DMP & Mutual Support Thread - Part 11

MitziB · 10 April 2016 at 7:01AM

Good Morning everyone. I hope the sun is shining in your neck of the woods as it is here:j

I asked this question before but didn't receive any response so I'm hoping it was just overlooked and someone might see it now and be able to give a bit of advice please.

Am on a DMP (about halfway through a 6 year stint) with defaults on my credit record from 4 of my creditors. All DMP payments are and have always been up to date.

I know they credit-check for mobile phone contracts but I don't want to apply for one of them. I want to change provider for landline-phone and broadband. I've been with BT from many years before DMP started and never had any problems with late or missed payments. They aren't anything to do with my DMP. Does anyone know if they credit-check applicants for switching phone/broadband suppliers please? My credit score is still rubbish (1 out of 5:o).

Thanks for any advice:beer:

January2015 · 10 April 2016 at 9:39AM

Hi everyone

The battle with BC to default our account it beginning to depress me

When on the DMP with SC they were adding interest at 3%, now it is much higher. They are now adding over £300 per month interest - 24.85% (27.9% compound equivalent)

I was making token payments. Now I am going to stop making any payments.

Brogden · 10 April 2016 at 9:39AM

MitziB wrote: »

Good Morning everyone. I hope the sun is shining in your neck of the woods as it is here:j

I asked this question before but didn't receive any response so I'm hoping it was just overlooked and someone might see it now and be able to give a bit of advice please.

Am on a DMP (about halfway through a 6 year stint) with defaults on my credit record from 4 of my creditors. All DMP payments are and have always been up to date.

I know they credit-check for mobile phone contracts but I don't want to apply for one of them. I want to change provider for landline-phone and broadband. I've been with BT from many years before DMP started and never had any problems with late or missed payments. They aren't anything to do with my DMP. Does anyone know if they credit-check applicants for switching phone/broadband suppliers please? My credit score is still rubbish (1 out of 5:o).

Thanks for any advice:beer:

I have a series of defaults and I switched without any problem at all. My guess is that you will be fine.

Virgin Media said they would ask for a deposit if the check was not good. Guess what? I did not need to pay the deposit and got a fantastic mobile deal on top only offered to those who pass with flying colours :rotfl:!!

Shirt_buttons · 10 April 2016 at 11:12AM

Hi I promise I have read all the pages on the site but going back over I cannot find the letter that I should send to creditors to advise I am with SC and they will be contacting them once they have sorted through my paperwork, I was planning on sending an instant message via their web site page as remember reading this is ok to do with some and you get a response within a day or two. I will post a letter to the others. Also should I go on line and send a token payment to them all ? I am confused as some people do and some don't.... I will be paying step change a total and they will be paying the debts for me. I only sent my paperwork off to SC end of last week but am getting several calls a day from creditors .. I just don't pick up as I cant face talking to them so would rather send them a letter.
If one of you would kindly point me in the right direction where I can find the template I would be grateful.
Thank you

sourcrates · 10 April 2016 at 11:48AM

Shirt_buttons wrote: »

If one of you would kindly point me in the right direction where I can find the template I would be grateful.
Thank you

Simple to do one yourself.

Dear Creditor,

As you may be aware, I am experiencing some degree of financial difficulty at the moment.

I am consulting with Stepchange, and am currently in the process of setting up a debt management plan with them.

This will be finalised shortly, and Stepchange will be in touch with you soon.

In the meantime, can I ask that all communication be in writing only, so there can be no confusion over what has been agreed.

yours sincerely,

shirtbuttons.

Puzzcat · 10 April 2016 at 11:50AM

Shirt_buttons wrote: »

Hi I promise I have read all the pages on the site but going back over I cannot find the letter that I should send to creditors to advise I am with SC and they will be contacting them once they have sorted through my paperwork, I was planning on sending an instant message via their web site page as remember reading this is ok to do with some and you get a response within a day or two. I will post a letter to the others. Also should I go on line and send a token payment to them all ? I am confused as some people do and some don't.... I will be paying step change a total and they will be paying the debts for me. I only sent my paperwork off to SC end of last week but am getting several calls a day from creditors .. I just don't pick up as I cant face talking to them so would rather send them a letter.
If one of you would kindly point me in the right direction where I can find the template I would be grateful.
Thank you

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Puzz.x

blisteringblue · 10 April 2016 at 12:11PM

January2015 wrote: »

Hi everyone

The battle with BC to default our account it beginning to depress me

When on the DMP with SC they were adding interest at 3%, now it is much higher. They are now adding over £300 per month interest - 24.85% (27.9% compound equivalent)

I was making token payments. Now I am going to stop making any payments.

Hi Jan,

That is bizarre, they were really good with us, I sent my letter saying I was dropping to token, they rang me the about a week later and we discussed it, they said they would freeze interest but it will be a "unofficial" agreement and would eventually go to collections. I even chanced my arm and asked for the interest back for the 1st month it went back on and they agreed.

It then went to PRA and is now defaulted. However Mrs BB is still with BC, even though they said it too was passing to PRA, but the last letter I had about this was November. It's still 0% so not really bothered other than they get token still.

My ex BC is now back to normal payment with PRA(T) Group just so I can get back to clearing it.

It just seems they want to grind us down as a tactic this year.

January2015 · 10 April 2016 at 3:43PM

blisteringblue wrote: »

Hi Jan,

That is bizarre, they were really good with us, I sent my letter saying I was dropping to token, they rang me the about a week later and we discussed it, they said they would freeze interest but it will be a "unofficial" agreement and would eventually go to collections. I even chanced my arm and asked for the interest back for the 1st month it went back on and they agreed.

It then went to PRA and is now defaulted. However Mrs BB is still with BC, even though they said it too was passing to PRA, but the last letter I had about this was November. It's still 0% so not really bothered other than they get token still.

My ex BC is now back to normal payment with PRA(T) Group just so I can get back to clearing it.

It just seems they want to grind us down as a tactic this year.

Thanks BB

I think I will try one more letter and see what happens. It can't hurt any more than their current stance is doing

phoenixx · 10 April 2016 at 4:04PM

January2015 wrote: »

Hi everyone

The battle with BC to default our account it beginning to depress me

When on the DMP with SC they were adding interest at 3%, now it is much higher. They are now adding over £300 per month interest - 24.85% (27.9% compound equivalent)

I was making token payments. Now I am going to stop making any payments.

It is indeed depressing dealing with BC! Only stopping payments completely and ignoring them has changed anything for us...
Let us know how you get on. X

chiefsfanuk · 10 April 2016 at 6:05PM

Hello All,

Whilst I have been a member of these forums for some time now, I haven't been an active user for a few months.
However, last week, after receiving an unexpected £80 in fees on my current account, I had a light bulb moment. I realised as much as I tried to keep up with my payments and refused to accept how irresponsible my borrowing had gotten in the last two to three years, I have reached the point of something has gotta give!
So, after speaking with DH and using the SC website, we have come to the mutual decision that a DMP is the way forward. I have spent hours on end reading this thread and can't thank you all enough for this amazing resource of wisdom, experience and information so wanted to put in a 'Hey, how you all doing and thank you' post real quick.
Mine and my husband's journey starts here; We have applied and been approved for a new basic account and I also have another current account with no overdraft. We plan to use the method of all bills from one account (have switched DD's from the fee charging account mentioned above) and all regular spending (ie groceries, petrol etc) from the new account to help us stay organised and in control. Also I have sent off for the paperwork from SC to get the ball rolling on our DMP (approx £20k debt with £115 per month to pay, increasing by £120 next February when the HP on our car is paid off). I have stopped ignoring the phone calls and spoken to two of my creditors, BC and Capital One, who have put me on a 30 day hold while they wait to hear from SC.
All in all, after just five days I feel like I am finally dealing with our demons and made a good start on the loooong road ahead!
So yeah... Hello, thank you and talk more soon

V

DMP & Mutual Support Thread - Part 11

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