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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.1K replies 453.9K views
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  • Other than the fact there are free DMP services available, avoid Gregory Pennington like the plague! 3 months in and they had still not setup the majority of my payment plans. Took control of it myself and managed to sort everything within a week (+£90 extra towards paying my creditors by avoiding their free)


    Can sleep easy tonight :)
  • sourcratessourcrates Forumite, Board Guide
    20.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Icarus01 wrote: »
    Other than the fact there are free DMP services available, avoid Gregory Pennington like the plague! 3 months in and they had still not setup the majority of my payment plans. Took control of it myself and managed to sort everything within a week (+£90 extra towards paying my creditors by avoiding their free)


    Can sleep easy tonight :)


    Self managed can be the best choice, fee charging companies only want your money and have little interest in providing you with a good service.


    Stepchange/payplan are funded by the banks, they provide a good service for those that need it, but are not to everyone's taste.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Thomas2090Thomas2090 Forumite
    5 posts
    Seventh Anniversary First Post Combo Breaker
    MoneySaving Newbie
    Finally faced up to the fact after advise that this is the best option for me to get out of debt and be able sleep at night.
    Should of done this earlier as I been paying hundreds on interest each month.
    I’ve done the account froze letter now I’m onto the income/expenditure form.
    I have 4 debts with hitachi,capital one,aqua and Barclaycard it’s going to take years to clear them all but it’s my own fault.
    Has anyone any recommendations when doing their own DMP??
    Any less obvious things you miss out??
    Also should I ask for the accountants to be defaulted soon as??
    Reading through these pages has helped me loads
    Thank you
  • Hi all
    I hope everyone is ok and had a wonderful Christmas. I've not posted in a while. I've now been on the DMP for a year, and 6,000 is paid odd, down to just over 20,000. That's pretty groovy! I still haven't told anyone about it, and I'm still worried about people finding out, but it's been ok really. I was looking on my account on step change and the one that worried me the most is the one that has had the most paid off as it is the biggest.
    One thing really bugs me about it though, the initial loan was 5,000 I believe, and it has another 5000 on top of it as interest that I stupidly agreed to pay when I took it out. What was I thinking. Another two grand and the amount I had will be paid and I'll be paying the interest. I really wish I could have the interest taken off, they shouldn't have given me the loan at all and I shouldn't gave taken it but oh I wish they'd refused to give it to me. It was every day loans. I know I have to pay it but part of me really resents it. Oh well. I think I'm doing quite well to have done so much :) nobody will see this probably, my posts usually get missed aha.
  • sourcratessourcrates Forumite, Board Guide
    20.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Hi all
    I hope everyone is ok and had a wonderful Christmas. I've not posted in a while. I've now been on the DMP for a year, and 6,000 is paid odd, down to just over 20,000. That's pretty groovy! I still haven't told anyone about it, and I'm still worried about people finding out, but it's been ok really. I was looking on my account on step change and the one that worried me the most is the one that has had the most paid off as it is the biggest.
    One thing really bugs me about it though, the initial loan was 5,000 I believe, and it has another 5000 on top of it as interest that I stupidly agreed to pay when I took it out. What was I thinking. Another two grand and the amount I had will be paid and I'll be paying the interest. I really wish I could have the interest taken off, they shouldn't have given me the loan at all and I shouldn't gave taken it but oh I wish they'd refused to give it to me. It was every day loans. I know I have to pay it but part of me really resents it. Oh well. I think I'm doing quite well to have done so much :) nobody will see this probably, my posts usually get missed aha.

    Nah, seen ya 😉
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Hi all, I am new here! I’ve been reading the threads and feel full on information.

    I got the ball rolling for a dmp today. I’ve not missed any payments as yet so not had chance to build and emergency fund.

    My current account is with Lloyd’s who I also have a loan and credit card with. I plan to open up a new current account ASAP but awaiting on my new driving license to arrive as proof of ID.

    So how long can I drag it out for before signing the dotted line? A loan has a 14 day waiver whilst I get things sorted and another has 30 days. I am worried I will make things worse but am also keen to build up a buffer for any emergencies.

    Any advice would be gratefully appreciated. Feeling slightly overwhelmed at the moment
  • Hi all about to start my DMP self managed and trying to get my head around the process:
    So I set up a basic bank account
    Cancel DD’s
    Sending holding letters - is this for a month?
    This is where I get confused! When do I send cca requests and what difference does it make if they are e/uef?
    Do I make a token payment at this point and how much?
    When do I send statement of income/expenditure and do I suggest a payment with this and is this when the dmp starts??
    Many thanks in advance
  • Hi all
    I hope everyone is ok and had a wonderful Christmas. I've not posted in a while. I've now been on the DMP for a year, and 6,000 is paid odd, down to just over 20,000. That's pretty groovy! I still haven't told anyone about it, and I'm still worried about people finding out, but it's been ok really. I was looking on my account on step change and the one that worried me the most is the one that has had the most paid off as it is the biggest.
    One thing really bugs me about it though, the initial loan was 5,000 I believe, and it has another 5000 on top of it as interest that I stupidly agreed to pay when I took it out. What was I thinking. Another two grand and the amount I had will be paid and I'll be paying the interest. I really wish I could have the interest taken off, they shouldn't have given me the loan at all and I shouldn't gave taken it but oh I wish they'd refused to give it to me. It was every day loans. I know I have to pay it but part of me really resents it. Oh well. I think I'm doing quite well to have done so much :)nobody will see this probably, my posts usually get missed aha.

    :wave:Rebecca. I've seen you;)

    Don't take it personally if some posts don't get answered. People who might be able to respond to your queries aren't always around at the time. Sometimes the thread moves so fast with lots of posts and not all get seen at times like that.

    Massive congratulations on paying off £6K on a single year:T:j:beer:. You're doing so well, especially as you're doing it 'in secret' so to speak. That's how I've been paying off mine and I know how hard it can be doing it that way. Anxiety levels sometimes were off the scale:eek:. I promise that it gets better. If you're anything like me, once you're down to the kind off debt amount that pretty much every man and his dog has nowadays without batting an eye about it you'll feel much better.



    I agree about the interest situation. I've paid back many thousands more in interest than the amount of money I really borrowed. I assume your interest has now been frozen. We still have to pay it but at least the balance isn't increasing any more. I also get angry when I think about how the credit card companies 'upped' my credit limit whenever I became 'maxed out' without me asking for an increase:mad:. I know I didn't have to accept the increases but I was drowning and clutched at any lifeline that was thrown my way:o. The banks have a major part to play in people getting into debt IMO.



    If you feel you were unfairly treated by your lender you should write to them to complain. I didn't have to complain to Lloyds but they actually contacted me to inform me that they were reviewing their procedures of how they treated people in financial difficulties in the past and concluded that they had not treated me fairly. They repaid me a total of about £1500 altogether for interest and overlimit fees and it was paid directly off the balance I owed them. I know a couple of other 'big' banks have done this sort of thing too but I don't know anything about the practices of Everyday Loans who you said lent you the money. Is it a Payday Loan sort of company? Hasn't there been some sort of crackdown on these sort of companies making them review their practices? Maybe it's just how they treat people now rather than historically. Hopefully someone might come along who knows about this sort of thing. Sourcrates probably.


    Good Luck:beer:
  • Im sorry for all these questions but i want to help my hubby as best i can before he starts.
    He has a credit card with 0 balance at the minute, would it make sense to keep this open or just close it?
    Also he has a credit card with approx £5k remaining balance, would it be best to use this now to change our car (our car is on its last legs) and then for him to go into his dmp, or will the credit card refuse as hes going to rack up more debts prior to starting?
    i just want to do whats best for us. Im already in a dmp so getting a car loan is going to be out of the question for the foreseable future (i have approx 5/6 years left) My husbands dmp will be in and around the same length of time. Thanks in advance.

    Sorry im reposting again but i really need some help.
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • Sorry im reposting again but i really need some help.


    Whatever you do, do not take out any more credit now. You will have to resign yourself that you will have to get a very cheap car and it must be paid for cash. Once you start a DMP, you don't ever want to have to think about credit ever again. That is what got you into the mess in the first place.
    Maybe you could tell your creditors that you need a car...only if you really do NEED it though, not just because you want one. And tell them you will pay token payments for the first few months, giving you time to save the cash for the car.....but please do not spend £5k on it. If you are starting the DMP with SC, then tell them you are unable to start for...x months until you have sorted yourself out. As long as the creditors know your intentions, then they should be ok about it.


    Oh and just to add....cut up the credit card!
    DMP 2015 £57,549, now £36,112 (37% paid)
    EF £200 Mortgage OP's this year £115

    There's a Great Big Beautiful Tomorrow, Shining at the End of Every Day!

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