DMP Mutual Support Thread - Part 12

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  • NewbieNat
    NewbieNat Posts: 61 Forumite
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    I though if they saw the I & E they'd say to pay that! I'll be adding to the debt by delaying DMP for 6 months, as interest is only frozen for 30 days. Thanks again, I'm learning a lot :-)
  • January2015
    January2015 Posts: 2,369 Forumite
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    NewbieNat wrote: »
    I though if they saw the I & E they'd say to pay that! I'll be adding to the debt by delaying DMP for 6 months, as interest is only frozen for 30 days. Thanks again, I'm learning a lot :-)

    Interest is 'initially' frozen for 30 days. Creditors can, and often do, extend that. Also extending the time you don't pay or pay only token payments will also push the creditors to default the accounts sooner and then interest should stop anyway.

    You won't be adding to your debt if you delay the DMP for 6 months if you get the interest frozen.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • usedtobeblue
    usedtobeblue Posts: 58 Forumite
    edited 15 March 2018 at 10:57AM
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    Good morning all,

    I'm after a little advice, i have tried to read through the thread as best i can, but i have a few queries.
    I sent my letters all off to my creditors, stating my step change reference number but am yet to send the signed contract back to SC. I've now realised that i shouldn't jump straight into the DMP and should be building up an emergency fund.
    My question is now do i contact SC and ask for a delay starting (ideally August)? Or do i just leave it and contact them again when im ready to start? Also do i have to send my creditors letters on a monthly basis to let them know what is happening, or would 1 letter be enough stating i'm going to start a DMP in Jul/Aug and do i continue to use the original reference number SC quoted?
    Also do i send them a copy of my i&e that i have done with sc and offer token payments or just tell them the date that i will be starting and pay nothing?
    Many thanks in advance from a complete novice!
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • defected
    defected Posts: 20 Forumite
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    Morning

    I have finally had the lightbulb moment after many years of struggling with debt. I am looking to start a DMP and am trying to get everything in order first eg new bank account, emergency fund.

    A couple of questions if anyone can help, i have several credit cards with Barclaycard and therefore owe that creditor a large amount, does this make them more likely to take court action?
    I also have a mortgage with barclays, is this the same company? could this cause an issue, are they more likely to go for a charge on the property?
    thanks in advance x
  • defected
    defected Posts: 20 Forumite
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    ps what does I & E stand for is it same as a SOA?
  • usedtobeblue
    usedtobeblue Posts: 58 Forumite
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    defected wrote: »
    ps what does I & E stand for is it same as a SOA?

    It stands for income and expediture, its similar to soa but it doesn't count your unsecured debts, just how much funds you have left after you pay out all your essentials, such as mortgage, secured loans, council tax, food, petrol etc. I completed one on step change website (confidentially) and they work out how much a month you have left over to pay your creditors. its a great tool and will give you an idea how much you will pay back per month and how long your dmp will last. Im new to this all too, but learning very quickly x
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • boobaby
    boobaby Posts: 6 Forumite
    edited 15 March 2018 at 12:52PM
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    I have copied this over from an old thread.... apologies for the duplication.

    Dear all

    I am a little late to the party but hoping that someone can give me a little guidance. We have been with a well known fee charging DMP provider for many years and this post has encouraged me to bite the bullet and self-manage our DMP moving forward.

    I shall using the Nedcab template and contacting our DMP provider this week notifying them of our intention to terminate our DMP with them. Does anyone have any experience with DMP providers and how helpful they were providing creditor information? Did they also provide contact information?

    Any information would be appreciated.
  • chereb
    chereb Posts: 24 Forumite
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    Im looking to start on the DASscotland scheme. I have started contacting credit cards to say im having trouble paying but they keep calling me. Where can i find the template for not paying annd how do i send the token payment whilst i get set up? I see EF saving so what do i do to start that? Like how soon should i send my DAS paperwork back?
  • usedtobeblue
    usedtobeblue Posts: 58 Forumite
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    chereb wrote: »
    Im looking to start on the DASscotland scheme. I have started contacting credit cards to say im having trouble paying but they keep calling me. Where can i find the template for not paying annd how do i send the token payment whilst i get set up? I see EF saving so what do i do to start that? Like how soon should i send my DAS paperwork back?

    Try this:
    http://forums.moneysavingexpert.com/showpost.php?p=69267499&postcount=463
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • chereb
    chereb Posts: 24 Forumite
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    Do yoi send the token payment via cheque? Or is it arranged with the company? Thank you
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