to your online account with them something normally pops up to tell you a review is now due. You can do that all online nowadays, no need to call them - just follow the online prompts to update/amend/change your I&E and it'll give you the results, then you carry on with the new/revised (same) payment.

    Of course you can 'go it alone' as well, its completely up to you and if you want to do that you just tell SC that's your plan. You'll need to cancel your direct debit to SC, get all your balances off their system (and payment details) then contact all your creditors and make arrangements to pay.

    Hopefully that answers your question.
  • Poor_Single_lady
    Poor_Single_lady Posts: 1,527 Forumite
    1,000 Posts Combo Breaker
    Hello All. I am thinking about a DMP at the moment. My mortgage is due for renewal next year and I am worried about remortgaging with a DMP. My mortgage is with HSBC and I am worried how they will view all the defaults.
    If anyone has had this experience I would appreciate any help. Thank you.
    2017- 5 credit cards plus loan
    Overdraft And 1 credit card paid off.

    2018 plans - reduce debt
  • Suseka97
    Suseka97 Posts: 1,571 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Hello All. I am thinking about a DMP at the moment. My mortgage is due for renewal next year and I am worried about remortgaging with a DMP. My mortgage is with HSBC and I am worried how they will view all the defaults.
    If anyone has had this experience I would appreciate any help. Thank you.

    My mortgage is with Nationwide and I've had no problems remortgaging with them and you may well find you can do it online, as I did, without need to speak to anyone (if that concerns you). What you will find you probably could not do is move your mortgage to a new provider, because they would then, naturally, check both your credit file but also affordability and you would then have to disclose your DMP.

    Hopefully someone with experience of HSBC will be along to comment, but until then I hope this assures you all will be okay. The worst that could happen is you'd move onto their SVR or similar which could well be cheaper than you're paying now, or if a little more you'd simply adjust your DMP to account for it.
  • I know creditors are under no obligation to stop adding interest to outstanding balances but it does help. Quite frustrating to get my default notice from Barclays with the planned daily interest fees to be added. I wouldn't behalf as frustrated if I didn't keep being sent application packs from SC for a Barclays Basic Bank Account. I would hope for a bit more mutual respect shown by Barclays towards SC when they ask for interest to be stopped for a DMP client. I'll just have to roll with it and play the DMP game. Its not necessarily a permanent fixture and may change when they actually receive the first DMP payment.

    Received another letter this morning. All sorted. Basically pay off the loan, if you can't it will go to collections team, make sure you pay the amount promised in the DMP.

    I loathe Barclays but they have actually been excellent getting on board with this DMP malarkey. Or maybe I'm just not scared by 'red letters' and 'default notices' anymore.
    Debt March 2018 £27,596:eek: DMP Start June 2018 Debt Free Date 2023:T:T:T Debt July 2020 £14,700 Debt July 2021 £9300
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