DMP mutual support thread part 13 !!

1199200202204205523

Comments

  • ditty1234
    ditty1234 Posts: 2,011
    First Anniversary First Post Name Dropper
    Forumite
    Hi I realise this is slightly off the rack but I'm getting a bit frustrated.
    First I tried to add my santander account to my paypal account - to be able to pay money out from ebay sales.
    Not possible, it just generates an error and wait til later.
    Then I had a look at the Tesco online saver account to see if I could use that, as that is the account linked to my paypal account - so I tried to pay £1 into to my santander from the tesco account - also unsuccessful.
    I have no idea what is going on.
    I have updated security phone number and emails w paypal - so it might just look like a lot of changes in a day or two. But really I now can't get to my own money. I want the money under my mattress now!
    Any advice? (Were talking relative small amounts - £40) but still.
    LBM Jan 2019 - £25.928/Active debt £14253, 54% sorted
    Housing fund Jan 2024 £2000/6000 36%
    EF Jan 2024 £0/1000 0% Emergency fund is for worn out things like vacuum cleaner, dish washer, and washing machine.
  • Hi Stormpassing,

    Thanks so much for your reply, it is great to hear from someone with a good experience, could I ask, did you have a mortgage whilst on your DMP? I have some equity in my house, but not enough to ever buy again if it was taken from me to pay my debts.

    I’m probably just overthinking everything. I really want to pay everything off as soon as I can.
    Thank you x


    Hi,


    I've been with Stepchange for just over a year now and i do have a mortgage. I don't have any mortgage arrears and have continued to pay it as usual through the same bank that I have credit card debts with. I'm making reduced payments via my DMP to the 2 credit cards I have and the bank has never queried the mortgage at all. They've just accepted what I pay off the credit cards too. It's all been very straightforward and I can relax about money now which I never could before entering into a DMP.
  • Suseka97
    Suseka97 Posts: 1,562
    First Anniversary First Post Name Dropper
    Forumite
    .........
    I am currently on a DMP with Step Change 5 Creditors, 4 Credit Cards 1 overdraft totalling £14,600........ All the accounts have defaulted, and I am paying £200 a month to Stepchange which is split between my creditors. I have not missed any mortgage payments and my priority debts are all upto date. I've started saving any spare money I have to try and put towards clearing the debts and I wondered if there was anything more I could/should be doing to stop my creditors taking any further action?

    Firstly welcome and well done for getting a grip on your finances. I would say you're doing fine and I see no reason why your creditors would take any further action; I presume you're thinking here about court action or the like. You've been in the DMP for several months now, so it pretty safe to say you can just let things carry on as you are.
    Some of my debts, Mint RBOS were opened in 2003/4 time would it be worth asking for CCA (its been sold to Westcot) Is it likey the creditors will start applying interest and charges?

    If all accounts have been defaulted, then no - they will not start applying interest. I think you'll find that Wescot only manage debts on behalf of others these days, so Mint RBOS still own the debt unless you've received a 'notice of assignment' that tells you all rights have been transferred. Debts of that age are worth CCA'ing, so I'd definitely have a go.
    ...........could I ask, did you have a mortgage whilst on your DMP? I have some equity in my house, but not enough to ever buy again if it was taken from me to pay my debts. I’m probably just overthinking everything. I really want to pay everything off as soon as I can.

    These are unsecured debts so please don't fret about losing your home. I can understand why that would be a concern, but not one you need to be worrying about. There are many of us who have / or had mortgages during our DMP years and have equity in our homes. The only time property is at risk is if you stop making your mortgage payments, or had taken out a loan secured on your property and stopped making those payments. But as you'll know when in a DMP both of these are listed as priority debts and those types of expenses are included in your I&E when working out what's affordable in terms of debt repayments.
  • Think it was missed the first time, so I'll ask again...

    DMP is going well, starting payments on October, some have already started as they have defaulted me. Only issue I have, I have 2 debts with shopdirect (very and littlewoods), neither have defaulted and just keep freezing the account. It'll be 6 months since I last paid them, in October. If they fail to default me, do I continue to not pay them?

    Would also like to know, does an overdraft get a default? Or do I just start to pay that back each month?
  • Suseka97
    Suseka97 Posts: 1,562
    First Anniversary First Post Name Dropper
    Forumite
    SkintDad87 wrote: »
    Think it was missed the first time, so I'll ask again...

    DMP is going well, starting payments on October, some have already started as they have defaulted me. Only issue I have, I have 2 debts with shopdirect (very and littlewoods), neither have defaulted and just keep freezing the account. It'll be 6 months since I last paid them, in October. If they fail to default me, do I continue to not pay them?

    Would also like to know, does an overdraft get a default? Or do I just start to pay that back each month?

    Very are pretty stubborn with defaults and I'm not sure about the success rate when withholding payment but it is the only action available to you I'm afraid to say. You can always complain and keep quoting FCA guidelines, but unfortunately they are just that - guidelines.

    As for your overdraft - this is treated differently and you won't get a default, so I suggest you just go ahead and make whatever payment you've arranged to get that one cleared.
  • Suseka97 wrote: »
    As for your overdraft - this is treated differently and you won't get a default, so I suggest you just go ahead and make whatever payment you've arranged to get that one cleared.
    I am pretty sure I received a default on my Natwest overdraft when I breached the terms of the overdraft agreement (approx. 2009). As long as you stick to the terms, then there is no default.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • sourcrates
    sourcrates Posts: 28,647
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    Suseka97 wrote: »
    .

    As for your overdraft - this is treated differently and you won't get a default, so I suggest you just go ahead and make whatever payment you've arranged to get that one cleared.
    I am pretty sure I received a default on my Natwest overdraft when I breached the terms of the overdraft agreement (approx. 2009). As long as you stick to the terms, then there is no default.


    If enough time passes and the bank decides to close the account, then it will be defaulted as per any other consumer credit act debt, the thing with banks is, they can take a long time to close accounts, so best to write and encourage them to do so, this stops too many charges and interest deductions accruing, thus enlarging the sum you owe.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Hi All

    I've been away for a while, and not as good as I should have been, but still paying my regular payments to SC. I'm a year into my debt management journey (only8 to go!), how do I go about becoming self managed?

    Do you have to send them a copy of your payslip - as you do with SC, or can you fill in your I&E?

    Thanks

    LL xx
    £38,000 and change to £0
  • sourcrates
    sourcrates Posts: 28,647
    First Anniversary Name Dropper First Post Photogenic
    Ambassador
    LexieLou wrote: »
    Hi All

    I've been away for a while, and not as good as I should have been, but still paying my regular payments to SC. I'm a year into my debt management journey (only8 to go!), how do I go about becoming self managed?

    Do you have to send them a copy of your payslip - as you do with SC, or can you fill in your I&E?

    Thanks

    LL xx


    Self management is just a fancy name for paying your bills yourself, instead of stepchange doing it for you.
    You decide how it runs, the need for proof of income is so stepchange know what you actually have coming in, you decide if you want to share that information with your creditors, or not.

    Its simply a case of obtaining all relevant payment information, setting up the payments online, and clicking the mouse a few times each month, basically its a doddle.

    You keep an eye on the post, debts do get passed around a lot at times, if they dont send you a statement every year, ask for one, do all your correspondance in writing, and keep copies, then you have a papertrail, thats about it, its really very easy to do.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • sourcrates wrote: »
    its really very easy to do.

    Thanks, fab advice as always
    £38,000 and change to £0
Meet your Ambassadors

Categories

  • All Categories
  • 342.2K Banking & Borrowing
  • 249.8K Reduce Debt & Boost Income
  • 449.3K Spending & Discounts
  • 234.4K Work, Benefits & Business
  • 606.7K Mortgages, Homes & Bills
  • 172.7K Life & Family
  • 247.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards