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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 14,905Posts
    • 13,984Thanks
    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 228
    • LexieLou
    • By LexieLou 8th Aug 18, 12:22 PM
    • 545 Posts
    • 699 Thanks
    LexieLou
    Monumental mess up with my DMP...so cross with myself, especially as I have been faffing about with it for weeks. I got my fuel wrong and I mean massively wrong. By 130 a month wrong. I travel huge distance to work as my job is so specialised, and I gave the wrong figure.

    I only noticed this when I was doing my own spreadsheet for my monthly bank accounts, you know to divide the money up for the month etc.

    At this stage I don't care how much longer it adds to my DMP, I am just really worried that SC are going to think I am taking the proverbial - which I am not as I keep all my fuel receipts. I'm not even worried about my creditors as they have made their money on me many times over and they will get what I can afford and if they don't like it, well that's life.

    Someone please talk me off the edge!

    Thanks

    LL

    xx
    38k its so bad.....
    7.54 in sealed pot 10.05.18
    EF #2 90
    EF #1 still in progress
    • Suseka97
    • By Suseka97 8th Aug 18, 1:57 PM
    • 372 Posts
    • 471 Thanks
    Suseka97
    ......I have finally plucked up the courage to go self managed! All letters ready to be sent tomorrow,
    A couple of questions - my payments to all creditors has reduced compared with the amount apid when with SC - due to an increase in mortgage payments and also the amount we need to spend on support for our autistic son. I have explained this in the letter to each creditor and enclosed an updated I&E. Do you think the creditors will be happy with this or are they likely to challenge the reduced payments?
    BDFSH x
    Originally posted by BeingDebtFreeStartsHere
    Good for you

    I can see motivated has already responded and hopefully your experience will be very much the same. But if any creditors throw a wobbly, just stick with the plan and pay the amount you've provided with the I&E as backup. You can only pay what you can afford, its that simple.

    Good luck.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (all currently UE)
    • Suseka97
    • By Suseka97 8th Aug 18, 2:01 PM
    • 372 Posts
    • 471 Thanks
    Suseka97
    Monumental mess up with my DMP...so cross with myself, especially as I have been faffing about with it for weeks. I got my fuel wrong and I mean massively wrong. By 130 a month wrong.
    ......... I am just really worried that SC are going to think I am taking the proverbial - which I am not as I keep all my fuel receipts. Someone please talk me off the edge!
    Thanks LL xx
    Originally posted by LexieLou
    Okay, step away from the edge......

    Look, we can all make mistakes and things like this happen from time to time. So just take a deep breath and calm down. Then call SC and tell them about the error and they'll adjust the DMP. They'll be fine and, as you've said, you have the receipts to prove it.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (all currently UE)
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 8th Aug 18, 5:18 PM
    • 285 Posts
    • 794 Thanks
    BeingDebtFreeStartsHere
    Hi BDFSH
    When I went from SC to self managed I also reduced payments. I did exactly as you are doing and wrote to each one explaining the circumstances etc. All of our creditors were fine with it.

    Good luck
    M
    Originally posted by motivated
    Good for you

    I can see motivated has already responded and hopefully your experience will be very much the same. But if any creditors throw a wobbly, just stick with the plan and pay the amount you've provided with the I&E as backup. You can only pay what you can afford, its that simple.

    Good luck.
    Originally posted by Suseka97
    Thank you both so much! Fingers crossed they all accept the offers and it all goes smoothly

    Motivated - can I ask how much you reduced your payments by? We have reduced ours to between half and two thirds of what we were paying with SC. All explained in each letter and backed up with I&E details.

    How long did it take the creditors to respond? Wondering now if I should have posted the letters via recorded delivery so I know they have arrived!

    Have paid the last SC payment on 1st August. Was planning on starting my self managed payments at the end of September as I am paid on 28th of each month. This would mean I could save the payment that would have been sent to SC from my August 28th pay giving me a "free" month not paying creditors to save a bit more in my emergency fund Do you think this is ok or bit cheeky!!!!

    Thanks again for all your advice

    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
    • motivated
    • By motivated 8th Aug 18, 5:40 PM
    • 2,275 Posts
    • 4,602 Thanks
    motivated
    Hi BDFSH

    I reduced our payments to each one to around half (generated from the NEDCAB site so all the payments were worked out for us based on our I & E form but we paid them token payments for a few months first. I told them it was due to car repairs and big vet bills that I need to pay. This gave us time to stash some money away and that alone removes an awful lot of stress too. I added in the letters that I would be paying tokens for x amount of months and would resume payments on a certain date and they were still fine. All responded pretty quickly too and I didnt send ours recorded delivery either.

    I think you'll find your creditors are used to it by now and will be ok with it.

    I understand your worries though I felt exactly the same

    Edit: I even had a review phone call from PRA group asking if the 1 payments were affordable for us
    Last edited by motivated; 08-08-2018 at 6:15 PM.
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,726.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,424.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 9th Aug 18, 12:01 AM
    • 285 Posts
    • 794 Thanks
    BeingDebtFreeStartsHere
    Hi BDFSH

    I reduced our payments to each one to around half (generated from the NEDCAB site so all the payments were worked out for us based on our I & E form but we paid them token payments for a few months first. I told them it was due to car repairs and big vet bills that I need to pay. This gave us time to stash some money away and that alone removes an awful lot of stress too. I added in the letters that I would be paying tokens for x amount of months and would resume payments on a certain date and they were still fine. All responded pretty quickly too and I didnt send ours recorded delivery either.

    I think you'll find your creditors are used to it by now and will be ok with it.

    I understand your worries though I felt exactly the same

    Edit: I even had a review phone call from PRA group asking if the 1 payments were affordable for us
    Originally posted by motivated
    Thanks Motivated

    PRA

    Did you get any settlement offers?? I wish I had given myself a couple of months before resuming payments now but hey ho!! At least I may get one month to save a few pennies. I have told them I will continue payments in September. Once the acceptance letters (hopefully) come in would it be best to write to tell them the standing order will be set up to make payments on 28th of each month just to keep them updated?

    Appreciate your advice

    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
    • motivated
    • By motivated 9th Aug 18, 8:24 AM
    • 2,275 Posts
    • 4,602 Thanks
    motivated
    Thanks Motivated

    PRA

    Did you get any settlement offers?? I wish I had given myself a couple of months before resuming payments now but hey ho!! At least I may get one month to save a few pennies. I have told them I will continue payments in September. Once the acceptance letters (hopefully) come in would it be best to write to tell them the standing order will be set up to make payments on 28th of each month just to keep them updated?

    Appreciate your advice

    BDFSH x
    Originally posted by BeingDebtFreeStartsHere
    Settlement offers Even after asking if the 1 was affordable PRA wrote and offered me a 50 discount on each debt with the amazing offer of being able to clear them over 10 months at 700 per month Comedians or what.

    It wouldn't hurt to let them know what date your payments will be, just to keep them informed and you could include a line saying the payments will start in October as you are in the process of setting up a new bank account because of your DMP etc It is only another 4 weeks after all
    M
    Last edited by motivated; 09-08-2018 at 8:45 AM.
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,726.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,424.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • DMP_Tiger
    • By DMP_Tiger 9th Aug 18, 9:44 AM
    • 130 Posts
    • 275 Thanks
    DMP_Tiger
    Having remortgaged 4 times over the years to consolidate my debts and reduce the total monthly payments, I have always thought of my mortgage as being mostly house purchase and partly debts.

    However, having reached the age of 50 and taking out my 25 year mortgage at the age of 24, it has occurred to me that I should have finished my mortgage repayments last year.

    This means that my current mortgage debt of 70,003 is entirely made up of consolidated debt, so after thinking that my debts added up to 34,614, they do in fact add up to 104,617.

    That is a lot of money made up of 26 years of spending beyond my means and not thinking of my mortgage as a debt.

    I did actually look into remortgaging for a 5th time to include my 34,614 of unsecured debt until I discovered this forum and DMP's.

    So thank you to everyone who posts on here for saving me from myself and to anyone reading this who is thinking of consolidating either by remortgaging or adding a secured loan to your mortgage - DON'T DO IT!!!
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • motivated
    • By motivated 9th Aug 18, 9:53 AM
    • 2,275 Posts
    • 4,602 Thanks
    motivated
    Totally agree DMP tiger

    Consolidating debts very rarely if ever works. Been there done that. It is in fact just moving it elsewhere.

    You are definitely in the right place and Will get there. With the non judgemental support and advice on here I dont even want to think where I'd be right now
    M
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,726.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,424.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • DMP_Tiger
    • By DMP_Tiger 9th Aug 18, 9:58 AM
    • 130 Posts
    • 275 Thanks
    DMP_Tiger
    Totally agree DMP tiger

    Consolidating debts very rarely if ever works. Been there done that. It is in fact just moving it elsewhere.

    M
    Originally posted by motivated
    Not only does it move the debt elsewhere, it leaves the mind thinking that I have no debt, the credit cards empty and the overdraft at zero - primed and ready for more spending
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • motivated
    • By motivated 9th Aug 18, 10:12 AM
    • 2,275 Posts
    • 4,602 Thanks
    motivated
    Not only does it move the debt elsewhere, it leaves the mind thinking that I have no debt, the credit cards empty and the overdraft at zero - primed and ready for more spending
    Originally posted by DMP_Tiger

    Been there done that too
    I have arrived in DMP land and I like it, I may stay a while

    LBM82,590 Jan17/75,726.91 August 18
    Short term goal 1 =2873.27/2873.27
    PDBX 18 # 31 - 4,424.52/5,000
    Short term goal 2 = Target by Xmas 100/500
    • jubilee14
    • By jubilee14 9th Aug 18, 11:05 AM
    • 285 Posts
    • 860 Thanks
    jubilee14
    Hi All good hope everyone having a good Thursday. Just updated my figures and outstanding debt is now at less than 4K and hopefully on the final straight.

    though i would say i've found the last couple of months pretty hard going, dont know if because its so close i dont want to reduce any DMP payments to extend it so trying to deal with unexpected expenses price hikes on stuff since last year within what i've got. But on a positive note means im sharpening my debt saving skills again just as i head into dfd world so hopefully well practiced when the day arrives.

    Also saw a great post the other day post dfd saying they were a bit out of sorts so also manage my expectation of elation when it comes too.

    have a good day all
    LBM Sept 2012
    started DMP 1.11.12
    Debt 37012/3907 DFD Oct 2019 about March 2019
    • nbdrums1
    • By nbdrums1 9th Aug 18, 12:26 PM
    • 2 Posts
    • 0 Thanks
    nbdrums1
    Hi Guys,

    This is my first post!!

    I have for one reason or another (illness ect) ended up with 35K on credit cards 3 Lenders (MBNA, Barclaycard, Halifax).

    I have run them all up twice before and paid them off is remortgaging but I am at the point where I can!!!8217;t do this anymore.

    The interest free offers have all finished and I don!!!8217;t have anywhere to move the money too. The minimum payments are too much for me to handle (over 1K a month). The last few months I have used one card to pay the other, but having found this forums I want to go on a DMP!! And put an end to this as I can!!!8217;t live with the stress!

    I have another MBNA minimum payment due next week and I haven!!!8217;t got the money to cover it, I am so stressed!!

    Where!!!8217;s the best place to go to help me do this?

    I don!!!8217;t want to make any mistakes!!

    Any advice would be greatly appreciated.

    I am scared that as I am self employed they are going to come after me big time!!

    Thanks!!
    • Suseka97
    • By Suseka97 9th Aug 18, 12:33 PM
    • 372 Posts
    • 471 Thanks
    Suseka97
    Not only does it move the debt elsewhere, it leaves the mind thinking that I have no debt, the credit cards empty and the overdraft at zero - primed and ready for more spending
    Originally posted by DMP_Tiger
    Groan... been there and done that

    I kick myself some days when I think back to the moment we signed on the dotted line for a secured loan to consolidate (which is, effectively, the same as re-mortgaging ) Had we not done that, some 10 years ago - not only would we have been debt free many moons ago, but would probably be close to being mortgage free

    So - lesson to anyone even considering that option - DONT

    I imagine back then DMPs were not really known about, or even existed - and I certainly never even thought about googling anything to do with debt-management. Fast forward - it's great these options now exist and the information is more widely available.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (all currently UE)
    • Suseka97
    • By Suseka97 9th Aug 18, 12:44 PM
    • 372 Posts
    • 471 Thanks
    Suseka97
    Hi Guys,
    This is my first post!!
    I have for one reason or another (illness ect) ended up with 35K on credit cards 3 Lenders (MBNA, Barclaycard, Halifax).
    I have run them all up twice before and paid them off is remortgaging but I am at the point where I can!!!8217;t do this anymore.
    The interest free offers have all finished and I dont have anywhere to move the money too. The minimum payments are too much for me to handle (over 1K a month). The last few months I have used one card to pay the other, but having found this forums I want to go on a DMP!! And put an end to this as I cant live with the stress!
    I have another MBNA minimum payment due next week and I havent got the money to cover it, I am so stressed!!
    Wheres the best place to go to help me do this?
    I dont want to make any mistakes!!
    Any advice would be greatly appreciated.
    I am scared that as I am self employed they are going to come after me big time!!
    Thanks!!
    Originally posted by nbdrums1
    Now you've had your LBM (Lightbulb Moment) as we like to call it - congratulations

    I'm not versed in how DMPs work for those who are self-employed - but I don't think its that much different from those (like me) who are not. I imagine the only 'complicated bit', if there is one -will be working out your income if it has a tendency to fluctuate depending on your workstreams.

    With that said, no-one will be coming after you 'big time' because you're self-employed -but to put your mind at rest, why not call one of the 'free' debt charities. StepChange or Payplan are the two most used by folks on here.

    That aside - stop paying your non-priority debts now. Your priority has to be keeping a roof over your head and food on the table. I could say a lot more about the process -but I really think it'll help you to call and speak with someone who can reassure you verbally and then you can come back on here for more advice.

    So, go grab a coffee and make that call
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (all currently UE)
    • Red Athena
    • By Red Athena 9th Aug 18, 5:30 PM
    • 15 Posts
    • 10 Thanks
    Red Athena
    Writing my holding letters to creditors now

    Does anyone know, for a Barclayloan is the account number the one that shows on the online banking? I can see a sort code and an account number. Or will there be a loan agreement number or something on some long hidden away paperwork? Thanks!

    Wow, nobody make it easy to find addresses these days do they? Feel like I should send them all to Santa and he can forward them on!
    Last edited by Red Athena; 09-08-2018 at 5:49 PM.
    • Red Athena
    • By Red Athena 9th Aug 18, 5:32 PM
    • 15 Posts
    • 10 Thanks
    Red Athena
    Hi Guys,

    This is my first post!!

    I have for one reason or another (illness ect) ended up with 35K on credit cards 3 Lenders (MBNA, Barclaycard, Halifax).

    I have run them all up twice before and paid them off is remortgaging but I am at the point where I can!!!8217;t do this anymore.

    The interest free offers have all finished and I don!!!8217;t have anywhere to move the money too. The minimum payments are too much for me to handle (over 1K a month). The last few months I have used one card to pay the other, but having found this forums I want to go on a DMP!! And put an end to this as I can!!!8217;t live with the stress!

    I have another MBNA minimum payment due next week and I haven!!!8217;t got the money to cover it, I am so stressed!!

    Where!!!8217;s the best place to go to help me do this?

    I don!!!8217;t want to make any mistakes!!

    Any advice would be greatly appreciated.

    I am scared that as I am self employed they are going to come after me big time!!

    Thanks!!
    Originally posted by nbdrums1
    Hi nbdrums1,

    I'm in almost the exact same situation (minus the mortgage). I've decided to set up a DMP via StepChange. Take a look at their website and run through the debt remedy tool, it talks you through a few options. Good luck!
    • DMP_Tiger
    • By DMP_Tiger 9th Aug 18, 6:25 PM
    • 130 Posts
    • 275 Thanks
    DMP_Tiger
    Red Athena - yes your Barclayloan reference is the 6 digit sort code plus the 8 digit account number. No spaces so that gives you a 14 digit account number.
    Last edited by DMP_Tiger; 10-08-2018 at 8:53 AM.
    August 2018: Secured Debt 70,003 Unsecured Debt (DMP) 34,614 Total 104,617 DFD: March 2031
    • Red Athena
    • By Red Athena 9th Aug 18, 7:11 PM
    • 15 Posts
    • 10 Thanks
    Red Athena
    Red Athena - yes your Barclayloan reference us the 6 digit sort code plus the 8 digit account number. No spaces so that gives you a 14 digit account number.
    Originally posted by DMP_Tiger
    Fab, thank you.

    Letters all done, envelope writing session to follow. Need to take out a loan to pay for stamps for these
    • booksandbacon
    • By booksandbacon 10th Aug 18, 8:38 AM
    • 25 Posts
    • 80 Thanks
    booksandbacon
    Moooorning!

    Received my first response to self-managed DMP from Nationwide, but Im not quite sure what to make of it...

    A reduced payment plan has been arranged for 1 to be received for 3 months...
    ...I need to advise you that any arrears or repayment plans that are agreed on your account will be recorded on your credit file with the Credit Reference Agencies...
    I hope this clarifies the situation.


    When I sent the DMP letters out I said the 1 token payment was for 6 months at which point I would review and send another I&E, theyve made no reference to this.

    Im wondering if their wording means that after their stipulated 3 months they will begin the default process? Although no mention of defaults on the letter...

    B&B
    Self-Managed DMP using NEDCAB, MSE Forums and True Grit
    Debt Balance: 36,527.98
    Savings: EF 2.94 I Car SF 0 I Gift SF 0 I F&F 0
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