DMP Mutual Support Thread - Part 12

jak669

Just in case others are dealing with Lloyds - I just called them to check they had received my proposal from step change and they had. They advised that they have stopped all charges and interest and will refund them back to the date I originally informed them of my situation. They also explained that after 65 days my accounts will default and be closed and moved to their recovery department. I will also get letters about the default and that I should just file them away unless my situation has changed.

Overall I am really pleased with how they have responded and feel a bit more relief with the whole dmp situation.

Just thought I would share this positive information with you all

jak669

EmergencyNurse wrote: »

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.

I got the same message from them. They have frozen interest and charges - although I was on 0% anyway until next year but another good result. That’s Lloyds, Barclays and mbna now all stopped interest. Things are starting to look up !!!128578;

[Deleted User]

jak669 wrote: »

I got the same message from them. They have frozen interest and charges - although I was on 0% anyway until next year but another good result. That’s Lloyds, Barclays and mbna now all stopped interest. Things are starting to look up !!!128578;

Great to hear:beer:. That's one of the early 'wins' on a DMP,the freezing of interest:j. It's a lovely thought that we are just paying off the balance and seeing it going down every month instead of it increasing all the time time because of the exorbitant interest that these people charge.

jak669

carbootcrazy wrote: »

Great to hear:beer:. That's one of the early 'wins' on a DMP,the freezing of interest:j. It's a lovely thought that we are just paying off the balance and seeing it going down every month instead of it increasing all the time time because of the exorbitant interest that these people charge.

What would be the next winning stage in your opinion. I have read lots of your posts and you seem very knowledgable.

Nikkileanne

Hi

Not sure what I did earlier but my post disappeared - i'm looking for some advice on a self managed DMP???

Thanks
Nikki

Financialwizard

Quick question. DP has a DMP which is going to be running forever. I cannot become financially linked to him (job) can we have a joint savings account?

*Sable*

Well, I've done it! (Started to do it, anyway!). I've filled out everything on StepChange today, spoken to someone via live chat, and sent off for the pack to start my DMP.

This time last year I had a well-paid job, savings, luxury holidays every year, 5-star hotels, expensive restaurants. I had credit card debt but it was very manageable on my income. Some health problems and a necessary change of employment, and a year later the savings are gone and I'd fallen into that trap of drawing out money on credit cards to fill the shortfall at the end of the month and stop payments bouncing. There's pretty much nothing left on the balances to withdraw and everything is about to come crashing down around me.

My main concern is that the creditors have been paid each and every month up to now. No missed payments, no late payments, no reduced payments. I'm thinking this will make them less likely to freeze interest and accept the DMP, because they'll consider that I've been managing to service the debt this far?

Helpme34

Helpme34 wrote: »

Hi OAB

Thanks for the info re CCA's. I was thinking of going self managed as i am currently with Payplan. But now thinking maybe i should wait until i hear back from the DCA's re the CCA requests and then go self managed? Does that sound like the right thing to do?
Thanks

Hi

Anyone else able to share any info re the above please?
Seems like OAB is MIA at the moment!!

[Deleted User]

jak669 wrote: »

What would be the next winning stage in your opinion. I have read lots of your posts and you seem very knowledgable.

Very kind of you to say so. I fear I'm nowhere near as knowledgeable as many others who post on here:o. I was very late to this thread and the wonderful people on it, I'd started my DMP knowing practically nothing about all the ways to really make it work. I have to say that starting a Stepchange DMP and letting them manage it for 4 years was the best financial decision I ever made in my life. It's thanks to the invaluable advice and encouragement of people on this thread that I finally felt confident enough to go it alone and self-manage. Please keep reading and posting. Don't worry if anything happens that phases you a bit as you go through your DMP journey. Just come on here and ask for help:beer:


To answer your question, I consider creditors defaulting our accounts to be a major win. Most do it without any problem, anytime from 3 months onwards. Others take a lot longer than that and some creditors never do it all:eek:. But as you'll probably have realised from reading this thread, defaults are good:j. I know this goes against what we've tried to avoid when striving to make payments on our debts in pre-DMP days. From now on though you need to develop a different mind-set. Your credit record will be adversely affected by entering a DMP anyway and defaults mean that all record of your debt will disappear completely from your credit file after 6 years. It still means the money is owed but at least credit records look 'clean'. Where DMPs go on for many years this can be a bonus.

sourcrates

Nikkileanne wrote: »

Hi

Not sure what I did earlier but my post disappeared - i'm looking for some advice on a self managed DMP???

Thanks
Nikki

Hi,

As your previous post was not DMP related, I moved it to the general forum, this thread is for all things DMP only.

What advice on going self managed do you need specifically?