DMP mutual support thread part 13 !!

Pelerroja

Thanks sourcrates SC got back to me today to request some more details so looks like they’re still pretty quick  

we’re at the very beginning of our journey and today the phone calls started...I sent out holding letters last week so I’m hoping they’ll be short lived as I struggle with anxiety. It sounds stupid but unexpected phone calls can set me off

Suseka97

Pelerroja said:

Thanks sourcrates SC got back to me today to request some more details so looks like they’re still pretty quick  

we’re at the very beginning of our journey and today the phone calls started...I sent out holding letters last week so I’m hoping they’ll be short lived as I struggle with anxiety. It sounds stupid but unexpected phone calls can set me off

Are you able to block numbers on your phone?  If so then try that and if not just put the phone down - you don't need to engage with any sort of conversation or provide any sort of explanation.  What you should do is write and tell them to remove your phone number/s from their records and state very clearly that all communications in respect of the debt must be handled in writing.   It will take time to settle, but eventually the calls and letters will stop and all you should expect are annual statements or requests for an updated I&E around the annual review period.

ditty1234

Hi everybody just visiting to say - I'm doing my DMP all self managed. 
Wesc0t keep sending me offer letters for a balance that is unenforceable and I'm not paying, but I don't have any money to settle at the moment, so just ignoring.
HS8C finally sent me a letter after just under 2 years that they might close and default my overdraft current account. Just giving it an other month to see if they do it, and backdate it otherwise I'll be writing the ombudsmand. 
In the meantime I am saving up for my emergency fund, and a housing deposit fund (in case of or for when I will have to move), have paid for citizenship last year and am keeping my uni son at home. And no use of credit cards. 
Anybody in doubt - it can be done.

lisamarie85

Hello! Newbie here with a whirlwind of questions. I asked Stepchange and PayPlan around 7 months ago what my options weren’t and they both said an IVA. I didn’t want to go down that route as I was intending to move house in 12-24 months and didn’t want my credit rating (currently excellent and 973 points) affecting for mortgage purposes. 

Fast forward to now- I have 3 creditors, Halifax (£4900) Tesco (£4950) and Barclaycard (£13,600) and I’m paying almost £250 a month in interest alone. It’s just unmanageable. I simply cannot afford for my debts to increase by £3000 a year. 

So I went back to both companies and SC still recommend an IVA. Whereas today PP have suggested a DMP. 

Im absolutely petrified! I’m worried that they won’t freeze interest and if they don’t it seems a pointless exercise because if they’re  going to keep adding on I may as well not enter into the DMP, as if that’s the case the only benefit that I can see would be lower monthly payments. But would take me hundreds of years to pay off based on their plan. 

My parents are retired and live with me, they gave me all of their savings to buy this house so I have a lot of equity in it but don’t feel like it’s “mine” because they gave the money to me, so that they could live with me and be looked after in their old age. So I cannot remortgage (not that I could anyway as spoke with the lender who won’t entertain anything until I’ve been working full time for at least 12 months) they don’t know
the severity of my situation and I’m dreading the letters and phone calls and them finding out! 

Employment is the reason I’m in this mess, I lost my full time job just over 2 years ago and have only managed to get part time work since. No matter how hard I try, I just haven’t been able to get a second job or full time job.  

Long and short of it, I don’t really think I have any other choice- but the thought of signing those papers keeps me up at night (even more so than worrying about juggling my debts!) 

sourcrates

lisamarie85 said:

Hello! Newbie here with a whirlwind of questions. I asked Stepchange and PayPlan around 7 months ago what my options weren’t and they both said an IVA. I didn’t want to go down that route as I was intending to move house in 12-24 months and didn’t want my credit rating (currently excellent and 973 points) affecting for mortgage purposes. 

Fast forward to now- I have 3 creditors, Halifax (£4900) Tesco (£4950) and Barclaycard (£13,600) and I’m paying almost £250 a month in interest alone. It’s just unmanageable. I simply cannot afford for my debts to increase by £3000 a year. 

So I went back to both companies and SC still recommend an IVA. Whereas today PP have suggested a DMP. 

Im absolutely petrified! I’m worried that they won’t freeze interest and if they don’t it seems a pointless exercise because if they’re  going to keep adding on I may as well not enter into the DMP, as if that’s the case the only benefit that I can see would be lower monthly payments. But would take me hundreds of years to pay off based on their plan. 

My parents are retired and live with me, they gave me all of their savings to buy this house so I have a lot of equity in it but don’t feel like it’s “mine” because they gave the money to me, so that they could live with me and be looked after in their old age. So I cannot remortgage (not that I could anyway as spoke with the lender who won’t entertain anything until I’ve been working full time for at least 12 months) they don’t know
the severity of my situation and I’m dreading the letters and phone calls and them finding out! 

Employment is the reason I’m in this mess, I lost my full time job just over 2 years ago and have only managed to get part time work since. No matter how hard I try, I just haven’t been able to get a second job or full time job.  

Long and short of it, I don’t really think I have any other choice- but the thought of signing those papers keeps me up at night (even more so than worrying about juggling my debts!) 

Hi,

As a homeowner your options are limited, it’s a choice between debt management, or an IVA, because your house would be at risk under bankruptcy.
The good news is you only have three creditors, and the amounts owed are not that high, but without seeing your SOA, it would be difficult to advise which would be the best option for you.

Why not post it up on the general DFW forum, and we can advise better.
The SOA template is available in the sticky thread.

lisamarie85

sourcrates said:

lisamarie85 said:

Hello! Newbie here with a whirlwind of questions. I asked Stepchange and PayPlan around 7 months ago what my options weren’t and they both said an IVA. I didn’t want to go down that route as I was intending to move house in 12-24 months and didn’t want my credit rating (currently excellent and 973 points) affecting for mortgage purposes. 

Fast forward to now- I have 3 creditors, Halifax (£4900) Tesco (£4950) and Barclaycard (£13,600) and I’m paying almost £250 a month in interest alone. It’s just unmanageable. I simply cannot afford for my debts to increase by £3000 a year. 

So I went back to both companies and SC still recommend an IVA. Whereas today PP have suggested a DMP. 

Im absolutely petrified! I’m worried that they won’t freeze interest and if they don’t it seems a pointless exercise because if they’re  going to keep adding on I may as well not enter into the DMP, as if that’s the case the only benefit that I can see would be lower monthly payments. But would take me hundreds of years to pay off based on their plan. 

My parents are retired and live with me, they gave me all of their savings to buy this house so I have a lot of equity in it but don’t feel like it’s “mine” because they gave the money to me, so that they could live with me and be looked after in their old age. So I cannot remortgage (not that I could anyway as spoke with the lender who won’t entertain anything until I’ve been working full time for at least 12 months) they don’t know
the severity of my situation and I’m dreading the letters and phone calls and them finding out! 

Employment is the reason I’m in this mess, I lost my full time job just over 2 years ago and have only managed to get part time work since. No matter how hard I try, I just haven’t been able to get a second job or full time job.  

Long and short of it, I don’t really think I have any other choice- but the thought of signing those papers keeps me up at night (even more so than worrying about juggling my debts!) 

Hi,

As a homeowner your options are limited, it’s a choice between debt management, or an IVA, because your house would be at risk under bankruptcy.
The good news is you only have three creditors, and the amounts owed are not that high, but without seeing your SOA, it would be difficult to advise which would be the best option for you.

Why not post it up on the general DFW forum, and we can advise better.
The SOA template is available in the sticky thread.

Thank you, I’m still trying to find my way around this forum- it’s all a little confusing for me. I’ve just done the SOA but can’t quite see where to share it. Do I start a New Thread or is there an existing one? Thank you for the reply :-) 

sourcrates

lisamarie85 said:

sourcrates said:

lisamarie85 said:

Hello! Newbie here with a whirlwind of questions. I asked Stepchange and PayPlan around 7 months ago what my options weren’t and they both said an IVA. I didn’t want to go down that route as I was intending to move house in 12-24 months and didn’t want my credit rating (currently excellent and 973 points) affecting for mortgage purposes. 

Fast forward to now- I have 3 creditors, Halifax (£4900) Tesco (£4950) and Barclaycard (£13,600) and I’m paying almost £250 a month in interest alone. It’s just unmanageable. I simply cannot afford for my debts to increase by £3000 a year. 

So I went back to both companies and SC still recommend an IVA. Whereas today PP have suggested a DMP. 

Im absolutely petrified! I’m worried that they won’t freeze interest and if they don’t it seems a pointless exercise because if they’re  going to keep adding on I may as well not enter into the DMP, as if that’s the case the only benefit that I can see would be lower monthly payments. But would take me hundreds of years to pay off based on their plan. 

My parents are retired and live with me, they gave me all of their savings to buy this house so I have a lot of equity in it but don’t feel like it’s “mine” because they gave the money to me, so that they could live with me and be looked after in their old age. So I cannot remortgage (not that I could anyway as spoke with the lender who won’t entertain anything until I’ve been working full time for at least 12 months) they don’t know
the severity of my situation and I’m dreading the letters and phone calls and them finding out! 

Employment is the reason I’m in this mess, I lost my full time job just over 2 years ago and have only managed to get part time work since. No matter how hard I try, I just haven’t been able to get a second job or full time job.  

Long and short of it, I don’t really think I have any other choice- but the thought of signing those papers keeps me up at night (even more so than worrying about juggling my debts!) 

Hi,

As a homeowner your options are limited, it’s a choice between debt management, or an IVA, because your house would be at risk under bankruptcy.
The good news is you only have three creditors, and the amounts owed are not that high, but without seeing your SOA, it would be difficult to advise which would be the best option for you.

Why not post it up on the general DFW forum, and we can advise better.
The SOA template is available in the sticky thread.

Thank you, I’m still trying to find my way around this forum- it’s all a little confusing for me. I’ve just done the SOA but can’t quite see where to share it. Do I start a New Thread or is there an existing one? Thank you for the reply :-) 

Well this is the dedicated DMP support group thread, so best posting in a new thread if at all possible.

Just click on "format for MSE" and post to a new thread.

Headabovethewater

Hi all, the defaults finally came bar 1, I'm guessing current situation meant they thought they were being 'kinder' in delaying.  I have 2 questions please, 1-    I just have a yorkshire bank overdraft not defaulted, the banks been taken over  by Virgin, is it different with overdrafts, do they ever default?

2 - For the 3 that have defaulted how do you recommend monthly payments? I.e do I set up dds?

Thank you for this lifeline.

hev3049

My overdraft with Barclays defaulted - yes I set up DD for all defaulted accounts - wait for the last one to default before you set up DD for overdraft.

dynomot

Hello all.
It's over a year since I last posted. It is four  years in September since I ran out of options juggling my finances, borrowing to pay other debts and my life at the time crashed down around me. I was just living way beyond my means and things had spiralled out of control. I had to make a clean breast of everything with my wife who had no idea how much unsecured debt I had. It was over £23k and consisted of three credit cards three mainstream loans an overdraft and six pay day loans from various companies. At the time it was terrifying I really thought my marriage, home and family would be lost. It wasn't. I contacted SC (StepChange) by phone and basically they took me through my options after a long initial conversation and a couple more. They were extremely professional, non judgemental but most of all kind and helpful. I felt instantly better like a huge burden of deceit, worry and stress had been lifted. My wife was shocked and angry, but worse disappointed but stuck by me and supported me.

Fast forward to now. My debts are as of my last DMP payment are half what they were at just over £11 5k. I pay a DMP to SC every month that is manageable and I have after all expenses are taken into account a litle money at the end of each week (I'm weekly paid). My DMP was reduced last year on its annual review due to the pandemic. Both my wife and I are Key Workers and still work for the same organisations we always have, but my hours had gone down and although managing everything financial, it was a struggle. SC were having non of it and although I'll be debt free a little later ( eight months later) it is back to not being a worry again.
My advice to anyone who is in the position I was in in September '17 is to get help and talk to them. There is a way out and the relief is indescribable when you admit you have a debt problem and seek help.
That's all. If you're at the end of your tether pick up that phone to a debt charity, be honest and open with your family because I couldn't have gone on existing (it wasn't living) how I was, and neither can you.

Good luck to you all, stay strong, stay focused. It gets better immediately and eventually you can see a day when you'll be debt free.
Take care.