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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 15,308Posts
    • 14,398Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    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 questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    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 246
    • Willing2Learn
    • By Willing2Learn 18th Sep 18, 2:22 PM
    • 1,460 Posts
    • 1,114 Thanks
    Willing2Learn
    Yesterday, I took the step of contacting Step Change who were brilliant I have to say. Their recommendations in order were:

    IVA
    Bankruptcy
    DMP

    I chose DMP as I felt it would allow me more flexibility over IVA and bankruptcy. Also, I would prefer to pay back the money I owe rather than write it off.

    Now the facts. I currently owe 22,579 to 5 creditors:

    1 personal loan
    2 credit cards
    1 overdraft
    1 payday loan

    I have 97 available a month to pay into a DMP. The projection to clear this is 19 years and 5 months to pay this off. This will drop to 16 years and 11 months in March 19 as I will have brought council tax arrears up to date.

    I will be looking for better deals on energy, phone/broadband etc and when my mobile phone contract expires in April 19 I will be going sim only, saving further money and of course all extra funds will go into a DMP. This will reduce the projected date even further.

    The most beneficial thing I have is the ability to work extra shifts at work. There is no guarantee to how many I could do a month but any extra money from these would go into a DMP to further reduce the time paying back.

    With that in mind do the experts here think it's worthwhile or should I consider going with the IVA or bankruptcy options as recommended?
    Originally posted by biker_rob
    Hi,

    Your question is impossible to answer without having all the fact and figures. I recommend starting a new thread, citing your questions, with a completed SOA (Statement of Affairs) included

    http://www.stoozing.com/calculator/soa.php
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • make_the_change
    • By make_the_change 18th Sep 18, 2:25 PM
    • 421 Posts
    • 2,218 Thanks
    make_the_change
    Hi Willing2Learn I am self managed but never heard from Capital One and never set anything up for them. Have had no contact from them either.

    My signature is a bit out of date as things started and stopped and then re started again so please ignore that.
    DMP Started June 2016
    • Willing2Learn
    • By Willing2Learn 18th Sep 18, 2:58 PM
    • 1,460 Posts
    • 1,114 Thanks
    Willing2Learn
    Oh, make_the_change, you've asked a really awkward question and I'm finding it really difficult to answer. If I was doing a self-managed DMP again, I would really want to ensure that all my creditors are included. I would also ensure that the debts were defaulted, back-dated to when I was 3-6 months in arrears. If it was me, I would probably contact CapitalOne to include the debt in my DMP.

    But I would also be tempted to see whether I had been forgotten about. So I don't know what the answer is...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Larz07
    • By Larz07 18th Sep 18, 5:53 PM
    • 8 Posts
    • 3 Thanks
    Larz07
    Hi, I have recently started a debt management plan and my biggest debt is with a credit union , that previously took repayment direct from my salary (they are not my employer) . They agreed to stop the payments from my salary whilst they review my debt management plan. However, they are now saying that they do not accept the debt management plan and will be starting up the repayments from my salary again. Is there anything I can do about this , as it is over 300 a month and I can not afford this . Any advice greatly appreciated
    • January2015
    • By January2015 18th Sep 18, 6:10 PM
    • 2,208 Posts
    • 5,366 Thanks
    January2015
    Hi, I have recently started a debt management plan and my biggest debt is with a credit union , that previously took repayment direct from my salary (they are not my employer) . They agreed to stop the payments from my salary whilst they review my debt management plan. However, they are now saying that they do not accept the debt management plan and will be starting up the repayments from my salary again. Is there anything I can do about this , as it is over 300 a month and I can not afford this . Any advice greatly appreciated
    Originally posted by Larz07
    Put it in writing to you employer that with immediate effect you are withdrawing authorising for money to be deducted from your salary and paid to this third party. In the same letter/email, request a response acknowledging they have updated their records and have removed the authorisation to deduct payments from salary.

    Quite often creditors do not accept DMP offers - but the end result is they like it or lump it. Don't worry too much that they are not accepting your offer, but importantly you need to stop the deductions from your salary.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    • Larz07
    • By Larz07 18th Sep 18, 6:16 PM
    • 8 Posts
    • 3 Thanks
    Larz07
    Will my employers do that ? The union are saying they will resend my original signed agreement to my employer
    • Larz07
    • By Larz07 18th Sep 18, 6:33 PM
    • 8 Posts
    • 3 Thanks
    Larz07
    Will my employers do that ? The union are saying they will resend my original signed agreement to my employer
    Originally posted by Larz07
    Put it in writing to you employer that with immediate effect you are withdrawing authorising for money to be deducted from your salary and paid to this third party. In the same letter/email, request a response acknowledging they have updated their records and have removed the authorisation to deduct payments from salary.

    Quite often creditors do not accept DMP offers - but the end result is they like it or lump it. Don't worry too much that they are not accepting your offer, but importantly you need to stop the deductions from your salary.
    Originally posted by January2015
    Will my employers do that? They are saying they will resend my original signed agreement to my employer to re start the payments
    • January2015
    • By January2015 18th Sep 18, 6:39 PM
    • 2,208 Posts
    • 5,366 Thanks
    January2015
    Will my employers do that? They are saying they will resend my original signed agreement to my employer to re start the payments
    Originally posted by Larz07
    Put in the letter/email to your employer that you withdraw authority to make payments to xxxxx (credit union) from your salary with immediate effect. Put in the letter you have no intention of reinstating any such authority and if any is submitted by the credit union your payroll department are not authorised to make payment from your salary. Put in the letter, if payroll are in any doubt please ensure they contact you for authorisation prior to making any payments.

    Payroll cannot make payments to third parties without authorisation, unless it is an attachment of earnings order from a court. The credit union can try and send the original signed agreement - payroll HAVE to honour your request for who is paid from your salary. Important that you put all this in writing and request confirmation that they have received and understood your letter.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    • Larz07
    • By Larz07 18th Sep 18, 6:43 PM
    • 8 Posts
    • 3 Thanks
    Larz07
    Put in the letter/email to your employer that you withdraw authority to make payments to xxxxx (credit union) from your salary with immediate effect. Put in the letter you have no intention of reinstating any such authority and if any is submitted by the credit union your payroll department are not authorised to make payment from your salary. Put in the letter, if payroll are in any doubt please ensure they contact you for authorisation prior to making any payments.

    Payroll cannot make payments to third parties without authorisation, unless it is an attachment of earnings order from a court. The credit union can try and send the original signed agreement - payroll HAVE to honour your request for who is paid from your salary. Important that you put all this in writing and request confirmation that they have received and understood your letter.
    Originally posted by January2015
    great, I will do that tomorrow. Thank you for your help
    • sourcrates
    • By sourcrates 18th Sep 18, 10:41 PM
    • 15,308 Posts
    • 14,398 Thanks
    sourcrates
    We now have a shiny new thread, part 13 can be found in the sticky’s here :

    https://forums.moneysavingexpert.com/showthread.php?t=5897083

    Thanks.
    Last edited by sourcrates; 18-09-2018 at 11:09 PM.
    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/
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