DMP Mutual Support Thread - Part 12

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  • Suseka97
    Suseka97 Posts: 1,562 Forumite
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    Slytherin wrote: »
    I have a letter from Nationwide that says if I don't settle or contact them, they'll get a debt collector involved. Is this basically the same as when Arvato/Westcott got involved my in other debts?

    It feels like it probably is but Nationwide's letter seems more formal and pointed than others I have received and it's hard getting through to their phoneline when I work their whole office hours!

    I'd say yes, whilst it may be more blunt and formal that others -it's still just part of a process. It'll be better when they do offload it to a DCA because if not already defaulted, it soon will be :)
  • Summer12
    Summer12 Posts: 103 Forumite
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    Morning, just need a second opinion please.

    So today marks the end of my 30 day breathing space. Whilst i have heard back from some creditors with replies if that!!!8217;s fine, take longer etc. I have not heard back from Barclays (loan & overdraft). Now this could be because they are !!!8220;giving me breathing space!!!8221; or because they haven!!!8217;t actually received that original letter yet. I am reluctant to send my I&E details and payment offers to them without knowing if it will get to the right place/ department. Do you think it!!!8217;s acceptable to write again saying !!!8220;further to my last letter.....!!!8221; please can you confirm which dept/address letter should be sent to and how would you like me to pay the token offers? (especially the overdraft, do I just pop it into my old account?!) There has only been 2 missed payments so far so it is early days so part of me thinks wait till they contact you (as that letter may have more specific contact details) but like wise do not want them thinking I am ignoring the problem. The barclaycard one is (currently) UE so not too worried about that one. Many thanks
  • Dandytf
    Dandytf Posts: 4,828 Forumite
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    edited 14 May 2018 at 2:29PM
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    Since seriously considering raising SC DMP payments from 90 to 120.00 per month.
    Creating a new 2 year completion timescale.
    120*24-2880
    1200 (from April 2012 help2save account -excluding 600 bonus payment
    Total 4080 -only a small deficit which I should be able to clear in 2 years time.
    Note if I stick to this plan then there isn't any reason as to why I can't make it work.
    I'm not exactly throwing every pound at sc though it is a fair additional commitment.
    I've left myself a small amount as I want to make small regular mortgage overpayments again especially as rate rises will follow 2018 onwards.
    Looks like I'm making another call to SC very soon to advise of new increased payments.
    2 years time seems much more manageable rather than the current mid 2022.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • MK-4
    MK-4 Posts: 38 Forumite
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    Scammie wrote: »
    Ok I will do all this. My issue with the extra 12 k is to pay the credit union before the DMP kicks in. This is solely because the car will need a final payment in 3 years and if we pay the credit union off we will be able to keep our savings in that account and keep saving so we can pay the car final payment. If we don!!!8217;t I!!!8217;m worried we won!!!8217;t have enough and will lose the car. Thanks again for taking the time to help. This site has given me hope

    Only just starting my DMP but in a similar situation regarding your car - mine is on PCP and cannot pay off the balance.
    SC added an amount each month to my budget, so this can be saved to make the final payment.
    Once paid off my DMP will increase by the amount that I am currently paying for the car.

    If your savings are in the same bank as one of your debts then it seems that the creditor can take that money to offset the debt.
    How about opening a new savings account and moving all your current savings there, before starting a DMP?.
    I now have 3 savings accounts, one for the car balance payment, one for house maintenance and one for an emergency fund. None are linked to any of the creditors.
  • startsomewhere
    startsomewhere Posts: 7 Forumite
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    Hi all,

    I've much like you all sadly gotten myself into a mess with my finances over the years... Its now accumulated to the point where I can't pay them all after priority bills.

    I'm just wondering what the next steps should be? I am in debt to the below lenders and am 1 month over credit with the credit cards and store card (but did pay minimum payment) but am not sure what I should do... I've an appointment with the Citizens Advise next week but would appreciate your thoughts. I've been looking at Step Change too and soon all your hopeful messages

    2 credit cards
    1 store card
    Overdraft
    Personal loan
    Payday loan

    I'm in the process of setting up a new direct debt for work. Should I be asking them to freeze stuff now? I'm really concerned the payday loan will debt as well as the overdraft swallow my wages. Should I cancel all my direct debts?

    I'm starting budgeting but am not sure about food and expenses having been in debt for so long - what is the average cost for a singleton does anybody know? Is there any debtors I should prioritise?

    Sorry for rambling - I'm just a bit anxious and am uncertain!

    Thanks in advance :)
    M
  • Onebrokelady
    Onebrokelady Posts: 7,391 Forumite
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    I have a default notice from NatWest:j
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £6,080.1 Owed = £11,549.9
  • Slytherin
    Slytherin Posts: 57 Forumite
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    Suseka97 wrote: »
    I'd say yes, whilst it may be more blunt and formal that others -it's still just part of a process. It'll be better when they do offload it to a DCA because if not already defaulted, it soon will be :)


    Thanks Suseka. I have to say, I'll be delighted when I get Nationwide defaulted as I've found them the most unfriendly to deal with. I used to think I decided a cold cup of communication but after realising that 'to them, it's just business' I feel differently lol.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 10 May 2018 at 6:02AM
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    MK-4 wrote: »
    If your savings are in the same bank as one of your debts then it seems that the creditor can take that money to offset the debt.
    How about opening a new savings account and moving all your current savings there, before starting a DMP?.
    I now have 3 savings accounts, one for the car balance payment, one for house maintenance and one for an emergency fund. None are linked to any of the creditors.

    When I started my DMP I opened a basic bank account with Nationwide as I had no debts whatsoever with them:j. It's simplicity itself to open savings accounts online with them, I now have 5 for various things. The interest in these instant access accounts isn't much:( but transferring money between accounts or back into your basic current account again if you need to spend it only takes a few seconds. You can name the accounts whatever you want. I expect other banks offer something similar. Makes life much simpler having everything in one place IMO:j
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Slytherin wrote: »
    Thanks Suseka. I have to say, I'll be delighted when I get Nationwide defaulted as I've found them the most unfriendly to deal with. I used to think I decided a cold cup of communication but after realising that 'to them, it's just business' I feel differently lol.

    I'm really sorry Nationwide are giving you so much grief. I expect they have a different approach towards people who owe them money and those who don't though.


    When I started my DMP I opted to open a basic bank account with them on the recommendation of lots of people. I'm so glad I did because they've never been less than totally helpful and approachable whether it's been by phone, email or letter:T. They were one of the very few banks that I didn't have any debts with at the time:o so they've never needed to come on heavy over money I owe them. Unlike Lloyds on the other hand.....:mad:
  • tasha8
    tasha8 Posts: 8 Forumite
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    Hi

    I was in a similar situation with 2 payday loans, my best advice is e-mail them and advise that you are having financial difficulties and that you are in the process of setting up a DMP. My experience is that they were great, they stopped payment collection and interest straight away. My dealings were with wonga and quick quid.
    The DMP has been a thoroughly positive process for me, and since August I have paid off £4k worth of debt (mainly thanks to ppi, this site and budgeting I am now down to 1 lender -3 accounts overdraft, credit card and loan with nationwide, who have also been very understanding. I started out with step change, but very quickly took over the repayments myself.

    Tash x
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