DMP mutual support thread part 13 !!

RebeccaO26

deano1506 said:7

RebeccaO26 said:

deano1506 said:

What is the yearly review like?  What do I have to provide in terms of documents just I know to keep everything to hand this year? 

haaaaa - just income and expenditure they ask for pay slips and bank statements but i never provided them ever - in 7 years !! i was kind of joking the annual review is pretty painless 

Ah, thank you!  I was very worried for a moment there!  This whole thing is making me so unhappy and so anxious - I honestly never expected to end up in this situation and I am so ashamed of myself.  I guess I just have to keep going though and hope it works out.  

fullofcold

My husband is up for annual review and we are looking to give Gregory Pennington notice shortly (if we ever exchange contracts).  Can my husband just postpone for a few weeks?  Or shall I get him to tell them he is looking at his options currently.

Willing2Learn

fullofcold said:

My husband is up for annual review and we are looking to give Gregory Pennington notice shortly (if we ever exchange contracts).  Can my husband just postpone for a few weeks?  Or shall I get him to tell them he is looking at his options currently.

Do you mean you are looking to move across to a free DMP company or are you contemplating going self-managed?

CardiffFi

Hello all, I hope everyone has had a good day? I was wondering if anyone knew why creditors have started charging me interest again.  I have been on a plan with SC since the beginning of the year and most interest and charges stopped until today? Confused and not sure what to do about it. Is this normal, can anything be done?

Suseka97

CardiffFi said:

Hello all, I hope everyone has had a good day? I was wondering if anyone knew why creditors have started charging me interest again.  I have been on a plan with SC since the beginning of the year and most interest and charges stopped until today? Confused and not sure what to do about it. Is this normal, can anything be done?

Is this a credit card company?   Perhaps they had only offered to stop interest for a period of time and that period has lapsed.  The best thing to do is write and complain and see where that gets you. To be honest, your best bet is to push to get the account defaulted, because that's when interest and charges stop for good.

Back in the day - one of my creditors (Barclaycard) started applying interest charges after having stopped for over a year.  It was because the BC payment crept above some sort of threshold and their rationale was that I was now paying almost equivalent to the standard minimum amount, so they felt that to stop charging me interest was unfair to other customers. It was only when I finally persuaded them to default the account that those interest charges stopped and believe it or not, they even then refunded to the account some of the interest they had been charging.  Go figure!

deano1506

Suseka97 said:

CardiffFi said:

Hello all, I hope everyone has had a good day? I was wondering if anyone knew why creditors have started charging me interest again.  I have been on a plan with SC since the beginning of the year and most interest and charges stopped until today? Confused and not sure what to do about it. Is this normal, can anything be done?

Is this a credit card company?   Perhaps they had only offered to stop interest for a period of time and that period has lapsed.  The best thing to do is write and complain and see where that gets you. To be honest, your best bet is to push to get the account defaulted, because that's when interest and charges stop for good.

Back in the day - one of my creditors (Barclaycard) started applying interest charges after having stopped for over a year.  It was because the BC payment crept above some sort of threshold and their rationale was that I was now paying almost equivalent to the standard minimum amount, so they felt that to stop charging me interest was unfair to other customers. It was only when I finally persuaded them to default the account that those interest charges stopped and believe it or not, they even then refunded to the account some of the interest they had been charging.  Go figure!

Barclaycard charged me over £800 of interest after they had defaulted me whilst in my DMP - complained but they did not uphold and gave me £50 quid - weirdly they sent me the same resolution letter twice and £50 twice - I called to let them know that they sent me my compensation twice (NOT) 

DebtHurricane

Hi all
I have about 10 creditors, but only around half of them have defaulted me. 

What I’ve done- is set up £5 per month standing orders to the creditors or DCAs who have already defaulted me, and am continuing to ignore the others until they default me. 

Is this the right thing to do? I am also saving for an EF before I commit to a proper DMP. 

Willing2Learn

DebtHurricane said:

I have about 10 creditors, but only around half of them have defaulted me. 

What I’ve done- is set up £5 per month standing orders to the creditors or DCAs who have already defaulted me, and am continuing to ignore the others until they default me. 

Is this the right thing to do? I am also saving for an EF before I commit to a proper DMP. 

Yes, you are doing things nicely.  Holding off paying creditors until they default you is a very wise move.  And building up an EF before starting the DMP-proper is even wiser 

panda_magic

Update, Warning and a Question! 
We are now 5 months into our DMP. We went straight in without saving an EF. It took some time to get used to ignoring emails and letters, but Life is much better as we are living to our means and it feels good to be paying off our debt (by June2022!), first defaults about to go through, and I'm looking forward to a future that is debt free. 
My warning relates to my car PCP loan, which is just about to come to an end. I want to keep my car and after balloon payment of 4500, I would have an asset worth 8000. But I cant get a loan and I can't take out. HP or PCP without swapping cars. Luckily I have a family member who is helping me out otherwise I'd have to hand the car back and lose out on equity.  I am a little disappointed with payplan as I raised this issue at the time and only got a vague response. I post this as something for others to think about and another reason to build a EF. Perhaps others have advice. 
Finally I have a question. Some of my loans, are still charging interest. Can I instruct payplan to withhold payments until they default or remove interest. I'm happy for payplan to hold onto the money but don't see why some creditors should charge while other companies have frozen interest. 
Thanks and keep going everyone! 

RebeccaO26

Hi all,

Hope you can help me - have been in touch with stepchange in order to set up a DMP.  Contacted all my creditors last week including creation who agreed to put a 30 day hold on my account and advised me to cancel my direct debit which I did.  However, this morning they've now issued me with a notice saying they're going to add a charge of £30 to my account if I do not reinstate the direct debit by time they generate my next statement.  

I am considerably less stressed out than I was last week (I am now of the opinion that they cannot take what I simply do not have) but I wondered if anyone else had experienced this and if so what did you do?  I don't know if this is a monthly charge or a one off to try and scare me into paying?  

If its monthly and they charge me till they default me then (assuming it takes them 6 months to default the account) I could have an additional £180 added to my account plus any late fees they see fit to charge.  Obviously I'm keen to avoid this so any advice is much appreciated!