DMP Mutual Support Thread - Part 12

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  • piper89
    piper89 Posts: 12
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    Hi All
    I am currently in a DMP with Gregory Pennington £286 PM over 52 months, 7 months in £51 goes in fees to them, I had no option to go down this route as SC recommended BR.
    Things have slightly changed and I have taken on a second job so yesterday I done the Step change thing again and they came back with £313 PM over 38 months I just need some advice on changing over to SC.


    Do they have to go back to the creditors and start over again and set up a fresh arrangements?


    Is it ok just to stop payments to Gregory Pennington or will this cost me more money?


    Obviously this will take time for SC to set up, how will my Creditors take this because they will obviously miss at least a months payments?


    GP just finished setting up my last agreement last week why did this take them 7 months when they only had 9 arrangements to set up I for one don't think they have given me value for money charged.


    I haven't heard a word from any Creditors other than monthly statements from a couple of them and would like to keep it this way so would switching over to SC be the right thing to do?


    Thanks
    Piper
    .
    FAUGH-A-BALLAGH
  • Anyone got experience with JD Williams? Received a 'funds on account' email Friday from Payplan to say that they are unable to distribute my payment to JD Williams. The account number is correct & I haven't heard they've sold the account so who knows whats going on.

    I have also sent out letters to all 4 creditors, telling them I am with Payplan, asking them to default me and to only contact me in writing.

    It's only been a month but so far I've not had any creditors chase me.
    Student nurse 2018 to 2020
    Debt: DMP (with Payplan) £8194 - 6.6 years left
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 14 January 2018 at 12:39PM
    Hello all

    I have made the decision to transfer my DMP from SC to self managed......


    Anyway, my boyfriend who I live with has no idea about any of this (too scared to tell him as he's so good with money I'm fairly confident he'd walk away :( ), hence the 1.30am posts while he's asleep!

    Any advice on any of the above will be gratefully received....

    Not really advice as such but just a quick post to congratulate you on taking the self-managed route:T:beer:. I was very anxious about doing it after 4 years with SC. I'm a real wimp and expected all sorts of difficult repercussions from creditors:o. I have never regretted my decision and can honestly say that I feel much more confident about my debt being paid off quicker than it otherwise would have been.


    Sounds silly when I'm now paying token payments instead of more than I could comfortably afford with SC. It was my own fault that I paid so much, I was willing to live like a pauper to become debt free in the shortest possible time. Not a good idea at all, I was existing rather than living and that becomes very draining after 4 years:eek:. I now have a healthy fighting fund to try some F&F settlement offers.


    I empathise with your situation of keeping things secret from your BF. My OH (we've been together over 40 years but chose not to marry) knows nothing of my debts. He too is extremely good with money, miserly to a degree:(. I never worried about him leaving but just couldn't face the way he would treat me if he knew. He has an unpredictable temper and I didn't want to risk it:eek:. We have always kept our finances totally separate but it's been a strain trying to ensure my part of the payments I have to contribute to the household have never been affected so he doesn't twig:eek:


    Good luck with whatever you decide to do:beer:

  • I empathise with your situation of keeping things secret from your BF. My OH (we've been together over 40 years but chose not to marry) knows nothing of my debts. He too is extremely good with money, miserly to a degree:(. I never worried about him leaving but just couldn't face the way he would treat me if he knew. He has an unpredictable temper and I didn't want to risk it:eek:. We have always kept our finances totally separate but it's been a strain trying to ensure my part of the payments I have to contribute to the household have never been affected so he doesn't twig:eek:


    Good luck with whatever you decide to do:beer:

    Thank you!:beer: My bf will inevitably find out at some stage. We've been living together for over a year and I'd say in the next 2 years he'll bring up us getting a mortgage (as I definitely won't bring it up as can't for years!!). My logic is: if I tell him about all this now, he'll worry for the future, and will be involved in me trying to get debt free. If he finds out in 2 years when I'm already debt free but can't get a mortgage because of defaults, I can blame it on being young and stupid and we can focus on saving for a deposit for when we are able to get one, and I'm hoping it won't seem so bad because I'll have it paid off already... :think:

    Anyway, I have another question for you: when you offered token payments but had been paying more with SC, did the creditors not ask to see I&E statements...?:eek:
    Got into a payday loan cycle at Uni. :mad: Started DMP April 2017. Current debt: £8,038.12. DFD November 2021 but hopefully sooner with a payrise September 2017.:beer:
  • motivated
    motivated Posts: 3,044
    First Anniversary Photogenic First Post PPI Party Pooper
    Forumite
    Thank you!:beer: My bf will inevitably find out at some stage. We've been living together for over a year and I'd say in the next 2 years he'll bring up us getting a mortgage (as I definitely won't bring it up as can't for years!!). My logic is: if I tell him about all this now, he'll worry for the future, and will be involved in me trying to get debt free. If he finds out in 2 years when I'm already debt free but can't get a mortgage because of defaults, I can blame it on being young and stupid and we can focus on saving for a deposit for when we are able to get one, and I'm hoping it won't seem so bad because I'll have it paid off already... :think:

    Anyway, I have another question for you: when you offered token payments but had been paying more with SC, did the creditors not ask to see I&E statements...?:eek:


    Hi determined

    When I went from SC to self managed I told the creditors I had car and vet expenses and for x amount of months I would be paying token payments. They were fine about it.
    M
    Emptying my lake with a teaspoon
  • sourcrates
    sourcrates Posts: 28,717
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    piper89 wrote: »
    Hi All
    I am currently in a DMP with Gregory Pennington £286 PM over 52 months, 7 months in £51 goes in fees to them, I had no option to go down this route as SC recommended BR.
    Things have slightly changed and I have taken on a second job so yesterday I done the Step change thing again and they came back with £313 PM over 38 months I just need some advice on changing over to SC.


    Do they have to go back to the creditors and start over again and set up a fresh arrangements?


    Is it ok just to stop payments to Gregory Pennington or will this cost me more money?


    Obviously this will take time for SC to set up, how will my Creditors take this because they will obviously miss at least a months payments?


    GP just finished setting up my last agreement last week why did this take them 7 months when they only had 9 arrangements to set up I for one don't think they have given me value for money charged.


    I haven't heard a word from any Creditors other than monthly statements from a couple of them and would like to keep it this way so would switching over to SC be the right thing to do?


    Thanks
    Piper
    .

    Hi,

    Why don't you just ditch GP as soon as possible, and continue payments yourself ?

    Why do you need a 3rd party just to act as a payment vessel ?

    All your payments are set up, you should have your account and reference numbers, if not ask for them, just continue to pay via online banking every month, and pocket the £51 fee as an emergency fund.

    What could be simpler than that.
    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 forumteam@moneysavingexpert.com. 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
  • sourcrates
    sourcrates Posts: 28,717
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    Anyone got experience with JD Williams? Received a 'funds on account' email Friday from Payplan to say that they are unable to distribute my payment to JD Williams. The account number is correct & I haven't heard they've sold the account so who knows whats going on.

    I have also sent out letters to all 4 creditors, telling them I am with Payplan, asking them to default me and to only contact me in writing.

    It's only been a month but so far I've not had any creditors chase me.

    Hi,

    Only 4 creditors ?

    Do you really need 3rd party help with this, can you not go self managed and pay them yourself ?

    Its easy and simple to do it.
    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 forumteam@moneysavingexpert.com. 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
  • sourcrates wrote: »
    Hi,

    Only 4 creditors ?

    Do you really need 3rd party help with this, can you not go self managed and pay them yourself ?

    Its easy and simple to do it.

    Oh I am next month :T
    Student nurse 2018 to 2020
    Debt: DMP (with Payplan) £8194 - 6.6 years left
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 15 January 2018 at 6:51AM
    Anyway, I have another question for you: when you offered token payments but had been paying more with SC, did the creditors not ask to see I&E statements...?:eek:

    When I wrote to my creditors to tell them I was going self-managed I started off at the same payment level I was at with SC. I sent an I&E at that stage with the same figures as the SC one. After a couple of months I wanted to drop to token payments so I wrote to all my creditors. They all sent me their own version of an I&E form to complete and return. None of them asked for payslips, bank statements or the like. It is entirely up to you what you put on your I&E form;). They all accepted mine (with massively increased expenses in some areas;)) without question although, 6 months on, a couple have written to say they want to review whether the payments I am making are still sustainable for me . I think I can manage to pay £1:rotfl:. I am in the process of completing and returning their latest I&E form.
  • System
    System Posts: 178,077
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    Community Admin
    Hello, I am just doing my CCA requests and wanted to check when I go to the post office this afternoon do I just ask for a blank postal order? Do I need to write their names on it or just send it blank fo them? Thanks
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