DMP mutual support thread part 13 !!

[Deleted User]

fooff wrote: »

I don't understand all these shortened terms - can someone kindly make a list of what they mean ? thank you

There's only one acronym here which is DMP = Debt Management Plan

Puzzcat

fooff wrote: »

I don't understand all these shortened terms - can someone kindly make a list of what they mean ? thank you

Sc - stepchange charity

Suseka97

Bexd12 wrote: »

Hi Mike,
I didn't change accounts, I waited until I was paid before i sent my statement to SC they accepted that the overdraft was cleared then I carried on using it.

That's helpful to know, but does rather depend on how much of an overdraft people have and whether they also have other debts linked to their current bank account. I'm just saying to clarify this for others. We tend to advise moving to a basic bank account with no overdraft, so that people don't drift into using that function over time. I must admit I would have preferred if I could have kept mine - but we had too many debts linked to it.

Suseka97

fooff wrote: »

I don't understand all these shortened terms - can someone kindly make a list of what they mean ? thank you

As has been said - SC means StepChange. As to other acronyms - I must admit I'm one for using them for quickness, There isn't a list as such but the most often used ones are:-

DMP - Debt Management Plan
UE - Unenforceable (debt)
OP - Opening post
EF - Emergency Fund
FF - Full and Final (settlements)
D/DF - Default
AP/AR - Arrangements to Pay
CRA - Credit Reference Agency
DCA - Debt Collection Agency
PP - Payplan (another debt charity)
CAB - Citizens Advice Bureau
NEDCAB - North East Derbyshire Citizens Advice Bureau (a rich online resource and everyone entering a DMP should go have a look at that website)

Hope that helps

Bexd12

fooff wrote: »

I don't understand all these shortened terms - can someone kindly make a list of what they mean ? thank you

SC is Step Change the DMP charity

vicki84

I am making my first StepChange payment on the 1st August. Today I have received two letters from Barclaycard saying my credit cards are going to account closure I’m not two sure what that will mean with regards to my plan.

Willing2Learn

vicki84 wrote: »

I am making my first StepChange payment on the 1st August. Today I have received two letters from Barclaycard saying my credit cards are going to account closure I’m not two sure what that will mean with regards to my plan.

They will probably be closing and defaulting the accounts, then passing the debts on to DCAs. That is all good news as a default means the interest will stop and the toxic accounts will be removed from your credit files nice and early. DCAs are mostly easy to deal with too. As far as your plan is concerned, things will stay the same, except that you will be corresponding with the DCAs instead of Barclaycard.

ElleCee

No replies or acknowledgement of any of my holding letters but I guess I did only send send them on Monday....
Halifax have however sent a message saying they’ve reduced my credit limit on my card.... I guess this is the first step?

Feeling very excited and positive about the whole thing, I’m so glad I found this forum! I’m reading back through all the DMP threads for useful tips.

Can’t thank you guys enough for all the amazing advice! ❤️

Skittlesjo

So had a response back from two of my payday loans explaining they are willing to cancel my CPA arrangement QQ however have responded today with they are not going to uphold this until SC have got in contact with them with a reference number. I haven’t had my application pack in the post yet or any other contact from them. Drafty & CashFloat have said please ignore any of the reminder emails/texts as they understand StepChange will be taking over so at least there’s some good news.

sourcrates

It dosent really make a whole lot of difference if your creditors agree to your debt management plans or not, you should not really place must creadence on what they say to you, if they accept, fine, if they dont, they will just sell the debt on, or pass it to an external collection ageny to collect instead.

Either way your payment still gets made, to whoever owns or manages the account, so worrying if creditors are going to play ball or not is a bit of a pointless excercise to be honest.