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  • FIRST POST
    • sourcrates
    • By sourcrates 18th Sep 18, 10:40 PM
    • 15,884Posts
    • 14,937Thanks
    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 1
    • Suseka97
    • By Suseka97 19th Sep 18, 7:29 AM
    • 489 Posts
    • 613 Thanks
    Suseka97
    • #2
    • 19th Sep 18, 7:29 AM
    • #2
    • 19th Sep 18, 7:29 AM
    A shiny new thread - episode 13, well I had to jump right in

    Haven't posted an update for a while, so thought it was time to do so. My PRA debts are still UE and I'm receiving statements on a regular basis asking me to set up a payment plan. Every few months they offer a discount, once is still at 65%, one at 25% and one still at 10%. So leaving those until the discounts are closer to a figure I'm happy with.

    The Link ones are enforceable but that's okay - can't win them all I've held off setting any sort of arrangement up for a few months and the latest letters have applied an 10% discount with a low monthly repayment figure - so I'm considering those.

    All accounts are defaulted and most will start dropping off the files in 2019 - with a couple hanging on to 2020. I can't tell you how great that'll feel

    So, for the new starters and 'wannabes' - keep at it and trust in your decision to take control of your financial situation. It's a great feeling when each debt disappears and you can look forward to a much brighter future.

    Have a good day everyone
    LBM April 2013 85k /14 Creditors
    SC DMP May 2013 - July 2017 (74k repaid)
    SM DMP July 2017 to date / 9k o/s
    • Powderhungry
    • By Powderhungry 19th Sep 18, 1:50 PM
    • 4 Posts
    • 1 Thanks
    Powderhungry
    • #3
    • 19th Sep 18, 1:50 PM
    • #3
    • 19th Sep 18, 1:50 PM
    Hi, new here and thanks to this thread and the ppl who post here.

    Ive just posted a new thread on the main board about 'Total Debt Relief'. (sorry not sure how to link that post). Since it looks like they wont be able to manage my debts anymore. I'am thinking of going self manage, after reading here im feeling brave.

    Currently i have 7 creditors. All have the interest frozen, half are now with DCA (Cabot and PRA). Capital One and Tesco are still in collections. I really want to carry on making my token payments to each, whilst being able to build up my fund for full & final settlement. This is the structure i have been using with the DM company.

    I'am not feeling like i need a full reset here and im not sure i need SC.

    I have spoken to my creditors as they were expecting the token payments, which i made yesterday. They were good about the situation and asked if i would self manage or need to speak to SC etc. They've put the accounts on hold until i make a decision.

    I welcome any advise.

    Thanks
    • kram
    • By kram 19th Sep 18, 5:58 PM
    • 132 Posts
    • 118 Thanks
    kram
    • #4
    • 19th Sep 18, 5:58 PM
    • #4
    • 19th Sep 18, 5:58 PM
    Hi, new here and thanks to this thread and the ppl who post here.

    Ive just posted a new thread on the main board about 'Total Debt Relief'. (sorry not sure how to link that post). Since it looks like they wont be able to manage my debts anymore. I'am thinking of going self manage, after reading here im feeling brave.

    Currently i have 7 creditors. All have the interest frozen, half are now with DCA (Cabot and PRA). Capital One and Tesco are still in collections. I really want to carry on making my token payments to each, whilst being able to build up my fund for full & final settlement. This is the structure i have been using with the DM company.

    I'am not feeling like i need a full reset here and im not sure i need SC.

    I have spoken to my creditors as they were expecting the token payments, which i made yesterday. They were good about the situation and asked if i would self manage or need to speak to SC etc. They've put the accounts on hold until i make a decision.

    I welcome any advise.

    Thanks
    Originally posted by Powderhungry
    You need to have a look at the NEDCAB website heres a link to it:

    https://nedcab.cabmoney.org.uk/

    Lots of info on there relating to self managing your dmp.

    I would also look back through the previous thread & search for self managed posts as well.

    Good luck with it all.
    • Finallyfacingup2
    • By Finallyfacingup2 19th Sep 18, 10:04 PM
    • 1 Posts
    • 6 Thanks
    Finallyfacingup2
    • #5
    • 19th Sep 18, 10:04 PM
    • #5
    • 19th Sep 18, 10:04 PM
    Well after posting my first plan on the 21st August everything has moved very quickly. I decided to enter into a dmp self managed with no idea where to start or whether I was doing the right thing. I bit the bullet and went thru the nedcab site and wrote my holding letters the morning after. Within a week I had received a letter back saying they would hold interest for 1 mi th whilst I got plan together. Wrote again by return with my i&e details and stating I would make token payments for next 4 months then 75 a month which is about 25% of my minimum payment. Less than a week later Ive received a letter from them saying that they accept the situation (well Halifax wants payments from October which they won’t be getting til feb) and they will pass my account onto recoveries and register a default in 2 months time backdating it to the date I told them about my situation so that the default will be wiped off my record earlier. I am honestly so shocked that this has been so straightforward so far. And I’m so impressed that both barclaycard and Halifax have dealt with this in a professional way not making the situation for me any worse than it already is! I would honestly encourage anyone who is in financial trouble and having sleepless nights to just go for it. I know that there will possibly be bumps along the way but right now life is really looking so much better for me and my little family
    • January2015
    • By January2015 19th Sep 18, 10:29 PM
    • 2,323 Posts
    • 5,506 Thanks
    January2015
    • #6
    • 19th Sep 18, 10:29 PM
    • #6
    • 19th Sep 18, 10:29 PM
    Well after posting my first plan on the 21st August everything has moved very quickly. I decided to enter into a dmp self managed with no idea where to start or whether I was doing the right thing. I bit the bullet and went thru the nedcab site and wrote my holding letters the morning after. Within a week I had received a letter back saying they would hold interest for 1 mi th whilst I got plan together. Wrote again by return with my i&e details and stating I would make token payments for next 4 months then 75 a month which is about 25% of my minimum payment. Less than a week later Ive received a letter from them saying that they accept the situation (well Halifax wants payments from October which they wont be getting til feb) and they will pass my account onto recoveries and register a default in 2 months time backdating it to the date I told them about my situation so that the default will be wiped off my record earlier. I am honestly so shocked that this has been so straightforward so far. And Im so impressed that both barclaycard and Halifax have dealt with this in a professional way not making the situation for me any worse than it already is! I would honestly encourage anyone who is in financial trouble and having sleepless nights to just go for it. I know that there will possibly be bumps along the way but right now life is really looking so much better for me and my little family
    Originally posted by Finallyfacingup2
    In the immortal words of Mr Punch (Punch and Judy )

    That's the way to do it !!!

    Well done. Fantastic first post. I look forward to following your journey. Welcome to our group
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    • biker_rob
    • By biker_rob 20th Sep 18, 11:25 AM
    • 17 Posts
    • 19 Thanks
    biker_rob
    • #7
    • 20th Sep 18, 11:25 AM
    • #7
    • 20th Sep 18, 11:25 AM
    Further to my thread on the DFW forum, I have just opened a new current account with Nationwide. I went for the Flex Basic but they said that I couldn't progress with the application due to already having a UK current account so I accepted the standard Flex account and was mindful to set the OD limit to 0. There is no monthly fee. Was accepted after credit check without issue (was surprised). So I have a new current account to progress with.


    My current account is with Barclays and the 5000 overdraft will be part of my DMP. I am waiting for my salary to go in for September and my priority DDs and SOs to come out by the 5th October. Then I can start the ball rolling with letting my employers know the details of my new account and then transferring DDs and SOs over.


    I won't send Barclays my letter to inform them of me consulting with SC until I've removed all monies. Is this the best action?


    I will send letters to my other 4 creditors in the meantime so hopefully I'll get 30 days breathing space to arrange my emergency fund.


    One of my creditors is Pounds to Pocket and they have an CPA in place on my debit card. I will contact Barclays later to remove this so they can't take payment next week. Ironically while I have got 5 payments behind with 3 creditors, the P2P loan is up to date, but is not sustainable.


    I have 5 shifts extra shifts in October which will give me roughly 500 for my emergency fund.


    So all going well, I can start the DMP at the end of October.


    Does this all sound like I'm heading in the right direction?
    • Suseka97
    • By Suseka97 20th Sep 18, 2:13 PM
    • 489 Posts
    • 613 Thanks
    Suseka97
    • #8
    • 20th Sep 18, 2:13 PM
    • #8
    • 20th Sep 18, 2:13 PM
    ......I won't send Barclays my letter to inform them of me consulting with SC until I've removed all monies. Is this the best action?
    I will send letters to my other 4 creditors in the meantime so hopefully I'll get 30 days breathing space to arrange my emergency fund.
    One of my creditors is Pounds to Pocket and they have an CPA in place on my debit card. I will contact Barclays later to remove this so they can't take payment next week. Ironically while I have got 5 payments behind with 3 creditors, the P2P loan is up to date, but is not sustainable. I have 5 shifts extra shifts in October which will give me roughly 500 for my emergency fund. So all going well, I can start the DMP at the end of October.
    Does this all sound like I'm heading in the right direction?
    Originally posted by biker_rob
    Yep, looks like you have everything in hand and its good that you've managed to get a standard flex account, rather than a basic. That's because I imagine you've no current defaults registered and so should be treated like any other potential customer. You'll find having a standard account helps at certain points, one being that with a basic you don't get cheque book and I've found that a bit of a pain at times over the years.
    LBM April 2013 85k /14 Creditors
    SC DMP May 2013 - July 2017 (74k repaid)
    SM DMP July 2017 to date / 9k o/s
    • carbootcrazy
    • By carbootcrazy 20th Sep 18, 2:28 PM
    • 5,418 Posts
    • 31,284 Thanks
    carbootcrazy
    • #9
    • 20th Sep 18, 2:28 PM
    • #9
    • 20th Sep 18, 2:28 PM
    Further to my thread on the DFW forum, I have just opened a new current account with Nationwide. I went for the Flex Basic but they said that I couldn't progress with the application due to already having a UK current account so I accepted the standard Flex account and was mindful to set the OD limit to 0. There is no monthly fee. Was accepted after credit check without issue (was surprised). So I have a new current account to progress with.


    Does this all sound like I'm heading in the right direction?
    Originally posted by biker_rob
    Well done, biker_rob. Sounds like you've got off to a great start

    I also opened a 'clean' bank account with Nationwide when I started my DMP. I didn't have any defaults at that stage and still had a usable account with Lloyds(which I still have and am able to use). I didn't want to put my monthly income money into the Lloyds account though as I had a Lloyds credit card on my DMP and they have the right of 'offset'. Nationwide never offered me a full account though, just the basic one. I would have preferred a full account as I would then have closed the Lloyds one down as I don't like Lloyds.
    Original Debt: 56804 (@02/13). Now: 3437. Nearly out of the debt tunnel at long last.
    • carbootcrazy
    • By carbootcrazy 20th Sep 18, 2:40 PM
    • 5,418 Posts
    • 31,284 Thanks
    carbootcrazy
    Yep, looks like you have everything in hand and its good that you've managed to get a standard flex account, rather than a basic. That's because I imagine you've no current defaults registered and so should be treated like any other potential customer. You'll find having a standard account helps at certain points, one being that with a basic you don't get cheque book and I've found that a bit of a pain at times over the years.
    Originally posted by Suseka97
    As I just posted in response to biker_rob Nationwide didn't offer me a regular account even though I didn't have a single default registered at that point and also had/still have a usable Lloyds current account.


    I haven't needed a chequebook for donkey's years, never wrote cheques even with a Lloyds chequebook, but blow me, I'd have been glad of one this week when someone I needed to pay insisted on a cheque. I didn't intend to waste unnecessary money on buying postal orders as it was for a large amount so I had to get OH to write the cheque for me and I paid him back in cash straight away. Everybody happy. I was a bit anxious about it though as he was very insistent on knowing all the details of why I couldn't write my own cheque. He doesn't know a thing about my DMP and debts or that I have to resort to a basic bank account nowadays because I'm a poor risk. I think I got away with it but I hate lying to him. Withholding the full truth is a different matter though. I'm a dab hand at changing the subject to divert him if the subject gets a bit difficult. I probably have an ancient Lloyds chequebook somewhere but it's so long since I used it I haven't a clue where it might be. Probably shredded ages ago or so old that they would query the age or format of the cheque had I used one.
    Last edited by carbootcrazy; 20-09-2018 at 2:43 PM.
    Original Debt: 56804 (@02/13). Now: 3437. Nearly out of the debt tunnel at long last.
    • NeverendingDMP
    • By NeverendingDMP 20th Sep 18, 3:13 PM
    • 142 Posts
    • 615 Thanks
    NeverendingDMP
    Just thought I'd say hello. I'm still plodding along on my DMP. Debts are going down not up.
    Its been a mixed week though as my big debt...
    11300...
    has sent all paperwork through and is enforceable. Felt a bit down as after five months had begun to get my hopes up. Ah well. Must focus on the positives. Major success in other areas however in that hubby is finally contributing to a debt. Persistance has paid off and he now pays a standing order each month to one of them.
    35,213 in Jan 2018, 29861 remaining.
    Mortgage 77230 in Jan 2018
    74872 remaining.
    Emergency fund 250
    • jbkmum
    • By jbkmum 20th Sep 18, 3:31 PM
    • 88 Posts
    • 214 Thanks
    jbkmum
    What does it mean when a creditor writes to you and says "Stepchange have offered us xx and we unfortunately cannot accept that, but we've told them that you should pay what you can afford"
    Debt: 52,418.66 Actual Paid: 359.52
    Savings Target 1000 Actual Saved: 0
    My diary in Debt Free Diaries: 50k to 0
    • Willing2Learn
    • By Willing2Learn 20th Sep 18, 3:44 PM
    • 1,830 Posts
    • 1,412 Thanks
    Willing2Learn
    It means that you have nothing to worry about as they have to accept what you can afford. And I assume the xx is an amount that you and SC have agreed you can afford given your income and expenses.

    You could contact StepChange to let them know you have received the letter and let them handle it from there.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sourcrates
    • By sourcrates 20th Sep 18, 4:07 PM
    • 15,884 Posts
    • 14,937 Thanks
    sourcrates
    What does it mean when a creditor writes to you and says "Stepchange have offered us xx and we unfortunately cannot accept that, but we've told them that you should pay what you can afford"
    Originally posted by jbkmum
    Also they may now be looking to dispose of the account to a debt buyer.
    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/
    • Suseka97
    • By Suseka97 20th Sep 18, 4:19 PM
    • 489 Posts
    • 613 Thanks
    Suseka97
    ......Its been a mixed week though as my big debt...
    11300... has sent all paperwork through and is enforceable. Felt a bit down as after five months had begun to get my hopes up.
    Originally posted by NeverendingDMP
    Do you know that for sure? Have you had that confirmed by someone else - such as the people on the All About Debt forum? If it is enforceable you may still be able to offer F&Fs at a suitable point in time - depending on how much you're currently paying and how long you've been doing so. Although I have enforceable debts I stop paying them for a while and have already been offered a 10% discount.
    LBM April 2013 85k /14 Creditors
    SC DMP May 2013 - July 2017 (74k repaid)
    SM DMP July 2017 to date / 9k o/s
    • icklemissus
    • By icklemissus 20th Sep 18, 6:11 PM
    • 15 Posts
    • 13 Thanks
    icklemissus
    The second lot of letters sent off today with my I&E attached!
    MBNA, Tesco, Barclaycard all on the ball and have replied, M&S no acknowledgement but sent it anyway along with my offer of payments.

    Feel good to have everything under control, started a cash envelope system for all our outgoing and saving amounts!

    once its all up and running I will feel even better!
    Thanks to everyones posts on thread 12 who answered virtually every question I had!
    • jubilee14
    • By jubilee14 20th Sep 18, 7:47 PM
    • 303 Posts
    • 887 Thanks
    jubilee14
    Hi new thread when I started my journey think it was on be 9 so great to see how active and supportive it continues to be. Now looking at final 6 months this forum has been a great place for advice and support when needed.
    LBM Sept 2012
    started DMP 1.11.12
    Debt 37012/1440 DFD Oct 2019 about March 2019
    • sillybilly1983
    • By sillybilly1983 20th Sep 18, 8:16 PM
    • 14 Posts
    • 3 Thanks
    sillybilly1983
    about to kick off my DMP in the next month, got new bank account set up which my October wages will be paid into.

    how much is a recommended emergency fund? while I still have credit available should I use some of that to stash for an emergency?

    also I'm planning on using step change but seen people suggesting self managed. if I kick off with SC can I change to self further down the line?
    • NeverendingDMP
    • By NeverendingDMP 20th Sep 18, 8:34 PM
    • 142 Posts
    • 615 Thanks
    NeverendingDMP
    Suseska97. Its unfortunately enforcable. It was practically an encyclopedia of paperwork with all the right I that they needed to send. Biggest envelope I've had in a long while. I've offered them a tenner a month for the next few months then can potentially up it to 60 with my pro rata payments. I'm sure I will settle at some point and it's with a dca so the options there but it's gonna be my long standing one as my monthly leftover cash is too small to get anywhere close. I'm gonna pay less over Christmas and then decide whether to pay properly or not. My two smallest debts are with pra group. They are also unenforceable since April -pending further information but they won't budge from 90 percent as yet. I know I need to wait but it annoys me a bit as I have enough saved to clear them both at 50 percent each but obviously would want less.the next three highest debts are still with original people who show no signs of wanting to sell them as yet.
    35,213 in Jan 2018, 29861 remaining.
    Mortgage 77230 in Jan 2018
    74872 remaining.
    Emergency fund 250
    • andythe cab
    • By andythe cab 20th Sep 18, 9:49 PM
    • 2 Posts
    • 1 Thanks
    andythe cab
    I have just joined this forum,thank God I did as it's giving me a little bit of hope.Reckon I've got about 14 credit cards most defaulted from 2014 onwards(69k)I'm on a DMP with SC for about 4 years,I've only just realised that some may be unenforceable as they were opened before 2007.I've just requested CCA on 3 of them,all of them have been sold on but when the DCA sent me any letters I just burnt them as I was on DMP,Of course I now want to contact the holders of these debts to request CCA-Any advice?
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