DMP mutual support thread part 13 !!

Suseka97

Dreamer29 wrote: »

Hi everyone......
How long after a DMP is started do SC take your first payment, will it be February or is it more likely to be March.
Have we made a mistake in getting DMPs set up prior to the accounts defaulting, should we have done it the other way around?
We are both already feeling better that we’ve made the first step but my anxiety means that I’m still worried that until SC confirm the plans are running that for some reason they may say that we can’t do the or something will go wrong. Thank you in advance for any advice

Hello there and welcome.

A DMP is an informal arrangement and as such it's up to you when it should start and for you to advise SC of the preferred month. If you read back on this thread you'll see that the more experienced of us always advice new starters not to rush in and to take time to save up an emergency fund. Usually at least 3 months worth of not making your contractual payments at the minimum. Many like to set up the DMP first and find some creditors will default fairly quickly, others need a bit of persuading and if it comes to that we can help you.

I can think of no reason SC would suddenly change their mind - they will try to encourage you to get the plan set up as quickly as possible, and if you say you want 3 months grace - they may well then defer and suggest you get back in touch when you are ready to commence. If that happens - all you need to do is write to all your creditors to explain the situation (which you should be doing anyway), telling them you are working with SC to resolve the situation and expect to enter into a DMP with payments to commence in x month. Creditors tend to give folks 30 days grace straightaway and it's easy to stretch that out. Again, we can help with that.

Dreamer29

That’s great, it means that I can ask SC to start the payments in March allowing me time to make sure my wages etc have been transferred to my new account and if my husband does the same we should have enough to start an emergency fund. I’ve also applied to have our water bill capped as we get child tax credit and are on a water metre so hopefully that will give us a little bit of extra money too.

Thank you for your advice, being in debt feels very lonely but I’ve read some of the previous threads and some of the pages on this one and can’t believe how supportive and none judgmental everyone is.

Suseka97

Dreamer29 wrote: »

Thank you for your advice, being in debt feels very lonely but I’ve read some of the previous threads and some of the pages on this one and can’t believe how supportive and none judgmental everyone is.

You're welcome and being supportive and non judgmental is exactly the ethos of this forum

[Deleted User]

Suseka97 wrote: »

You're welcome and being supportive and non judgmental is exactly the ethos of this forum

Couldn't agree more, Suseka:T. You, in particular, are always so generous with your time to offer clear advice based on experience whenever new posters ask questions:beer:. There are lots of other stalwarts too and in no time at all even those who are relatively new to DMPland have found their feet and are confident enough to help others :j. It's a great forum to be part of. Here's to all of us:beer:

Rosie1001

I’ve just checked my online credit card statement with Tesco

I was put under special measures and they agreed a payment of £80 per month which I’ve paid since last may

I have just seen on tiny statement I am still Boeing charged interest of £55 a month which I was told would not happen

What do I do now .... cancel the SO at the bank , they will default the account then won’t they !!?

I will ring them tomorrow after work ...

Any help please

sourcrates

Rosie1001 wrote: »

I’ve just checked my online credit card statement with Tesco

I was put under special measures and they agreed a payment of £80 per month which I’ve paid since last may

I have just seen on tiny statement I am still Boeing charged interest of £55 a month which I was told would not happen

What do I do now .... cancel the SO at the bank , they will default the account then won’t they !!?

I will ring them tomorrow after work ...

Any help please

Complain about it, best in writing, gets past the call handler, tell them they have not done as agreed, and you want the interest stopping, and the interest paid refunding.


And yes, ask them to defauilt you, why wouldnt you, that is after all the end goal, no point beating around the bush, just ask.

Rosie1001

Thank you for the quick reply

I will do what you have advised ...

I’m in default with Lloyd’s so another one makes no difference

It’s took me since last may to pluck to the courage to check my account today , I’m so annoyed they are still charging interest ...so my Payments were worth hardly anything to my balance

Changingtimes

Good morning all. Well I have now officially started my DMP with SC now having made the first payment and now feeling relief and less stressed about the whole thing ��. Just a question do you find creditors will stop interest.? Is there anything I should be doing about trying to get them to consider stopping it.
Now my plan is in place and they have all received their first payment do you think it worth while to email them all asking them to stop interest?
Thanks all.

Suseka97

Changingtimes wrote: »

G......Just a question do you find creditors will stop interest.? Is there anything I should be doing about trying to get them to consider stopping it.
Now my plan is in place and they have all received their first payment do you think it worth while to email them all asking them to stop interest?
Thanks all.

Good to hear you are up and running with the DMP and feeling better for it As for the 'interest' question - it can be a very mixed picture. Some will stop pretty soon into the DMP, others will take a little while longer and some will continue charging, but may reduce the amount. You may also find that a creditor will stop, then recommence if the amount they receive suddenly goes above their minimum payment threshold (that happened to us with accounts held by Barclaycard).

There's no harm in you contacting your creditors to ask for them to stop, but I'd wait until the DMP has settled down and see who has stopped and who hasn't, so you focus on the latter.

I'm pretty much at the end of my DMP journey (holding out for F&Fs) but I recall some of mine took between 3 - 6 months before all interest stopped. Some went on a bit longer and only stopped when they sold the account on to a DCA and defaulted me. One little beggar took over a year to sell on and default and all the while charged interest (Hfx) but when that account eventually settled I wrote a lengthy complaint and had interest refunded to me and the default got backdated. That said I think most companies are well on board with the DMP process these days and many new DMPers seem to be getting swift defaults and interest stopped fairly quickly.

RVZ

carbootcrazy wrote: »

Sorry for confusing you, Puzz. I confuse myself all the time:rotfl:

They say it is UE 'at present' and I fear that should I start them off searching for more information they may actually find compliant paperwork which will prove the debt is enforceable after all. That's what I meant but didn't explain very well.


I've found out from experience that when PPI redress is given and there is still money owing on the debt they take the PPI payment as part payment towards the debt and don't send it winging it's way to the current account:eek:. I know it's the same thing really, if it lessens the outstanding debt all well and good. In this case though I'd be very annoyed that not only had they found compliant paperwork to make the debt enforceable after all but whatever they award me for the PPI, if smaller than the outstanding debt balance when deducted off that debt balance, would still leave me owing them money. As it is, by letting sleeping dogs lie I'm not going to pay anything off that debt. They haven't come up with the paperwork after over 18 months but who's to say that they can't once there's the prospect of having to pay out a few thousands in PPI.

.

Hi,
I had PPI refunded direct to me which was a surprise! Think it was because they had already sold on the debt. Lol:rotfl: