DMP mutual support thread part 13 !!

movingforwardstepbystep

My light bulb moment happened yesterday, but after a bit of a sleepless night...I am now feeling determined and plan to start taking the steps to set up a self managed DMP. So glad I found this forum, it has really helped me feel less alone and much more positive. So official lightbulb moment 20/11/18

OohSoHolly

OohSoHolly wrote: »

I’m back again! After comfortably paying my DMP since August, things had been going quite well. A number of my creditors have issued the default notices and other than a view issues with Capital One things have been running smoothly.

However today I received a final payment demand for my Marks and Spencer’s Loan. They have already issued me with a default but I’m really confused as to what to do? I obviously can’t pay the £9k but do I contact them, do I wait and see what happens? It mentioned the next step is legal action or DCA. Has anyone else had experience with M&S or can advise what I am best to do next?

So in answer my own question and for information for anyone else in a similar situation...

Called M&S Bank this morning and discussed the letter. Turns out just another standard letter they send, are aware of my payment plan which is in place and nothing further for me to do... happy days *breathes sigh of relief*

[Deleted User]

OohSoHolly wrote: »

So in answer my own question and for information for anyone else in a similar situation...

Called M&S Bank this morning and discussed the letter. Turns out just another standard letter they send, are aware of my payment plan which is in place and nothing further for me to do... happy days *breathes sigh of relief*

Glad that's all sorted. It must be a weight off your mind:beer:. Thanks for sharing:T

Suseka97

Debtinator wrote: »

Yeah i know. All friendly trying to get me to pay something, saying they cant accept no payments and will pass it on to the debt collectors who will send bailiffs round or try to make us sell our house. I looked it up and they have no more powers than the creditor in trying to collect any money.

Good for you - knowledge is power. These are just scare tactics and the only way bailiffs could get involved with non-priority debts is by order of a Court. They can pass it on to their own Debt Collection dept, but all they can do is 'ask'. Just carry on with your DMP plan and if anyone else turns up at your door, send them away with a threat of reporting them for harassment.

OCTOBER

OK here I go..... decided on a self managed DMP ! Reasons being that there is now a bit of uncertainty at my place of work (however, I think my job is safe going forward) It was not an option to enter into an IVA with uncertainty.
Also was not a possibility to do a DMP with SC as my forecast is longer than 10 years. I am hoping that I can do a low start self managed DMP hoping my circumstances may change in time.
So .. I have followed NEDCAB and printed my holding letters
that's it up to now - will post them today. I have a new bank account and have already changed all direct debits.
I have completed all my budget statements etc., with pro rata payments, ready for the next stage. bit worried about their responses.
I have cashflows galore stored on my PC, On the one hand I feel relieved and excited that I have a plan, on the other hand I am quietly petrified, still ashamed and apprehensive!!
I would love Any advice from you lovely people who have taken these first steps ..and the steps after that !
:eek:

NeverendingDMP

Hi October. Hello and welcome. I just wanted to check you have wiggle room in your budget. Have you come up with a budget that covers everything bills wise or one that covers everything and has a random amount hidden in it somewhere that can be used for emergencies, things that you might not have realised should be in there yet, occasional fun etc etc. If you have a bit extra that you can choose to save spend or whatever it feels much less daunting as time goes on.
Just a thought.
Try not to worry to hard.

[Deleted User]

:wave:OCTOBER. Welcome aboard.

Well done on taking control of your debts (and your life too as the former greatly affects the quality of the latter):T

Anything you need to know, just ask. There's probably someone here who has experience of the same problem or situation and who will be happy to help.


Good Luck:beer:

OCTOBER

thank you neverending and carboot..
I am admiring both your signatures and I am going to read up on diaries etc.
neverending.. I think I have wiggled the budget, it looks comfortable
I really cannot stress enough how these forums have helped already
thank you x

othello22

I've taken the steps today to get the ball rolling on a DMP with StepChange. It's a scary though but I can't keep going on like I am.

I have a question if anyone can help.

I have a CC, Loan and an overdraft with HSBC which is also my current account provider. I've come to the conclusion that i'm probably going to have to find a new bank account, and was looking at First Direct.

Not initially realising that they are a subsidiary of HSBC. Would it be an issue if I opened my new current account with them or would it be advisable not to?

Thanks for any help

jubilee14

othello22 wrote: »

I've taken the steps today to get the ball rolling on a DMP with StepChange. It's a scary though but I can't keep going on like I am.

I have a question if anyone can help.

I have a CC, Loan and an overdraft with HSBC which is also my current account provider. I've come to the conclusion that i'm probably going to have to find a new bank account, and was looking at First Direct.

Not initially realising that they are a subsidiary of HSBC. Would it be an issue if I opened my new current account with them or would it be advisable not to?

Thanks for any help

Hi Othello22 yes any bank linked as First Direct are with HSBC then would be an issue with them. Therefore advised not to go with any linked. But some good ones out there for basic accounts. Sure someone will be along to advise as i'm with FD but i moved away from BOS who were linked to Lloyds and Hfx .