DMP mutual support thread part 13 !!

TheWickerMan

So far I have cancelled all my direct debits, and notified all my creditors using the template letter that I am in conversation with Step Change and have asked them to freeze interest charges. I have informed them that I envisage a DMP starting in May 2020. I missed the payroll cut off for my bank (Santander) so will notify them next month now that my Nationwide Flexaccount is set up, ready for transfer of my wages/funds.

Not many have replied yet but, of the ones that have, Barclaycard have said they would freeze interest for a month, but would like me to call them to discuss options and that I should submit my income & expenditure form. I replied stating that income & expenditure forms etc will be sent in due course through Stepchange to all creditors at the same time. Capital One have bombarded me with phone calls 3 times a day (I haven't answered) despite my hold letter stating that I only want written correspondence.

I have also had a couple of others saying they will be in touch (or that I should contact them) in a month. My question is, to what extent do I ignore subsequent letters/e-mails etc from creditors once a month elapses (mid Jan), or to what extent should I acknowledge them, and send a holding reply along the lines of 'still in negotiations with Step Change etc? By replying to them, have I reduced the chance of them defaulting? If I don't reply to Barclaycard once that month elapses, are they then likely to start whacking on the interest again?

Apologies, so many questions! This is the stage of the process that I am (as I'm sure many of you were) most unsure about, and one that goes against my nature, but I also realise that building an Emergency Fund is essential.

Much appreciated

fullofcold

My husband has now received letters advising that they cannot locate the cca from cabot and that they would be unable to pursue a CCJ. Now just got to wait for the house move to go through and we can start negotiation.

Although we will need to request the CCA from Moorcroft before we do.

Orsonwelles

So I have contacted Stepchange to let them know that I am going self - managed and they have replied to acknowledge that. In the meantime I have received a letter from Barclaycard to tell me they are transferring my Credit card account to PRA Group.

Should I now contact PRA Group to let them know I am going self - managed and will be making my first payment in March?

Second question - Does anyone have an address for HSBC Repayment Services please.

Thank you

Skint2918

Hi guys. Update my first payplan payment is at end of january. My issue iis. I've contacted creditors at the start of December and they have frozen for 30 days. What do I do next? Shall I send token payments just for January. Or do I ask to carry on freezing my account until I pay. Payplan at the end of january?

sourcrates

Skint2918 wrote: »

Hi guys. Update my first payplan payment is at end of january. My issue iis. I've contacted creditors at the start of December and they have frozen for 30 days. What do I do next? Shall I send token payments just for January. Or do I ask to carry on freezing my account until I pay. Payplan at the end of january?

Don’t do anything, your plan starts end of January, remember, you are not making contracted payments anymore, the 30 days are not set in stone, I assume you’ve told them when your DMP starts, if not do so, don’t overthink things.

User_060921

Evening guys,

Sorted out a couple of minor issues with my DMP through Step Change today.

Despite being told at the start that payment dates have to be the 1st or 10th of the month, i have changed it to the 15th, and i tinkered my budget as i had under estimated my monthly fuel costs.

Credit score still hasn't been affected negatively three months in - in fact, its gone up to 617 out of 710 on total credit score.

Go figure

Onebrokelady

I've just gone onto the SC site to do my review and they haven't agreed my budget because I didn't change the amounts for council tax and water,they say these things have gone up for most people,but mine haven't so now I have to phone them, I don't know what they want me to do about it,I can't say they have gone up when they haven't

sourcrates

Onebrokelady wrote: »

I've just gone onto the SC site to do my review and they haven't agreed my budget because I didn't change the amounts for council tax and water,they say these things have gone up for most people,but mine haven't so now I have to phone them, I don't know what they want me to do about it,I can't say they have gone up when they haven't

If the allowences have gone up, then take advantage of that, use the spare money for other things, things never go down, always up.:xmassign:

Suseka97

Onebrokelady wrote: »

I've just gone onto the SC site to do my review and they haven't agreed my budget because I didn't change the amounts for council tax and water,they say these things have gone up for most people,but mine haven't so now I have to phone them, I don't know what they want me to do about it,I can't say they have gone up when they haven't

They are just concerned that you may not have budgeted correctly for those items - so they are doing what they should. Can you go back in and just 'up' those figures by a certain %, it doesn't really matter if they havent, and you can put that little extra into your EF.

ACA22

ACA22 wrote: »

Hi


I currently owe £36k to 6 creditors (2 loans - 4 CC) and repayments are now becoming an issue. I've spoken to PayPlan about my options and although they have suggested an IVA may be a better option I prefer the DMP approach. I also have a joint mortgage with my partner, she is not in any problematic debt, and I currently have not missed a payment on any of my debts.


After reading the great wealth of knowledge on here I want to post my plan of action and get any comments from people that have a good insight.


- In January I plan on cancelling all direct debits to the creditors, to try and start accruing the defaults on the debts. This will also be the start of my EF.
- February will be to contact all the creditors to indicate I'm in financial difficultly and speaking to PayPlan to discuss options. Still making no payments
- February/March indicate I intend to start a DMP with Payplan in April/May


I've already discussed amount with PayPlan and can afford £550 as a monthly payment.
Hoping that the 3 month period of no payment will help force the defaults to be entered on to the accounts and should also give me time to build a decent EF.


My current account isn't linked to any of the debts and not within its overdraft, so not going to replace this. Also have set an everyday saver account up with the same firm so I can start to place my EF in there.


Any advice as to thoughts on the plan would be appreciated.
Thanks, this forum is literally a life saver.

if anyone could just give me a guide as to if I on the right track that would be great as if I am I was going to start cancelling the direct debits over the weekend. Thanks again