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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 14,023Posts
    • 13,280Thanks
    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 163
    • NewbieNat
    • By NewbieNat 8th Mar 18, 6:21 PM
    • 55 Posts
    • 32 Thanks
    NewbieNat
    Help Required
    I will be grateful for advice in dealing with Very. My others creditors have given me 30 days with my accounts on hold. Very say they can only give one week. As I am delaying my DMP to save for an EF, what can I do? I'm certainly not phoning them weekly. Has anyone else experienced this?
    • sourcrates
    • By sourcrates 8th Mar 18, 7:22 PM
    • 14,023 Posts
    • 13,280 Thanks
    sourcrates
    I will be grateful for advice in dealing with Very. My others creditors have given me 30 days with my accounts on hold. Very say they can only give one week. As I am delaying my DMP to save for an EF, what can I do? I'm certainly not phoning them weekly. Has anyone else experienced this?
    Originally posted by NewbieNat
    My experience with any of the catalogue companies has always been the same, as awkward as they possibly can be.

    I just didnít pay them a thing until the account defaulted, went through their own internal debt collectors, and was then eventually sold on to Lowell.

    I then dealt with Lowell who were much more accommodating.

    Itís not the course of action for everyone, you could go down the complaints route, but I doubt they will suddenly grow a conscience.
    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/
    • NewbieNat
    • By NewbieNat 8th Mar 18, 7:32 PM
    • 55 Posts
    • 32 Thanks
    NewbieNat
    My experience with any of the catalogue companies has always been the same, as awkward as they possibly can be.

    I just didnít pay them a thing until the account defaulted, went through their own internal debt collectors, and was then eventually sold on to Lowell.

    I then dealt with Lowell who were much more accommodating.

    Itís not the course of action for everyone, you could go down the complaints route, but I doubt they will suddenly grow a conscience.
    Originally posted by sourcrates
    Thanks for your reply. I've been reading about very and their aggressive ways. I think I would prefer to deal with DCA. I need at least 3 months of saving for my EM. So, if I don't pay anything for 3 months before my DMP, that means the debt will increase massively? I felt so positive yesterday & now am completely deflated
    • EmergencyNurse
    • By EmergencyNurse 8th Mar 18, 8:27 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    Have I got this right?

    1. I send my DMP forms off only once my salary is in my new bank account?
    2. Stop paying all non priority debts and put that money in an emergency fund OR reduce higher interest BNPL? (Littlewoods)
    3. Wait and send all creditor letters once SC informs me of the amounts they are going to distribute to each creditor following the template letter in Application Pack?

    And Finally...
    Once the DMP is up and running does my old bank account get closed automatically?
    Last edited by EmergencyNurse; 08-03-2018 at 8:35 PM.
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • LadyMorticia
    • By LadyMorticia 8th Mar 18, 8:32 PM
    • 19,124 Posts
    • 86,660 Thanks
    LadyMorticia
    Well done Lady M - I'm so pleased for you. The end of your debt tunnel is so close now
    Originally posted by January2015
    Thank you. I'm surprised that alot of my creditors have been quite accommodating to be honest, especially one of my Lowell accounts which was over £5000! x

    My experience with any of the catalogue companies has always been the same, as awkward as they possibly can be.

    I just didnít pay them a thing until the account defaulted, went through their own internal debt collectors, and was then eventually sold on to Lowell.

    I then dealt with Lowell who were much more accommodating.

    Itís not the course of action for everyone, you could go down the complaints route, but I doubt they will suddenly grow a conscience.
    Originally posted by sourcrates
    I agree. Lowell are so much easier to deal with. Very and Littlewoods aren't very accommodating or supportive, to be honest.
    January wins: *4 piece bamboo towel bale* *Winter Wonderland break*
    Win £2018 in £2018: £816.26/£2018
    • sourcrates
    • By sourcrates 8th Mar 18, 8:38 PM
    • 14,023 Posts
    • 13,280 Thanks
    sourcrates
    Thanks for your reply. I've been reading about very and their aggressive ways. I think I would prefer to deal with DCA. I need at least 3 months of saving for my EM. So, if I don't pay anything for 3 months before my DMP, that means the debt will increase massively? I felt so positive yesterday & now am completely deflated
    Originally posted by NewbieNat
    I look at it like this, if very add charges etc, so be it.

    If a company such As Lowell buy it, after a while, they will start sending settlement offers, usually a discount ranging from 10 to 50%, which they let you pay over time, so that tends to offset anything the catalogue company add to the debt.
    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/
    • EmergencyNurse
    • By EmergencyNurse 8th Mar 18, 8:45 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    I look at it like this, if very add charges etc, so be it.

    If a company such As Lowell buy it, after a while, they will start sending settlement offers, usually a discount ranging from 10 to 50%, which they let you pay over time, so that tends to offset anything the catalogue company add to the debt.
    Originally posted by sourcrates
    Thats good to know. I was thinking about paying all my BNPL off.
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • NewbieNat
    • By NewbieNat 8th Mar 18, 9:37 PM
    • 55 Posts
    • 32 Thanks
    NewbieNat
    Thats good to know. I was thinking about paying all my BNPL off.
    Originally posted by EmergencyNurse

    I was thinking of making my usual payment to keep them away for a month. It's so annoying they will only allow 1 week on hold, when all the others do 30 days. They might then think I can carry on paying it though. I can only pay it because I'm not paying my other creditors
    • EmergencyNurse
    • By EmergencyNurse 8th Mar 18, 9:55 PM
    • 79 Posts
    • 156 Thanks
    EmergencyNurse
    I was thinking of making my usual payment to keep them away for a month. It's so annoying they will only allow 1 week on hold, when all the others do 30 days. They might then think I can carry on paying it though. I can only pay it because I'm not paying my other creditors
    Originally posted by NewbieNat
    Yes its hard to get out of that mindset. I've been reading their T&C's, extortionate. I haven't approached any creditors yet, they'll be the last on the list. I need to phone SC for a plan!
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • selinek
    • By selinek 8th Mar 18, 11:05 PM
    • 49 Posts
    • 24 Thanks
    selinek
    I had an account with Barclays who didnít default even though I was paying reduced amount through step change from 2008. They sold the debt onto Link many years later. The account was paid off last year and is now closed but still showing on my credit report. I am going to write to Barclays stating they Have penalised me for paying my debts and request them to remove A/R from acct.
    I would be interested to know how you get on with yours. I will post an update for other member who might be in the same boat.
    Originally posted by selinek
    diasypop ploppy57
    I had a letter from BC confirming that they will be removing all traces of the account from my CR. Checked Noddle has gone from and made a big difference to my CR. How did you get on ?
    • ploppy57
    • By ploppy57 9th Mar 18, 7:32 AM
    • 722 Posts
    • 4,650 Thanks
    ploppy57
    diasypop ploppy57
    I had a letter from BC confirming that they will be removing all traces of the account from my CR. Checked Noddle has gone from and made a big difference to my CR. How did you get on ?
    Originally posted by selinek


    Ooh that's interesting. Well done. Ours were all defaulted before being sold to L*nk. So I am imagining they will stay on the CF for the 6 years. Still waiting to hear from L*nk regarding CCA requests. Wrote on 31 Jan and not even had an acknowledgement, despite a second letter to check it they had received it.
    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 9th Mar 18, 9:13 AM
    • 362 Posts
    • 978 Thanks
    Onebrokelady
    I was thinking of making my usual payment to keep them away for a month. It's so annoying they will only allow 1 week on hold, when all the others do 30 days. They might then think I can carry on paying it though. I can only pay it because I'm not paying my other creditors
    Originally posted by NewbieNat
    Is the 30 day period not a law then,I would make a complaint to the financial ombudsman
    Just keep swimming
    Original Debt Owed Jan 18 = £17,630 Paid To Date = £636.00 Total Now Owed = £16,994
    Emergency Fund = £400.00 Xmas savings = £200.00
    • January2015
    • By January2015 9th Mar 18, 9:21 AM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Have I got this right?

    1. I send my DMP forms off only once my salary is in my new bank account? I didn't, I just sent my forms straight back to SC, but with hindsight it makes sense to wait for your salary to hit the new bank account
    2. Stop paying all non priority debts and put that money in an emergency fund OR reduce higher interest BNPL? (Littlewoods) Definitely When I started my DMP I chucked every spare penny at Very BNPL ..... horrible, horrible creditor to deal with. I manage to clear all my BNPL before the interest would have kicked in, but it did impact on the amount of emergency fund I was able to stash away.
    3. Wait and send all creditor letters once SC informs me of the amounts they are going to distribute to each creditor following the template letter in Application Pack? I didn't write to any of my creditors - I let SC do that for me. I did, initially, phone my creditors and advise I was seeking support from SC, ask them to freeze interest and charges and advise they would be hearing from SC shortly.... that was it for me.

    And Finally...
    Once the DMP is up and running does my old bank account get closed automatically? Do you have any debts associated with your old bank account, e.g. overdraft? If you do,
    you cannot close it. If you don't, then it will only be closed if you contact the bank to close it.
    Originally posted by EmergencyNurse
    See my answers in red
    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]
    • Summer12
    • By Summer12 9th Mar 18, 9:24 AM
    • 79 Posts
    • 37 Thanks
    Summer12
    Wobble moment - auto reply from AAD no one around for 2 weeks to look at returned CCA replies, no account details from Nationwide for my new account so no movement on transferring dd. OH payroll can!!!8217;t make changes to pay until actual hard copy received in the post. Should have started all this ages ago. Feeling panicky and sick just want it to stop now.
    • January2015
    • By January2015 9th Mar 18, 9:30 AM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Is the 30 day period not a law then,I would make a complaint to the financial ombudsman
    Originally posted by Onebrokelady
    The Standards of Lending Practice state:

    Firms should consider freezing or reducing interest and charges when a customer is in financial difficulty.


    The Stardards of Lending Practice replaced the Lending Code. The Lending Code used to state:

    Breathing space for personal credit card customers
    157. Where a not-for-profit debt advice agency has formally notified a subscriber that the customer is in serious discussion
    with them on a draft debt repayment plan, the credit card provider should suspend collections activity while these
    discussions continue, provided that they are concluded within 30 days.


    So..... Lending Code 30 days no longer relevant as it has been superceded... and therefore 30 days to freeze interest and charges is good practice, not law
    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]
    • January2015
    • By January2015 9th Mar 18, 9:33 AM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Wobble moment - auto reply from AAD no one around for 2 weeks to look at returned CCA replies, no account details from Nationwide for my new account so no movement on transferring dd. OH payroll can!!!8217;t make changes to pay until actual hard copy received in the post. Should have started all this ages ago. Feeling panicky and sick just want it to stop now.
    Originally posted by Summer12
    Don't worry about AAD. 2 weeks in the scheme of your DMP is nothing. Just wait

    Phone Nationwide customer services and see if they can give you your new account information. They are very helpful.
    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]
    • Summer12
    • By Summer12 9th Mar 18, 11:09 AM
    • 79 Posts
    • 37 Thanks
    Summer12
    Don't worry about AAD. 2 weeks in the scheme of your DMP is nothing. Just wait

    Phone Nationwide customer services and see if they can give you your new account information. They are very helpful.
    Originally posted by January2015
    I didnít even think about ringing them! My brain is just in fog at the moment, spend hours just going over and over it all and getting nowhere really. Donít know whether to just miss the M&S payments this month (will be the first time they havenít had a minimum repayment ever), tell them we are in FD but donít want it getting back to the bank till I know wages are going to right account (especially with OH terrible payroll dept this is very likely!). Yet a loan payment (to the bank) comes out on 22nd before pay day so when that bounces they will know somethings up. Or shall I just pay that one in order to keep wages safe incase they do go into that account by mistake..somebody here said timing is everything, they werent wrong!
    • Summer12
    • By Summer12 9th Mar 18, 11:11 AM
    • 79 Posts
    • 37 Thanks
    Summer12
    Do different creditors actually speak to each other I wonder.... so telling one about financial difficulties will get back to the others before Iím ready.
    • January2015
    • By January2015 9th Mar 18, 11:23 AM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    Do different creditors actually speak to each other I wonder.... so telling one about financial difficulties will get back to the others before I!!!8217;m ready.
    Originally posted by Summer12
    Creditors are not allowed to discuss your account with anyone else unless you give them permission, e.g. Stepchange. Data protection laws regulate against them sharing or discussing you or your account.

    So.... no, telling one about financial difficulties will not be communicated to other creditors..... other than through your credit reference agency reports and all they see is those markers, the amount of debt, when it was taken out, and the monthly payments made.
    Last edited by January2015; 09-03-2018 at 11:25 AM.
    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]
    • January2015
    • By January2015 9th Mar 18, 11:25 AM
    • 2,069 Posts
    • 5,147 Thanks
    January2015
    I didnít even think about ringing them! My brain is just in fog at the moment, spend hours just going over and over it all and getting nowhere really. Donít know whether to just miss the M&S payments this month (will be the first time they havenít had a minimum repayment ever), tell them we are in FD but donít want it getting back to the bank till I know wages are going to right account (especially with OH terrible payroll dept this is very likely!). Yet a loan payment (to the bank) comes out on 22nd before pay day so when that bounces they will know somethings up. Or shall I just pay that one in order to keep wages safe incase they do go into that account by mistake..somebody here said timing is everything, they werent wrong!
    Originally posted by Summer12
    Phone M&S, tell them you are seeking support from SC and will not be able to pay them this month. Don't throw you good money after a debt that you are going to default on anyway.... stash that money away for your emergency fund M&S cannot talk to your bank.

    Cancel any direct debt arrangements your have to pay your creditors now.
    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]
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