DMP Mutual Support Thread - Part 12

Steff90

Willing2Learn - Thank you again:)
You mentioned using around 90 days to build up an EF - if creditors are giving me a 30 day grace period how will this work out trying to build up a fund for 90 days-ish?
Will they not continue to chase me as obviously I have cancelled DD's, etc?
Or do I offer a token payment in the mean-time?
Sorry for all the questions :eek:Just a lot to take onboard! Just making sure I do it the "right" way to start me off on the right foot!:rotfl:

January2015

Steff90 wrote: »

Willing2Learn - Thank you again:)
You mentioned using around 90 days to build up an EF - if creditors are giving me a 30 day grace period how will this work out trying to build up a fund for 90 days-ish?
Will they not continue to chase me as obviously I have cancelled DD's, etc?
Or do I offer a token payment in the mean-time?
Sorry for all the questions :eek:Just a lot to take onboard! Just making sure I do it the "right" way to start me off on the right foot!:rotfl:

I'm sure Willing2Learn will come back with a response, but I personally just wrote to my creditors and said I will make token payments until xx/xx/xxxx, and from that date I will make DMP payments of £xx.xx. I thanked them for their understanding during the period I need to organise my finances and set up my DMP. I didn't ask, I just told them. No-one questioned it. If you need 3 months to save up that's fine, if you need more then that's fine as well.

I never said I was saving an emergency fund - just told them the date to expect full DMP payments from. If you don't feel strong enough to not give a reason for the delay, then you can think up something that needs paying for, e.g. boiler repairs, car repairs, anything like that, but in all honesty you just need to tell the date to expect the payment from.

icklemissus

So I sent out my token letter, financial difficulties letter a week or so ago, received 3 letters back today, 2 from MBNA say yep! No contact for 30 days we will stop interest and charges, here’s a I&E form please fill out! Brilliant!

M&S on the other hand, not sure if it’s a general letter or a replay fmto my letter, saying PLEASE CALL WE NEED TO SPEAK TO YOU you are in arrears
We will continue to use Your personal information as set out in our privacy notice which can be located at www.

What does that mean? Or is that just generic?!

Going self managed so a bit unsure?!
Although got a nice emergency fund set up already! One month of no direct debits and we are in the black! Which is glorious!

How do I make token payments if I don’t have standing order details or giro slips? Can I phone up and use the automated phone line for £1 payment by card?

Sorry for all the questions!

Steff90

January2015 wrote: »

I'm sure Willing2Learn will come back with a response, but I personally just wrote to my creditors and said I will make token payments until xx/xx/xxxx, and from that date I will make DMP payments of £xx.xx. I thanked them for their understanding during the period I need to organise my finances and set up my DMP. I didn't ask, I just told them. No-one questioned it. If you need 3 months to save up that's fine, if you need more then that's fine as well.

I never said I was saving an emergency fund - just told them the date to expect full DMP payments from. If you don't feel strong enough to not give a reason for the delay, then you can think up something that needs paying for, e.g. boiler repairs, car repairs, anything like that, but in all honesty you just need to tell the date to expect the payment from.

Fabulous! Thanks.
I don't know when I expect the DMP payments to start up as I haven't actually spoken to them to go over my finances in depth yet :eek: That's happening on Thursday...
I've already printed all my letters off & put them in envelopes so I think I'll leave it at I need some breathing space to deal with all this first then just keep in touch with them if all else fails! I'm hoping it'll be ok.

How much should I be aiming to save by the end of the 90 day period? I know everyone is different but just a rough figure of what I should go for??
Thank you for your help :):)

Willing2Learn

Steff90 wrote: »

Willing2Learn - Thank you again:)
You mentioned using around 90 days to build up an EF - if creditors are giving me a 30 day grace period how will this work out trying to build up a fund for 90 days-ish?
Will they not continue to chase me as obviously I have cancelled DD's, etc?
Or do I offer a token payment in the mean-time?

If it was me, I would just send them a letter specifying the exact date when the DMP will start and leave it at that. They will just have to wait for the DMP payments to start...

Steff90 wrote: »

I've already printed all my letters off & put them in envelopes so I think I'll leave it at I need some breathing space to deal with all this first then just keep in touch with them if all else fails! I'm hoping it'll be ok.

How much should I be aiming to save by the end of the 90 day period?

I would just put aside as much as I could afford. The more the better

Steff90

Willing2Learn wrote: »

If it was me, I would just send them a letter specifying the exact date when the DMP will start and leave it at that. They will just have to wait for the DMP payments to start...

Perfect thanks. I won't bother sending out my letters just yet then until I speak to Payplan on Thursday then I get can a more realistic time frame to give my creditors. Thank you as always:beer:

Willing2Learn

icklemissus wrote: »

So I sent out my token letter, financial difficulties letter a week or so ago, received 3 letters back today, 2 from MBNA say yep! No contact for 30 days we will stop interest and charges, here’s a I&E form please fill out! Brilliant!

M&S on the other hand, not sure if it’s a general letter or a replay fmto my letter, saying PLEASE CALL WE NEED TO SPEAK TO YOU you are in arrears
We will continue to use Your personal information as set out in our privacy notice which can be located at www.

What does that mean? Or is that just generic?!

Going self managed so a bit unsure?!
Although got a nice emergency fund set up already! One month of no direct debits and we are in the black! Which is glorious!

How do I make token payments if I don’t have standing order details or giro slips? Can I phone up and use the automated phone line for £1 payment by card?

Sorry for all the questions!

It is most likely that you have received a computer-generated letter, So I wouldn't be worried.

Don't ever phone any of your creditors. Do everything in writing. If necessary, write to your creditors, telling them that you only consent to written communication

January2015

Steff90 wrote: »

How much should I be aiming to save by the end of the 90 day period? I know everyone is different but just a rough figure of what I should go for??
Thank you for your help :):)

The amount people can put aside for an emergency fund will differ from person to person, but ideally you should work out what your monthly DMP payments would be, deduct the amount of your token payments and save the difference, e.g.

Total DMP payments each month = £500 (example only)
Total token payments each month = £10 (e.g. 10 creditors x £1 each)
Balance to save for emergency fund = £490

Does that make sense? Of course if you can save more that's fantastic, but at least this way you will be getting used to the amount you have to pay each month for your DMP when it starts anyway.

sourcrates

icklemissus wrote: »

M&S on the other hand, not sure if it’s a general letter or a replay fmto my letter, saying PLEASE CALL WE NEED TO SPEAK TO YOU you are in arrears
We will continue to use Your personal information as set out in our privacy notice which can be located at www.

What does that mean? Or is that just generic?!
!

Hi,


The thing you need to understand is that less than full payment, or no payment at all, triggers the computer to send you a letter.


You can ignore all these "call us now" type letters, you only need respond if the subject matter is directly related to you, or is a response from something you have sent.


Just like you use a template letter to send to them, they send similar ones to you, although theirs are triggered automatically.

LexieLou

Quick bit of advice please, Tesco wrote to me saying that they want me to contact them as they have rejected my proposed offering each month, especially as they have sent me a default notice...what do I do. I thought SC dealt with all this. I'm away and cannot ring SC at the min (away with work). Tesco also have threatened debt collection agency etc

Thanks all