DMP Mutual Support Thread - Part 12

sourcrates

January2015 wrote: »

We felt they were therefore treating non-paying customers more fairly than they were treating customers on a debt management programme.

This argument worked for us

........and rightly so to.

torheb

Argh we've finally bit the bullet and sent off the SC application form for the DMP I've opened a new account and am in the process of changing the direct debits and cancelling the creditor dd's I assume I need to contact them even though we're going through step change - does anyone have a letter template - I can only find ones for self managed not for going through SC - if I cancel dd's before they receive the letter is that bad - I get paid on 1st and want that pay to go in the new account so don't have much time really. Any help appreciated - thanks

sourcrates

torheb wrote: »

I assume I need to contact them even though we're going through step change - does anyone have a letter template -

National debtline have a full range of template letters on there website.

This one should suite you :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx

vaper

I got a letter from Mint CC yesterday, this I the first of many to come!!!.
It states that I have defaulted on my payment and are going to add £12.00 charge to the account.
Will they do this every month from now on? If so I will be paying forever.

sourcrates

vaper wrote: »

Will they do this every month from now on? If so I will be paying forever.

Only till the account defaults, usually 3-6 months.

vaper

Ok thanks..........again.

System

Hi Guys I am thinking of setting up sort of a DMP on my own, but do I have to do it with all creditors? I've cut up one credit card that's got £4600 on it and my next payment is roughly £132. I contacted them via secure message and they said call with SOA and they can set up a repayment plan and freeze the account. But if I call them and tell them I'm paying out 'xyz' to other companies will they just accept this? Or want me to reduce payments to everyone else too? I just want to get an idea of what they will say before I call them. Based on my SOA I'm about £100 per month negative balance. Thanks

sourcrates

Anniee88 wrote: »

Hi Guys I am thinking of setting up sort of a DMP on my own, but do I have to do it with all creditors? I've cut up one credit card that's got £4600 on it and my next payment is roughly £132. I contacted them via secure message and they said call with SOA and they can set up a repayment plan and freeze the account. But if I call them and tell them I'm paying out 'xyz' to other companies will they just accept this? Or want me to reduce payments to everyone else too? I just want to get an idea of what they will say before I call them. Based on my SOA I'm about £100 per month negative balance. Thanks

Hi,

Ideally you should treat all your creditors the same, if you have other debts, you should consider a debt management plan, or maybe another option would be better.

Posting your SOA in the DFW forum (not here) will tell us the best option for you, you should consider getting advice from one of the free debt charities as well.

System

sourcrates wrote: »

Hi,

Ideally you should treat all your creditors the same, if you have other debts, you should consider a debt management plan, or maybe another option would be better.

Posting your SOA in the DFW forum (not here) will tell us the best option for you, you should consider getting advice from one of the free debt charities as well.

Thanks for your reply I have done that already, step change suggested a DMP but I have a loan that I pay £200 per month on that I've got 10 payments left so that'll be free for my other creditors soon, so I didn't think it was worth doing a whole DMP. It's just the credit card is such high interest I am going to be repaying for years! I don't know wether to just begrudge paying it and getting charged £75 per month interest for now. I am trying to do 1 extra shift a month to afford another £100 for my debts it's hard knowing what to do.

sourcrates

Anniee88 wrote: »

Thanks for your reply I have done that already, step change suggested a DMP but I have a loan that I pay £200 per month on that I've got 10 payments left so that'll be free for my other creditors soon, so I didn't think it was worth doing a whole DMP. It's just the credit card is such high interest I am going to be repaying for years! I don't know wether to just begrudge paying it and getting charged £75 per month interest for now. I am trying to do 1 extra shift a month to afford another £100 for my debts it's hard knowing what to do.

To be honest, if your doing it yourself, you can pretty much do as you please.

You should write and tell them your in trouble, and ask them to stop charging interest, if you don't ask, you don't get.