Been recommended a DMP
Comments
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Hi Teddy,
The loan to your mum would be treated as an essential payment, which you would pay before your other credit commitments.
You would not include it in your DMP, just in your pre-debt payments budgeting.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Well done, Teddy, you sound in charge now.
Debt can make one feel like a headless chicken, but with a well-informed plan in mind, you are in control again.
I hope things go well for you with StepChange over the next few weeks and months.0 -
Thank you sourcrates and muttipops
They did sort of say something along those lines with regards to my mums payment.
One thing I'm unclear on is if I receive a bonus at work (some months I do) what percentage do they take?
The lady at step change just said some of it?!?!0 -
Thank you sourcrates and muttipops
They did sort of say something along those lines with regards to my mums payment.
One thing I'm unclear on is if I receive a bonus at work (some months I do) what percentage do they take?
The lady at step change just said some of it?!?!
Nah, it's a DMP, you don't have to pay any extra if you don't want to.
Remember, they only know what you tell them.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thanks for all your advice everyone.
The documents were posted first class today.
Nervous.
I just have to cancel all direct debits to my creditors now........0 -
Well done, Teddy.
I understand the nervousness, it is a big step, but it needed to be done and well done for having the courage to do it.
I look forward to hearing how things go for you.0 -
Thank you Muttipops I am extremely nervous and anxious :-/0
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Okay so I have been confirmed etc etc....
First payment 1st November.
New bank set up and wages ready to go in
Just need to cancel direct debits to creditors and set up my household bills on new account.
A lot of people have mentioned accounts defaulting, some sound as tough they are happy with this and want that and some not so happy. Can someone explain this to me???
Thank you0 -
Okay so I have been confirmed etc etc....
First payment 1st November.
New bank set up and wages ready to go in
Just need to cancel direct debits to creditors and set up my household bills on new account.
A lot of people have mentioned accounts defaulting, some sound as tough they are happy with this and want that and some not so happy. Can someone explain this to me???
Thank you
It's basically how your credit file is marked.
If you agree payment plans with a creditor before an account is defaulted, then you get what they call "AP" markers (arrangement to pay).
Now these stay on your credit file for 6 years after you finish paying off the debt.
Wear as once an account defaults, the debt will disappear 6 years after date of default, from your file, regardless of what you do.
So a defaulted account will be off your file quicker, than an account marked "AP".
Hence why people prefer an early default.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Im pretty much in the same boat as Teddy.
So by not paying on the due date of payment, the account is then defaulted?
I assume this is the best time to contact the the provider to discuss the DMP?
Thanks0
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