DMP mutual support thread part 13 !!

jubilee14

Moveslikeagger wrote: »

Congratulations Jubilee! That’s so good! How have you found being in a DMP? How king were you in one? I’ve just started and I have 14 years projected although hopefully will be shorter! Seems like a long road ahead 😒

Thanks Moveslikeagger, it was estimated to take 7 years and that was assuming no interest was applied. Firstly the payments of the DMP were such a relief budget wise as i finally had money to the end of the month. Then i realised that noone was willing to stop interest except my O/D, 6 months in the HBOS loan defaulted after taking full interest every month. 12 months later Hfx cc defaulted again after taking full interest for 18mths. Barclaycard had taken a reduced interest rate up until Aug 2016 when they applied interest then stopped. So from then i could see what i paid in coming off my outstanding balance which really boosted me. Every year ive upped the payment just a bit ( between £50 and £80 a month) this year as i was really paying as much as i could i only upped it by £20.

So with extra interest ive still managed to knock of 6 months of the timescales, i hadnt got any unenforcable and including interest i will have paid an extra £3k.

This board is such a support and great source of information and i am sure for many starting out is great to realise your not the only one and how many people are in similar situations.

There are many on here that have been just brilliant at driving down that debt. I have really just let it run while keeping an eye out on balances but the later years it really does start to fall away on the figures.

Good luck on the journey it was the best thing i every did moneywise. I'm so much money smarter than before i started.

wanttobethrifty

DMP started in June with STEPCHANGE, First Direct have defaulted, BUT paid off the credit card from my current account, (bank with Halifax now) so instead of a £500 overdraft, it is now £3850, can they do this? Barclaycard (£8700)and Tesco (£2400) both defaulted. Creation (£4600), have not, and by speaking to them, will not default, which means AP markers for 6yrs AFTER my DMP finishes 4yrs time. i thought by breaking the credit greement, a default would be forthcoming, but obviously not. Is there any way to get CREATION to default?

caracbx

Evening all.

New to the DMP world, been chasing my tail the two years (lost jobs, been unemployed, and had to work my way back up the ladder again). Finalised all the details this week with PayPlan, so far so happy with them, just kicking myself I didn't do it sooner when I first lost a job about two years ago.

Just starting to contact my creditors, and I almost had a heart attack making the first call, but they were lovely, interest has been frozen for 60 days, which is a massive relief. The rest are on tomorrows list to conquer. Took about 2 hours to ring the first one. Might start getting some sleep now.

Anyone have any hits / tips to save money in the less obvious ways?

TIA!

sourcrates

caracbx wrote: »

Evening all.

New to the DMP world, been chasing my tail the two years (lost jobs, been unemployed, and had to work my way back up the ladder again). Finalised all the details this week with PayPlan, so far so happy with them, just kicking myself I didn't do it sooner when I first lost a job about two years ago.

Just starting to contact my creditors, and I almost had a heart attack making the first call, but they were lovely, interest has been frozen for 60 days, which is a massive relief. The rest are on tomorrows list to conquer. Took about 2 hours to ring the first one. Might start getting some sleep now.

Anyone have any hits / tips to save money in the less obvious ways?

TIA!

Hi,

Just write letters, much easier, and less stressful for you.

yoyo33

Hi all.
Today I sent off payment plan offer letters along with the budget sheet using the templates on nedcab website.
Added some info about why petrol was high etc and briefly explained my change in circumstances.
Added a bit about only contacting me in writing or email. So hopefully they stick to that
I had until the end of November to contact them all again so hopefully will be looked into before the end of Nov.
I only realised once they had been posted that I previously gave them a stepchange ref number. But on the letter sent today it was the one from nedcab but I forgot to say the ref changed. Does that matter??
And What sort of timescale do creditors get back to you about the payment offers I made?
Also just want to thank everyone that gave me advice to get to this stage.
I'm sure I'll probably ask more questions at some point haha.
But this forum has given me the confidence to try to self manage our debt.
Thankyou all

Puzzcat

wanttobethrifty wrote: »

DMP started in June with STEPCHANGE, First Direct have defaulted, BUT paid off the credit card from my current account, (bank with Halifax now) so instead of a £500 overdraft, it is now £3850, can they do this? Barclaycard (£8700)and Tesco (£2400) both defaulted. Creation (£4600), have not, and by speaking to them, will not default, which means AP markers for 6yrs AFTER my DMP finishes 4yrs time. i thought by breaking the credit greement, a default would be forthcoming, but obviously not. Is there any way to get CREATION to default?

Hi,
5 years in and despite creation selling my debt and complaints to fos and ico, they still won't default.....
Puzz

sourcrates

Puzzcat wrote: »

Hi,
5 years in and despite creation selling my debt and complaints to fos and ico, they still won't default.....
Puzz

Hi Puzz,



Hope your well, creation still a total pain i see, at least the sun is shining !!

Lmrcpr

Hi, I am just starting my dmp. I am going through step change as I am feeling very scared and shaken about facing up to my debts. I am about to send holding letter, but am not sure which addresses to use, do I just such uk postal address for each company? Should I mark them to a certain department? Thanks.

Moveslikeagger

Hi,

I just sent my holding letters and used the standard addresses on creditor websites. Regarding being scared of facing up to your debts. I think there is nothing to be scared about. In fact its more scary if your not facing up to them as the debts increase and our out of control. Now we are doing something about them, they will go down and hopefully life will be a lot less stressful!

sourcrates

Lmrcpr wrote: »

Hi, I am just starting my dmp. I am going through step change as I am feeling very scared and shaken about facing up to my debts. I am about to send holding letter, but am not sure which addresses to use, do I just such uk postal address for each company? Should I mark them to a certain department? Thanks.

Hi,


General customer service address is fine, they will find there way to the right dept.


Starting a DMP should not be a bad experience, or a scary one, you are dealing with your debt in the right way, its just a process you go through, nothing more, nothing less, most of us borrow money and at some point in out lives we all live in the credit bubble, when that bubble bursts, we have to deal with the fallout, and that`s what your doing.


Creditors see things in exactly the same way, its not personal, its business.