Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 13,748Posts
    • 13,075Thanks
    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 184
    • Suseka97
    • By Suseka97 11th Apr 18, 1:59 PM
    • 217 Posts
    • 317 Thanks
    Suseka97
    Hope everyone is doing ok, fed up with all this rain!,
    My update......Sent ratesetter letter and email last week, informing them i am seeking help from stepchange and please put hold on my account (i have 4 loans with them and are my biggest creditor)!!
    But I received a few text and emails from them asking to contact them so thought I had better bite the bullet and just do it. Cant believe it I started blubbing down the phone , this is not like me at all :-( however the lady was quite nice and said they get phonecalls like this every day and will put account on hold for 30 days.
    I'm starting to feel ashamed about all this again today, but know i'm taking the right steps, and this forum helps me a lot :-)
    Originally posted by julies123
    Hey there,
    Good to hear ratesetter acted reasonably when you phoned them but don't be so hard on yourself. I was a right emotional mess at the outset and struggled to maintain composure when I spoke to creditors about the situation - we're only human after all (they are too - well most are). You'll no doubt have good days and bad until the DMP is running smoothly - but hold your head up high and take strength from the fact ou're dealing with the situation and you can't do better than that.
    Good luck with your DMP journey
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • Suseka97
    • By Suseka97 11th Apr 18, 2:06 PM
    • 217 Posts
    • 317 Thanks
    Suseka97
    Hi this is my first post on here, I have very recently admired defeat and it brings me so much dread to come to terms with that I am about to start a dmp through stepchange. Before right bring sc I have read through all of this forum and I can not thank you all enough as it has made me realise I am not alone. I am still however very very scared of where to go from here and what the future will bring.. will I have baliffs st my door and people demanding money?
    I have a lot of creditors and some are payday loans, I also have a loan with my jar and everyday lending and an overdraft facility with safety net credit, has any one dealt with any of these before? Have they been resonable?
    I welcome any advice, I have just switched over all my essential bills to an account that I donít owe any money to, do I cancel all the other ďdebtĒ payments that are due to come out? Also do I just not pay them anything and wait until the dmp kicks in? I have heard itís best to contact them but I do have an awful lot!
    Any advice is very welcomed as Iím worrrying myself so much I canít sleep or eat.
    Thank you
    Originally posted by kel90
    Firstly welcome

    It is daunting at first, but you'll soon get into the swing of things and once your DMP is up and running you can pretty much sit back and let things run their course. I can't comment about some of the creditors you mention - hopefully others who have had dealings with those will be along to advise shortly, but I would advise you to stop all non-priority debt payments now. It is better to contact them at some point to let them know you're about to set up a DMP with SC and they'll be in touch in due course. Whether you want to call, write or go online to do that is totally up to you.

    You really won't have bailiffs knocking at your door, but may receive a barrage of letters, call and/or texts in the coming weeks - that's par for the course. It does take a while for all the to-ing and fro-ing to settle down, but be assured it will. The most important thing is not to panic when you get letters etc. just pop back on here for advice as and when you need it.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • PjyamaQueen2
    • By PjyamaQueen2 11th Apr 18, 2:23 PM
    • 1 Posts
    • 0 Thanks
    PjyamaQueen2
    Advice needed re F&F settlements/coming to end of DMP
    Hi, I first joined back in 2012, desperately in need of advice and £24k in debt. I received such great advice and started a DMP with StepChange. Everything has been running along smoothly since then and I have now paid £20k of the original £24k debt. I'll be forever grateful to this forum for steering me in the right direction, as I was terrified at the time.
    Now, almost 6 years later, I'd like to know what to do next, as I'm thinking of offering F&F settlements. I am due to receive a small amount of inheritance money.
    Also, looking back on some of the boards, can anyone advise if CCAs are relevant in my case?
    I have 4 creditors still outstanding, all except Barclaycard have defaulted and all have been passed to collection agencies. I've never missed a payment, but as my job is currently under threat, I'd like to pay these off finally.
    Do I stop paying SC and tell them I'm going self managed? Then contact the agencies with a token payment? Or do I contact them first to ask for F&F figures? I'm not sure which I should do first?
    I don't have access to a PC at home, so only have my lunch break hence why I haven't had time to read more today.
    I'd really appreciate some advice about my next steps? Thanks.
    DFD May 2019 - SC DMP since Oct 2012
    • leanne12345
    • By leanne12345 11th Apr 18, 3:52 PM
    • 83 Posts
    • 45 Thanks
    leanne12345
    Wondering if anyone could help me please.


    so ive closed my account with Yorkshire bank. I had a £600 overdraft with them. I advised I wanted the closure done 3 weeks ago. Today I thort I would check on my Yorkshire bank app and its in credit? so I have a credit of £38.67 and my overdraft is £638.


    I rang Yorkshire and said what is this £638 and he said its been paid as a CR under advice. Does anyone know what that is?
    The customer advisor on the phone was totally confused and did not know where this payment has come from. He was asking me if they owed me money.


    Im totally lost/thrown as the overdraft is only £600 so where is the 38 come from? better still is this 600 actually mine and been paid ( as I have requested funds back from bank charges but they never replied back to me )
    Originally posted by Akelly
    Have you advised them of your DMP? This happened to me with Lloyds at the start- they increased my overdraft slightly so that I wouldn't receive any more charges for being beyond my limit then set a plan to reduce it slightly over the next 6 months (in line with the amount I would have been paying each month) and then they were going to remove the overdraft facility completely. Could it be the same with you? If it is showing that you're overdraft amount is £638 I would be surprised if it 'your' money.
    • sourcrates
    • By sourcrates 11th Apr 18, 7:57 PM
    • 13,748 Posts
    • 13,075 Thanks
    sourcrates
    Just a friendly reminder, this thread is for DMP related issues only.

    General enquiries should be posted in the DFW forum.

    Akelly your thread has been moved, it can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5826044
    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/
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 11th Apr 18, 8:16 PM
    • 278 Posts
    • 792 Thanks
    BeingDebtFreeStartsHere
    Has anyone had any dealings with F&F offers with Nationwide? We have a loan debt of almost £7000 with them which is unenforceable. Foolishly we have been paying towards this debt through our SC DMP hence why we want to go self managed asap and drop this payment. Is it worth offering a really low F&F figure to see if they will accept this and mark the account accordingly or just forget about this debt completely??

    Thanks,

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 March 2018 £51,901.33 (26.8% paid) but proud to be in control and paying back what we've borrowed
    • Suseka97
    • By Suseka97 12th Apr 18, 10:54 AM
    • 217 Posts
    • 317 Thanks
    Suseka97
    Has anyone had any dealings with F&F offers with Nationwide? We have a loan debt of almost £7000 with them which is unenforceable. Foolishly we have been paying towards this debt through our SC DMP hence why we want to go self managed asap and drop this payment. Is it worth offering a really low F&F figure to see if they will accept this and mark the account accordingly or just forget about this debt completely??
    Thanks,
    BDFSH x
    Originally posted by BeingDebtFreeStartsHere
    Okay - firstly I suggest you go self-managed and inform your creditors that's what you are doing. At the same time, with the Nationwide account, you could also write to say that as the debt is unenforceable you will be prioritising the enforceable debts and therefore will be stopping payments (or offer them tokens, which some folks prefer to do). Then maybe 6 months on you could offer a low F&F - or just carry on not paying anything. I have 3 unenforceable debts and haven't paid a penny to them since Aug17 and I don't intend to. I've also 3 with CCA requests outstanding with LINK who keep chasing me to make payments and I'm now ignoring them because they've not provided the requisite documents. I couldn't have done any of this if I hadn't have gone self-managed.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • Suseka97
    • By Suseka97 12th Apr 18, 11:05 AM
    • 217 Posts
    • 317 Thanks
    Suseka97
    Hi, I first joined back in 2012, desperately in need of advice and £24k in debt............Now, almost 6 years later, I'd like to know what to do next, as I'm thinking of offering F&F settlements. I am due to receive a small amount of inheritance money. Also, looking back on some of the boards, can anyone advise if CCAs are relevant in my case? I have 4 creditors still outstanding, all except Barclaycard have defaulted and all have been passed to collection agencies. I've never missed a payment, but as my job is currently under threat, I'd like to pay these off finally. Do I stop paying SC and tell them I'm going self managed? Then contact the agencies with a token payment? Or do I contact them first to ask for F&F figures? I'm not sure which I should do first? Thanks.
    Originally posted by PjyamaQueen2
    Congratulations on paying off the majority of your debts

    I believe you can CCA any creditor as long as there is still a balance outstanding, regardless of whether the account has been defaulted or not. So what I would do is inform SC that you intend now to take control of your own finances and go self-managed -but before you do make sure you take a note of all the balances and account numbers etc. from your DMP account with them. Once SC cancel the DMP you won't have access to that information - so having it makes things much easier. At the same time write to your creditors telling them what you are doing and enclose CCA requests- they then have to put collection activity on hold until they provide the requisite documents. There are template letters for this on the NEDCAB website.

    Don't make any payments whilst the CCA responses are pending and deal with each as and when they respond. If UE then don't pay them anything for now (or never) and focus on paying the ones that come back enforceable. The best F&Fs happen when you pay the enforceable ones nothing, or tokens for several months - then you can talk about the inheritance and offer what you will.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • usedtobeblue
    • By usedtobeblue 12th Apr 18, 11:42 AM
    • 41 Posts
    • 24 Thanks
    usedtobeblue
    dmp and my partner
    Hi me again, so my dmp starts 01 June with SC, I've everything set up and a small emergency fund is building up too.

    My husband is fully aware of me starting the plan and although hes not over the moon hes been incredibly supportive. He has an excellent credit record, not overly in debt, always pays on time and never uses his overdraft (much better at managing money than me obviously)!

    My question today is how much will this affect my husband? We have a joint bank account and mortgage. All of the debts in my dmp are solely mine.

    I have researched but i'm getting conflicting answers.
    Any advice would be greatly appreciated.
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 12th Apr 18, 5:09 PM
    • 278 Posts
    • 792 Thanks
    BeingDebtFreeStartsHere
    Okay - firstly I suggest you go self-managed and inform your creditors that's what you are doing. At the same time, with the Nationwide account, you could also write to say that as the debt is unenforceable you will be prioritising the enforceable debts and therefore will be stopping payments (or offer them tokens, which some folks prefer to do). Then maybe 6 months on you could offer a low F&F - or just carry on not paying anything. I have 3 unenforceable debts and haven't paid a penny to them since Aug17 and I don't intend to. I've also 3 with CCA requests outstanding with LINK who keep chasing me to make payments and I'm now ignoring them because they've not provided the requisite documents. I couldn't have done any of this if I hadn't have gone self-managed.
    Originally posted by Suseka97
    Thank you so much

    Yes, I really feel as though I need the flexibility of being self managed now. StepChange have been great but now I am more confident and have a bit more understanding as to how everything works I feel I am ready to move to self managed. Will get the drafted letters finalised and sent off plus the separate letter to Nationwide informing them we are paying £1 per month!!

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 March 2018 £51,901.33 (26.8% paid) but proud to be in control and paying back what we've borrowed
    • NewbieNat
    • By NewbieNat 12th Apr 18, 5:16 PM
    • 51 Posts
    • 25 Thanks
    NewbieNat
    DMP & savings account
    Hi to all

    Just a quick question. I have a new basic account for wages/DD's, etc.
    I also opened another basic account to put my EF savings in, as most of the actual saving accounts pay such a tiny amount of interest. Will my 2'nd account for EF show on my credit file?

    Many thanks

    Nat
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 12th Apr 18, 5:34 PM
    • 278 Posts
    • 792 Thanks
    BeingDebtFreeStartsHere
    Hi to all

    Just a quick question. I have a new basic account for wages/DD's, etc.
    I also opened another basic account to put my EF savings in, as most of the actual saving accounts pay such a tiny amount of interest. Will my 2'nd account for EF show on my credit file?

    Many thanks

    Nat
    Originally posted by NewbieNat
    Hi Nat,

    From what I understand current account information does not show on a credit file. None of my current accounts show up when I log onto my Noddle report - just loans/credit cards/store cards etc.

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 March 2018 £51,901.33 (26.8% paid) but proud to be in control and paying back what we've borrowed
    • Rosie1001
    • By Rosie1001 12th Apr 18, 6:43 PM
    • 5 Posts
    • 1 Thanks
    Rosie1001
    Help needed
    Hi

    I've been reading back thru this thread hoping to get some guidance

    I've got myself into a bit of bother with loans and credit cards

    I did initially contact them ....they all accepted £100 per month and stopped interest for 6 months

    This has now come to a end and all charges are back Being applied

    I owe

    Tesco credit card £4000.
    Tesco loan £4000
    Lloyds loan. £1500
    Lloyds credit card £8000
    Next £800

    I'm struggling to pay minimum payments every month ...I've not defaulted yet thou

    I've just been refused a bank account with first direct ...I only applied as I did read I may need another bank account as I bank with Lloyds currently and I owe them

    I am looking at maybe the management plan route to help me get back on track

    I've been on step change website and have a reference number but on reading their plan it says sell my car and possibly my home to pay the debt off .... obviously I don't want to do this

    Any advice please on where to turn x
    • Suseka97
    • By Suseka97 12th Apr 18, 8:09 PM
    • 217 Posts
    • 317 Thanks
    Suseka97
    Hi to all. Just a quick question. I have a new basic account for wages/DD's, etc. I also opened another basic account to put my EF savings in, as most of the actual saving accounts pay such a tiny amount of interest. Will my 2'nd account for EF show on my credit file? Many thanks Nat
    Originally posted by NewbieNat
    Any account you open, credit, bank account or other will show up on your credit file, yes. Me, I've set up a savings account with my bank and have been putting money aside in it for quite a few months now. No savings account offer much interest these days. My bank account shows up on my credit reports but the savings accounts I have with the same bank does not.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • NewbieNat
    • By NewbieNat 12th Apr 18, 9:23 PM
    • 51 Posts
    • 25 Thanks
    NewbieNat
    Hi Nat,

    From what I understand current account information does not show on a credit file. None of my current accounts show up when I log onto my Noddle report - just loans/credit cards/store cards etc.

    BDFSH x
    Originally posted by BeingDebtFreeStartsHere
    Thanks BDFSH
    • NewbieNat
    • By NewbieNat 12th Apr 18, 9:32 PM
    • 51 Posts
    • 25 Thanks
    NewbieNat
    Any account you open, credit, bank account or other will show up on your credit file, yes. Me, I've set up a savings account with my bank and have been putting money aside in it for quite a few months now. No savings account offer much interest these days. My bank account shows up on my credit reports but the savings accounts I have with the same bank does not.
    Originally posted by Suseka97
    Thanks Suseka. That's the easiest option & quick to set up as they already have all details required. I'll be so glad when my first DMP payment starts next month, I feel I'm in limbo at present
    • sourcrates
    • By sourcrates 12th Apr 18, 9:35 PM
    • 13,748 Posts
    • 13,075 Thanks
    sourcrates
    Hi

    I've been reading back thru this thread hoping to get some guidance

    I've got myself into a bit of bother with loans and credit cards

    I did initially contact them ....they all accepted £100 per month and stopped interest for 6 months

    This has now come to a end and all charges are back Being applied

    I owe

    Tesco credit card £4000.
    Tesco loan £4000
    Lloyds loan. £1500
    Lloyds credit card £8000
    Next £800

    I'm struggling to pay minimum payments every month ...I've not defaulted yet thou

    I've just been refused a bank account with first direct ...I only applied as I did read I may need another bank account as I bank with Lloyds currently and I owe them

    I am looking at maybe the management plan route to help me get back on track

    I've been on step change website and have a reference number but on reading their plan it says sell my car and possibly my home to pay the debt off .... obviously I don't want to do this

    Any advice please on where to turn x
    Originally posted by Rosie1001
    Stepchange a good choice, a debt management plan may be the way ahead, you need to speak to an advisor for specific advice.

    itís a basic bank account you need, with a bank with whom you have no debt, they are not advertised so you need to search for one.
    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/
    • Suseka97
    • By Suseka97 13th Apr 18, 10:54 AM
    • 217 Posts
    • 317 Thanks
    Suseka97
    Hi I've been reading back thru this thread hoping to get some guidance......... I've just been refused a bank account with first direct ...I only applied as I did read I may need another bank account as I bank with Lloyds currently and I owe them

    I've been on step change website and have a reference number but on reading their plan it says sell my car and possibly my home to pay the debt off .... obviously I don't want to do this Any advice please on where to turn x
    Originally posted by Rosie1001
    Try a Nationwide basic account - many of us here on DMPs have done that and its really easy to set up online. As for your comment re selling your car and possibly your home. Well, as Sourcrates has suggested its probably best to give SC a call but I imagine they suggest that simply as an option not a requirement (which it is not).. We have quite a bit of equity in ours and never entered into a discussion about selling (note, we were with SC for around 4+ years until recently). So call them and get the ball rolling and make it clear you wont be selling your car or your house - remember a DMP is an informal arrangement and SC are simply agents/third parties here.

    Also, to add - don't rush into starting the DMP too quickly - give yourself time to build up an emergency fund. Look back on this thread and you'll see this advice being given to new DMPers and ways to handle that.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • Rosie1001
    • By Rosie1001 13th Apr 18, 1:30 PM
    • 5 Posts
    • 1 Thanks
    Rosie1001
    I've spoke to my creditors today

    Tesco have put my CC account on default and set up a plan for 12 months

    Lloyds are also defaulting my CC ...they said it will take two months to close account and I will get letters demanding full payment , and then they will contact me to arrange a how to pay back the balance

    I terrified the debt will go to a collection agency or something like that ......

    I feel sick with worry
    • usedtobeblue
    • By usedtobeblue 13th Apr 18, 2:11 PM
    • 41 Posts
    • 24 Thanks
    usedtobeblue
    Rosie 1001, i am by no means an expert but i have done my research and even if your creditors do sell your debt to debt collection agencies they are nothing to be worried about, in fact if you read through the thread they are actually much easier to deal with than the banks etc.
    Hope that has eased your worries slightly x
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

864Posts Today

6,596Users online

Martin's Twitter
  • Today's twitter poll: have you ever seen a ghost?

  • RT @JohnnyMercerUK: Another important day ahead in achieving parity of esteem between mental and physical health: the breathing space schem?

  • RT @mmhpi: Third time lucky? After being delayed twice, tomorrow MPs are due to debate our #RecoverySpace proposals in parliament. @helen_u?

  • Follow Martin