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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 14,030Posts
    • 13,286Thanks
    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 161
    • KatieAnne
    • By KatieAnne 6th Mar 18, 6:11 PM
    • 10 Posts
    • 10 Thanks
    KatieAnne
    CCA now How old is the MBNA account ?

    Don't worry or feel sick / nervous. Defaults are definitely a positive thing for people dealing with debts through debt management plans
    Originally posted by January2015
    Thanks January,
    On my credit report it shows MBNA as opened in 2011 but it was previously Virgin, so not sure if that was the Virgin date ? My husbands MBNA which was also Virgin was taken out a few years before..
    The report showed Tesco as 1997....so thats an old one.. and my husbands Tesco was taken a few years after mine.
    I signed up for Clearscore for hubby, but they want proof of identification so need to do that still.
    Katie
    x
    • January2015
    • By January2015 6th Mar 18, 6:23 PM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Thanks January,
    On my credit report it shows MBNA as opened in 2011 but it was previously Virgin, so not sure if that was the Virgin date ? My husbands MBNA which was also Virgin was taken out a few years before..
    The report showed Tesco as 1997....so thats an old one.. and my husbands Tesco was taken a few years after mine.
    I signed up for Clearscore for hubby, but they want proof of identification so need to do that still.
    Katie
    x
    Originally posted by KatieAnne
    Definitely CCA them all anyway. Pre 2007 accounts more likely to be UE - that doesn't mean they will definitely be UE but they are the ones you are more likely to have success with.

    Having said that I have to Virgin accounts (2012 and 2015) which haven't been able to provide CCA documentation - I've been waiting over 18 months now. They keep writing and apologising they haven't been able to provide it .... yet UE until they do
    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]
    • KatieAnne
    • By KatieAnne 6th Mar 18, 7:06 PM
    • 10 Posts
    • 10 Thanks
    KatieAnne
    Definitely CCA them all anyway. Pre 2007 accounts more likely to be UE - that doesn't mean they will definitely be UE but they are the ones you are more likely to have success with.

    Having said that I have to Virgin accounts (2012 and 2015) which haven't been able to provide CCA documentation - I've been waiting over 18 months now. They keep writing and apologising they haven't been able to provide it .... yet UE until they do
    Originally posted by January2015
    I will give it a go,
    Thanks again January...
    Katie
    x
    • lean55
    • By lean55 6th Mar 18, 7:58 PM
    • 2 Posts
    • 0 Thanks
    lean55
    Thank you that's a big weight off my mind.
    • EmergencyNurse
    • By EmergencyNurse 6th Mar 18, 8:16 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Hi, I've had an online chat with National Debtline this evening. I'm going to redo my budget and phone them tomorrow and go through it all step by step. DMP was advised as an option. Apart from affecting credit score, defaulting etc. What, if any are the major downsides of doing a DMP? What percentage of your income do you get to keep to live on?

    I've been very resistant to the idea of a DMP but everyone seems so positive I've come around to the idea.
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • Brad23
    • By Brad23 7th Mar 18, 7:12 AM
    • 1 Posts
    • 1 Thanks
    Brad23
    New DMP
    So this week I finally plucked up the courage to contact stepchange as I have found myself in a situation with lots of different creditors and a total payment of over £500/600 a month but due to interest it not really putting a dent in any of my debt. So I have yesterday sent off the paperwork for my DMP with an agreed payment of around £345 a month which is much more manageable. My debt is currently around the 10k mark and hopefully theyíve said I could be debt free within 3 years if everything goes to plan.

    So hereís my question - the set up process was so easy, Iíve contacted all of my creditors to let them know that Iím dealing with SC and theyíve all put my accounts on hold whilst the DMP is set up, Iíve changed bank accounts due to an overdraft; Iíve signed all the paperwork and everything and just waiting to hear back from SC to confirm itís all set up.

    My worry is that Iím currently living with parents who donít know the full extent or the debt (for good reason) and Iím just wondering what will happen following the set up of he DMP, and what I should do it I get threatening letters from any of my creditors? Although the set up process seemed easy surely It wonít be plain sailing all the way through? Iím just starting to double think if Iíve made the right choice as I really donít want to have a CCJ against me or be taken to court for the money I owe as it would really impact my personal life with my family.

    Any advise on what happens next and what I should expect would be much appreciated.

    Thankyou
    • ploppy57
    • By ploppy57 7th Mar 18, 7:12 AM
    • 722 Posts
    • 4,650 Thanks
    ploppy57
    Hi, I've had an online chat with National Debtline this evening. I'm going to redo my budget and phone them tomorrow and go through it all step by step. DMP was advised as an option. Apart from affecting credit score, defaulting etc. What, if any are the major downsides of doing a DMP? What percentage of your income do you get to keep to live on?

    I've been very resistant to the idea of a DMP but everyone seems so positive I've come around to the idea.
    Originally posted by EmergencyNurse

    There are no major downsides to a DMP. Your credit rating is going to be screwed anyway if you miss payments....as we were doing just before we started on ours. We were robbing Peter to pay Paul for far too long. A default is a good thing as they drop off after 6 years...some of ours are 3 years in already and only feels like yesterday when we started.
    You get to keep as much as you need to live on. You can "tweak" your I&E to come up to the maximum allowed in each section it you need to. Your creditors can only have what you can afford and they will all be fine about it. We get letters saying they will review our I&E again in 6 months to make sure we can still afford £1 a month with some!
    Also don't take any notice of the DFD that they calculate for you. Ours seemed ages away, but now that we have gone self managed after 3 years with Stepchange, we are saving for F&F's and I am confident that it won't take us that long.
    I have not come across anybody who has said they regret starting a DMP.
    Go for it. You will be able to sleep at night again without worrying how you are going to pay your debts.
    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"
    • ploppy57
    • By ploppy57 7th Mar 18, 7:20 AM
    • 722 Posts
    • 4,650 Thanks
    ploppy57
    So this week I finally plucked up the courage to contact stepchange as I have found myself in a situation with lots of different creditors and a total payment of over £500/600 a month but due to interest it not really putting a dent in any of my debt. So I have yesterday sent off the paperwork for my DMP with an agreed payment of around £345 a month which is much more manageable. My debt is currently around the 10k mark and hopefully theyíve said I could be debt free within 3 years if everything goes to plan.

    So hereís my question - the set up process was so easy, Iíve contacted all of my creditors to let them know that Iím dealing with SC and theyíve all put my accounts on hold whilst the DMP is set up, Iíve changed bank accounts due to an overdraft; Iíve signed all the paperwork and everything and just waiting to hear back from SC to confirm itís all set up.

    My worry is that Iím currently living with parents who donít know the full extent or the debt (for good reason) and Iím just wondering what will happen following the set up of he DMP, and what I should do it I get threatening letters from any of my creditors? Although the set up process seemed easy surely It wonít be plain sailing all the way through? Iím just starting to double think if Iíve made the right choice as I really donít want to have a CCJ against me or be taken to court for the money I owe as it would really impact my personal life with my family.

    Any advise on what happens next and what I should expect would be much appreciated.

    Thankyou
    Originally posted by Brad23

    As long as you continue to make your DMP payments, you will not get threatening letters. You will however get letters, most of them automatically generated standard letters that they have to send you. So yes, be prepared for a lot of letters to come through the post at the start, but they will all be fine. I remember when we first started our DMP and one day we had about 12 letters in one go....we do have 16 different debts between us though.
    To start with, not all of ours agreed to stop interest straight away and we had to contact a couple of them a few times, explaining that if they didn't stop it, then how did they expect us to ever pay it off and that all the other creditors had stopped it etc. etc. Eventually they all fell into line.
    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"
    • carbootcrazy
    • By carbootcrazy 7th Mar 18, 8:31 AM
    • 4,721 Posts
    • 26,777 Thanks
    carbootcrazy
    Hi, I've had an online chat with National Debtline this evening. I'm going to redo my budget and phone them tomorrow and go through it all step by step. DMP was advised as an option. Apart from affecting credit score, defaulting etc. What, if any are the major downsides of doing a DMP? What percentage of your income do you get to keep to live on?

    I've been very resistant to the idea of a DMP but everyone seems so positive I've come around to the idea.
    Originally posted by EmergencyNurse
    There isn't a set percentage of what you have to live on. Whoever manages your DMP (please use a free one and not one that charges) will need you to fill in an Income and Expenditure form at the outset. Stepchange have an online one that you can play around with until you get it right to suit you before you commit to anything. This details everything that you have to spend money on such as food, petrol, hobbies, prescriptions etc etc.. Make sure you claim for as much as you feel happy with in each category (some people even claim for cigarettes even though they don't smoke). Be as creative as you like, they don't ask for receipts etc but I think they do ask for a bank statement at the very start of set-up but even then it's so far back now for me I can't remember. The DMP companies set maximums per category depending on your circumstances (single/couple/with children or without) and it flags up a suggestion amount if you are unsure of what to put and will tell you if you are massively over-claiming.


    Whatever's left after all your outgoings are added up is what you have left to pay your creditors with. Stepchange, if you let them manage your DMP, will then divide this up and pay your creditors pro rata. Creditors usually accept this as they get a copy of your I&E form and can see that's all you can afford and are paying them fairly.
    Make £10 A Day Challenge 2018: Jan-Apr: £757.05+. May: £1209.25


    Original Debt: £56804 (@02/13). Now: £9998
    . Under £10K at long last.
    • IANB77
    • By IANB77 7th Mar 18, 10:39 AM
    • 17 Posts
    • 13 Thanks
    IANB77
    Bamboo
    Ok so after my letter Bamboo have confirmed they have my stepchange offer and have accepted it. they have also agreed to remove my numbers. However in there email it states this.

    "We appreciate you are unable to meet your full contractual payments at this time. We would ask you to refer back to the terms and conditions of your agreement that was signed under the section of missing payments;

    ĎIf you fail to make any Repayment it may have serious consequences. You will have to pay additional charges and may have to repay what you owe earlyĎ

    Therefore, we can confirm your account may result in additional interest and late payment charges being applied to the account in accordance with the terms and conditions of the loan agreement."


    i take it this mean they are still going to charge me interest and late payment charges etc? They are the only ones that are out of all of them if so. Pretty poor.
    • Summer12
    • By Summer12 7th Mar 18, 2:24 PM
    • 79 Posts
    • 37 Thanks
    Summer12
    Has anyone else in response to a CCA request received a scanned copy of their original account card application form? Itís from a well known dept store that also sell really good food! From 1998 which is a shame
    • carbootcrazy
    • By carbootcrazy 7th Mar 18, 2:53 PM
    • 4,721 Posts
    • 26,777 Thanks
    carbootcrazy
    Has anyone else in response to a CCA request received a scanned copy of their original account card application form? Itís from a well known dept store that also sell really good food! From 1998 which is a shame
    Originally posted by Summer12
    Yes, I have, in fact I've had 3! Mine were from 3 different credit card companies all taken out pre 2000. I think though to be compliant with a CCA request they have to also supply the correct Ts&Cs etc so it doesn't necessarily mean the debt you mentioned is enforceable.


    Incidentally, the company you mentioned, if it's who I think it is, are very efficient in their record-keeping and tracked down 2 really old PPI claims for me when I had no paperwork to go on but just a hunch I may have had PPI . Their customer service was exemplary and they paid out quickly and with no hassle.
    Make £10 A Day Challenge 2018: Jan-Apr: £757.05+. May: £1209.25


    Original Debt: £56804 (@02/13). Now: £9998
    . Under £10K at long last.
    • EmergencyNurse
    • By EmergencyNurse 7th Mar 18, 3:00 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    I've finally had the sense to speak with StepChange. The relief is immense! Thank you to everyone who provided advice.
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • January2015
    • By January2015 7th Mar 18, 3:25 PM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Ok so after my letter Bamboo have confirmed they have my stepchange offer and have accepted it. they have also agreed to remove my numbers. However in there email it states this.

    "We appreciate you are unable to meet your full contractual payments at this time. We would ask you to refer back to the terms and conditions of your agreement that was signed under the section of missing payments;

    ĎIf you fail to make any Repayment it may have serious consequences. You will have to pay additional charges and may have to repay what you owe earlyĎ

    Therefore, we can confirm your account may result in additional interest and late payment charges being applied to the account in accordance with the terms and conditions of the loan agreement."


    i take it this mean they are still going to charge me interest and late payment charges etc? They are the only ones that are out of all of them if so. Pretty poor.
    Originally posted by IANB77
    It's probably a standard letter but write back to them and formally request they default your account as quickly as possibly. Explain the decision to enter a DMP was not taken lightly and you do realise the impact doing so will have on your credit reference files but it is the only realistic way forward to ensure you are able to clear your debts.

    Writing won't mean they will default you quickly, but there's no harm in asking. It also lets them know you are more than aware of what a default on your credit file means.
    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]
    • NewbieNat
    • By NewbieNat 7th Mar 18, 7:22 PM
    • 55 Posts
    • 32 Thanks
    NewbieNat
    The start
    I've opened my shiny new basic account! I think this is the calm before the storm as I'm in the 30 day no contact period. I'm actually feeling more positive than I have for a long time. It takes a long time to actually admit that debts are out of control ( well, it did with me), so although I am at the very beginning of my journey - oh that sounds so X factor-I think admitting there is a problem is almost relief in a way. I can't wait to start saving an EM fund, yikes, me saving

    This forum and the advice of those going through a DMP, and the those kind people who are now debt free but still give their time, well it's invaluable. No doubt I will be a fixture here asking so many questions but know I won't be judged.
    • Dandytf
    • By Dandytf 7th Mar 18, 7:53 PM
    • 1,226 Posts
    • 403 Thanks
    Dandytf
    Hi All

    As I!!!8217;m considering returning to full time hours since Apr2017 (lots of health tests almost complete)
    Thinking ahead I had made some considerable financial savings including reducing step change payment from 180 to 80 per month increasing finish to Dec 2022 -think it was Nov2019 before.

    What do mser!!!8217;s think of me asking SC to increase payment to 180 or 200 (only if and when I return to full time)

    Maybe I could work towards late 2019 again.
    Dmp latest balance 4498 call it 4500.

    Maybe I!!!8217;ll try some simple calculations.
    Last edited by Dandytf; 07-03-2018 at 7:56 PM.
    sc dmp 2012 13k
    Jan 2018 8840 paid. 60% approx.
    • EmergencyNurse
    • By EmergencyNurse 7th Mar 18, 7:55 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    I've opened my shiny new basic account! I think this is the calm before the storm as I'm in the 30 day no contact period. I'm actually feeling more positive than I have for a long time. It takes a long time to actually admit that debts are out of control ( well, it did with me), so although I am at the very beginning of my journey - oh that sounds so X factor-I think admitting there is a problem is almost relief in a way. I can't wait to start saving an EM fund, yikes, me saving

    This forum and the advice of those going through a DMP, and the those kind people who are now debt free but still give their time, well it's invaluable. No doubt I will be a fixture here asking so many questions but know I won't be judged.
    Originally posted by NewbieNat
    Hi NewbieNat, I know how you're feeling! I've got an appointment to open my bank account tomorrow. Soon as that is done I can send my signed forms off. I'm feeling really positive. Can't wait not to be skint!!
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • January2015
    • By January2015 7th Mar 18, 8:00 PM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Hi everyone

    Just popped in to update on my 20 odd PPI enquiries that I put through the Resolver site. Everything single one has come back that I (nor DH) have ever had PPI

    I am sad we didn't ever have it (because that means no refunds for me ).... and over the moon I was savvy enough to make sure we weren't conned through the years

    Happy days - onward with the debt busting eh
    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]
    • NewbieNat
    • By NewbieNat 7th Mar 18, 8:22 PM
    • 55 Posts
    • 32 Thanks
    NewbieNat
    Hi NewbieNat, I know how you're feeling! I've got an appointment to open my bank account tomorrow. Soon as that is done I can send my signed forms off. I'm feeling really positive. Can't wait not to be skint!!
    Originally posted by EmergencyNurse
    Hi EmergencyNurse,

    It's weird, I had banked with my previous bank for so long it felt comfortable. Until I added up all the bank charges I'd been paying! I'm sure they won't think that, as I have been with them for so long, 'Ah such a loyal customer we'll drop interest right away & refund all charges'.
    I think you'll like seeing your name on a new bank card!
    • sourcrates
    • By sourcrates 7th Mar 18, 8:37 PM
    • 14,030 Posts
    • 13,286 Thanks
    sourcrates
    Has anyone else in response to a CCA request received a scanned copy of their original account card application form? Itís from a well known dept store that also sell really good food! From 1998 which is a shame
    Originally posted by Summer12
    You must be careful as some credit card application forms actually doubled as a credit agreement, iím assuming you are referring to M&S, so check whatís written in it very carefully.

    If it says this is a credit agreement regulated by the consumer credit act, then it may be sufficient, but it must contain the terms and conditions as well.
    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/
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