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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 15,912Posts
    • 14,978Thanks
    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 185
    • NewbieNat
    • By NewbieNat 13th Apr 18, 5:57 PM
    • 58 Posts
    • 33 Thanks
    NewbieNat
    And so it begins!
    My low start DMP starts 1st May. The inevitable letters are arriving in force, I've never had so much mail. Tesco CC have issued a default already, which I know is a good thing, but it takes a while to sink in after having a squeaky clean credit file. Some of the creditors letters are quite ambiguous,but they have obviously heard from SC. So this is the start of admitting that I am in debt crisis, but doing something about it. It's a long road ahead but already feel a tiny bit of relief. If it wasn't for this forum I'd be hiding under my duvet listening to Adele (not related, but as talented as she is, her songs always make me sob!!) x
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 13th Apr 18, 7:37 PM
    • 291 Posts
    • 801 Thanks
    BeingDebtFreeStartsHere
    Got a call from the Co-operative today regarding our complaint. They have apologised and said that they are in the process of transferring the debt to Link Financial (to be completed by the end of May) and apparently their protocol is to issue a final demand letter prior to this transfer of debt. However they apologised as their letter did not make this clear and they said that we should not have received the default letters either following on from the complaint last year when they wrote to say they would not record a default on the account in the future,
    The lady said they have put a cheque for £60 in the post as compensation

    A have a few questions followng this......
    1. Are Link Financial a DCA or will they just be managing the debt on behalf of The Co-operative?

    2. We wanted to move to self managed asap however now this debt is in the middle of being transferred I am wondering if it is best to hold off and pay Link a couple of SC payments before writing to all of our creditors maybe August time with the plan to move to self managed and the offers of repayments.

    Any advice gratefully received

    Thank you!

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 July 2018 £50,030.01 (29.4% paid) but proud to be in control and paying back what we've borrowed
    • Sunnysam72
    • By Sunnysam72 13th Apr 18, 8:21 PM
    • 21 Posts
    • 75 Thanks
    Sunnysam72
    Thank you January2015. I was thinking the same, or waiting to see if my contract would be renewed in October as I can plan repayments at the minute! The debts are largely personal, but some is business debt, but not much. I will see what SC say when I ring them, and try the BDL as well. Thanks again

    Hi and welcome

    It might be worth you giving ... a call and they can give you advice about your business income / account. There are not many (if any ??) of us on here with business accounts and second incomes such as yours and therefore it's difficult for us to give advice based on experience.

    However, you are more than welcome to join us and we will help wherever we can. Me personally, I would probably just declare the income from my job and see any income from the self employed bit as 'extra' I can squirrel away for emergency funds or saving for full and final settlements - but as I said it may be worth talking to Business Debtline for advice about operating business accounts etc.

    Looking forward to getting to know you and support your on your DFW journey
    Originally posted by January2015
    • Sazzie23
    • By Sazzie23 14th Apr 18, 6:29 AM
    • 2,620 Posts
    • 10,506 Thanks
    Sazzie23
    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
    Originally posted by Rosie1001

    Hi Rosie,

    I don't get on here much but I saw your post and just wanted to re-iterate, debt collection agencies on DMP are nothing like you see on tv. Even if you debt get transferred to one of the many credit collections, no,one will come to your house and take away your tv etc. Just keep on communicating with them, formulate a plan to pay a very small affordable amount and stick to the plan and it will be ok.

    SC do usually suggest that you might consider selling valuable assets to pay your debts, which can be sensible if it will clear your debt but is not a great idea if it would be more expensive to rent and you need the car for work etc. Lots on her have downsized houses or cars to clear a bit of debt but No one has ever questioned my need to pay the mortgage and run a car.

    DMP since 2013 and still going strong....more than halfway towards paying off the debts and I started out like you scared and sleepless. It will be ok, keep reading here and you'll get your head round it all. Most of all don't panic and don't worry.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Rosie1001
    • By Rosie1001 14th Apr 18, 8:21 AM
    • 11 Posts
    • 3 Thanks
    Rosie1001
    I'm managing my loans with the same companies as my CC so they are not going into default

    It's my CC ....the interest is staggering..I was paying £100 ... £80 was going to the interest

    I do feel a bit better knowing there is help out there , I'm just scared of the letters I'm going to get

    I'm on medication for depression and anxiety, I have made my creditors aware of this thou

    My family are going to help me , they are going to pay money into my bank each month ..... so hopefully I will get thru this and approx 6 years be debt free for the 1st time ever
    • carbootcrazy
    • By carbootcrazy 14th Apr 18, 9:50 AM
    • 5,439 Posts
    • 31,470 Thanks
    carbootcrazy
    Got a call from the Co-operative today regarding our complaint. They have apologised and said that they are in the process of transferring the debt to Link Financial (to be completed by the end of May) and apparently their protocol is to issue a final demand letter prior to this transfer of debt. However they apologised as their letter did not make this clear and they said that we should not have received the default letters either following on from the complaint last year when they wrote to say they would not record a default on the account in the future,
    The lady said they have put a cheque for £60 in the post as compensation

    A have a few questions followng this......
    1. Are Link Financial a DCA or will they just be managing the debt on behalf of The Co-operative?

    2. We wanted to move to self managed asap however now this debt is in the middle of being transferred I am wondering if it is best to hold off and pay Link a couple of SC payments before writing to all of our creditors maybe August time with the plan to move to self managed and the offers of repayments.

    Any advice gratefully received

    Thank you!

    BDFSH x
    Originally posted by BeingDebtFreeStartsHere
    I think Link will have bought your debt from the Co-op. I had 2 MBNA CC debts which Link took over and the letters I had at the time from both Link and MBNA said as much. The wording was something like 'transferring all rights ' etc.
    Original Debt: £56804 (@02/13). Now: £3437. Nearly out of the debt tunnel at long last.
    • Stanleybasin
    • By Stanleybasin 14th Apr 18, 10:08 AM
    • 3 Posts
    • 1 Thanks
    Stanleybasin
    Newbie
    So I owe quiet a lot of money and the repayments are killing me, Iíve read through a lot of whatís been discussed on the board and although unfortunate itís nice to know Iím not the only one.

    I was going to use a company to hand it all over to but Iím thinking of just doing it myself, but wanted to make sure Iím on the right track first.

    I was going to call all the companies and let them know I canít keep up with repayments and offer them all £20, the goal being that theyíll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

    Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

    Thanks for all your help.
    • EmergencyNurse
    • By EmergencyNurse 14th Apr 18, 10:41 AM
    • 80 Posts
    • 156 Thanks
    EmergencyNurse
    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
    So I owe quiet a lot of money and the repayments are killing me, Iíve read through a lot of whatís been discussed on the board and although unfortunate itís nice to know Iím not the only one.

    I was going to use a company to hand it all over to but Iím thinking of just doing it myself, but wanted to make sure Iím on the right track first.

    I was going to call all the companies and let them know I canít keep up with repayments and offer them all £20, the goal being that theyíll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

    Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

    Thanks for all your help.
    Originally posted by Stanleybasin
    Hi, I'm new on here too, but in that short time I have learnt some important things.

    Don't use a paid for DMP service

    Contact services such as StepChange, National Debtline, Money Advice Service, Citizens Advice Service (NEDCAB)

    Many of the experienced forum participants initially used a service such as StepChange then once they got used to how everything worked, what the processes were and became more knowledgeable and confident; they then went self managed. From what I have read and researched the National Debtline site provides you with all the tools to successfully run your plan.

    My advice would be to contact these agencies for a full and comprehensive review of your needs. I found them very helpful. My DMP starts in June and I'm the most relaxed that I have ever been over the last 20yrs.

    Good Luck
    Debt March 2018 £27,596 DMP Start June 2018 Debt Free Date 2022
    • sourcrates
    • By sourcrates 14th Apr 18, 10:45 AM
    • 15,912 Posts
    • 14,978 Thanks
    sourcrates
    I'm managing my loans with the same companies as my CC so they are not going into default

    It's my CC ....the interest is staggering..I was paying £100 ... £80 was going to the interest

    I do feel a bit better knowing there is help out there , I'm just scared of the letters I'm going to get

    I'm on medication for depression and anxiety, I have made my creditors aware of this thou

    My family are going to help me , they are going to pay money into my bank each month ..... so hopefully I will get thru this and approx 6 years be debt free for the 1st time ever
    Originally posted by Rosie1001
    So I owe quiet a lot of money and the repayments are killing me, Iíve read through a lot of whatís been discussed on the board and although unfortunate itís nice to know Iím not the only one.

    I was going to use a company to hand it all over to but Iím thinking of just doing it myself, but wanted to make sure Iím on the right track first.

    I was going to call all the companies and let them know I canít keep up with repayments and offer them all £20, the goal being that theyíll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

    Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

    Thanks for all your help.
    Originally posted by Stanleybasin
    Rosie,

    Do not fret about collection agencies, just a posh name for a debt collector, they have to follow FCA guidelines these days, so must treat you fairly, they have all been on a bit of a public relations excercice of late, due to the appalling reputation some of them had, they are under threat of removal of their consumer credit license if they mis-behave, the ball really is in your court these days.

    You have no reason to fear anything, and your DMP will run fine, normal life will continue as though nothing has changed.

    Stanley,

    Never use a fee charging DMC.

    If you need assistance, use stepchange or one of the other free providers, it is easy to do this yourself, just don`t pay anyone to do it for you.
    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/
    • Summer12
    • By Summer12 14th Apr 18, 1:46 PM
    • 97 Posts
    • 58 Thanks
    Summer12
    So I owe quiet a lot of money and the repayments are killing me, Iíve read through a lot of whatís been discussed on the board and although unfortunate itís nice to know Iím not the only one.

    I was going to use a company to hand it all over to but Iím thinking of just doing it myself, but wanted to make sure Iím on the right track first.

    I was going to call all the companies and let them know I canít keep up with repayments and offer them all £20, the goal being that theyíll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

    Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

    Thanks for all your help.
    Originally posted by Stanleybasin
    Hi

    Just thought a summary of my journey might help as Iím going self managed (not using any company or charity to set up DMP)

    Once the good people on here gave me my confidence back I did the following:-

    - Checked who my debt companies were affiliated with and moved my bank account (wages) to a new basic Acc (no overdraft)
    - cancelled all direct debits and payments to debts, moved normal direct debits (inc payments in Child benefit, wages) to new account
    - set up a savings account, see threads on here about how important an emergency fund is
    - sent CCA requests to all creditors to see status of the accounts (enforceable in court or not) see All about debt website
    - once replies were back wrote to creditors (that were enforcable) asking for 30 day breathing space (template on national debt line)
    - once 30 days over wrote with Income and expenditure sheet making offers of token payments £1 to each for 6 months to build up emergency fund.
    And thatís as far as Iíve got!
    Hope this helps and good luck.

    -
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 14th Apr 18, 2:09 PM
    • 291 Posts
    • 801 Thanks
    BeingDebtFreeStartsHere
    I think Link will have bought your debt from the Co-op. I had 2 MBNA CC debts which Link took over and the letters I had at the time from both Link and MBNA said as much. The wording was something like 'transferring all rights ' etc.
    Originally posted by carbootcrazy
    Hi cbc,

    Yes the lady did say something about transfer of rights - thank you

    BDFSH x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 July 2018 £50,030.01 (29.4% paid) but proud to be in control and paying back what we've borrowed
    • Rosie1001
    • By Rosie1001 14th Apr 18, 2:11 PM
    • 11 Posts
    • 3 Thanks
    Rosie1001
    I've opened up a Santander basic account

    Do u need to use this as my main account instead of Lloyds

    I'm in default with them over my Lloyds CC not my loan thou ...that's running ok for now

    I don't want to give up my Lloyds account ...I was just going to keep it for direct debits and standing orders ...

    But as I owe them £7500 am I right in thinking I need to use the new account for my wages etc
    Last edited by Rosie1001; 14-04-2018 at 2:15 PM.
    • Summer12
    • By Summer12 14th Apr 18, 2:41 PM
    • 97 Posts
    • 58 Thanks
    Summer12
    I've opened up a Santander basic account

    Do u need to use this as my main account instead of Lloyds

    I'm in default with them over my Lloyds CC not my loan thou ...that's running ok for now

    I don't want to give up my Lloyds account ...I was just going to keep it for direct debits and standing orders ...

    But as I owe them £7500 am I right in thinking I need to use the new account for my wages etc
    Originally posted by Rosie1001
    Hi

    They have the right to off set, so potentially they could help themselves to your wages going into the bank account to put towards your credit card debt. Use the Santander one so long as you have no other debts associated with Santander.
    • Rosie1001
    • By Rosie1001 14th Apr 18, 4:59 PM
    • 11 Posts
    • 3 Thanks
    Rosie1001
    Thanks ...

    I've just spend the last hour setting up all my DD to Santander , including Lloyds...good to know they can no longer off set

    Thanks for all the advice ....much appreciated
    • Stanleybasin
    • By Stanleybasin 14th Apr 18, 10:48 PM
    • 3 Posts
    • 1 Thanks
    Stanleybasin
    Thanks for replys
    Thanks for the replyís, Iíll be sure to go those sites Summer12 for the extra information, keep us updated if you could, Iíd really like to know what happens.

    Iíve set up a new account and Iíll decide this weekend if Iíll manage it myself or through a free charity.

    I already feel relieved with my situation and I havenít even done anything

    Thanks people
    • AnnM48
    • By AnnM48 15th Apr 18, 9:16 AM
    • 19 Posts
    • 36 Thanks
    AnnM48
    Hi,
    I havent posted here in a long time, but read it regularly for advice and reassurance. Ive been on my plan now for 4 years, started as a low start plan as I could only pay £100 per month on my dmp... but still havent been able to increase my payments, and feel like Im never going to get my debt paid off!! I still really struggle every month and regularly wonder if Im doing something wrong with my money. Everyone around seems to be moving house, buying new cars, jetting off on holiday... and I can just about pay my dds each month and feed the family!!

    I work part time and earn just over £15k and my husband earns over £22k, so I have never felt that we have a really low income... (I know we arentt about to hit any millionaires club soon!) but at the same time struggle to see how so many people can do so much more with their money... which is why I sometimes feel like Ive got it all wrong somewhere.

    On the plus side, although we have struggled each month, we do manage to just get by with no further debt, which is good. But that is with no car changes, no decorating to the house, no holidays etc etc and complete panic if the fridge stops working as we never seem to get an emergency fund built up!

    Sometimes I wander if we should have just sold our house at the beginning before starting a dmp and started from scratch?
    So many things I suppose in hindsight I could have done to prevent myself getting into the mess in the first place!
    If anyone has any advice on how to better manage finances.. Id appreciate the help!
    Last edited by AnnM48; 15-04-2018 at 10:20 AM. Reason: Error
    • AnnM48
    • By AnnM48 15th Apr 18, 9:22 AM
    • 19 Posts
    • 36 Thanks
    AnnM48
    Not sure why that keeps posting with all those numbers?
    • January2015
    • By January2015 15th Apr 18, 9:35 AM
    • 2,325 Posts
    • 5,506 Thanks
    January2015
    Not sure why that keeps posting with all those numbers?
    Originally posted by AnnM48
    Its the apostrophes - not your fault, but a glitch with the site unfortunately. (I know ... its.... needs an apostrophe, but I have given up trying )
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    • AnnM48
    • By AnnM48 15th Apr 18, 10:18 AM
    • 19 Posts
    • 36 Thanks
    AnnM48
    Lol! Good to know....I kept trying to edit to correct! just went in and removed all apostrophes!
    Last edited by AnnM48; 15-04-2018 at 10:21 AM.
    • Dandytf
    • By Dandytf 15th Apr 18, 1:12 PM
    • 1,685 Posts
    • 455 Thanks
    Dandytf
    SC DMP progress -my original Natwide Flex account has made an unexpected return to iphone app today, this account would have been -75to1k or something until 2011 when I was unemployed and asked step change tonsetup dmp2012.
    Nice balance of -1.82 -SC sticking to their pro data creditor payments, maybe it will be 1st debt to be cleared since 2012.
    Edited-Default amount was 832
    Not confident of asking for a new or reactivated overdraft -though what this could mean is I can consider flex savings.
    Nice suprise though, hopefully I get through next few years and watch debts and defaults drop off.
    Good luck MSER's -progress can be made.
    (Probably didn't have iPhone or a smart phone 2011 only online banking)
    Last edited by Dandytf; 15-04-2018 at 1:18 PM.
    sc dmp 2012 13k Jan 2018 8840 paid. 60% approx.
    Mid 2018 Help2save 50 uk pounds per month
    Mid 2018-Virgin Money E-saver V11 -n/a-t.b.c.
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