DMP Mutual Support Thread - Part 12

The_Analyst · 12 July 2017 at 2:54PM

I wish I'd signed up to this board years ago! I started a DMP 6 years ago when, like many on here, it felt as though we were drowning in outgoings despite both having reasonably well paid jobs. Our DMP ran for 5 years until the company administering it ceased their DMP activities. It was a worrying time as StepChange wouldn't help us (based on our income v offer of payment) and we had to negotiate directly with our creditors.....it turned out to be the best thing we could have done. Whilst the monthly payment is twice what we were paying (I should have upped it ages ago in reality) our debts are now scheduled to be gone by 1st Jan 2019. It took us 6 years to pay off the first half, and (once completed) it will have been 2.5 years to pay the 2nd half. Again, I wish I'd been a member of this forum 6 years ago(!)

100kdeep · 13 July 2017 at 12:33PM

step 1 and 2 complete. ive told the wife!!! that was the big one!(she hasnt left me) ive now opened a new bank account with a bank not connected to any of my debt (resisted an overdraft).

think i might skip the token payment bit and start straight with sc . ive got an i and e that suits me and will have a bit of an emergency fund in a month(3k) so i reckon ive a better chance of interest been frozen quicker if sc set it all up.

oddly hoping for a bad month at work so i can show a low wage bankstatement lol
can any one with experience with the following companies say weather they normally freeze interest?
barclays mbna tesco rbs hsbc nationwide

kram · 13 July 2017 at 1:47PM

Barclays froze mine from the begining & defaulted very quickly & I had the same from Tesco as well.

Good luck with it all

K

leanne12345 · 13 July 2017 at 1:56PM

Hi everyone, just wondering how you all manage without a credit card at times when one is needed such as hiring a car etc.? Is there normally a way around it?
Thanks

leanne12345 · 13 July 2017 at 2:02PM

100kdeep wrote: »

can any one with experience with the following companies say weather they normally freeze interest?
barclays mbna tesco rbs hsbc nationwide

Barclays and tesco stopped interest and defaulted straight away for us, mbna have also frozen interest and charges but not defaulted yet. I don't have experience of the others.. Good luck!

vaper · 13 July 2017 at 2:03PM

leanne12345 wrote: »

Hi everyone, just wondering how you all manage without a credit card at times when one is needed such as hiring a car etc.? Is there normally a way around it?
Thanks

I just used my debit card with the money I had saved by not paying the monthly instalment.

vaper · 13 July 2017 at 2:05PM

How did you folks get them to stop the interest? I have Barclays and MBNA and they're still loading it ion every month.

spiffyiffy · 13 July 2017 at 2:15PM

vaper wrote: »

How did you folks get them to stop the interest? I have Barclays and MBNA and they're still loading it ion every month.

Complain, Don't pay them. Speak to SC if you with them.

Barclays, MBNA and HSBC stopped my interest pretty quickly.

vaper · 13 July 2017 at 2:23PM

spiffyiffy wrote: »

Complain, Don't pay them. Speak to SC if you with them.

Barclays, MBNA and HSBC stopped my interest pretty quickly.

Ah right that might be a problem. I was going to go with stepchange then changed my mind and decided to go self managed. So I will need to contact them myself won't i ?

On another note, the postman has just been and sent me a pre selected application for a vanquis credit card, unbeleivable! I haven't had one of these for years, so they send me one now that I've missed payments for two months :rotfl:

Leanneglos1 · 13 July 2017 at 2:33PM

Hi all, did post before but no response, has anyone had any sort of dealings with progressive money and also pay day loans? Obviously they charge ridiculous interest daily, how did people approach these when going on a DMP?

DMP Mutual Support Thread - Part 12

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