DMP Mutual Support Thread - Part 12

January2015 · 8 March 2018 at 9:00AM

Sazzie23 wrote: »

Hi Emergency Nurse and anyone else just starting out on a DMP, my life was saved by the banking advisor that suggested I call Stepchange when I finally admitted I couldn't make a payment and I will be forever grateful for that advice.

We all do our DMPS with our own variations but the advice on this thread is invaluable, so subscribe to the thread and keep up to date but also use MSE to maximise the money you have.

I'm 5 years - can't believe I'm saying that - into my DMP, still several years to go before I'm debt free but I would never have been debt free without a DMP.

Thanks to everyone who gives input to the thread, sorry I'm not around more lately but it's fab that people are so active.

Saz

Hi Sazzie :wave:

No post from me..... just wanted to say hi and how lovely it was to see your post when logged in this morning.

Jan -x-

Onebrokelady · 8 March 2018 at 10:30AM

Morning fellow DMPers
My first payment went out on the 1st of March vis Stepchange so my DMP is getting going and all subsequent payments will be on the first of March,I have had letters from MBNA and Barclays saying they are defaulting my debt ( which Im thinking is a good thing ) and they interest will not be charged but both of the next dates they have mentioned for payment are not in line with my SC payment,do I need to get in contact with them or just leave it for the next payment to come out,Im thinking of writing them all a letter to just point out that SC are managing the payments and to remind them of the date,I think the dates they have mentioned are the dates when the minimum payments should come out
I also got a letter about my NatWest overdraft saying they need to speak to me about the management of my account and they will have to close it if I dont get in contact they are not stopping the interest charges,obviously I don;t care if they close my account seeing as Im not using it anymore but the tone of the letter suggests that no one has contacted them but they arent part of my DMP so will be aware that Im with Stepchange,should I also contact them to remind them of this fact and to ask them to stop the interest

January2015 · 8 March 2018 at 10:41AM

Onebrokelady wrote: »

Morning fellow DMPers
My first payment went out on the 1st of March vis Stepchange so my DMP is getting going and all subsequent payments will be on the first of March,I have had letters from MBNA and Barclays saying they are defaulting my debt ( which Im thinking is a good thing ) and they interest will not be charged but both of the next dates they have mentioned for payment are not in line with my SC payment,do I need to get in contact with them or just leave it for the next payment to come out,Im thinking of writing them all a letter to just point out that SC are managing the payments and to remind them of the date,I think the dates they have mentioned are the dates when the minimum payments should come out
I also got a letter about my NatWest overdraft saying they need to speak to me about the management of my account and they will have to close it if I dont get in contact they are not stopping the interest charges,obviously I don;t care if they close my account seeing as Im not using it anymore but the tone of the letter suggests that no one has contacted them but they arent part of my DMP so will be aware that Im with Stepchange,should I also contact them to remind them of this fact and to ask them to stop the interest

They will be standard letters from MBNA and Barclays, but it won't hurt to dash off a couple of letters to remind them of SC payment date and that you have no ability to change the payment date.

NW were very good and stopped interest from day 1 for me. I would definitely write to them and remind them you are being supported by SC to deal with your debts, formally request they default the account as quickly as possible (at which point interest will stop anyway). Tell them you are doing your best to deal with your debts and would appreciate it if they could support you by defaulting the account asap freeze interest and charges with immediate effect.

Sometimes there are a few creditors at the beginning of a DMP that you need to keep on top of, but it will soon settle down.

Onebrokelady · 8 March 2018 at 11:28AM

IANB77 wrote: »

Sigh.. i really hope i do last few weeks have been awful for me, God only knows how my wife has put up with me.. Works is a struggle as well. Really want to talk to my boss about it and explain, but i cant as i must be financially solvent to keep it.. Doc wanted to put me on the sick but i couldn't let her because of it. Suffered from depression in the past but never this bad.

If you are struggling with work and your gp wants to sign you off and it’s feasible to be signed off you should let her do it,you do not have to tell your employer why you are signed off,the reason would be depression and stress,people suffer with depression and are signed off all the time and don’t have to give a reason why they are depressed,some people don’t even know why,your health problems are confidential and all your employer needs to know is that your depressed not the reason why, maybe being signed off for even just a few weeks would give you time to come to terms with what has happened and get used to life with a DMP and then once it’s all calmed down you can return to work
I’ve been on antidepressants on and off for years and have just gone back on them after a six month break,my problem is more of a long term thing but my financial worries have pushed me over the edge over the last few months so I’ve e had to go back on them ,I think for me it will be a long term thing but I have to say isnce I’ve started my DMP and have now got a hold on my finances they are not causing me to worry as much any more,I felt really ashamed and stupid when I realised how much trouble I was in but now I’ve take steps to sort it out I feel so much better,hopefully you will too given time,don’t forget you aren’t the only one that this hasn’t heppended to and you have at least taken steps to sort it out

Onebrokelady · 8 March 2018 at 11:35AM

January2015 wrote: »

They will be standard letters from MBNA and Barclays, but it won't hurt to dash off a couple of letters to remind them of SC payment date and that you have no ability to change the payment date.

NW were very good and stopped interest from day 1 for me. I would definitely write to them and remind them you are being supported by SC to deal with your debts, formally request they default the account as quickly as possible (at which point interest will stop anyway). Tell them you are doing your best to deal with your debts and would appreciate it if they could support you by defaulting the account asap freeze interest and charges with immediate effect.

Sometimes there are a few creditors at the beginning of a DMP that you need to keep on top of, but it will soon settle down.

Thanks ,I will write to them all today, to be honest I wasn’t expecting BC to stop the interest so easily because I had heard they were tricky to deal with but having read some of the posts on here today I realise now I must be paying below their threshold for interest to be stopped
NatWest have never been that helpful for me but I will write and request they stop the interest anyway

Onebrokelady · 8 March 2018 at 12:05PM

EmergencyNurse wrote: »

I'm glad i'm not the only one getting suspicious. Did your letter open with 'As discussed...". I hadn't discussed anything with them. I completed the Debt Remedy stuff online, nothing else.

Seeing as I am already with Barclays I shall ask them to convert one of the accounts to a Cash Card Account. Ive already removed any tech packs and paid the overdraft so in an ideal world it should be fairly easy.

Its a poor state of affairs when your bank balance is £0.00 and you're happy about it cos it's an increase!!

Why don’t you phone SC and ask them,I have just started my DMP with them and in my pack I got a list of recommendations for good basic accounts but no applications for specific banks

LadyMorticia · 8 March 2018 at 12:21PM

Hey guys.

Just an update. Well, Lowell were true to their word and have written off and closed my two accounts with them. Arvato have also done the same with one of the accounts I have with them, so now instead of my debt being £10,000-odd. It is now about £2500 instead.

I'm paying token payments of £1 to the other creditors until I can save up enough to offer F&F settlement offers.

usedtobeblue · 8 March 2018 at 12:22PM

Ive done it! Ive sent my letters to all my creditors! Every single one of them! BC sent me an automated message to say ill be defaulted already so hopefully everything else will go as well! I actually cannot believe how much this was getting me down before i started this, i'm like a new person already and i only sent the letters/sercure messages yesterday!! I turn 40 in a few months and i am actually looking forward to it now!
Bring it on, im ready at long last! Why did i not do this years ago? Anyone else feel like their life depended on a stupid credit rating? It really doesn't, your life depends on the quality of life you have with your loved ones, not worrying and stressing where the next pound is going to come from. I might have 8 years of repayment in front of me but i feel like the old me for the first time in 10 years!

January2015 · 8 March 2018 at 12:29PM

LadyMorticia wrote: »

Hey guys.

Just an update. Well, Lowell were true to their word and have written off and closed my two accounts with them. Arvato have also done the same with one of the accounts I have with them, so now instead of my debt being £10,000-odd. It is now about £2500 instead.

I'm paying token payments of £1 to the other creditors until I can save up enough to offer F&F settlement offers.

Well done Lady M - I'm so pleased for you. The end of your debt tunnel is so close now

EmergencyNurse · 8 March 2018 at 12:58PM

Sazzie23 wrote: »

Hi Emergency Nurse and anyone else just starting out on a DMP, my life was saved by the banking advisor that suggested I call Stepchange when I finally admitted I couldn't make a payment and I will be forever grateful for that advice.

We all do our DMPS with our own variations but the advice on this thread is invaluable, so subscribe to the thread and keep up to date but also use MSE to maximise the money you have.

I'm 5 years - can't believe I'm saying that - into my DMP, still several years to go before I'm debt free but I would never have been debt free without a DMP.

Thanks to everyone who gives input to the thread, sorry I'm not around more lately but it's fab that people are so active.

Saz

Onebrokelady wrote: »

Why don!!!8217;t you phone SC and ask them,I have just started my DMP with them and in my pack I got a list of recommendations for good basic accounts but no applications for specific banks

I can't thank you all enough. I've just been to open a Virgin Essentials bank account, got the sort code an account number today. I should hopefully be fully approved for the account and bank card on Monday. When its all definite I can send the details on to payroll and then SC to get the ball rolling. All priority and non priority debts are already paid for this month with the exception of mobile and one credit card. Timing really is everything, I didn't understand what it meant at first!

Today I shall be writing to my creditors in preparation ready for distribution on Monday if all goes well.

I've even got a cash emergency fund and I'm feeling good.:D

DMP Mutual Support Thread - Part 12

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