DMP mutual support thread part 13 !!

re123

Cheers never heard of them before, using stepchange initially will see how it goes!

originalfool

Thank you all for your replies and yes I have been lurking 😬. I’ve been thinking about asking the CC companies to freeze the interest in order to avoid the DMP route, is this feasible/realistic? Thanks again everyone.

Willing2Learn

originalfool said:

Thank you all for your replies and yes I have been lurking 😬. I’ve been thinking about asking the CC companies to freeze the interest in order to avoid the DMP route, is this feasible/realistic? Thanks again everyone.

Hello again originalfool 

Freezing interest would have a negative impact on your credit files(s) because you would technically have diverged from the terms and conditions of your original agreements.  It would though, mean less letters arriving on your doormat, so easier to keep your partner 'in the dark'.  It is an option.


How many credit cards are you struggling with?  How much is your total unsecured debt?

originalfool

Willing2Learn said:

originalfool said:

Thank you all for your replies and yes I have been lurking 😬. I’ve been thinking about asking the CC companies to freeze the interest in order to avoid the DMP route, is this feasible/realistic? Thanks again everyone.

Hello again originalfool 

Freezing interest would have a negative impact on your credit files(s) because you would technically have diverged from the terms and conditions of your original agreements.  It would though, mean less letters arriving on your doormat, so easier to keep your partner 'in the dark'.  It is an option.


How many credit cards are you struggling with?  How much is your total unsecured debt?

All of my debt is unsecured 23,000. I have 4 credit cards, an argos card & an overdraft. The  last 2 are the lowest amounts. I have no emergency funds at all and I’m 56 the repayments are all being paid above the minimum but I had a bout of ill health last year & I think it scared me having no “cushion”. 

Willing2Learn

@originalfool
We really, really need you to complete your SOA.  Without the SOA, we are trying to find solutions in the dark.  Please complete you SOA and then start a new thread using it. 

Have a read about 'snowballing' debt.  There are two slight different methods to get the snowball rolling.  They are explained in the article linked below:
https://www.thebalance.com/debt-snowball-vs-debt-stacking-453633
 

originalfool

Willing2Learn said:

@originalfool
We really, really need you to complete your SOA.  Without the SOA, we are trying to find solutions in the dark.  Please complete you SOA and then start a new thread using it. 

Have a read about 'snowballing' debt.  There are two slight different methods to get the snowball rolling.  They are explained in the article linked below:

 

Thank you Willing2Learn, I don’t have all the paperwork to hand (in work) but I’ll read the article. 

Willing2Learn

originalfool said:

Willing2Learn said:

@originalfool
We really, really need you to complete your SOA.  Without the SOA, we are trying to find solutions in the dark.  Please complete you SOA and then start a new thread using it. 

Have a read about 'snowballing' debt.  There are two slightly different methods to get the snowball rolling.  They are explained in the article linked below:

 

Thank you Willing2Learn, I don’t have all the paperwork to hand (in work) but I’ll read the article. 

And since we are talking about snowballing, I would suggest that you could start the initial snowball rolling by focussing on fully repaying your overdraft first.  This is because a bank can withdraw the overdraft facility without notice.  The bank would be more likely to withdraw the overdraft if they were to check your credit file and see you were on any sort of payment arrangement with your cards.  Also, nearly all banks are introducing an 40% APR on overdrafts...

2017spark

Hi all, hope all is going well with you all.....
quick question - I’m setting up a dmp with SC, I’ve got to the stage where my budget has been agreed, my creditors have been contacted and 1st payment is scheduled.... very happy with all that so far and feel much better even though my payments are starting low.
however, one of my debts is with HMRC for child tax credits overpayments made in 2012/14. HMRC are dealing with me through their debt enforcement team. SC are happy to manage the debt, but are insisting there is a reference number that I do not have.... HMRC say my reference is my NI number (which I’ve given SC) and do not have another.
SC have given me 6 weeks to get this number, or they won’t include it in my debt plan. I’ve received a letter from HMRC today saying I have 7 days before they launch legal action.....
Has anyone had anything similar and has any advice??
i feel stuck in the middle, stressed and annoyed. It was the HMRC debt that prompted this whole debt plan and it’s the one I can’t get sorted
thanks for any help and thanks for reading!!

sourcrates

2017spark said:

Hi all, hope all is going well with you all.....
quick question - I’m setting up a dmp with SC, I’ve got to the stage where my budget has been agreed, my creditors have been contacted and 1st payment is scheduled.... very happy with all that so far and feel much better even though my payments are starting low.
however, one of my debts is with HMRC for child tax credits overpayments made in 2012/14. HMRC are dealing with me through their debt enforcement team. SC are happy to manage the debt, but are insisting there is a reference number that I do not have.... HMRC say my reference is my NI number (which I’ve given SC) and do not have another.
SC have given me 6 weeks to get this number, or they won’t include it in my debt plan. I’ve received a letter from HMRC today saying I have 7 days before they launch legal action.....
Has anyone had anything similar and has any advice??
i feel stuck in the middle, stressed and annoyed. It was the HMRC debt that prompted this whole debt plan and it’s the one I can’t get sorted
thanks for any help and thanks for reading!!

OK, time to re-take control of this before it gets out of hand, just pay HMRC yourself, separately, you do not need anything but your NI number, you certainly do not need a third party to do this for you.

You need to act quickly as its a priority debt, and HMRC will get legal if you don`t agree a plan with them.

2017spark

sourcrates said:

2017spark said:

Hi all, hope all is going well with you all.....
quick question - I’m setting up a dmp with SC, I’ve got to the stage where my budget has been agreed, my creditors have been contacted and 1st payment is scheduled.... very happy with all that so far and feel much better even though my payments are starting low.
however, one of my debts is with HMRC for child tax credits overpayments made in 2012/14. HMRC are dealing with me through their debt enforcement team. SC are happy to manage the debt, but are insisting there is a reference number that I do not have.... HMRC say my reference is my NI number (which I’ve given SC) and do not have another.
SC have given me 6 weeks to get this number, or they won’t include it in my debt plan. I’ve received a letter from HMRC today saying I have 7 days before they launch legal action.....
Has anyone had anything similar and has any advice??
i feel stuck in the middle, stressed and annoyed. It was the HMRC debt that prompted this whole debt plan and it’s the one I can’t get sorted
thanks for any help and thanks for reading!!

Just pay HMRC yourself, separately, why do you need a third party to do that for you ?

I don’t I guess, but went to SC so I could have one plan with one payment etc so would be better if it was included. Obviously if I paid myself I’d have to reduce my agreed budget with SC too to cover it.