DMP Mutual Support Thread - Part 12

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  • January2015
    January2015 Posts: 2,369
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    Hi all
    I am very new to this and my first DMP payment to StepChange is on 1st Feb. I received a letter today from Lloyds for the loan I have (which is the biggest amount of all my creditors) and they confirmed they would not be stopping charges or freezing interest. I am now panicking as two others are not freezing interest or stopping charges either so I am now thinking that I will end up with a huge amount of more debt than what I started with. Has this happened to anyone before where half your creditors are refusing to freeze interest or stop charges; and if so what is the best way to proceed?
    Any advice would be welcome.
    I also have three of the creditors asking me to complete an income and expenditure form but SC has already sent this to all of my creditors so I am not sure if I am supposed to be completing these forms or not?
    I am maybe just panicking as all of this is so new but it worries me that the interest and charges are not going to be frozen.

    I'm about to send you a private message about Hellifax - they refused to stop interest on our accounts. Soon managed to sort that ;)
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • Thank you soo much for your message and help...i am so grateful to have found this forum :)
  • Thanks for the advice motivated and January2015! It seems counterintuitive to launch straight into a DMP without a safety net - not to mention a recipe for disaster!!
  • LadyMorticia
    LadyMorticia Posts: 19,899
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    Hey guys. :)

    What is the maximum time that you can do token payments for? We're struggling at the moment so hoping to drop to token payments for a while but not sure how long it will take for us to sort ourselves out.
    2019 Wins
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  • January2015
    January2015 Posts: 2,369
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    Hey guys. :)

    What is the maximum time that you can do token payments for? We're struggling at the moment so hoping to drop to token payments for a while but not sure how long it will take for us to sort ourselves out.

    How long is a piece of string ???

    I've been making token payments for just over 2 years now :D
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • sourcrates
    sourcrates Posts: 28,647
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    Hey guys. :)

    What is the maximum time that you can do token payments for? We're struggling at the moment so hoping to drop to token payments for a while but not sure how long it will take for us to sort ourselves out.

    No maximum, take as long as nessessary to sort your self out.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Hi we have two MBNA accounts totalling 15k both defaulted and with PRA. We took them out in 2012 when it was Virgin Money , sent off CCA request as I had learned to do from the forum and PRA group came back in October saying they were putting it on hold as the original agreement could not be found ..........still no correspondence..........im hoping that they can't find it......but they will probably give us a reconstituted agreement
  • Sazzie23
    Sazzie23 Posts: 2,634
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    Hi

    There is a F&f thread somewhere that may be able to give you a better answer but my experience has been that it can vary wildly. One factor is how much you pay, therefore how long there is to go,also whether the debt has been sold to DCA. Apparently there are other factors too, such as how close the DCA is to reaching target, when in the month and what side they got out of bed :D

    Good luck with it though.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
  • System
    System Posts: 178,076
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    Hi we have two MBNA accounts totalling 15k both defaulted and with PRA. We took them out in 2012 when it was Virgin Money , sent off CCA request as I had learned to do from the forum and PRA group came back in October saying they were putting it on hold as the original agreement could not be found ..........still no correspondence..........im hoping that they can't find it......but they will probably give us a reconstituted agreement

    I’ve read about CCA requests but someone said there’s no point doing one if the debt is post 2007 because it’s not valid or something? Is this right? My debts have only just gone to DCA so it doesn’t apply to me yet but I’m just thinking down the line if I need to send one but all are 203-2015 opened.
  • System
    System Posts: 178,076
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    Hi guys, hope all is well in DMP world for you all. Happy new year to everybody. I haven't been on here for ages. Our DMP is ticking along nicely and we have actually been offered a 50% F&F settlement by one DCA, however they want it paid over 3-6 months, which works out at 238 a month, which we can't really afford. Trying to work out what we could do to accept this offer as it would knock 1400 off our total debts. Apart from that, everything is fine. I must start finding time to come back on here as you were all so helpful to me 2 years ago, and I'm sure I could now offer advice to other newbies.
    I do have another question, but will put that in a separate post so as not to confuse people. Great to talk to you all again.
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