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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 15,269Posts
    • 14,362Thanks
    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 244
    • carbootcrazy
    • By carbootcrazy 14th Sep 18, 4:15 PM
    • 4,953 Posts
    • 28,174 Thanks
    carbootcrazy
    Hi Doodle - yes lots of us here have had dealings with StepChange. I'm in the very early stages of my DMP journey and thanks to StepChange and the very helpful folks on this forum I'm in a far better place emotionally than I was a few weeks ago. I've found StepChange very easy to deal with, their telephone advisers are very friendly and helpful. Maybe you can start by having a look on their website and filling out their Debt remedy form. You'll receive good advice and a starting point.
    Originally posted by jools1985
    Hi, Doodle
    I was with SC for over 4 years, I couldn't have coped without them in the early days and then it seemed easier to stay with them. I second what jools said, the telephone advisors were so helpful and understanding. The only reason I eventually went self-managed was to get a bit more flexibility in my payments (well, making none or just tokens anyway) so I could build up to making Full and Final settlements once I'd saved up enough to do it with. There's no reason why you shouldn't start off with SC and then self-manage when you feel more confident about dealing with your debts. A lot of us took that route. SC don't mind, they're used to people doing it.


    I agree with Jools' recommendation that you go onto the SC website and use the Debt Remedy tool. It doesn't commit you to anything at all and you may decide that a DMP with SC or someone similar isn't for you. Whatever you do though, don't opt for letting a company that charges fees manage your DMP when you can get probably a better service totally free from one of the debt charities like SC.


    Keep posting your questions and worries and we'll try to help you.

    Good luck
    Last edited by carbootcrazy; 14-09-2018 at 4:18 PM.
    Original Debt: £56804 (@02/13). Now: £9111. Under £10K at long last.
    • kram
    • By kram 14th Sep 18, 4:40 PM
    • 129 Posts
    • 117 Thanks
    kram
    What services are people using to check their credit reports? I have Noddle, should I use anything else too?
    Originally posted by Red Athena
    I use noddle & mse credit club.

    It's worth signing up for more than 1 as they snapshot your accounts at different times in the month ie: one might show up a default before the other or vice versa.
    • carbootcrazy
    • By carbootcrazy 14th Sep 18, 5:01 PM
    • 4,953 Posts
    • 28,174 Thanks
    carbootcrazy
    I use noddle & mse credit club.

    It's worth signing up for more than 1 as they snapshot your accounts at different times in the month ie: one might show up a default before the other or vice versa.
    Originally posted by kram
    I use Clearscore and Noddle but frequently find discrepancies between them not related to time of reporting. They don't both list and report on all my accounts, for instance.
    Original Debt: £56804 (@02/13). Now: £9111. Under £10K at long last.
    • Willing2Learn
    • By Willing2Learn 14th Sep 18, 5:04 PM
    • 1,457 Posts
    • 1,106 Thanks
    Willing2Learn
    That is why you should check all three CRA files regularly. As an account may just appear on one but not the other two files. Checking with all three CRAs is also key to reducing the risk of becoming a victim of fraud
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Red Athena
    • By Red Athena 14th Sep 18, 5:25 PM
    • 49 Posts
    • 72 Thanks
    Red Athena
    That is why you should check all three CRA files regularly. As an account may just appear on one but not the other two files. Checking with all three CRAs is also key to reducing the risk of becoming a victim of fraud
    Originally posted by Willing2Learn
    Thanks everyone. I do have MSE credit club, I forgot that! Will look into Clearscore too
    DMP Begins October 2018
    My diary : Looking Forward
    • booksandbacon
    • By booksandbacon 14th Sep 18, 6:01 PM
    • 30 Posts
    • 89 Thanks
    booksandbacon
    Hey All!

    I’m just wondering if anyone has had interactions with the payday lender Sunny?

    All of my other creditors have gotten in line - some were marvellous, some had a few teething issues but otherwise my DMP is pretty kosher.

    Except Sunny Loans

    I’m just in this constant round robin of emails - at first I thought they’d be great because they froze my interest really quickly and were generally helpful. Although I sent them an I&E in the post (which they acknowledged), I also completed the one they had online. Then I had an email saying “oh hey looks like you have no money so we can’t set up a repayment plan for you also we can’t default your account at this stage”. Erm...okay? So I just sit and wait? Do a dance? Cure the common cold? Then I get another email asking me to contact them about setting up a repayment plan and then a phone call at work asking to discuss my account, I was so about that one and received a lot of apologies. I sent ANOTHER message to them complaining about the phone call, stipulating written correspondence only blah blah and oh yeah, send me some payment details so I can pay you back.

    The response I had today?

    “Please complete an income and expenditure...we need to assess your ability to repay...this may affect your credit reference file...”

    I wish I could insert the WhatsApp facepalm emoji here.
    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
    • booksandbacon
    • By booksandbacon 14th Sep 18, 6:06 PM
    • 30 Posts
    • 89 Thanks
    booksandbacon
    Current Mood
    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
    • Willing2Learn
    • By Willing2Learn 14th Sep 18, 6:19 PM
    • 1,457 Posts
    • 1,106 Thanks
    Willing2Learn
    Hi,

    I would write to Sunny again by post.

    The first paragraph would be very clear that I was only consenting to written communication by post, to my home address. My consent is not given for all other forms of communication and would be considered harassment.

    The second paragraph would be confirming that you had sent an Income and Expenses dated xx/xx/xx and thanking them for freezing interest. I would then propose monthly payments of £x, beginning dd/mm/yyyy and that I hope they find this acceptable as it is all that can reasonably be afforded.


    Yours sincerely,

    Ms booksandbacon
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sourcrates
    • By sourcrates 14th Sep 18, 6:19 PM
    • 15,269 Posts
    • 14,362 Thanks
    sourcrates
    Hey All!

    I’m just wondering if anyone has had interactions with the payday lender Sunny?

    All of my other creditors have gotten in line - some were marvellous, some had a few teething issues but otherwise my DMP is pretty kosher.

    Except Sunny Loans

    I’m just in this constant round robin of emails - at first I thought they’d be great because they froze my interest really quickly and were generally helpful. Although I sent them an I&E in the post (which they acknowledged), I also completed the one they had online. Then I had an email saying “oh hey looks like you have no money so we can’t set up a repayment plan for you also we can’t default your account at this stage”. Erm...okay? So I just sit and wait? Do a dance? Cure the common cold? Then I get another email asking me to contact them about setting up a repayment plan and then a phone call at work asking to discuss my account, I was so about that one and received a lot of apologies. I sent ANOTHER message to them complaining about the phone call, stipulating written correspondence only blah blah and oh yeah, send me some payment details so I can pay you back.

    The response I had today?

    “Please complete an income and expenditure...we need to assess your ability to repay...this may affect your credit reference file...”

    I wish I could insert the WhatsApp facepalm emoji here.
    Originally posted by booksandbacon
    Current Mood
    Originally posted by booksandbacon

    To be honest i would just leave it alone for now.


    Eventually they will sell the debt on, and you will be better placed dealing with the debt collector.
    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/
    • Rogue6
    • By Rogue6 14th Sep 18, 10:06 PM
    • 1 Posts
    • 0 Thanks
    Rogue6
    Good evening,

    I have been in contact with SC over the last couple of days and my DMP activated today (hooray!).

    I have a few questions if someone wouldn't mind answering them?

    - Should I cancel my direct debits from this moment onwards? I intend to email all of my creditor's tomorrow morning/afternoon to inform them that I now have a DMP with SC (and to tell them not to contact me via telephone/email, only by written letters).

    - I have successfully applied to switch my current account to First Direct today. However, it says my account will not be active until the 12th October. My next pay day is the 28th September, will I have my new account information before then so that my money will be paid in to the new account? My first SC payment is due on the 17th October so I want to make sure I can make it!

    Forgive me if these questions have been asked of you before, I am new here! I've been struggling for a while due to not being smart with my money, taking out loans for cars I didn't need, taking out a ridiculous overdraft with my bank & letting multiple credit cards build up over time before moving them on to another 0% balance transfer card over and over again.

    Fortunately, I've not missed a payment yet on any of my accounts but I've taken my DMP out to prevent that from occuring as I simply cannot afford my minimum payment amounts alongside my living costs (which I am now also reducing!).

    Thank you in advance,

    - Rogue6
    • Fo19nz
    • By Fo19nz 14th Sep 18, 10:39 PM
    • 1 Posts
    • 0 Thanks
    Fo19nz
    Please please advise
    Hi,
    I really need some advice. So I've found myself in a shocking situation - mostly down to my own fault, but some down to an ex-husband who stacked up debt etc - I have accepted this for what it is and will deal with it myself. I cannot tell anyone in real-life about my worries and debts and I'm simply so ashamed. I am a single mum, a teacher, I have 2 children of primary age and I am trying my absolute best to stay afloat but the interest and things on my credit cards is so severe I can barely cope each month after minumum payments and a tiny bit more are paid.
    I've read these threads and wondered about a DMP but equally am scared. I don't want to lose my house, or put that in danger in anyway. I have 4 credit cards, 2 of which are over £10000 each. Even writing that is just awful. The idea of approaching Step Change is scary but the thought of help is a good thing, but I'm incredibly worried about certain things.
    My son has his birthday next month and we are approaching Christmas - if I set up a DMP will my monthly payments literally be everything I can afford apart from the bare bones for food etc? Or will I be able to buy birthday presents or a new t-shirt for my daughter etc? How tight is it? How is the monthly sum that goes to creditors decided? Will I be able to pay £25 for my little girls ballet each half term, for example?
    If I do have one of these DMPs will my mortgage company know? And could these make them want to stop me having my mortgage with them? I have a fixed rate one now, the rate expires in a few years.
    I read on the threads that people suggest an emergency fund - how do you do this?
    Also, will I have to phone the credit card companies? Would I be better ringing them and asking for help from them directly before contemplating a DMP? Or will this go on my credit file anyway and it be better to go for the DMP? Or should I do it myself? I'm not sure I'm strong enough to handle it this way.
    Am so sorry for all these stupid questions, would really appreciate your thoughts.
    • Takealeap
    • By Takealeap 15th Sep 18, 12:24 AM
    • 3 Posts
    • 1 Thanks
    Takealeap
    Hi Fo19nz.
    You've just asked half of the questions on my list! And the more I think about things, the more questions I come up with. I made my first post a couple of days ago. Big step for me to admit to my situation "publicly" , but I'm glad I did. I can say already that everyone on here is fantastic, and i received umpteen messages of support and advice on first steps very quickly.
    I'm looking to start taking those next steps very soon, and getting some answers to all those questions too. I'm encouraged by all the stories I've ready so far and I can see that there is a path through this.
    I'm confident you will get answers to your questions here soon, as I will with mine. Look forward to seeing how your story progresses. Take care
    • January2015
    • By January2015 15th Sep 18, 5:41 AM
    • 2,198 Posts
    • 5,356 Thanks
    January2015
    Hi,
    I really need some advice. So I've found myself in a shocking situation - mostly down to my own fault, but some down to an ex-husband who stacked up debt etc - I have accepted this for what it is and will deal with it myself. I cannot tell anyone in real-life about my worries and debts and I'm simply so ashamed. I am a single mum, a teacher, I have 2 children of primary age and I am trying my absolute best to stay afloat but the interest and things on my credit cards is so severe I can barely cope each month after minumum payments and a tiny bit more are paid.
    I've read these threads and wondered about a DMP but equally am scared.

    I don't want to lose my house, or put that in danger in anyway. Follow the advice given on this forum and by Stepchange and you will not have to worry about your home being at risk

    I have 4 credit cards, 2 of which are over £10000 each. Even writing that is just awful. The idea of approaching Step Change is scary but the thought of help is a good thing, but I'm incredibly worried about certain things.

    My son has his birthday next month and we are approaching Christmas - if I set up a DMP will my monthly payments literally be everything I can afford apart from the bare bones for food etc? Or will I be able to buy birthday presents or a new t-shirt for my daughter etc? How tight is it? How is the monthly sum that goes to creditors decided? Will I be able to pay £25 for my little girls ballet each half term, for example? When you work out your budget with Stepchange, using their debt remedy took, put in the highest figure for each category that it will let you - if you put in too a high a figure a warning will come up.... just reduce the figure down until the warning goes away. There are allowances for clothes and presents etc. Creditors know that families still have to live. £25 a half term for ballet can be wriggled into your budget somehow - don't worry


    If I do have one of these DMPs will my mortgage company know? And could these make them want to stop me having my mortgage with them? I have a fixed rate one now, the rate expires in a few years. I have never told my mortgage company about my DMP. I am up to date with my mortgage payments so it's no concern of theirs. Once your fixed rate expires you will
    not easily be able to move to another mortgage offer on a good rate, BUT you will be able to talk to your existing lender and many people on a DMP have found that their existing lender will move them to a current offer no problem. The good thing about a DMP is that if interest rates rise and mortgage payments increase, the amount availabe for, and hence the payments to the non-secured debts goes down - so you are always living within available funds


    I read on the threads that people suggest an emergency fund - how do you do this? Stop paying your creditors now and start putting those monthly payments they would have had away into a savings account. Work with Stepchange, or sort yourself out to self manage if you feel able to. Tell Stepchange you want to start the DMP payments in January. If they query why tell them you have essential repairs (boiler / car / etc).

    Also, will I have to phone the credit card companies? Even if you go with Stepchange, you will need to contact your creditors yourself. The moment you tell them you are seeking support and advice to deal with your financial situation they will put your account on hold and will not contact you for 30 days.

    Would I be better ringing them and asking for help from them directly before contemplating a DMP? Or will this go on my credit file anyway and it be better to go for the DMP? If you feel a few months of reduced or zero interest could get you through this and you could then sort out your debt problem by paying the full amount each month, then yes - contacting your creditors and seeing if you negotiate short term help may be the option for you. Do remember, creditors may offer to reduce or waive interest for a short time, but you will be back to where you are now within a few months. What will change that will make a difference - this option is usually for people who have been unable to work for some reason, eg. extended sick leave, but they know their situation will recover and they can afford to repay at current rates once they are back on their feet.

    Or should I do it myself? I'm not sure I'm strong enough to handle it this way. I self managed my DMP - but for the first year I was with Stepchange and I needed that year to help me get started. Some people plod through their DMP with support of a charity like Stepchange, others start with help (like I did) and then switch to self managed, and others start self managed straight away. You can decide for yourself which is the best way for you to move forward. I will say that even though Stepchange collected a single payment each month and distributed this amongst my creditors, I still had to deal with all the correspondence with my creditors. That was a shock for me at the beginning - I thought Stepchange would have done that - but they don't.

    Am so sorry for all these stupid questions, would really appreciate your thoughts. No stupid questions on here - we've all been where you are now. We all know how your brain races with worries and questions and you just cannot sleep or concentrate. If you decide to go down the route of a DMP, then I can honestly say that within a few weeks you will be breathing a huge sigh of relief and enjoying each day again. It really does change your life that quickly.
    Originally posted by Fo19nz
    Hi - and welcome to our friendly group

    I've answered your questions and concerns in red in your post, copied above.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    • Suseka97
    • By Suseka97 15th Sep 18, 7:36 AM
    • 416 Posts
    • 543 Thanks
    Suseka97
    Hi Fo19nz and welcome to the forum.

    Excellent advice from one of the regulars (Jan15) - all of which I second. So just to say that I also went with SC from the outset, but it took me a little while longer to go self managed - and I did only so I had more flexibility with the payments made into my DMP. I've been self-managing for over a year now.

    I also own my house (well, when I say 'own' - I still have a mortgage) and I've never worried about it being at risk. The fixed term rate I was in came to an end about 2 years 'ish into the DMP and for a while I just dropped to their base rate - than a few months ago I moved back onto a fixed term rate. All of this was done online -easy peasy.

    From what you've said I imagine you'll find a DMP is best for you -but worth doing the online debt remedy tool with SC to fully explore your options -and made sure you don't scrimp on your expenses (as Jan15 suggests). It's a big step (a DMP) but one you won't regret if that's what you choose to do.

    Good luck
    LBM Apr13: 14 Creditors / £85k+ owed / £11k outstanding (3 x UE / 3 x outstanding)
    • carbootcrazy
    • By carbootcrazy 15th Sep 18, 8:39 AM
    • 4,953 Posts
    • 28,174 Thanks
    carbootcrazy
    Welcome to Fo19nz, Rogue6 and anyone else who has joined our supportive group recently. Please keep posting your questions and experiences and we'll do our best to help. There's sure to be someone who's 'been there, done that' and first hand experience of a situation is invaluable.

    Most importantly though, try not to worry about how a SC will affect you. The general concensus on here is that it was the very best thing we ever did once we'd admitted to ourselves that our debt situation was so bad. Facing up to our debts, even just totting them up and realising maybe for the first time just how bad things are, is a very big achievement. It's onwards and upwards from here, and I don't mean the debts escalating upwards


    You've received excellent advice and reassurance from January and Suseka, 2 of our stalwarts who have made great strides to address their own debt situation and are always here to help others as they start on what seems like a very scary road. Everything we've always tried to do is suddenly turned on it's head, such as never failing to keep up with monthly payments, frequently by the skin of our teeth, even if they were only minimums. It's important to develop a different mindset now.


    I can't stress too strongly how important an emergency fund at the outset will be to you. I hadn't found this wonderful support group before diving into my DMP and hadn't a penny to my name when I started. Massive mistake as all lines of credit are closed on a DMP, creditors cancel all credit cards and so on. Most of us had become adept at juggling our debt repayments, robbing Peter to pay Paul and managing somehow to squeeze a few pounds out of various credit cards as we live dangerously at their limits. On the DMP you will have to rely on money that you actually have in savings or wherever. I know I had several major panics in the early days when genuine emergencies occurred and I had absolutely nowhere to turn for help. SC were very amenable and dropped my repayments but they don't like it happening too often.



    Don't be like me and go hell-bent at repaying your debts in the shortest time possible. A DMP is a marathon not a sprint. Of course, we all want to be debt free but not at the expense of having no life and being totally miserable for several years. That's the way for DMPs to fail as people just throw in the towel. Make sure you live a normal life especially if you have children but do it economically. Luxuries really should go but not the little pleasures that make life worth living.



    I know this might be obvious (although I didn't do it at the start) but make sure you work out your income and expenditure really carefully. Don't miss a single thing out and make sure your figures are accurate. I underestimated some of my outgoings, and this came back to bite me as my DMP got underway. Then, before you fill in the SC form, as you've been advised, add a bit to all catagories and try to claim for more than you actually spend even if it's only by a few pounds. This will give you a bit of leeway. SC will assess your DMP repayments on the disposable surplus you appear to have after all bills, expenses and outgoings are paid. Make sure this isn't too high IYKWIM. Some people have claimed for cigarettes even though they don't actually smoke, or pets that they don't have. I know it isn't strictly honest but people are making a genuine effort to do the right thing and repay their debts not just walk away from them. There is no harm in taking it slightly slower though whilst you have a relatively normal life.


    Good luck
    Original Debt: £56804 (@02/13). Now: £9111. Under £10K at long last.
    • sourcrates
    • By sourcrates 15th Sep 18, 11:12 AM
    • 15,269 Posts
    • 14,362 Thanks
    sourcrates

    Fortunately, I've not missed a payment yet on any of my accounts but I've taken my DMP out to prevent that from occurring as I simply cannot afford my minimum payment amounts alongside my living costs (which I am now also reducing!).

    Thank you in advance,

    - Rogue6
    Originally posted by Rogue6
    Hi,


    I`m not sure you fully understand how a debt management plan works, basically you repay what you owe, at a rate you can afford, so the fact you will not be making contractual repayments anymore, will in itself, lead to late payment markers, then defaults, or arrangements to pay markers.


    That is par for the course, and cannot be avoided, best advice, is to cancel all your recurring payments straight away, save up an emergency fund, using those payments, then start your DMP when you are ready, whilst always keeping your creditors in the loop.
    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/
    • sourcrates
    • By sourcrates 15th Sep 18, 11:31 AM
    • 15,269 Posts
    • 14,362 Thanks
    sourcrates
    (1) I've read these threads and wondered about a DMP but equally am scared. I don't want to lose my house, or put that in danger in anyway.


    (2) My son has his birthday next month and we are approaching Christmas - if I set up a DMP will my monthly payments literally be everything I can afford apart from the bare bones for food etc?


    (3) How is the monthly sum that goes to creditors decided? Will I be able to pay £25 for my little girls ballet each half term, for example?


    (4) If I do have one of these DMPs will my mortgage company know? And could these make them want to stop me having my mortgage with them? I have a fixed rate one now, the rate expires in a few years.


    (5) I read on the threads that people suggest an emergency fund - how do you do this?

    (6) Also, will I have to phone the credit card companies? Would I be better ringing them and asking for help from them directly before contemplating a DMP?
    Originally posted by Fo19nz


    (1) All unsecured credit debts are non priority debts, the mechanism exits to lose your home, but there is a long court process to follow first, and you would have to be not paying anything to even be considered for this option, which is extremely rare, and in reality does not happen.


    (2) A debt management plan is a totally informal arrangement between you and your creditors, you work out your budget, making sure you budget for everything, and i mean everything, what is left is called your disposable income, this is used to repay your creditors, on a pro-rata basis, it can be changed, up or down, at your discretion, should circumstances change.


    (3) As above.


    (4) With any kind of debt management you will get late payment/arrangement to pay markers/defaults etc, which will show on your credit file, most people in debt management stick with there current mortgage provider, as no credit check is usually required to change to a new product.


    (5) Emergency fund is usually accumulated by with holding payments to your creditors, and topped up monthly from your budget set aside for that purpose.


    (6) Individual credit card companies will only make temporary payment arrangements with you, if the problem is more long term, they will refer you to one of the free debt charities such as stepchange, which is of course, the right thing to do.


    Hope that has helped you to understand the process a little better.
    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/
    • Steff90
    • By Steff90 15th Sep 18, 4:42 PM
    • 19 Posts
    • 1 Thanks
    Steff90
    Trust Deed advice/experiences
    Hi everyone (again!)

    After adjusting my income and expenditure sheets with Payplan the advisor has recommended I enter a Trust Deed.

    I have been trawling the internet for advice/experiences but not really getting anywhere so thought I'd jump back to DFW for advice!

    Has anyone been in a trust deed/currently in one?
    One of my worries is my car. I have my car on PCP finance which I have only just taken out in May this year and ends in 4 years time (May 2022). My question is when this ends, there is usually the option to pay the balloon payment which I most likely won't be able to pay, or take out a new PCP deal. I'm worrying now as even if I do just hand the car back I'll be left carless and this is something I rely on for work and getting my son to school.
    Has anyone ever taken car finance out while being in a trust deed? I'll still be in one when my car finance ends if I do decide to go ahead with a TD.

    Also - if I do decide to go ahead with a TD, can I tell Payplan I don't want this to start until another 3/4 months? I know people can hold off a DMP for a few months while they build up an emergency fund, but can I also do this with a trust deed?

    As always thanks for any advice. I'm not taking the possibility of a trust deed lightly believe me! But since it's been recommended to me by Payplan I am doing my research to make sure it's the right decision! And I trust the advice I receive on this forum
    Around 20K starting point Will get there eventually
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 15th Sep 18, 6:04 PM
    • 288 Posts
    • 796 Thanks
    BeingDebtFreeStartsHere
    Quick query if that is ok.......

    Moving to self managed and all creditors have accepted our offers

    We have one creditor - Nationwide - who we have an unenforceable debt with. I sent a letter to them a month ago when we decided to go self managed informing them that we would be paying a token payment of £1 per month as we are prioritising enforceable debts and asking for standing order details to make payments.

    As yet we have not received any correspondence back - would you write another letter or just wait until they decide to contact us?

    Thanks,

    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
    • sourcrates
    • By sourcrates 15th Sep 18, 6:11 PM
    • 15,269 Posts
    • 14,362 Thanks
    sourcrates
    Quick query if that is ok.......

    Moving to self managed and all creditors have accepted our offers

    We have one creditor - Nationwide - who we have an unenforceable debt with. I sent a letter to them a month ago when we decided to go self managed informing them that we would be paying a token payment of £1 per month as we are prioritising enforceable debts and asking for standing order details to make payments.

    As yet we have not received any correspondence back - would you write another letter or just wait until they decide to contact us?

    Thanks,

    BDFSH x
    Originally posted by BeingDebtFreeStartsHere

    Hi,


    If its unenforceable why are you paying it at all ?


    They appear to of lost interest in it, so why should you show any ?


    Anyone contacts you about it in future refer them to its status, until then forget about it.
    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.
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