DMP mutual support thread part 13 !!

Time_To_Change

Suseka97 wrote: »

I think this advice will have come too late - but what is usually advised is to cancel all non-priority debt immediately. It doesn't matter if creditors are aware at that point of your financial circumstances or are and have yet to 'accept' the DMP arrangement (some never actually send anything in writing to that effect, they just collect the monthly payment).

So, generally you would cancel the payment then write to tell them that you are experiencing financial difficulties and working with/or contacting a debt charity to come up with a workable solution. Even if you plan to self-manage from the outset you say pretty much the same, just say you're seeking advice. This then gives you some breathing space and allows you to set aside some money towards your emergency fund if needs be.

Hi thanks for the advice. I did manage to cancel the payments in time. I am now going to wait for all the phone calls today as they were due yesterday. I did note in my letters that I would only accept contact in writing. Should i just politely say this and hang up when i start to get the phone calls or am i better off explaining the situation again over the phone? Thanks for the help all.

Suseka97

Time_To_Change wrote: »

Hi thanks for the advice. I did manage to cancel the payments in time. I am now going to wait for all the phone calls today as they were due yesterday. I did note in my letters that I would only accept contact in writing. Should i just politely say this and hang up when i start to get the phone calls or am i better off explaining the situation again over the phone? Thanks for the help all.

Glad to hear you managed to stop the payments. If any of your creditors call, it's really up to you whether to explain, again, the situation whilst reiterating that all communications in future are to be dealt with in writing. It also depends on the 'tone' of the caller and whether they are being unhelpful, judging or difficult - in that case my advice would be to simply put the phone down after telling them to remove your number from their files. I think you'll find most are actually helpful at this stage and hopefully you won't receive many, or any, calls.

Suseka97

Slytherin wrote: »

I’ve been in discussions with Payplan about setting up a new DMP. They are really pushing me towards bankruptcy which I don’t want to do. They’ve said that because I can’t afford £500 per month that a DMP is not right for me (I want to start paying back what I can afford - £300).
Has anyone experienced this sort of reply from one of the charities? I didn’t want to go self managed but I’m going to have to now.

CBC has already given great advice - and I guess PP are just looking at it from the perspective of you being debt-free much sooner than your repayment plan would currently suggest. Appreciating that you have time to up your payments -you never know what's around the corner. That being said, it's completely up to you and if a DMP is your preferred route, then why not go down the self-managed route. You'll know doubt have read that many have taken that route and the NEDCAB website has lots of really useful online resources to help you along the way. Or, try StepChange as CBC suggests. Good luck

Time_To_Change

Suseka97 wrote: »

Glad to hear you managed to stop the payments. If any of your creditors call, it's really up to you whether to explain, again, the situation whilst reiterating that all communications in future are to be dealt with in writing. It also depends on the 'tone' of the caller and whether they are being unhelpful, judging or difficult - in that case my advice would be to simply put the phone down after telling them to remove your number from their files. I think you'll find most are actually helpful at this stage and hopefully you won't receive many, or any, calls.

Thanks Again for taking the time to reply. I am surprised that I have not received a single call yet. I thought they would be on my case straight away. I am guessing they may have taken note of my letters and allowed me the 30 days grace. Although I have quite a night amount of debt I only have 3 different creditors all high street banks so hopefully that will make self managing a bit easier. Thanks again

Dandytf

Some light SC dmp motivation today
Pounds to pocket loan paid
That's 2nd debt cleared

Suseka97

Time_To_Change wrote: »

Thanks Again for taking the time to reply. I am surprised that I have not received a single call yet. I thought they would be on my case straight away. I am guessing they may have taken note of my letters and allowed me the 30 days grace. Although I have quite a night amount of debt I only have 3 different creditors all high street banks so hopefully that will make self managing a bit easier. Thanks again

You're welcome and having only 3 creditors to handle does make things somewhat easier. We started off with 14 debts across about 6 different companies :eek:

Dandytf wrote: »

Some light SC dmp motivation today
Pounds to pocket loan paid
That's 2nd debt cleared

That's great news :T always nice to see the numbers dropping,

3011gillian

Hi, we had a response to our settlement offer (capquest) asking for our SOA. It’s exactly the same as the stepchange one so they should already have it but copied it out and resent. Our offer was based on a relatives offer so separate to the £456 we pay on our dmp each month.
Does anyone have experience with capquest? Does the SOA showing every penny accounted for and the fact this offer is separate to our income/outgoings have any bearing on its likelihood of being accepted?? I guess no one knows for sure I’m just after thoughts really.
Debt is just over £2k and we’ve offered £650. Currently paying £8 a month. The £650 spread between creditors wouldn’t do very much but would get this one cleared as a start 👍

Moveslikeagger

Hi,
Just a quick question.. if I have 3 debts with the same creditor ie Halifax 2 Loans and a credit card, do I need to send 3 separate letters when starting a DMP. Or can I list all 3 debts on one letter?

Willing2Learn

Moveslikeagger wrote: »

Hi,
Just a quick question.. if I have 3 debts with the same creditor ie Halifax 2 Loans and a credit card, do I need to send 3 separate letters when starting a DMP. Or can I list all 3 debts on one letter?

Hi,

If it was me, I would send the three different letters for the three separate accounts, in one envelope (saves paper and postage costs).

Barbie61

Hi everyone, my DMP is going strong and I've just passed 18 months now with it - only 14 years to go unless things improve drastically. Anyway a couple of the debts have been sold and I've updated Stepchange who are absolutely amazing - they have helped me and my stress levels so much BUT - Next are charging interest again which is 1.5 times the monthly payment they are receiving. I spoke to them and they said the year 1 plan had ended and I had to speak to them and agree another plan but I didn't want to do this without consulting Stepchange who told me that with payments continuing to them that this shouldn't be necessary. They sent out a statement/budget pack to all the creditors again and advised me that this would do the trick, but three months on Next are still adding the interest. I just wondered if anyone else had this problem and what they did about it, obviously I can't agree to anything that will render the DMP null and void so I'm a little confused as to what to do next. This is the smallest amount I owe as well so I didn't expect it. Any help gratefully received, thank you.