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DMP mutual support thread part 13 !!

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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.4K replies 470.5K views
sourcratessourcrates Forumite, Board Guide
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edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
Welcome to the DMP mutual support thread Part 13 !!

Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

If you are in a DMP or thinking of one, this is the place to be.

We are non judgmental and all DMP related questions are welcome.

Again the old thread was getting a tad long, so time, yet again, for a new one.

The old thread can be found here :

https://forums.moneysavingexpert.com/showthread.php?t=5623951


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Replies

  • Suseka97Suseka97 Forumite
    1.1K posts
    1,000 Posts Fifth Anniversary Name Dropper
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    A shiny new thread - episode 13, well I had to jump right in :)

    Haven't posted an update for a while, so thought it was time to do so. My PRA debts are still UE and I'm receiving statements on a regular basis asking me to set up a payment plan. Every few months they offer a discount, once is still at 65%, one at 25% and one still at 10%. So leaving those until the discounts are closer to a figure I'm happy with.

    The Link ones are enforceable :( but that's okay - can't win them all :D I've held off setting any sort of arrangement up for a few months and the latest letters have applied an 10% discount with a low monthly repayment figure - so I'm considering those.

    All accounts are defaulted and most will start dropping off the files in 2019 - with a couple hanging on to 2020. I can't tell you how great that'll feel :j

    So, for the new starters and 'wannabes' - keep at it and trust in your decision to take control of your financial situation. It's a great feeling when each debt disappears and you can look forward to a much brighter future.

    Have a good day everyone :)
  • Hi, new here and thanks to this thread and the ppl who post here.

    Ive just posted a new thread on the main board about 'Total Debt Relief'. (sorry not sure how to link that post). Since it looks like they wont be able to manage my debts anymore. I'am thinking of going self manage, after reading here im feeling brave.

    Currently i have 7 creditors. All have the interest frozen, half are now with DCA (Cabot and PRA). Capital One and Tesco are still in collections. I really want to carry on making my token payments to each, whilst being able to build up my fund for full & final settlement. This is the structure i have been using with the DM company.

    I'am not feeling like i need a full reset here and im not sure i need SC.

    I have spoken to my creditors as they were expecting the token payments, which i made yesterday. They were good about the situation and asked if i would self manage or need to speak to SC etc. They've put the accounts on hold until i make a decision.

    I welcome any advise.

    Thanks
  • kramkram Forumite
    136 posts
    Hi, new here and thanks to this thread and the ppl who post here.

    Ive just posted a new thread on the main board about 'Total Debt Relief'. (sorry not sure how to link that post). Since it looks like they wont be able to manage my debts anymore. I'am thinking of going self manage, after reading here im feeling brave.

    Currently i have 7 creditors. All have the interest frozen, half are now with DCA (Cabot and PRA). Capital One and Tesco are still in collections. I really want to carry on making my token payments to each, whilst being able to build up my fund for full & final settlement. This is the structure i have been using with the DM company.

    I'am not feeling like i need a full reset here and im not sure i need SC.

    I have spoken to my creditors as they were expecting the token payments, which i made yesterday. They were good about the situation and asked if i would self manage or need to speak to SC etc. They've put the accounts on hold until i make a decision.

    I welcome any advise.

    Thanks

    You need to have a look at the NEDCAB website heres a link to it:

    https://nedcab.cabmoney.org.uk/

    Lots of info on there relating to self managing your dmp.

    I would also look back through the previous thread & search for self managed posts as well.

    Good luck with it all. :)
  • Well after posting my first plan on the 21st August everything has moved very quickly. I decided to enter into a dmp self managed with no idea where to start or whether I was doing the right thing. I bit the bullet and went thru the nedcab site and wrote my holding letters the morning after. Within a week I had received a letter back saying they would hold interest for 1 mi th whilst I got plan together. Wrote again by return with my i&e details and stating I would make token payments for next 4 months then £75 a month which is about 25% of my minimum payment. Less than a week later Ive received a letter from them saying that they accept the situation (well Halifax wants payments from October which they won’t be getting til feb) and they will pass my account onto recoveries and register a default in 2 months time backdating it to the date I told them about my situation so that the default will be wiped off my record earlier. I am honestly so shocked that this has been so straightforward so far. And I’m so impressed that both barclaycard and Halifax have dealt with this in a professional way not making the situation for me any worse than it already is! I would honestly encourage anyone who is in financial trouble and having sleepless nights to just go for it. I know that there will possibly be bumps along the way but right now life is really looking so much better for me and my little family
  • January2015January2015 Forumite
    2.4K posts
    Fifth Anniversary Combo Breaker
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    Well after posting my first plan on the 21st August everything has moved very quickly. I decided to enter into a dmp self managed with no idea where to start or whether I was doing the right thing. I bit the bullet and went thru the nedcab site and wrote my holding letters the morning after. Within a week I had received a letter back saying they would hold interest for 1 mi th whilst I got plan together. Wrote again by return with my i&e details and stating I would make token payments for next 4 months then £75 a month which is about 25% of my minimum payment. Less than a week later Ive received a letter from them saying that they accept the situation (well Halifax wants payments from October which they won’t be getting til feb) and they will pass my account onto recoveries and register a default in 2 months time backdating it to the date I told them about my situation so that the default will be wiped off my record earlier. I am honestly so shocked that this has been so straightforward so far. And I’m so impressed that both barclaycard and Halifax have dealt with this in a professional way not making the situation for me any worse than it already is! I would honestly encourage anyone who is in financial trouble and having sleepless nights to just go for it. I know that there will possibly be bumps along the way but right now life is really looking so much better for me and my little family

    In the immortal words of Mr Punch (Punch and Judy ;) )

    That's the way to do it !!!

    Well done. Fantastic first post. I look forward to following your journey. Welcome to our group :beer:
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • biker_robbiker_rob Forumite
    24 posts
    Eighth Anniversary Combo Breaker
    Further to my thread on the DFW forum, I have just opened a new current account with Nationwide. I went for the Flex Basic but they said that I couldn't progress with the application due to already having a UK current account so I accepted the standard Flex account and was mindful to set the OD limit to £0. There is no monthly fee. Was accepted after credit check without issue (was surprised). So I have a new current account to progress with.


    My current account is with Barclays and the £5000 overdraft will be part of my DMP. I am waiting for my salary to go in for September and my priority DDs and SOs to come out by the 5th October. Then I can start the ball rolling with letting my employers know the details of my new account and then transferring DDs and SOs over.


    I won't send Barclays my letter to inform them of me consulting with SC until I've removed all monies. Is this the best action?


    I will send letters to my other 4 creditors in the meantime so hopefully I'll get 30 days breathing space to arrange my emergency fund.


    One of my creditors is Pounds to Pocket and they have an CPA in place on my debit card. I will contact Barclays later to remove this so they can't take payment next week. Ironically while I have got 5 payments behind with 3 creditors, the P2P loan is up to date, but is not sustainable.


    I have 5 shifts extra shifts in October which will give me roughly £500 for my emergency fund.


    So all going well, I can start the DMP at the end of October.


    Does this all sound like I'm heading in the right direction?
    LBM: August 2018
    Self-managed DMP started: Jan 2019
    Original Debt Jan 2019: £22,469
    Current Debt: £21,058
  • Suseka97Suseka97 Forumite
    1.1K posts
    1,000 Posts Fifth Anniversary Name Dropper
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    biker_rob wrote: »
    ......I won't send Barclays my letter to inform them of me consulting with SC until I've removed all monies. Is this the best action?
    I will send letters to my other 4 creditors in the meantime so hopefully I'll get 30 days breathing space to arrange my emergency fund.
    One of my creditors is Pounds to Pocket and they have an CPA in place on my debit card. I will contact Barclays later to remove this so they can't take payment next week. Ironically while I have got 5 payments behind with 3 creditors, the P2P loan is up to date, but is not sustainable. I have 5 shifts extra shifts in October which will give me roughly £500 for my emergency fund. So all going well, I can start the DMP at the end of October.
    Does this all sound like I'm heading in the right direction?

    Yep, looks like you have everything in hand and its good that you've managed to get a standard flex account, rather than a basic. That's because I imagine you've no current defaults registered and so should be treated like any other potential customer. You'll find having a standard account helps at certain points, one being that with a basic you don't get cheque book and I've found that a bit of a pain at times over the years.
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    biker_rob wrote: »
    Further to my thread on the DFW forum, I have just opened a new current account with Nationwide. I went for the Flex Basic but they said that I couldn't progress with the application due to already having a UK current account so I accepted the standard Flex account and was mindful to set the OD limit to £0. There is no monthly fee. Was accepted after credit check without issue (was surprised). So I have a new current account to progress with.


    Does this all sound like I'm heading in the right direction?

    Well done, biker_rob. Sounds like you've got off to a great start:beer:

    I also opened a 'clean' bank account with Nationwide when I started my DMP. I didn't have any defaults at that stage and still had a usable account with Lloyds(which I still have and am able to use). I didn't want to put my monthly income money into the Lloyds account though as I had a Lloyds credit card on my DMP and they have the right of 'offset'. Nationwide never offered me a full account though, just the basic one:(. I would have preferred a full account as I would then have closed the Lloyds one down as I don't like Lloyds.
  • edited 20 September 2018 at 2:43PM
    [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    edited 20 September 2018 at 2:43PM
    Suseka97 wrote: »
    Yep, looks like you have everything in hand and its good that you've managed to get a standard flex account, rather than a basic. That's because I imagine you've no current defaults registered and so should be treated like any other potential customer. You'll find having a standard account helps at certain points, one being that with a basic you don't get cheque book and I've found that a bit of a pain at times over the years.

    As I just posted in response to biker_rob Nationwide didn't offer me a regular account even though I didn't have a single default registered at that point and also had/still have a usable Lloyds current account.


    I haven't needed a chequebook for donkey's years, never wrote cheques even with a Lloyds chequebook, but blow me, I'd have been glad of one this week when someone I needed to pay insisted on a cheque:(. I didn't intend to waste unnecessary money on buying postal orders as it was for a large amount so I had to get OH to write the cheque for me and I paid him back in cash straight away. Everybody happy. I was a bit anxious about it though as he was very insistent on knowing all the details of why I couldn't write my own cheque:eek:. He doesn't know a thing about my DMP and debts or that I have to resort to a basic bank account nowadays because I'm a poor risk:o. I think I got away with it but I hate lying to him. Withholding the full truth is a different matter though;). I'm a dab hand at changing the subject to divert him if the subject gets a bit difficult. I probably have an ancient Lloyds chequebook somewhere but it's so long since I used it I haven't a clue where it might be. Probably shredded ages ago or so old that they would query the age or format of the cheque had I used one.
  • NeverendingDMPNeverendingDMP Forumite
    617 posts
    500 Posts Second Anniversary
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    Just thought I'd say hello. I'm still plodding along on my DMP. Debts are going down not up.
    Its been a mixed week though as my big debt...
    11300...
    has sent all paperwork through and is enforceable. Felt a bit down as after five months had begun to get my hopes up. Ah well. Must focus on the positives. Major success in other areas however in that hubby is finally contributing to a debt. Persistance has paid off and he now pays a standing order each month to one of them.
    35,213 - Jan 2018, 18121 remaining.
    Mortgage Jan 2018 =77224, 70284 remaining
    EF = 1040.
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