DMP Mutual Support Thread - Part 12

Suseka97

floridajen wrote: »

Ok so I am seriously considering self managing from now on.
I am at present with stepchange what do I tell them and what next steps I should take .... Any advice really welcomed. X

Firstly go onto your SC account and collect all the relevant info from your records. Your balances, who you are paying, account numbers etc. I recall there is a function to download/print your account summary. Depending on when your next payment is due you may well have to make that payment and then simply advise SC that from xx date you intend to self-manage. They'll follow-up no doubt wishing you good luck and confirm from what date your account with them will be closed. When it is closed you won't have access to any data held - hence the need to collect all your info beforehand.

Then, for now- contact the bank you hold the overdraft amount with and confirm payment details and continue to pay them. As for those you've CCA'd with PRA and Link - pay them nothing and wait to see whether they return the necessary paperwork or confirm accounts are UE. Put the money you would have paid them aside for future F&Fs/savings until you know where you stand. If they come back enforceable, then just continue to pay them what you were paying before. If they come back UE, well then the choice whether to pay them or not is yours - but it gives you time/leverage for good F&F discounts.

That's pretty much it

DMP_Tiger

Ok so today I have sent first communication to creditors, the template letter that Stepchange sent me was more suited to starting the DMP straight away, rather than delaying for a few months and sending token payments so I've edited it quite a bit. Does this look ok? I have forgotten to put my SC ref number on it but they can ask for it if they want it.

Dear Sirs

Temporary payment arrangement - Card No: XXXX XXXX XXXX XXXX


I have received advice from StepChange Debt Charity to help solve my debt problem.

I am in financial difficulties at the moment and not able to meet my normal monthly payments. I will make a monthly payment of whatever I can afford until more money is available.

As I will no longer have access to credit, Stepchange have advised me to build an emergency fund over the next few months before I begin the ongoing monthly payments. I will therefore be making a token payment of £1.00 per month for approximately 5 months. I will continue to follow the advice I receive from StepChange Debt Charity to improve my circumstances and find a more permanent solution to repay my debt. In the meantime, please consider stopping interest or any other charges on my account to help me during my financial difficulties.

To help me make payments to you, please confirm the bank account details so I can set up a standing order.

In order for me to keep proper records, please only contact me in writing, please do not telephone me. I will respond to your letters in a timely manner.

Yours faithfully

Aqua CC: Letter
Barclaycard: Secure message
MBNA CC: Letter
Barclayloan: Secure message
Shawbrook: Email

Fingers crossed while I wait and see what comes back.......

Scammie

Not sure if I’ve posted this twice as my phone is playing up.... I need advice re my overdraft. I am starting the DMP with SC in a few months. Have cancelled all dds except the loan I have with Santander, as I bank with them and still need to keep account open until my pay gets put into my new bank account next month. I am worried that Santander will be notified that I am not paying other creditors and will freeze my account or remove my overdraft. The overdraft is part of my DMP. I am worried that if they hear from a credit agency they will freeze the overdraft and I won’t be able to save my EF and pay my mum back. Is this possible over the next few weeks? I only cancelled my dds two weeks ago

sourcrates

Scammie wrote: »

Not sure if I’ve posted this twice as my phone is playing up.... I need advice re my overdraft. I am starting the DMP with SC in a few months. Have cancelled all dds except the loan I have with Santander, as I bank with them and still need to keep account open until my pay gets put into my new bank account next month. I am worried that Santander will be notified that I am not paying other creditors and will freeze my account or remove my overdraft. The overdraft is part of my DMP. I am worried that if they hear from a credit agency they will freeze the overdraft and I won’t be able to save my EF and pay my mum back. Is this possible over the next few weeks? I only cancelled my dds two weeks ago

Hi,

Let me just say you are massively over thinking this.

What you describe will not and cannot happen.

January2015

Scammie wrote: »

Not sure if I’ve posted this twice as my phone is playing up.... I need advice re my overdraft. I am starting the DMP with SC in a few months. Have cancelled all dds except the loan I have with Santander, as I bank with them and still need to keep account open until my pay gets put into my new bank account next month. I am worried that Santander will be notified that I am not paying other creditors and will freeze my account or remove my overdraft. The overdraft is part of my DMP. I am worried that if they hear from a credit agency they will freeze the overdraft and I won’t be able to save my EF and pay my mum back. Is this possible over the next few weeks? I only cancelled my dds two weeks ago

sourcrates wrote: »

Hi,

Let me just say you are massively over thinking this.

What you describe will not and cannot happen.

Sourcrates is right - you are overthinking and over worrying about this.

Creditors cannot share information about customers with other creditors. The Data Protection Act prevents them doing this. The only thing they can do is update your credit reference agency files - and believe me they are not prompt in doing even that. CRA files are usually a couple of months behind any actual payments (or non-payments). Santander would have no reason to even think of looking at your CRA files anyway. Even if they did they would not freeze accounts you hold with them unless you have given them a reason to, i.e. not paid them. They don't worry about other creditors. The only time they even care to think about other creditors is when you are asking them to borrow money.

Seriously - don't worry

Scammie

Ok thank you. I am duly reassured!

kram

floridajen wrote: »

Ok so I am seriously considering self managing from now on.
I am at present with stepchange what do I tell them and what next steps I should take .... Any advice really welcomed. X

Well worth having a look at the NEDCAB website as it has loads of info about self managing there, here's the link:

https://nedcab.cabmoney.org.uk/dmp.asp

Sadsecret

Hi everyone, would really appreciate a little advice. I have been on my DMP since November last year and everything is going very smoothly, all except one have stopped interest and I have been living within my means and meeting all payments. My car is due its MOT next month on the 22nd and my Stepchange payment is due out on the 10th, I have no way of knowing whether the car will need some work but I think it will at least need new tyres and is 7 years old. So stepchange said I could stop next month's payment but I was thinking would it be better to reduce it so they are still getting something? Or would it make much difference? Just really don't want to ruin things when they've been going so well. All back to normal from the following month and obviously if the car doesn't need repairs I can pay extra. Thank you for any help.

kram

Sadsecret wrote: »

Hi everyone, would really appreciate a little advice. I have been on my DMP since November last year and everything is going very smoothly, all except one have stopped interest and I have been living within my means and meeting all payments. My car is due its MOT next month on the 22nd and my Stepchange payment is due out on the 10th, I have no way of knowing whether the car will need some work but I think it will at least need new tyres and is 7 years old. So stepchange said I could stop next month's payment but I was thinking would it be better to reduce it so they are still getting something? Or would it make much difference? Just really don't want to ruin things when they've been going so well. All back to normal from the following month and obviously if the car doesn't need repairs I can pay extra. Thank you for any help.

Personally I would take the payment holiday which sc have agreed to & not give it a second thought.

You may need to look at allocating more money for car maintenance going forward, I skimped on this myself but changed it on my annual review.

sourcrates

kram wrote: »

Personally I would take the payment holiday which sc have agreed to & not give it a second thought.

You may need to look at allocating more money for car maintenance going forward, I skimped on this myself but changed it on my annual review.

Go with this option.