DMP Mutual Support Thread - Part 12

sourcrates

LynseyB10 wrote: »

Hi everyone,

i am really new to this but i would like some information if possible! i am on a DMP with SC which first payment comes out 1st September - they say it will take 3.5 years for me to be debt free. I have never missed a payment in my life and my repayment each month to SC is £770, does anyone know if the payment is just short off minimum payment that i wont be defaulted? ideally, i would rather be defaulted at the start as i know it stays on your record for 6 years. i still feel ultra stressed out about this all and i feel like it keeps me up at night and my anxiety is literally through the roof!

Any advice, good or bad i am here ready to listen.

thank you all

Hi,


Its impossible for us to answer that as only you know how much your debts are in total, and what your minimum payments to your debts were.


No need to feel stressed, the DMP is just a remedy to your problem, ideally you should of researched the details of this plan, prior to signing up for it, if your payments are close to the contracted minimum, then interest will not be stopped, this needs clarification from stepchange as soon as possible.

Onecanhope

Hello all

Just a quick query that I am hoping one of you amazing people can help me with. I start my DMP with step change next month (its when my first payment is due) StepChange has accidentally told all my creditors they will receive their first payment in August. An error on their part but they have told me to ring all of my creditors and advise them there was a mistake and that the correct paperwork is being sent out to them. In the mean time they have told me to offer a £1 token payment to them all.

Anyone had anything like this happen to them? I only know 4 of my creditors have accepted as I have not heard from the rest and not sure if they have accepted my plan or what their reaction will be.

My other question, one of my creditors have not defaulted my account but they have sent me a letter saying that I have two options. Continue with my repayment plan through StepChange or pay half the amount for a longer period. Both options they have agreed to freeze interest on but they said if I go with the lower payments through them they will default my account now. Cant find anything like this on the thread so thinking Its a catch?

Thank you

Suseka97

Onecanhope wrote: »

Hello all
Just a quick query that I am hoping one of you amazing people can help me with. I start my DMP with step change next month (its when my first payment is due) StepChange has accidentally told all my creditors they will receive their first payment in August. An error on their part but they have told me to ring all of my creditors and advise them there was a mistake and that the correct paperwork is being sent out to them. In the mean time they have told me to offer a £1 token payment to them all.

My other question, one of my creditors have not defaulted my account but they have sent me a letter saying that I have two options. Continue with my repayment plan through StepChange or pay half the amount for a longer period. Both options they have agreed to freeze interest on but they said if I go with the lower payments through them they will default my account now. Cant find anything like this on the thread so thinking Its a catch?
Thank you

If SC made a mistake then I really think it should be them letting creditors know, but you can simply write (not call) them and advise when the first payment will be made. Don't bother with token payments, they don't really want them and it's only one month.

I'm not sure I quite follow your second question - are they saying pay half upfront? Anyway, I'd just pay them via the DMP route once its up and running. SC won't want (or allow) you to vary the payment plan just for one creditor.

Onecanhope

Suseka97 wrote: »

If SC made a mistake then I really think it should be them letting creditors know, but you can simply write (not call) them and advise when the first payment will be made. Don't bother with token payments, they don't really want them and it's only one month.

I'm not sure I quite follow your second question - are they saying pay half upfront? Anyway, I'd just pay them via the DMP route once its up and running. SC won't want (or allow) you to vary the payment plan just for one creditor.

Thanks for the reply. Yes step change made the mistake.

So StepChange has offered capital one the repayment of £45 a month however capital have sent a letter offering me to lower my payments to £22 a month and that if I do they will agree to default my account. Weird one.

My good news is that the one account I didn’t think I would get defaulted was BarclayCard because it’s my biggest creditor and StepChange had offered them a payment that was only £10 lower than my normal monthly payments. I had been considering if self manage was a better route due to this but they have sent me a letter saying if I cant pay by October they will stop interest and default my account. small win but I will take it

Suseka97

Onecanhope wrote: »

.....
So StepChange has offered capital one the repayment of £45 a month however capital have sent a letter offering me to lower my payments to £22 a month and that if I do they will agree to default my account. Weird one.

That's interesting and weird for sure. I think, from what I've been reading of late, that many of the mainstream lenders are being more sympathetic to the plight of people in financial difficulty and it's all about 'affordability these days'. Also maybe the £45 per month is too high to meet their 'default' criteria -hence the lower £s proposal. The problem you may face is that SC won't lower the payment regardless of whether that would get you the default you want. I recall, many moons ago, we asked SC to lower payments to Barclaycard because whilst initialling they'd stopped charging interest, eventually as we knocked off creditors one by one, the BC payment took us over the minimum payment. So they basically slapped us with interest, albeit not at the standard rate. SC wouldn't budge on lowering the payment to bring us under the minimums again. Maybe that's changed though, so worth speaking to them about it.

Summer12

Hi

It has been awhile since I posted things are ticking along, last full payments in March this year just started token payments for 6 months then I&E offers to start. One creditor accepted it fine (Barclaycard) two creditors not happy with tokens as I&E shows can afford more (despite no emergency fund or savings) and Barclays Bank (Loan) being a right pain. They have confirmed receipt of my I&E and offers of payment. Then wrote and said they acknowledge I had requested more time to sort my I&E. I replied reiterating not the case and offers of payments just need to know where/how they want the payments. And today received a letter asking for my I&E. The letters do not appear to be crossing in the post, so not sure if it is incompetence or some sort of tactic but it is starting to annoy me now. Its a large debt (23k) and enforceable so Im trying to do the right thing but they dont seem to be listening. Anyone else had this issue with them?

DMP_Tiger

Sorry don't know how to quote on my phone but I have a loan with Barclays with a £16k balance.

They haven't acknowledged any of my letters and they phone me nearly every day despite me asking them to only contact me in writing. I don't answer the calls so they leave a message asking me to call them....

Maybe we can swap notes on Barclays as we go along....

Summer12

Hi dmp Tiger

Should just be a case of hitting the plus then the multi quote button but mine doesnt seem to want to work tonight either!

Well perhaps I should feel special then as at least I get a reply even if it doesnt have any bearing to my letters!!

Summer12

DMP_Tiger wrote: »

Sorry don't know how to quote on my phone but I have a loan with Barclays with a £16k balance.

They haven't acknowledged any of my letters and they phone me nearly every day despite me asking them to only contact me in writing. I do t answer the calls so they leave a message asking me to call them....

Maybe we can swap notes on Barclays as we go along....

Now it’s working!..... my voicemail is full of Barclays messages left by very bored sounding people. I have also asked for communication in writing only so now my mobile is permanently in do not disturb mode.

Suseka97

Summer12 wrote: »

Now it’s working!..... my voicemail is full of Barclays messages left by very bored sounding people. I have also asked for communication in writing only so now my mobile is permanently in do not disturb mode.

I was being pestered (bombarded) with calls from a DCA - I ignored them for a while then in the end I picked up the call, refused to answer their security questions and told them if they didn't remove my number from their records I would report them to the Information Commissioners Office and from that point onwards all calls stopped. Worth a shot, maybe!