DMP mutual support thread part 13 !!

SkintDad87

Also...as I said, all this debt is my own, so don't want to get my partner involved. As it stands we each have our own accounts, and a joint account that our household bills come out from. How would I portray this on the I&E form? Would I just half everything like rent, food, council tax etc?

As said above, I have around £1k a month spare, with nothing going towards emergency funds, car maintenance, school trips, clothes, cigarettes...do you think offering around £700 mark is something they would be likely to accept? I know it's a long journey, and this is just the first step...but I'm nervous and anxious, and currently see no light at the end of the tunnel ��

SkintDad87

Me again...sorry...

Another thing, how do you set up a DMP? Will they want to see my wage slips? As last few months I've hammered overtime, to just make minimum payments - working 26 out of 28 days, making myself run down and ill in the process. The overtime has dried up severely - and I'm worried they will look at previous wage slips and think I have £2k to spend on debt.

Sorry for multiple messages, it wouldn't let me edit my previous posts!

Willing2Learn

SkintDad87 wrote: »

I'm in a job, where my basic each month is around 2.5k take home, but there is scope for overtime, when they are short staffed. Would my DMP payments be worked out on just my basic wage? And if I hammered out overtime one month and earned £3.5k, could I tuck £1k into a side pot, for F&F?

Hi,
You would calculate your DMP payments using your basic wage as the overtime is not guaranteed. And yes, if you get overtime you can stick that into a pot for future F&F settlements if you wanted.

SkintDad87 wrote: »

My partner has no idea about the debt I'm in, and I'd like to keep it that way...how intrusive and frequent are the calls and letters? I know I should share everything with her, but she has been through enough, and the thought that she COULD leave me, absolutely destroys me.

Write to all your creditors via email. Advise them that you only consent to correspondence via email. Stress that you do not consent to phone calls, texts, home visits etc.

SkintDad87 wrote: »

I've done a rough I & E form, and going on my basic and being super strict (no clothes, luxuries etc (basically living to pay bills)) , I have around £1000 spare income (current payments for all debt are around £1900...you can see how I started to spiral) - how much would be good to bolster my expenditures, so I can have a treat, or take the wife and kid out every now and then?

Your I&E cannot be based on rough figures. You need to set a monthly budget in stone. You can include a reasonable monthly figure for family entertainment. Or you could split your overtime pot between F&F and entertainment.

SkintDad87 wrote: »

Another thing, how do you set up a DMP? Will they want to see my wage slips? As last few months I've hammered overtime, to just make minimum payments - working 26 out of 28 days, making myself run down and ill in the process. The overtime has dried up severely - and I'm worried they will look at previous wage slips and think I have £2k to spend on debt.

You either send them an I&E form or send them your completed SOA. Your choice (I personally prefer the SOA). Either of them will advise your creditors of your income.

LexieLou

Hello wise people.

Quick question or two;

For those of you who went self managed, did you have to provide a pay slip (the way SC ask for one) and if you did go Self Managed, have you been able to hammer away at some debts before others? i.e, if I have a few ££ can I throw this at a smaller debt to get rid of it sooner?

Thanks

LL

smiff_50

Hi there

Long story short is I started a DMP with step change late 2014 with a debt of 40K. I have reduced this to just under 20K. SC have been great but I feel a lot more confident now (thanks to this thread) about the whole DMP thing. I'm also a bit frustrated with how rigid Step Change are.

I'm now strongly considering self managing.

I need help with a few questions please.

1. I intend to write to creditors informing them I'm now self managing my DMP starting on x date. I want to save a couple of months payments to wipe out some small creditors and put aside some so will start again a couple of months later. I will enclose CCA letters. Has anybody done this and does it sound reasonable?

2. Vanquis have defaulted me 4 years into my DMP! Can I do anything about this? Write to Financial Ombudsman?

3. Lowell wont default me and are marking my credit file as Late payment which I understand will remain 6 years after the debt is cleared. Should I stop paying them to try and force a default? Or is a late payment marker the lesser of two evils here?

Any advice is greatly appreciated.

Thanks

Eugh

Hi everyone!

I thought since I'm finally getting around to sorting my debts I'm probably going to be on this thread a bit - so I wanted to introduce myself and ask a couple of questions if I may.

I'd always been in in manageable debt (think car finance and minimal over draft) for years with no issue. Unfortunately I ended up having a relatively severe mental health issue after having my twins and my husband leaving me which meant I took out a LOT of credit recklessly ( I wrote a post about this on the main debt free wannabe forum). I've been struggling to make minimum payments for months but I'm now ready to take the bull by the horns and get a DMP sorted.

I have 7 creditors and my debt amounts to £27000. I'm posting my holding letters tomorrow - apart from to first direct who are currently my bank but I also have a credit card and overdraft with them... I've opened a new basic bank account else where but I don't want to risk my wages going into the FD account this month and me not being able to get them back. Once I'm sure my wages are transferred I'll send my letter to FD. Does that sound sensible.

I'm also struggling to locate a physical address for Paypal credit (Sourcrates helpfully found a possible one) so would it be ok to email my letter to them? I will send it to the address that may be for them also but I'm not hopeful I will get a response from them.

Thanks so much for the advice I've got from this thread - reading everyones experiences has given me the confidence to get this sorted and even go self managed! You guys are amazing!

Eugh

I'm also thinking of attempting to take a payment break to sort out an EF and going suggest I will start the DMP at the end of September.... Do you think this is reasonable?

lindoz

Thank you for your reply

sourcrates

smiff_50 wrote: »

Hi there

Long story short is I started a DMP with step change late 2014 with a debt of 40K. I have reduced this to just under 20K. SC have been great but I feel a lot more confident now (thanks to this thread) about the whole DMP thing. I'm also a bit frustrated with how rigid Step Change are.

I'm now strongly considering self managing.

I need help with a few questions please.

1. I intend to write to creditors informing them I'm now self managing my DMP starting on x date. I want to save a couple of months payments to wipe out some small creditors and put aside some so will start again a couple of months later. I will enclose CCA letters. Has anybody done this and does it sound reasonable?

2. Vanquis have defaulted me 4 years into my DMP! Can I do anything about this? Write to Financial Ombudsman?

3. Lowell wont default me and are marking my credit file as Late payment which I understand will remain 6 years after the debt is cleared. Should I stop paying them to try and force a default? Or is a late payment marker the lesser of two evils here?

Any advice is greatly appreciated.

Thanks

Hi,


Answers to your questions :


(1) Yes, everyone does it, and its very reasonable.


(2) Yes, written compalint to vanquis first, say you are been treated the same as someone who has not made an effort to pay, you want the default backdating, FOS if not successful.


(3) Lowell are usually just debt purchasors, its possible they also aquire non defaulted debts too, same argument as in question (2) edited to fit.

sourcrates

Eugh wrote: »

I'm also thinking of attempting to take a payment break to sort out an EF and going suggest I will start the DMP at the end of September.... Do you think this is reasonable?

Yes, its essential to have an emergency fund saved up for lifes little hiccups.