DMP mutual support thread part 13 !!

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Comments

  • Slytherin
    Slytherin Posts: 57 Forumite
    Nat West, Barclaycard, Capital One and Nationwide.
  • Slytherin
    Slytherin Posts: 57 Forumite
    Pants. That was supposed to quote Willing2Learn’s message to me re: writing to creditors
  • Bazamoose
    Bazamoose Posts: 1 Newbie
    Hi there new poster here,
    Been in a DMP with payplan since feb 2017, and going along nicely my question is my estimated debts will be paid may 2020, 11 creditors some big some small about 4 of the smaller ones i could get cleared myself within the next few months is it worth doing this or should i pay the extra to Payplan?
  • Changingtimes
    Changingtimes Posts: 81 Forumite
    First Anniversary Name Dropper First Post
    Thank you all who offered me advice.
    So I put them all on notice and ask them to freeze or would step change do this for me.?
    All accounts are up to date as of now. And payday 18th November next one. So between now and then open a new account and contact all my creditors?
    Are you also saying to issue complaints now before I ask them to freeze my accounts?
    Sorry for all the questions I just don't want to do anything wrong
    Thanks again.

    Add: I opened a nationwide flex account yesterday so hopefully that will all be set up by next payday 18th November.

    Tomorrow I will cancel all DD and CPA with existing bank. I guess then I write to creditors advising 're cancelled payments etc. Do I also ask them all for statements of account ( well those I can't obtain myself online?).

    All a bit daunting but that's for your support so far.

    So you think I complain 're the PDL at the same time as cancelling ?

    Started 2019 with £22,5000 debt - March 2021 Debt free - stick with it people I did and now never felt better
  • sourcrates
    sourcrates Posts: 28,876 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Slytherin wrote: »
    Pants. That was supposed to quote Willing2Learn’s message to me re: writing to creditors

    Just press the “quote” button to quote another post in your reply.
    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: 28,876 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Bazamoose wrote: »
    Hi there new poster here,
    Been in a DMP with payplan since feb 2017, and going along nicely my question is my estimated debts will be paid may 2020, 11 creditors some big some small about 4 of the smaller ones i could get cleared myself within the next few months is it worth doing this or should i pay the extra to Payplan?

    Hi and welcome,

    It’s entirely up to you, it’s nice to get rid of a few smaller debts, if you choose to do this, just inform payplan to remove them from your arrangement.
    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
  • Steff90
    Steff90 Posts: 26 Forumite
    Hi everyone

    In addition to this, I forgot to add I received a letter from HSBC stating that as I hadn't signed my letter they couldn't do anything with my account (I'd asked them to give me 30 days grace with regards to payments etc).

    How true is this? I was under the impression you didn't have to put your signature on anything.

    Thanks:j
    Around 20K starting point :eek::eek::eek::eek: Will get there eventually :T
  • Afreshstart
    Afreshstart Posts: 29 Forumite
    First Anniversary First Post
    Hi everyone
    Haven't posted much but read most days.Very grateful for all the advice posted from everybody.
    My self managed DMP has settled down for the most part.I have an overdraft included that the bank never defaulted as I haven't exceeded the agreed amount.The bank keeps adding interest on which is more than my monthly DMP payment.They initially stopped interest for a few months & refunded again recently when I requested but are adding it on again.
    Can you do an F&F for an overdraft & has anyone had this accepted? This is my smallest debt (£1900).I also have a loan that went to the banks recoveries which is defaulted & has an agreed repayment.

    Any thoughts, advice appreciated
  • Suseka97
    Suseka97 Posts: 1,562 Forumite
    First Anniversary First Post Name Dropper
    Afreshstart wrote: »
    ...........
    My self managed DMP has settled down for the most part.I have an overdraft included that the bank never defaulted as I haven't exceeded the agreed amount.The bank keeps adding interest on which is more than my monthly DMP payment.They initially stopped interest for a few months & refunded again recently when I requested but are adding it on again.
    Can you do an F&F for an overdraft & has anyone had this accepted? This is my smallest debt (£1900).I also have a loan that went to the banks recoveries which is defaulted & has an agreed repayment. Any thoughts, advice appreciated

    I'm a bit confused.
    Have you changed your bank account - or are you still with the one with that you have the overdraft and loan? If you are, and there's a reason for that, then maybe focus on clearing the overdraft and put the loan repayment plan on hold until you do.
    Ordinarily the advice is to change banks to a provider you have no debts with or linked to, then the overdraft simply becomes one of your non-priority debts and as you are self-managing you can determine whether to clear that first (if you are unable to get them to stop charging interest) or drop them to tokens which might force a default.

    I have to admit though, that I'm not sure how things work regarding defaults and overdrafts - so hopefully someone who does will be along to advise.
  • Afreshstart
    Afreshstart Posts: 29 Forumite
    First Anniversary First Post
    edited 22 October 2018 at 2:14PM
    Hi Suseka97
    Thanks for the reply.
    Yes I opened a new account with a new bank,This is an overdraft on the original current account.
    I suspect i'll have to do as you suggest because they don't seem to want to permanently stop charges & interest.I was interested what happens to other peoples overdrafts in their DMP's & would a bank accept a partial settlement when it hasn't technically defaulted.
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