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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 13,781Posts
    • 13,097Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    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 questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    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 140
    • Jorddii
    • By Jorddii 7th Feb 18, 3:54 PM
    • 2 Posts
    • 0 Thanks
    Jorddii
    Just started My DMP
    Hi all,

    I have recently set up a DMP with Payplan, I owe just under £6,000 after pretending everything was ok and getting in a worse situation finally held my hands up and try to sort it out.

    RBS Current Account - £1,610.93 (Defaulted)
    RBS Credit Card - £357.45 (Defaulted)
    EE - £87.09 (Defaulted)
    Capquest - £194.43 (Defaulted)
    Capital one - £190
    Capital one - £193
    CRS - £300.87 (payday loans)
    CRS - £337.10 (payday loans)
    CRS - £337.21 (payday loans)
    Catalogue - £301.89
    Catalogue - £97.84
    MMile - £190.17
    Vanquis - £2060

    My DF date is around 2.5years from now but i have noticed people offering F&F etc..

    Just wondering if anyone has any advice for me that i can try clear some of the debt off any quicker
    Feel much better i am now set up paying them all off but worried that they can still try take action and ill have a CCJ against me which will mean i will lose my job.

    Thanks
    • Onebrokelady
    • By Onebrokelady 7th Feb 18, 3:54 PM
    • 342 Posts
    • 933 Thanks
    Onebrokelady
    Ok so finally i have taken the plunge after building up 34k of debts which was costing me £1300 a month to service and one viscous cycle.. the tipping point for me was Lloyds new excessive OD charge which increased by £140 a month, Child Maintenance going up by £180 a month and a change in my partners circumstance (thanks Carrilion).

    So there we go i am in my 1st week of SC contacting my suppliers and i got to admit i feel awful, i am a proud man and this has made me feel like a failure to myself and my family . I really am struggling.

    So my creditors are

    Lloyds OD £4000
    Vanquis £3000
    Lloyds Loan £9500
    L/Woods £3900
    Capital one £750
    Lume £450
    Bamboo £10000
    B/Card £4500
    P2P £400

    B/card have already agreed to my payment amount, frozen my interest and accepted the payment.


    Does anybody else have experience with the others and how they will react? Just so worried they won!!!8217;t accept the offer and keep piling on the cost. Feels like I am sitting on a ticking time bomb!!

    DF estimate 9 Years!!
    Originally posted by IANB77
    Hi from another newbie,I am at the start of my DMP too in fact Iím a bit behind you because I only got the paperwork today so have yet to send it back,Im hoping to do that tomorrow,like you I felt like a failure but coming here and getting support has helped me to see I was wrong to feel that way, we are only human and we all make mistakes its how we deal with those mistake that define us,you and I have both been proactive in sorting things out and I think we should feel proud of ourselves for tackling ours debts head on,Im still a bit of a gibbering wreck at times but slowly and surely I am getting there and you will too,I was also advised to set up a diary on here so I have and im using it as a way to chart my progress have a moan or just generally offload
    There is definitely something about January as that was when it all came crashing down for me,its going to be a long road but not a lonely journey, my debt free date is in 8years and 5 months
    Last edited by Onebrokelady; 07-02-2018 at 3:57 PM.
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £502 Debt Now = £17,128
    • Onebrokelady
    • By Onebrokelady 7th Feb 18, 4:00 PM
    • 342 Posts
    • 933 Thanks
    Onebrokelady
    SC DMP how many wage slips
    People with SC did you just send one wage slip with your paperwork,itís says to send one payslip from the last three months but I could have sworn the man on the phone said I had to send three
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £502 Debt Now = £17,128
    • Onebrokelady
    • By Onebrokelady 7th Feb 18, 4:04 PM
    • 342 Posts
    • 933 Thanks
    Onebrokelady
    Account number for credit card
    Am I right in thinking that the account number for my BC credit card will be the same as the card number,I have a letter and it says for the account ending in and itís the last numbers on my credit card,Iím locked out of my account as I forgot my log in details and tried to log in too many times so I canít acess it to find out,if not I will have to phone them tomorrow,I need to get this sorted as I want to send the DMP paperwork back to SC tomorrow if I can
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £502 Debt Now = £17,128
    • Summer12
    • By Summer12 7th Feb 18, 4:14 PM
    • 77 Posts
    • 35 Thanks
    Summer12
    Worst case scenarios
    Hello! Iím slowly ploughing my way through all 140 pages of this thread. The information on here is invaluable. The query I keep coming back to is how accepting of the offers of payment are the creditors. In our case we have enough equity in our house to pay off our debts (although no idea if we would be accepted for a secured loan). Surely creditors can do a simply check of your file and see your existing mortgage balance and a simple internet search to see how much your house is worth (they have your address) to be able to decide whether to reject your offer of payment based on the probability of a court setting you a far higher monthly payment? If you donít pay Court set amount eventually they could set a charge or apply to make you sell the property? Iím just trying to put myself in the creditors shoes and come up with all the worst case scenarios before deciding which route to go down. I also assume this is why there is an IVA route? All the experiences on here are very positive which is great but canít help worrying. Just want to make the right decision.......for a change.
    • IANB77
    • By IANB77 7th Feb 18, 4:17 PM
    • 17 Posts
    • 13 Thanks
    IANB77
    Am I right in thinking that the account number for my BC credit card will be the same as the card number,I have a letter and it says for the account ending in and itís the last numbers on my credit card,Iím locked out of my account as I forgot my log in details and tried to log in too many times so I canít acess it to find out,if not I will have to phone them tomorrow,I need to get this sorted as I want to send the DMP paperwork back to SC tomorrow if I can
    Originally posted by Onebrokelady
    Hi Yes all my credit cards were the long number that they needed not the actual account numbers. I sent one Wage slip originally to SC but it confused them due to all the overtime from December on it, so i then sent them one with hardly any on and explained it, they were more than happy with that.
    • FoolishGirl77
    • By FoolishGirl77 7th Feb 18, 4:20 PM
    • 11 Posts
    • 9 Thanks
    FoolishGirl77
    I was the same too - never once missed a payment before my DMP and have never missed one since starting my DMP ó until now!

    You taken the first step, recognisingyou need to do something. We have all felt like failures, and been guilt ridden and paralysed with fear because of the spiralling debt mountain we have to climb.

    This forum is amazing and will give as much help and advice as you need. Whatever your situation someone has been there and done it!

    For what itís worth I was where you are a few years ago and jumped into a plan straight away. Please try not to panic and give yourself some space, some time to get a good robust budget together to identify how much you can reasonable repay your creditors and give yourself a good few months to build up a cash fund to cover all those unexpected expenses. I didnít and have just recently stopped payments to creditors for a few months to do exactly that because after 3 years on the DMP and 2/3 of debt paid off I had no fallback for a change in circumstances.

    You are in a great position having found this thread before starting the journey back to being debt free.

    Good luck !!!128521;
    • IANB77
    • By IANB77 7th Feb 18, 4:21 PM
    • 17 Posts
    • 13 Thanks
    IANB77
    Thanks OBL. Yep step forward into the unknown but with hope in our hearts... I have found SC easy to deal with so far and no real issues at all. I haven't even had to speak to them over the phone. And it didn't take them long after ecieving the paperwork back to contacting the creditors. Less than a week.
    • IANB77
    • By IANB77 7th Feb 18, 4:24 PM
    • 17 Posts
    • 13 Thanks
    IANB77
    For what itís worth I was where you are a few years ago and jumped into a plan straight away. Please try not to panic and give yourself some space, some time to get a good robust budget together to identify how much you can reasonable repay your creditors and give yourself a good few months to build up a cash fund to cover all those unexpected expenses. I didnít and have just recently stopped payments to creditors for a few months to do exactly that because after 3 years on the DMP and 2/3 of debt paid off I had no fallback for a change in circumstances.

    Good luck !!!128521;
    Originally posted by FoolishGirl77
    So have i done this wrong then? And jumped straight in?
    • FoolishGirl77
    • By FoolishGirl77 7th Feb 18, 4:30 PM
    • 11 Posts
    • 9 Thanks
    FoolishGirl77
    From my experience I wished I had found this thread earlier and waited before I started my DMP payments. I had no emergency fund and now with a third child due (overdue now to be precise) I wish I had taken 6 months and saved for emergencies.

    But no you have not done anything wrong so please do t worry. I have just recently written to my creditors to explain my change in circumstances and that I need to suspend payments pending a review - this was only last week so I don!!!8217;t know yet if it!!!8217;s goi g to be a problem but everyone on here were so supportive and gave me the strength to do what needed to be done.

    Others have already had to do what I!!!8217;m doing and have done so successfully so it!!!8217;s never too late. Sorry if I made you worry.
    • ploppy57
    • By ploppy57 7th Feb 18, 4:42 PM
    • 717 Posts
    • 4,633 Thanks
    ploppy57
    Hi all,

    I have recently set up a DMP with Payplan, I owe just under £6,000 after pretending everything was ok and getting in a worse situation finally held my hands up and try to sort it out.

    RBS Current Account - £1,610.93 (Defaulted)
    RBS Credit Card - £357.45 (Defaulted)
    EE - £87.09 (Defaulted)
    Capquest - £194.43 (Defaulted)
    Capital one - £190
    Capital one - £193
    CRS - £300.87 (payday loans)
    CRS - £337.10 (payday loans)
    CRS - £337.21 (payday loans)
    Catalogue - £301.89
    Catalogue - £97.84
    MMile - £190.17
    Vanquis - £2060

    My DF date is around 2.5years from now but i have noticed people offering F&F etc..

    Just wondering if anyone has any advice for me that i can try clear some of the debt off any quicker
    Feel much better i am now set up paying them all off but worried that they can still try take action and ill have a CCJ against me which will mean i will lose my job.

    Thanks
    Originally posted by Jorddii

    Hello and welcome to our little family....

    When we first started our DMP in 2015, our DFD was forecast to be around 8 years and although it seemed horrendous we ploughed on with it. Then we had a change in circumstance as I had to go part time and we had to reduce our payments. The DFD then went to 2031!!
    The sensible part of me was saying that I knew it wouldn't take that long, as I had read about people on here having success with F&F's. So we have now taken the plunge to go self managed and reduced our payments even further but I know we will pay it off earlier as we can now save for F&F's etc.
    Just keep plodding on and reading all the advice on here and it will be fine. If your creditors have accepted your plan, then they will not take any more action against you. You are doing what you can to repay your debts and that is the main thing.
    DMP March '15 £57,549. Now £44,430. almost 23% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... Building up slowly.
    Christmas '18 challenge... £22 /£300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • Onebrokelady
    • By Onebrokelady 7th Feb 18, 4:44 PM
    • 342 Posts
    • 933 Thanks
    Onebrokelady
    Hi Yes all my credit cards were the long number that they needed not the actual account numbers. I sent one Wage slip originally to SC but it confused them due to all the overtime from December on it, so i then sent them one with hardly any on and explained it, they were more than happy with that.
    Originally posted by IANB77
    Hi thanks,for that,I thought that was the case,Ive got one with some unsocial hours on from January and one with none on but I think thats for November last year so it!s out of the time frame,I might just post both just in case,the man I spoke too took details of three wage slips and then averaged out the payment because they are so varied,this does mean that on a month with low wages I will be cutting it very fine but that cant be helped ,I can still afford everything there just wont be any leeway that month,Ive told my colleague who does the rota that I need a certain amount of hours unsocial as a minimum and she is usually good at sticking to it so hopefully it will be ok
    Last edited by Onebrokelady; 07-02-2018 at 8:06 PM.
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £502 Debt Now = £17,128
    • ploppy57
    • By ploppy57 7th Feb 18, 4:56 PM
    • 717 Posts
    • 4,633 Thanks
    ploppy57
    Ok...so just got home and opened the post to find PRA have sent letters regarding our recent request for CCA's. They have returned the £1 PO, saying as a gesture of goodwill they do not charge. They have also said account is on hold until further notice.


    So we are due to start our SM DMP with them this month and have just set up the standing orders. But as the account is now on hold, I presume we don't need to pay anything until they get back to us?


    Also...can you actually get money back on a PO that has been returned, even though it is made out to PRA?
    DMP March '15 £57,549. Now £44,430. almost 23% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... Building up slowly.
    Christmas '18 challenge... £22 /£300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • January2015
    • By January2015 7th Feb 18, 5:56 PM
    • 2,054 Posts
    • 5,127 Thanks
    January2015
    Ok...so just got home and opened the post to find PRA have sent letters regarding our recent request for CCA's. They have returned the £1 PO, saying as a gesture of goodwill they do not charge. They have also said account is on hold until further notice.


    So we are due to start our SM DMP with them this month and have just set up the standing orders. But as the account is now on hold, I presume we don't need to pay anything until they get back to us?


    Also...can you actually get money back on a PO that has been returned, even though it is made out to PRA?
    Originally posted by ploppy57
    Change the start date of the standing order or cancel it until they provide enforceable CCA.

    If you have the receipt for the postal order you can get your money back at the post office
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    [COLOR=Blue][SIZE=2]
    • Daveb45
    • By Daveb45 7th Feb 18, 6:17 PM
    • 3 Posts
    • 0 Thanks
    Daveb45
    Contacting creditors
    I hate to admit this but I am not very good on the phone and I am some what scared of talking to people who are more at ease than me. I would prefer to write to my creditors by recorded delivery, is there a template letter or can anyone give me pointers as what to write. Thanks in advance. Reading some of the situations people have found themselves in and how they are moving forward gives me hope.
    • motivated
    • By motivated 7th Feb 18, 6:23 PM
    • 2,193 Posts
    • 4,262 Thanks
    motivated
    Hi all

    Another big fan of this site and this thread. It saved myself and DH from ourselves.

    We are only 1 year in on the DMP journey and I love it . We also never had a late or missed payment and even though our debt was/is massive we still had CCs raising our limits constantly.

    One massive wake up call around Christmas time and bang I asked for advice on here and was led in the right direction and here I am still going in the right direction and have never looked back.

    Good luck Ian , stick around you will be fine. Our creditors have given us no grief whatsoever considering what we owe them.
    M
    I have arrived in DMP land and I like it, I may stay a while
    LBM £82,590 Jan 17/£77,672.91 April 18
    Short term goal £1398.73/£1796 / PDBX 18 # 31 - £2385.52/£5,000
    52 week challenge VSP # 8 - £150
    SPC # 91
    / Save a penny a day 2018 # 02 - £50.00
    • January2015
    • By January2015 7th Feb 18, 7:45 PM
    • 2,054 Posts
    • 5,127 Thanks
    January2015
    I hate to admit this but I am not very good on the phone and I am some what scared of talking to people who are more at ease than me. I would prefer to write to my creditors by recorded delivery, is there a template letter or can anyone give me pointers as what to write. Thanks in advance. Reading some of the situations people have found themselves in and how they are moving forward gives me hope.
    Originally posted by Daveb45
    Don't waste your time sending recorded delivery. Just ask at post office for proof of posting - it's free

    What are you writing to creditors about? There are lots of templates, but they are all for different scenarios, e.g. starting a DMP, requesting a CCA etc. Let us know where you are at with your plans and we can help with templates
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    [COLOR=Blue][SIZE=2]
    • Onebrokelady
    • By Onebrokelady 7th Feb 18, 8:12 PM
    • 342 Posts
    • 933 Thanks
    Onebrokelady
    Thanks OBL. Yep step forward into the unknown but with hope in our hearts... I have found SC easy to deal with so far and no real issues at all. I haven't even had to speak to them over the phone. And it didn't take them long after ecieving the paperwork back to contacting the creditors. Less than a week.
    Originally posted by IANB77
    I ended up speaking to them on the phone because I filled the forms out wrong online and itís recommended bankruptcy so I thought I would phone instead and they recommended a DMP instead,hopefully mine will be dealt with as quickly as yours was
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £502 Debt Now = £17,128
    • Suseka97
    • By Suseka97 7th Feb 18, 9:09 PM
    • 222 Posts
    • 326 Thanks
    Suseka97
    So have i done this wrong then? And jumped straight in?
    Originally posted by IANB77
    Most of us who have been on a DMP for a wee while and who have the benefit of hindsight - advise people looking to start down this road to give themselves a bit of breathing space in order to build up a financial buffer before jumping in. The main reason is because you never know what's around the corner and generally the amount SC allow for an emergency fund each month isn't that great. But you've started now so I would just carry on as you are and should you find yourself needing a 'break' in order to pay an unexpected bill, then just tell SC that's what you need to do. There are plenty of folks who have done that and whilst SC don't like you to do it too frequently, it doesn't mean you can't.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • Summer12
    • By Summer12 8th Feb 18, 6:41 AM
    • 77 Posts
    • 35 Thanks
    Summer12
    Creditors wanting equity
    Morning,
    Further to my post above and some more research on debt camel (what a great web site). It seems that I was right if you have enough equity in your house then indeed unsecured creditors can request (and then subsequently take you to court for a charge on your house). Which leads me to the conclusion that I may aswell try the secured loan route even though itíll cost me more,take longer etc before my credit file is trashed by a dmp as after starting one surely any loan offer (if at all) would be an even worse interest rate. Seems to be little difference in unsecured debts to secured debts action just that it takes longer to get there for the creditor. Any one had any experience of creditors threatening to put charge on their house/court action (or actually going ahead with it)? Thank you in advance, going to sleep thinking about it and first think I worry about when I wake.
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