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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 15,243Posts
    • 14,341Thanks
    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 196
    • AnnM48
    • By AnnM48 7th May 18, 11:23 PM
    • 19 Posts
    • 36 Thanks
    AnnM48
    Your welcome an SOA is a Statement Of Affairs,you list all your incomings and outgoings on here and people can look at it and advise you where you can make savings,I found having a diary on here helps and a spending diary at home and I keep all my receipts so I can track my spending each month,I also pay a lot more attention to my bank account,I have a finance folder where list all my outgoings so I can budget each month and check when my direct debits have been paid,I have a listed budget for everything now,I used to ignore my finances because they were in such a mess but since I've been keeping records of everything I've saved loads of money and don't get any unpleasant surprises
    Originally posted by Onebrokelady
    Just want to check... if I do a SOA and am just looking for some advice on how I could improve it... do I post it here on this thread? Or elsewhere?
    • Comingupforair
    • By Comingupforair 8th May 18, 9:42 AM
    • 3 Posts
    • 1 Thanks
    Comingupforair
    Just want to thank everyone here.
    I've spoken to all 5 creditors about my situation and given them the stepchange reference number.

    I was a wreck this time last week and I'm sure it won't all be butterflys and roses from here so I'm going to enjoy the sun today and think up ways to not spend money.
    • carbootcrazy
    • By carbootcrazy 8th May 18, 9:55 AM
    • 4,945 Posts
    • 28,131 Thanks
    carbootcrazy
    Just want to thank everyone here.
    I've spoken to all 5 creditors about my situation and given them the stepchange reference number.

    I was a wreck this time last week and I'm sure it won't all be butterflys and roses from here so I'm going to enjoy the sun today and think up ways to not spend money.
    Originally posted by Comingupforair
    What a lovely upbeat post. Well done on starting the ball rolling and contacting your creditors. That's a big hurdle cleared and one that many new DMPers find very hard to do. So, job done


    There may be the occasional bump in the road of your DMP journey (as there is for many of us however long we've been at it and think we know the ropes) but it will be nothing to worry about. Just come back on here, tell us what's happened, and I'm sure someone who has been through something similar will be able to set your mind at rest


    In the meantime, relax and enjoy the sunshine
    Original Debt: 56804 (@02/13). Now: 9111. Under 10K at long last.
    • Slytherin
    • By Slytherin 9th May 18, 8:42 AM
    • 47 Posts
    • 59 Thanks
    Slytherin
    I have a letter from Nationwide that says if I don't settle or contact them, they'll get a debt collector involved. Is this basically the same as when Arvato/Westcott got involved my in other debts?

    It feels like it probably is but Nationwide's letter seems more formal and pointed than others I have received and it's hard getting through to their phoneline when I work their whole office hours!
    • Suseka97
    • By Suseka97 9th May 18, 9:00 AM
    • 409 Posts
    • 533 Thanks
    Suseka97
    I have a letter from Nationwide that says if I don't settle or contact them, they'll get a debt collector involved. Is this basically the same as when Arvato/Westcott got involved my in other debts?

    It feels like it probably is but Nationwide's letter seems more formal and pointed than others I have received and it's hard getting through to their phoneline when I work their whole office hours!
    Originally posted by Slytherin
    I'd say yes, whilst it may be more blunt and formal that others -it's still just part of a process. It'll be better when they do offload it to a DCA because if not already defaulted, it soon will be
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
    • Summer12
    • By Summer12 9th May 18, 11:50 AM
    • 89 Posts
    • 49 Thanks
    Summer12
    Morning, just need a second opinion please.

    So today marks the end of my 30 day breathing space. Whilst i have heard back from some creditors with replies if that!!!8217;s fine, take longer etc. I have not heard back from Barclays (loan & overdraft). Now this could be because they are !!!8220;giving me breathing space!!!8221; or because they haven!!!8217;t actually received that original letter yet. I am reluctant to send my I&E details and payment offers to them without knowing if it will get to the right place/ department. Do you think it!!!8217;s acceptable to write again saying !!!8220;further to my last letter.....!!!8221; please can you confirm which dept/address letter should be sent to and how would you like me to pay the token offers? (especially the overdraft, do I just pop it into my old account?!) There has only been 2 missed payments so far so it is early days so part of me thinks wait till they contact you (as that letter may have more specific contact details) but like wise do not want them thinking I am ignoring the problem. The barclaycard one is (currently) UE so not too worried about that one. Many thanks
    • Dandytf
    • By Dandytf 9th May 18, 6:58 PM
    • 1,499 Posts
    • 433 Thanks
    Dandytf
    Since seriously considering raising SC DMP payments from 90 to 120.00 per month.
    Creating a new 2 year completion timescale.
    120*24-2880
    1200 (from April 2012 help2save account -excluding 600 bonus payment
    Total 4080 -only a small deficit which I should be able to clear in 2 years time.
    Note if I stick to this plan then there isn't any reason as to why I can't make it work.
    I'm not exactly throwing every pound at sc though it is a fair additional commitment.
    I've left myself a small amount as I want to make small regular mortgage overpayments again especially as rate rises will follow 2018 onwards.
    Looks like I'm making another call to SC very soon to advise of new increased payments.
    2 years time seems much more manageable rather than the current mid 2022.
    Last edited by Dandytf; 14-05-2018 at 2:29 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 -250+50 uk pounds per month
    • MK-4
    • By MK-4 9th May 18, 7:49 PM
    • 31 Posts
    • 14 Thanks
    MK-4
    Ok I will do all this. My issue with the extra 12 k is to pay the credit union before the DMP kicks in. This is solely because the car will need a final payment in 3 years and if we pay the credit union off we will be able to keep our savings in that account and keep saving so we can pay the car final payment. If we don!!!8217;t I!!!8217;m worried we won!!!8217;t have enough and will lose the car. Thanks again for taking the time to help. This site has given me hope
    Originally posted by Scammie
    Only just starting my DMP but in a similar situation regarding your car - mine is on PCP and cannot pay off the balance.
    SC added an amount each month to my budget, so this can be saved to make the final payment.
    Once paid off my DMP will increase by the amount that I am currently paying for the car.

    If your savings are in the same bank as one of your debts then it seems that the creditor can take that money to offset the debt.
    How about opening a new savings account and moving all your current savings there, before starting a DMP?.
    I now have 3 savings accounts, one for the car balance payment, one for house maintenance and one for an emergency fund. None are linked to any of the creditors.
    • startsomewhere
    • By startsomewhere 9th May 18, 9:24 PM
    • 7 Posts
    • 1 Thanks
    startsomewhere
    Think I'm about to start a DMP
    Hi all,

    I've much like you all sadly gotten myself into a mess with my finances over the years... Its now accumulated to the point where I can't pay them all after priority bills.

    I'm just wondering what the next steps should be? I am in debt to the below lenders and am 1 month over credit with the credit cards and store card (but did pay minimum payment) but am not sure what I should do... I've an appointment with the Citizens Advise next week but would appreciate your thoughts. I've been looking at Step Change too and soon all your hopeful messages

    2 credit cards
    1 store card
    Overdraft
    Personal loan
    Payday loan

    I'm in the process of setting up a new direct debt for work. Should I be asking them to freeze stuff now? I'm really concerned the payday loan will debt as well as the overdraft swallow my wages. Should I cancel all my direct debts?

    I'm starting budgeting but am not sure about food and expenses having been in debt for so long - what is the average cost for a singleton does anybody know? Is there any debtors I should prioritise?

    Sorry for rambling - I'm just a bit anxious and am uncertain!

    Thanks in advance
    M
    • Onebrokelady
    • By Onebrokelady 9th May 18, 10:48 PM
    • 574 Posts
    • 2,157 Thanks
    Onebrokelady
    I have a default notice from NatWest
    Just keep swimming
    Original Debt Owed Jan 18 = 17,630 Paid To Date = 1,172 Total Now Owed = 16,458
    Emergency Fund = 450.00 Xmas savings = 300.00
    • Slytherin
    • By Slytherin 9th May 18, 11:10 PM
    • 47 Posts
    • 59 Thanks
    Slytherin
    I'd say yes, whilst it may be more blunt and formal that others -it's still just part of a process. It'll be better when they do offload it to a DCA because if not already defaulted, it soon will be
    Originally posted by Suseka97

    Thanks Suseka. I have to say, I'll be delighted when I get Nationwide defaulted as I've found them the most unfriendly to deal with. I used to think I decided a cold cup of communication but after realising that 'to them, it's just business' I feel differently lol.
    • carbootcrazy
    • By carbootcrazy 10th May 18, 5:58 AM
    • 4,945 Posts
    • 28,131 Thanks
    carbootcrazy
    If your savings are in the same bank as one of your debts then it seems that the creditor can take that money to offset the debt.
    How about opening a new savings account and moving all your current savings there, before starting a DMP?.
    I now have 3 savings accounts, one for the car balance payment, one for house maintenance and one for an emergency fund. None are linked to any of the creditors.
    Originally posted by MK-4
    When I started my DMP I opened a basic bank account with Nationwide as I had no debts whatsoever with them. It's simplicity itself to open savings accounts online with them, I now have 5 for various things. The interest in these instant access accounts isn't much but transferring money between accounts or back into your basic current account again if you need to spend it only takes a few seconds. You can name the accounts whatever you want. I expect other banks offer something similar. Makes life much simpler having everything in one place IMO
    Last edited by carbootcrazy; 10-05-2018 at 6:02 AM.
    Original Debt: 56804 (@02/13). Now: 9111. Under 10K at long last.
    • carbootcrazy
    • By carbootcrazy 10th May 18, 6:13 AM
    • 4,945 Posts
    • 28,131 Thanks
    carbootcrazy
    Thanks Suseka. I have to say, I'll be delighted when I get Nationwide defaulted as I've found them the most unfriendly to deal with. I used to think I decided a cold cup of communication but after realising that 'to them, it's just business' I feel differently lol.
    Originally posted by Slytherin
    I'm really sorry Nationwide are giving you so much grief. I expect they have a different approach towards people who owe them money and those who don't though.


    When I started my DMP I opted to open a basic bank account with them on the recommendation of lots of people. I'm so glad I did because they've never been less than totally helpful and approachable whether it's been by phone, email or letter. They were one of the very few banks that I didn't have any debts with at the time so they've never needed to come on heavy over money I owe them. Unlike Lloyds on the other hand.....
    Original Debt: 56804 (@02/13). Now: 9111. Under 10K at long last.
    • tasha8
    • By tasha8 10th May 18, 6:56 AM
    • 8 Posts
    • 11 Thanks
    tasha8
    Hi

    I was in a similar situation with 2 payday loans, my best advice is e-mail them and advise that you are having financial difficulties and that you are in the process of setting up a DMP. My experience is that they were great, they stopped payment collection and interest straight away. My dealings were with wonga and quick quid.
    The DMP has been a thoroughly positive process for me, and since August I have paid off 4k worth of debt (mainly thanks to ppi, this site and budgeting I am now down to 1 lender -3 accounts overdraft, credit card and loan with nationwide, who have also been very understanding. I started out with step change, but very quickly took over the repayments myself.

    Tash x
    • Julie67
    • By Julie67 10th May 18, 9:18 AM
    • 2,348 Posts
    • 21,245 Thanks
    Julie67
    Help with Cabot
    Hi all,

    Hope everyone is well. I haven't posted for a while as not much to report. Back in May last year I requested CCA's from our 6 creditors. 4 eventually complied and 2 did not. Haven't heard from them for over a year. In the mean time we have moved house. The 4 creditors who did comply are receiving a minimum 5 payment with a view to begin making full and final offers in the very near future.
    However at the beginning of the week I received a letter from Cabot. The letter had been redirected as they do not have our current address. The letter states they are unable to comply with the request and therefore the account is unenforceable.
    Standard letter saying they will still request we pay the outstanding balance. I just thought I would ignore the letter as we won't be paying anything. Since then I've had two phone calls , I've now blocked the number and then this morning a text asking me to contact them.
    Would you continue to ignore or write explaining we wont be paying as the debt is unenforceable. I really don't want to give them my new address.
    Any help much appreciated thanks
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • Suseka97
    • By Suseka97 10th May 18, 12:51 PM
    • 409 Posts
    • 533 Thanks
    Suseka97
    Hi all,
    Hope everyone is well. I haven't posted for a while as not much to report. Back in May last year I requested CCA's from our 6 creditors. 4 eventually complied and 2 did not. Haven't heard from them for over a year. In the mean time we have moved house. The 4 creditors who did comply are receiving a minimum 5 payment with a view to begin making full and final offers in the very near future.
    However at the beginning of the week I received a letter from Cabot. The letter had been redirected as they do not have our current address. The letter states they are unable to comply with the request and therefore the account is unenforceable.
    Standard letter saying they will still request we pay the outstanding balance. I just thought I would ignore the letter as we won't be paying anything. Since then I've had two phone calls , I've now blocked the number and then this morning a text asking me to contact them.
    Would you continue to ignore or write explaining we wont be paying as the debt is unenforceable. I really don't want to give them my new address.
    Any help much appreciated thanks
    Originally posted by Julie67
    Okay, in my view you can do one of two things. Block their number so they can't get through and ignore them, although do keep the UE confirmation in a safe place for future reference if needs be. Or you could write to them (and you don't need to give them your current address) stating the fact that as they have confirmed the account is no longer enforceable you will be prioritising those that are and will not be making any further payments.

    The fact of the matter is that whilst the account is UE that doesn't mean they cant pursue you for payment via calls and/or letters - what they cannot do is take it to court. So I guess they are going all out to try and convince you to pay up (basically chancing their arm, as many appear to be doing these days).

    Eventually they'll give up or perhaps in a year's time you might want to contact them with a very low F&F, just to draw a line under it. I've got 6 UEs and haven't paid any of them a penny since last July. We do get pestered by LINK from time to time, but we've just now blocked their number. They haven't complied with the request and have ignored several letters asking them to do so, so now I'm ignoring them
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
    • sourcrates
    • By sourcrates 10th May 18, 1:35 PM
    • 15,243 Posts
    • 14,341 Thanks
    sourcrates
    Hi all,

    Hope everyone is well. I haven't posted for a while as not much to report. Back in May last year I requested CCA's from our 6 creditors. 4 eventually complied and 2 did not. Haven't heard from them for over a year. In the mean time we have moved house. The 4 creditors who did comply are receiving a minimum 5 payment with a view to begin making full and final offers in the very near future.
    However at the beginning of the week I received a letter from Cabot. The letter had been redirected as they do not have our current address. The letter states they are unable to comply with the request and therefore the account is unenforceable.
    Standard letter saying they will still request we pay the outstanding balance. I just thought I would ignore the letter as we won't be paying anything. Since then I've had two phone calls , I've now blocked the number and then this morning a text asking me to contact them.
    Would you continue to ignore or write explaining we wont be paying as the debt is unenforceable. I really don't want to give them my new address.
    Any help much appreciated thanks
    Originally posted by Julie67
    Tell them in writing you wont be paying.
    They will soon get the message.
    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/
    • Julie67
    • By Julie67 10th May 18, 1:48 PM
    • 2,348 Posts
    • 21,245 Thanks
    Julie67
    will write once and then ignore
    cheers
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • Suseka97
    • By Suseka97 10th May 18, 3:29 PM
    • 409 Posts
    • 533 Thanks
    Suseka97
    will write once and then ignore
    cheers
    Originally posted by Julie67
    Good do that and also remember that if, after 6 years, of no contact from you and/or acknowledgement of the debt it becomes statue barred anyway
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
    • LexieLou
    • By LexieLou 10th May 18, 8:53 PM
    • 633 Posts
    • 1,060 Thanks
    LexieLou
    Just want to thank everyone here.
    I've spoken to all 5 creditors about my situation and given them the stepchange reference number.

    I was a wreck this time last week and I'm sure it won't all be butterflys and roses from here so I'm going to enjoy the sun today and think up ways to not spend money.
    Originally posted by Comingupforair
    Hey, I was the same, mentally wrecked and red faced from tear stains.

    Hope you're doing OK

    Lots of Love

    LL xx
    Sept 10 a day 27.55 / 300, 9%
    1% Challenge #53
    7.54 in sealed pot 10.05.18
    Tesco Vouchers 30.50
    EF #2 385.71
    EF #1 still in progress
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