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  • FIRST POST
    • sourcrates
    • By sourcrates 18th Sep 18, 10:40 PM
    • 15,718Posts
    • 14,783Thanks
    sourcrates
    DMP mutual support thread part 13 !!
    • #1
    • 18th Sep 18, 10:40 PM
    DMP mutual support thread part 13 !! 18th Sep 18 at 10:40 PM
    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
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
Page 25
    • Rosie1001
    • By Rosie1001 8th Nov 18, 5:09 AM
    • 10 Posts
    • 3 Thanks
    Rosie1001
    Car boot ...

    Yes it says itís just getting managed by them , it states that on letter that account has been transferred to them , debt not sold

    I self managed so no DMP , no payments in place to Lloydís ...they closed my account and I heard nothing until yesterday

    Can I refuse telephone contact with moorcroft ??

    I was under customer priorities team at Lloydís , they said moorcroft have a similar team that will be dealing with my account
    • purplepaws
    • By purplepaws 8th Nov 18, 9:23 AM
    • 58 Posts
    • 64 Thanks
    purplepaws
    MBNA - pleasant suprise!
    Morning All!
    Hope everyone is doing ok?
    Quick update on the DMP I'm sorting for my OH.
    Due to ill health, he has made me his advocate and we have notified all the creditors that this is the case. So far, everyone (MBNA, Aviva & HSBC) have been fine with this. Barclaycard will not accept it but it's just tough, they will have to. They telephoned the house yesterday, after being asked to communicate by letter only. OH answered the call (he forgot that I told him not to answer) and said they had to deal with me and they did apologies but continued to press him for payment, so he hung up.
    However, I wanted to praise MBNA - they have been so supportive. I have to say I am very surprised considering the size of debt (35,000+). So, a nice start to, what has been a pretty awful 3 years of illness, the road to recovery both physically and financially.
    Good luck everyone and have a lovely day.
    DMP launched 04/07/17 left to pay = £15,596.29 (£16,982.82 original debt.) Thanks to MSE & all you wonderful Forum Peeps!
    • ruby80
    • By ruby80 8th Nov 18, 11:45 AM
    • 13 Posts
    • 2 Thanks
    ruby80
    I'm in the process of setting up a DMP and opened a new bank account a few weeks ago (Nationwide). My old bank account is with Tesco and there is an overdraft which I plan to include in the DMP.

    I used Nationwide's "partial switch" service to change over the DDs and had thought that the Tesco account would remain open. The plan once everything was switched was to contact Tesco about the DMP.

    However, Tesco have written to me today to say the account switch is going ahead and my Tesco account will be closed in 7 days. It says they will move any funds to my new account (I don't have any - the overdraft is at the maximum). I'm worried that they'll try to move the overdraft over to my new account, is this a possibility?

    It does say "you'll need to pay any remaining arranged or unarranged overdraft balance on your Tesco Bank account before it can be closed".

    Does anyone know what will happen, will they try to transfer the overdraft?

    Thanks.
    • January2015
    • By January2015 8th Nov 18, 12:48 PM
    • 2,301 Posts
    • 5,482 Thanks
    January2015
    I'm in the process of setting up a DMP and opened a new bank account a few weeks ago (Nationwide). My old bank account is with Tesco and there is an overdraft which I plan to include in the DMP.

    I used Nationwide's "partial switch" service to change over the DDs and had thought that the Tesco account would remain open. The plan once everything was switched was to contact Tesco about the DMP.

    However, Tesco have written to me today to say the account switch is going ahead and my Tesco account will be closed in 7 days. It says they will move any funds to my new account (I don't have any - the overdraft is at the maximum). I'm worried that they'll try to move the overdraft over to my new account, is this a possibility?

    It does say "you'll need to pay any remaining arranged or unarranged overdraft balance on your Tesco Bank account before it can be closed".

    Does anyone know what will happen, will they try to transfer the overdraft?

    Thanks.
    Originally posted by ruby80
    If you have opened a basic bank account then the will definitely be no overdraft facility with Nationwide and the overdraft cannot be moved.

    The sentence about paying remaining arranged or unarranged overdraft covers this and Tesco will most likely know it cannot be moved - that sentence covers them in stating that you have to pay it..... which you will through your DMP.

    A bit late now, but the advice for people entering a DMP and open new bank accounts is never to use the switching service.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    • January2015
    • By January2015 8th Nov 18, 12:50 PM
    • 2,301 Posts
    • 5,482 Thanks
    January2015
    Morning All!
    Hope everyone is doing ok?
    Quick update on the DMP I'm sorting for my OH.
    Due to ill health, he has made me his advocate and we have notified all the creditors that this is the case. So far, everyone (MBNA, Aviva & HSBC) have been fine with this. Barclaycard will not accept it but it's just tough, they will have to. They telephoned the house yesterday, after being asked to communicate by letter only. OH answered the call (he forgot that I told him not to answer) and said they had to deal with me and they did apologies but continued to press him for payment, so he hung up.
    However, I wanted to praise MBNA - they have been so supportive. I have to say I am very surprised considering the size of debt (35,000+). So, a nice start to, what has been a pretty awful 3 years of illness, the road to recovery both physically and financially.
    Good luck everyone and have a lovely day.
    Originally posted by purplepaws
    MBNA were fantastic with us. Absolutely the best creditor to deal with from day 1. Interest frozen permanently, prompt default and always, always polite, supportive, understanding and helpful.

    Oh but that all creditors could take a leaf out of MBNAs little book.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    • ruby80
    • By ruby80 8th Nov 18, 1:12 PM
    • 13 Posts
    • 2 Thanks
    ruby80
    Thanks January. The new account is a Nationwide Flex Direct account, not a basic one, but there is no overdraft on it.
    • jubilee14
    • By jubilee14 8th Nov 18, 8:45 PM
    • 297 Posts
    • 876 Thanks
    jubilee14
    Got an email today from SC as my DMP is coming to an end. Need to double check final accounts balances. I’ve been doing this through credit agencies throughout. But it makes it real my debt journey is coming to an end. Though few more months to go. Hurray
    LBM Sept 2012
    started DMP 1.11.12
    Debt £37012/£2025 DFD Oct 2019 about March 2019
    • Moveslikeagger
    • By Moveslikeagger 9th Nov 18, 7:19 AM
    • 35 Posts
    • 13 Thanks
    Moveslikeagger
    Congratulations Jubilee! Thatís so good! How have you found being in a DMP? How king were you in one? Iíve just started and I have 14 years projected although hopefully will be shorter! Seems like a long road ahead 😒
    • strayduck
    • By strayduck 9th Nov 18, 11:46 AM
    • 4 Posts
    • 1 Thanks
    strayduck
    I started my DMP on my own back in September, owing approx £45k and payments were to be £403. All creditors agreed. We have now had to switch our mortgage to a new deal which means the mortgage payment has increased.

    The Stepchange budget showed that there would now be £279 available to pay off creditors. This will now take around 13yrs for the DMP to be paid off. I was ok with this as there will be pay rises over the years to bring it back, plus in 3yrs time my husband's loan will be paid off and he will assist me with clearing this down further.

    Stepchange has written to them all and i have had my first rejection letter from Halifax. Letter does state that they could be moving the debt on and to just keep paying.

    I am rather worried now, does anyone know what Halifax's next step could be? I believe they should also be defaulting me any time now.
    • Moveslikeagger
    • By Moveslikeagger 9th Nov 18, 11:47 AM
    • 35 Posts
    • 13 Thanks
    Moveslikeagger
    Just a quick update on my DMP, I called MBNA and straight away they froze my interest for 30 days. The lady on the phone was really helpful and said to call back in 30 days and go through I&E on the phone with her and work out a payment plan. Just for those a bit scared of calling a creditor. Go for it as I was worried but they are not as scary/rude as you think they will be. Tesco and Halifax I have sent letters to so hope to get a response soon! Good luck all
    • purplepaws
    • By purplepaws 9th Nov 18, 12:04 PM
    • 58 Posts
    • 64 Thanks
    purplepaws
    I started my DMP on my own back in September, owing approx £45k and payments were to be £403. All creditors agreed. We have now had to switch our mortgage to a new deal which means the mortgage payment has increased.

    The Stepchange budget showed that there would now be £279 available to pay off creditors. This will now take around 13yrs for the DMP to be paid off. I was ok with this as there will be pay rises over the years to bring it back, plus in 3yrs time my husband's loan will be paid off and he will assist me with clearing this down further.

    Stepchange has written to them all and i have had my first rejection letter from Halifax. Letter does state that they could be moving the debt on and to just keep paying.

    I am rather worried now, does anyone know what Halifax's next step could be? I believe they should also be defaulting me any time now.
    Originally posted by strayduck
    Halifax may well 'reject' the new offer but at the end of the day, they have more money than you.
    They will not force you to pay more than you can, this would put you in further financial difficulty, and that is no good to anyone.
    Halifax rejected my offer, on a personal loan I have with them, but they still take the reduced amount every month. They defaulted quite quickly too.
    Please don't worry - I think some lenders just try to push for more money but if you don't have it then you can't pay it to them.
    Good luck.
    DMP launched 04/07/17 left to pay = £15,596.29 (£16,982.82 original debt.) Thanks to MSE & all you wonderful Forum Peeps!
    • Energysaving
    • By Energysaving 9th Nov 18, 12:59 PM
    • 2 Posts
    • 0 Thanks
    Energysaving
    DMP - Month 1
    Well, here we are. I think I've made pretty much every mistake possible, eg:

    Full switch to new Natwest Account in the middle of October.

    Paid £150 off HSBC overdraft, £60 to clear CO-OP overdraft, left me scraping round for pennies and eating whatever was lurking in the freezer until payday.
    Discovered that cheques now take 4 days to clear, so the refund I got from a catalogue didn't clear in time to pay one of my direct debits on my new account. That nearly cost me £8.

    Paid all my credit cards to the middle of October, so having repeated "well, you haven't missed a payment" conversations with everyone.
    Had to use (still perfectly active) credit card to pay car insurance, as the alternative (monthly payment) was a NEW credit agreement. I didn't know.

    Everyone (MBNA, Barclaycard, HSBC, Paypal) have been fine so far with the 30 days. Barclaycard were actually lovely. MBNA have (according to my account page) accepted the reduced payment amount. The Co-op have accepted, and even told CAP that I needed to clear the credit on my current account. (So I have an extra £8.94 to play with this month. )

    Nobody's been paid yet under the DMP, which is making me anxious, even though I know CAP have only had the money for 8 days, and are still waiting to hear back from most of the creditors.
    Me being me, I have created (an extremely complicated) spreadsheet to monitor all my little pots of money - which helps a little.


    £47,846.11 DEBT DFD Sometime in 2023
    • Willing2Learn
    • By Willing2Learn 9th Nov 18, 1:12 PM
    • 1,751 Posts
    • 1,338 Thanks
    Willing2Learn
    Hi Energysaving and welcome to the forum.

    Just double-checking that with your new NatWest current account, you don't owe any money to any creditor that is part of the RBS group?

    A spreadsheet is a perfectly sensible approach, as you need to stick to your monthly budget, and you need to know where every penny is going. I started out with a spreadsheet, then migrated to MS Money and then finally to YNAB in 2012. It's all part of the learning curve, that is how to manage credit accounts, monthly budgets and money in general.

    Good luck on your DMP journey!!
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Willing2Learn
    • By Willing2Learn 9th Nov 18, 1:16 PM
    • 1,751 Posts
    • 1,338 Thanks
    Willing2Learn
    ...The Stepchange budget showed that there would now be £279 available to pay off creditors. This will now take around 13yrs for the DMP to be paid off. I was ok with this as there will be pay rises over the years to bring it back, plus in 3yrs time my husband's loan will be paid off and he will assist me with clearing this down further.

    Stepchange has written to them all and i have had my first rejection letter from Halifax. Letter does state that they could be moving the debt on and to just keep paying.
    Originally posted by strayduck
    A 13 year plan with the prospect of speeding it up with additional future income sounds like a good way to manage your debt-free journey.

    Don't worry about Halifax. They have to accept what you can afford as they have no choice. Just stick to the offered payment plan. A default is good, as it means the toxic debt account drops off your credit files earlier. All Halifax can do is pass your debt on to a DCA, who in turn, can only expect to be paid according to the payment plan you have offered.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • kram
    • By kram 9th Nov 18, 1:21 PM
    • 132 Posts
    • 118 Thanks
    kram
    Stepchange has written to them all and i have had my first rejection letter from Halifax. Letter does state that they could be moving the debt on and to just keep paying.

    I am rather worried now, does anyone know what Halifax's next step could be? I believe they should also be defaulting me any time now.
    Originally posted by strayduck
    Halifax moved my loan onto Wescott who just manage debts for them.
    Nothing to worry about just different people to pay.
    • Moveslikeagger
    • By Moveslikeagger 9th Nov 18, 1:22 PM
    • 35 Posts
    • 13 Thanks
    Moveslikeagger
    Hi willing2learn, I have the majority of my debts with Halifax.. I have a joint account with NatWest (where my mortgage comes out of) never really any money in there just enough to cover bills etc.. will this cause any problems? Didn’t realise Halifax and Nat West are linked?
    • Willing2Learn
    • By Willing2Learn 9th Nov 18, 1:27 PM
    • 1,751 Posts
    • 1,338 Thanks
    Willing2Learn
    Hi Moveslikeagger,

    I believe Halifax is part of the Bank of Scotland group, whereas Natwest are part of the Royal Bank of Scotland group, and are two entirely different beasts. I don't believe there is any link between NatWest and Halifax that should concern you. The problem only arises when you are in debt to a linked creditor, as then they can claim offset payments to recover debt.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Energysaving
    • By Energysaving 9th Nov 18, 1:44 PM
    • 2 Posts
    • 0 Thanks
    Energysaving
    Hi Energysaving and welcome to the forum.

    Just double-checking that with your new NatWest current account, you don't owe any money to any creditor that is part of the RBS group?

    A spreadsheet is a perfectly sensible approach, as you need to stick to your monthly budget, and you need to know where every penny is going. I started out with a spreadsheet, then migrated to MS Money and then finally to YNAB in 2012. It's all part of the learning curve, that is how to manage credit accounts, monthly budgets and money in general.

    Good luck on your DMP journey!!
    Originally posted by Willing2Learn

    Thank you. I'm fairly sure I don't have any Natwest group creditors - I did spread myself fairly liberally across the banking world. I didn't realise until I started this that John Lewis Partnership card was owned by HSBC, but as I owe both of them, they can just fight it out.
    • jubilee14
    • By jubilee14 9th Nov 18, 2:28 PM
    • 297 Posts
    • 876 Thanks
    jubilee14
    Congratulations Jubilee! Thatís so good! How have you found being in a DMP? How king were you in one? Iíve just started and I have 14 years projected although hopefully will be shorter! Seems like a long road ahead 😒
    Originally posted by Moveslikeagger
    Thanks Moveslikeagger, it was estimated to take 7 years and that was assuming no interest was applied. Firstly the payments of the DMP were such a relief budget wise as i finally had money to the end of the month. Then i realised that noone was willing to stop interest except my O/D, 6 months in the HBOS loan defaulted after taking full interest every month. 12 months later Hfx cc defaulted again after taking full interest for 18mths. Barclaycard had taken a reduced interest rate up until Aug 2016 when they applied interest then stopped. So from then i could see what i paid in coming off my outstanding balance which really boosted me. Every year ive upped the payment just a bit ( between £50 and £80 a month) this year as i was really paying as much as i could i only upped it by £20.

    So with extra interest ive still managed to knock of 6 months of the timescales, i hadnt got any unenforcable and including interest i will have paid an extra £3k.

    This board is such a support and great source of information and i am sure for many starting out is great to realise your not the only one and how many people are in similar situations.

    There are many on here that have been just brilliant at driving down that debt. I have really just let it run while keeping an eye out on balances but the later years it really does start to fall away on the figures.

    Good luck on the journey it was the best thing i every did moneywise. I'm so much money smarter than before i started.
    LBM Sept 2012
    started DMP 1.11.12
    Debt £37012/£2025 DFD Oct 2019 about March 2019
    • wanttobethrifty
    • By wanttobethrifty 9th Nov 18, 7:54 PM
    • 6 Posts
    • 8 Thanks
    wanttobethrifty
    DMP started in June with STEPCHANGE, First Direct have defaulted, BUT paid off the credit card from my current account, (bank with Halifax now) so instead of a £500 overdraft, it is now £3850, can they do this? Barclaycard (£8700)and Tesco (£2400) both defaulted. Creation (£4600), have not, and by speaking to them, will not default, which means AP markers for 6yrs AFTER my DMP finishes 4yrs time. i thought by breaking the credit greement, a default would be forthcoming, but obviously not. Is there any way to get CREATION to default?
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