DMP mutual support thread part 13 !!

Newmum92

PrettyWoman said:

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

Hi - I’m at the start of this process, albeit a month ahead of you and I am not making contact with my creditors. I want them to default my accounts so that fees and interest stop and I don’t want to enter into a payment arrangement directly with them as that is more damaging to my credit file.

I am opening all letters, noting the contents and filing them. I’m ignoring all texts asking me to call them, I’m ignoring all app notifications asking me to call them. I’m not getting many calls now as I’ve identified and blocked most numbers.

If you want them to default but you stay in contact it may take longer as you are keeping a dialogue open. I noticed you said you have a sensitive job situation so only you know whether defaults are right for you but it’s generally the advice on here that it’s the best way to move forward.

Hope that helps!

Thanks for the advice. Good to hear from someone at a similar stage- sounds like your dealing with it all really well! Are you going to go through SC or self managed when you start? 

I guess I’m torn between not wanting to come across too reckless - due to my job situation - but also not wanting to a screw myself over either. Ultimately, a DMP is going to impact my credit file and it sounds like I’ll end up with defaults at some stage … so I feel a bit stuck on the best way to approach it. I’m worrying that this process could affect my work as their policy states that they want people to ask responsibly, so in my head if I stayed in contact with my creditors and kept them on side I felt like maybe that’s me being more responsible? But I suppose in the end the result is going to be the same with defaults etc 😬

Cpfc1234

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

I am 6 months in. I wrote holding letters and all apart from virgin and natwest have held the accounts since day 1 ignored all calls and texts and now the next step is defaults. Moorcroft have emailed and letters to me but will just file them until default confirmed and will then happily set up some payment plan. I am telling you know at 32k in debt I am less stressed and will hopefully be debt free in next 8 to 10 years. The calls die down and as im at the beginning of the next stage that's as much as I know! Good luck 

PrettyWoman

Newmum92 said:

PrettyWoman said:

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

Hi - I’m at the start of this process, albeit a month ahead of you and I am not making contact with my creditors. I want them to default my accounts so that fees and interest stop and I don’t want to enter into a payment arrangement directly with them as that is more damaging to my credit file.

I am opening all letters, noting the contents and filing them. I’m ignoring all texts asking me to call them, I’m ignoring all app notifications asking me to call them. I’m not getting many calls now as I’ve identified and blocked most numbers.

If you want them to default but you stay in contact it may take longer as you are keeping a dialogue open. I noticed you said you have a sensitive job situation so only you know whether defaults are right for you but it’s generally the advice on here that it’s the best way to move forward.

Hope that helps!

Thanks for the advice. Good to hear from someone at a similar stage- sounds like your dealing with it all really well! Are you going to go through SC or self managed when you start? 

I guess I’m torn between not wanting to come across too reckless - due to my job situation - but also not wanting to a screw myself over either. Ultimately, a DMP is going to impact my credit file and it sounds like I’ll end up with defaults at some stage … so I feel a bit stuck on the best way to approach it. I’m worrying that this process could affect my work as their policy states that they want people to ask responsibly, so in my head if I stayed in contact with my creditors and kept them on side I felt like maybe that’s me being more responsible? But I suppose in the end the result is going to be the same with defaults etc 😬

I used StepChange to decide the right solution for me but I will be self managing. In what seems like compete irony I want to be in control 🙈 I am hoping to “save on the side” so that I can offer F&F’s further down the line.

Do you have to declare your financial situation at work? If not, then I would say you are acting responsibly by entering a debt management solution. The solution might not be starting for six months or so but you are using that time to get yourself organised, build your emergency fund, work out your I&E, calculate your pro rata payments and wait for your accounts to default.

Try not to worry too much, as is often said on here debt collection is a slow slow process. Just go with it, you’ve done the hard bit already, now you just follow the process until you are debt free 😊

Hols2021

movingforward2022 said:

Hols2021 said:

Hi all, I've not been on for a while but came on tonight and i see some posts from people in a similar position to us and it has gven me some peace of mind.

We are two months into our missed payments, Zopa are calling a lot and texting which we are ignoring at this point and Newday have also been the same but we've not heard from anyone else yet, just need to sit tight and wait for the letters to start coming in.

I am wanting to start getting our I&E set up but not to sure how to go about it. I know i take what we have coming in every month and then put our outgoings down but how do you work out how much to pay to each creditor?  If we have say £500 left over how do we note this on the spreadsheet, i don't really want each creditor knowing who we owe to and how much we are paying.

Thanks

I have three loans with Zopa, they defaulted me  after 4 months missed payments.  As soon as I had confirmation of the default I made them an offer via emailing them and they accepted without any question.  They ring a lot and send lots of letters but nothing bad came of ignoring them.  

In terms of payments, your proportion the total value of your debts against the £500 you have available.

if it was:

debt a £1000 
debt b £3000
debt c £300
Total debt £4,300

debt a payment = £1,000 / £4,300 x £500 = £116.28
debt b payment = £3,000 / £4,300 x £500 = £348.84
debt c payment = £300 / £4,300 x £500 = £34.88

Hope that makes sense?
 

Hi, thank you for getting back to me so quickly, yes that makes sense now, I think I will try and get this organised so I am more prepared for down the line.  

Newmum92

Cpfc1234 said:

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

I am 6 months in. I wrote holding letters and all apart from virgin and natwest have held the accounts since day 1 ignored all calls and texts and now the next step is defaults. Moorcroft have emailed and letters to me but will just file them until default confirmed and will then happily set up some payment plan. I am telling you know at 32k in debt I am less stressed and will hopefully be debt free in next 8 to 10 years. The calls die down and as im at the beginning of the next stage that's as much as I know! Good luck 

Cpfc1234 - thanks that’s really helpful from someone who is a bit further ahead. Hope you are coping well with everything and glad your less stressed- I’m at the point where some days I feel more in control but all it takes is a text or letter and I feel panicked 😱 

can I ask when you did your holding letters, did you tell them how long you wanted them to hold it for? Did you make any token payments at all? Im on breathing space via the government scheme which is 2 months, but I spent the first month coming to terms with my debt and deciding what to do and now im entering into my 2nd month but I need to save my EF as I only have £300 saved so far! 

Newmum92

PrettyWoman said:

Newmum92 said:

PrettyWoman said:

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

Hi - I’m at the start of this process, albeit a month ahead of you and I am not making contact with my creditors. I want them to default my accounts so that fees and interest stop and I don’t want to enter into a payment arrangement directly with them as that is more damaging to my credit file.

I am opening all letters, noting the contents and filing them. I’m ignoring all texts asking me to call them, I’m ignoring all app notifications asking me to call them. I’m not getting many calls now as I’ve identified and blocked most numbers.

If you want them to default but you stay in contact it may take longer as you are keeping a dialogue open. I noticed you said you have a sensitive job situation so only you know whether defaults are right for you but it’s generally the advice on here that it’s the best way to move forward.

Hope that helps!

Thanks for the advice. Good to hear from someone at a similar stage- sounds like your dealing with it all really well! Are you going to go through SC or self managed when you start? 

I guess I’m torn between not wanting to come across too reckless - due to my job situation - but also not wanting to a screw myself over either. Ultimately, a DMP is going to impact my credit file and it sounds like I’ll end up with defaults at some stage … so I feel a bit stuck on the best way to approach it. I’m worrying that this process could affect my work as their policy states that they want people to ask responsibly, so in my head if I stayed in contact with my creditors and kept them on side I felt like maybe that’s me being more responsible? But I suppose in the end the result is going to be the same with defaults etc 😬

I used StepChange to decide the right solution for me but I will be self managing. In what seems like compete irony I want to be in control 🙈 I am hoping to “save on the side” so that I can offer F&F’s further down the line.

Do you have to declare your financial situation at work? If not, then I would say you are acting responsibly by entering a debt management solution. The solution might not be starting for six months or so but you are using that time to get yourself organised, build your emergency fund, work out your I&E, calculate your pro rata payments and wait for your accounts to default.

Try not to worry too much, as is often said on here debt collection is a slow slow process. Just go with it, you’ve done the hard bit already, now you just follow the process until you are debt free 😊

Yes that’s what I’ve done too, used the SC website and then once I found this forum started going through NEDCAB - I’m a huge control freak and in a weird way am looking forward to the challenge!! 

The work situation is something I’m figuring out - if only they would hurry up and reply to me it would be helpful but they are dragging their heels. It asks if we have any “arrangements such as an IVA” so it’s a bit vague! Torn between disclosing and risking it or risking not disclosing as they don’t specifically ask about DMPs but I would hate for it to bite me on the bum! 

Newmum92

Sorry, another question from me! 😬

What’s the best way to make token payments? I can use my apps to make online payments but I don’t know my login / card details for a couple of my accounts. Am I best writing to them with my holding letters to ask for bank details or do I call them to ask for bank details and then just make the payments. Thanks! 

Cpfc1234

Newmum92 said:

Cpfc1234 said:

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

I am 6 months in. I wrote holding letters and all apart from virgin and natwest have held the accounts since day 1 ignored all calls and texts and now the next step is defaults. Moorcroft have emailed and letters to me but will just file them until default confirmed and will then happily set up some payment plan. I am telling you know at 32k in debt I am less stressed and will hopefully be debt free in next 8 to 10 years. The calls die down and as im at the beginning of the next stage that's as much as I know! Good luck 

Cpfc1234 - thanks that’s really helpful from someone who is a bit further ahead. Hope you are coping well with everything and glad your less stressed- I’m at the point where some days I feel more in control but all it takes is a text or letter and I feel panicked 😱 

can I ask when you did your holding letters, did you tell them how long you wanted them to hold it for? Did you make any token payments at all? Im on breathing space via the government scheme which is 2 months, but I spent the first month coming to terms with my debt and deciding what to do and now im entering into my 2nd month but I need to save my EF as I only have £300 saved so far! 

I didn't give a time. I just used a template that was recommended on here on the national debt helpline. I didn't specify a time. Sent the letters and that was that had letter from natwest and virgin saying 30 days Lloyd's mbna and Halifax said would hold until ready. As soon as sent letter I haven't spoken to them since other asking nat west and virgin to consider holding again but no response so just have to accept a few quid will get added on for the time being. Try not to get stressed. Look at it like this. You have made the first step to getting it sorted. You are now in control. You clearly want to pay it pack like myself so they will get the money back eventually. I stopped payments going out and not paid a bean since. Put what I could in a savings account so got something to fall back on if my car or boiler breaks etc. I want the defaults ASAP as what I gathered from advice here 6 years from default it will be gone of my file. Pay them a token and they will default further down the line in a few years so effectively it will be with you for longer. I changed bank also as debt was with bank i was with. Good luck it will become easier

Newmum92

Cpfc1234 said:

Newmum92 said:

Cpfc1234 said:

Newmum92 said:

Newmum92 said:

Hi Everyone

I posted earlier but think it probably got lost amongst all the posts so thought I’d put it here. 

Thank you to everyone who has so far given me advice and reassurance, those of you who have seen my posts will know how anxious I have been but I feel a lot calmer since finding this group! 😊

I’m currently 1 month into the governments “breathing space” which ends at the beginning of April. I’ve missed 1 month of payments and I’m wondering what to do next…. 

I’m going to go self managed using NEDCAB. Obviously all creditors have put holds on my account while I’m on breathing space, but, I need longer than another month to save up an EF so what is the best way to go about it? I have a sensitive job situation so I’m keen to keep in touch with creditor and where possible keep them on board as much as I can. 

Would it be sensible for me to send a letter informing them that once my breathing space ends I intend to set up a DMP and that I’ll be in contact when I have worked everything out? Or is it best to specify a future date for when I’m planning to start my DMP. Or, do I just simply wait? Do I offer token payments to keep them sweet while I spend a few more months building my emergency fund? 

Sorry for all the questions- I feel confused about all the different approaches and no one else knows about my situation so the advice here has been so valuable. 

Thanks! 

Anyone? 😊 

I am 6 months in. I wrote holding letters and all apart from virgin and natwest have held the accounts since day 1 ignored all calls and texts and now the next step is defaults. Moorcroft have emailed and letters to me but will just file them until default confirmed and will then happily set up some payment plan. I am telling you know at 32k in debt I am less stressed and will hopefully be debt free in next 8 to 10 years. The calls die down and as im at the beginning of the next stage that's as much as I know! Good luck 

Cpfc1234 - thanks that’s really helpful from someone who is a bit further ahead. Hope you are coping well with everything and glad your less stressed- I’m at the point where some days I feel more in control but all it takes is a text or letter and I feel panicked 😱 

can I ask when you did your holding letters, did you tell them how long you wanted them to hold it for? Did you make any token payments at all? Im on breathing space via the government scheme which is 2 months, but I spent the first month coming to terms with my debt and deciding what to do and now im entering into my 2nd month but I need to save my EF as I only have £300 saved so far! 

I didn't give a time. I just used a template that was recommended on here on the national debt helpline. I didn't specify a time. Sent the letters and that was that had letter from natwest and virgin saying 30 days Lloyd's mbna and Halifax said would hold until ready. As soon as sent letter I haven't spoken to them since other asking nat west and virgin to consider holding again but no response so just have to accept a few quid will get added on for the time being. Try not to get stressed. Look at it like this. You have made the first step to getting it sorted. You are now in control. You clearly want to pay it pack like myself so they will get the money back eventually. I stopped payments going out and not paid a bean since. Put what I could in a savings account so got something to fall back on if my car or boiler breaks etc. I want the defaults ASAP as what I gathered from advice here 6 years from default it will be gone of my file. Pay them a token and they will default further down the line in a few years so effectively it will be with you for longer. I changed bank also as debt was with bank i was with. Good luck it will become easier

Thanks so much 😊 this thread is great it makes me feel like there are people who I can talk to! Yes I changed banks too- I actually put a claim in for unfair bank charges on my overdraft too. FOS are looking at it and recommending that Barclays refund all charges for the past 6 years so will be interesting to see if that gets upheld. Not sure if it’s something you could look at too? 

Hols2021

Newmum92 said:

Sorry, another question from me! 😬

What’s the best way to make token payments? I can use my apps to make online payments but I don’t know my login / card details for a couple of my accounts. Am I best writing to them with my holding letters to ask for bank details or do I call them to ask for bank details and then just make the payments. Thanks! 

Hi Newmum92, 

We’re pretty much at the same stage as you, with some of our cards and a loan our breathing space is up, and with others we still have 30 days left. As for token payments were not going to make any as I don’t think it makes much difference if you’re wanting to go down the DMP route, I’m not sure if that’ll just prolong the process and we really don’t want any of the AP markers on or files. I’ve taken advice from people on here and read through the forums for a good while before we decided which route to go down. I’m finding it all a bit daunting and I’m a worrier but I guess I need to wait and see what happens over the next few months. 

I hope it all works out for you