DMP Mutual Support Thread - Part 12

davestones · 27 April 2017 at 1:16PM

First post in this thread as I've just started my DMP journey. Debts have spiralled to just over £36000 with nothing to show for it other than £800 of repayments every month. Signed up to StepChange and will be paying them a much more affordable £220 per month for the next 13 years...

I only have one piece of advice to ask really. One of my debts is with RBS/Natwest and this is where our joint account is for bills etc. I know banks can grab from my own accounts held with them to pay for debts but can they do this with joint accounts also? I have just opened a new basic bank account for my salary but don't really want to have to do a new joint one and rope my wife into all this mess too!

January2015 · 27 April 2017 at 9:18PM

davestones wrote: »

First post in this thread as I've just started my DMP journey. Debts have spiralled to just over £36000 with nothing to show for it other than £800 of repayments every month. Signed up to StepChange and will be paying them a much more affordable £220 per month for the next 13 years...

I only have one piece of advice to ask really. One of my debts is with RBS/Natwest and this is where our joint account is for bills etc. I know banks can grab from my own accounts held with them to pay for debts but can they do this with joint accounts also? I have just opened a new basic bank account for my salary but don't really want to have to do a new joint one and rope my wife into all this mess too!

If your name is on an account, regardless of whether it is a single or joint account, the bank can use right of offset to take back money owed to them.

Just get your wife to open a new account in her name only - you don't really need a joint account.

January2015 · 27 April 2017 at 9:21PM

DavesDevil wrote: »

Hello everyone,

I am very much a lurker on here but this forum is my daily lunchtime reading and it has given me so much confidence. I am 2 years into my DMP - first introduced myself in February 2015 and oh what confidence I had then - and not really making much headway - started off with 7 years and we are now at 24 years before our DFD - anyone else like that?

Since we started our DMP we have had another baby and when I returned to work my hours were reduced by 50% (lost a major contract so no choice), we also have a second property we rent out and had a nightmare tenant last year and it cost us all our EF plus borrowing from relatives to get them evicted. Since September we have been paying 2 mortgages, 2 lots of insurance & 2 lots of council tax (well couldn't afford to pay that so being taken to court). We have our second property up for sale and thought we'd sold it in January but the buyer pulled out after six weeks!

I am struggling to see the light at the end of the tunnel at the moment as I feel our debts are increasing not decreasing BUT all you lovely lot have given me the confidence not to worry about the debt. I am quite happy talking to my creditors and my mortgage providers when I struggle to make my monthly payments as you have all taught me they can't take what I haven't got. So as long as I pay my mortgage on where we live I feel relatively safe.

I will try and contribute more to the forum as I have little pen pictures in my head of the regulars and would love to have a drink with some of you -Ii think it would be very enlightening and entertaing!

So thank you all for giving me confidence to plod on and know that things will get better xx

Hi

Don't worry about the DFD extending to 24 years. Life has bumps in the road and you've just hit one. The DFD is a moveable beast. It will come closer again, don't worry

You are right - pay the roof over your head and essential bills and the rest can't have what you don't have. Congratulations on the new baby :j

DavesDevil · 27 April 2017 at 10:19PM

January2015 wrote: »

Hi

Don't worry about the DFD extending to 24 years. Life has bumps in the road and you've just hit one. The DFD is a moveable beast. It will come closer again, don't worry

You are right - pay the roof over your head and essential bills and the rest can't have what you don't have. Congratulations on the new baby :j

Thanks January - reassuring words as ever.

I know when we sell the house, baby gets funded hours at nursery etc we will have more money to throw at the DMP & the date will change.

Sazzie23 · 28 April 2017 at 1:53AM

DavesDevil wrote: »

Hello everyone,

I am very much a lurker on here but this forum is my daily lunchtime reading and it has given me so much confidence. I am 2 years into my DMP - first introduced myself in February 2015 and oh what confidence I had then - and not really making much headway - started off with 7 years and we are now at 24 years before our DFD - anyone else like that?

Since we started our DMP we have had another baby and when I returned to work my hours were reduced by 50% (lost a major contract so no choice), we also have a second property we rent out and had a nightmare tenant last year and it cost us all our EF plus borrowing from relatives to get them evicted. Since September we have been paying 2 mortgages, 2 lots of insurance & 2 lots of council tax (well couldn't afford to pay that so being taken to court). We have our second property up for sale and thought we'd sold it in January but the buyer pulled out after six weeks!

I am struggling to see the light at the end of the tunnel at the moment as I feel our debts are increasing not decreasing BUT all you lovely lot have given me the confidence not to worry about the debt. I am quite happy talking to my creditors and my mortgage providers when I struggle to make my monthly payments as you have all taught me they can't take what I haven't got. So as long as I pay my mortgage on where we live I feel relatively safe.

I will try and contribute more to the forum as I have little pen pictures in my head of the regulars and would love to have a drink with some of you -Ii think it would be very enlightening and entertaing!

So thank you all for giving me confidence to plod on and know that things will get better xx

Hi,

Yes my DFD went up from approx 4 years at the start to I think 18 years about 2 years in and now about 4 years in, I'm back down to under 10 years now and hoping to reduce again once my mortgage/secured loan pay off in 4-7 years. But I'm happier, and in a better financial place than I've been for many years, although my cooker/fire/car are broken or on last legs, I can still see an end to it which keeps me going.

Saz

kram · 28 April 2017 at 5:26PM

carbootcrazy wrote: »

kram

Just thought you'd like to know that I have just opened yet another online saver with Nationwide:rotfl:. I received an instant email confirmation that it had been opened. It also said:

Your savings account application

Just to let you know your savings account is now open.

It'll normally take 2 days to show on the Internet Bank but the good news is, you'll start earning interest from today.

I vaguely recalled that 2/3 days came into it somewhere;)

Once the account shows up in your online account you'll be able to give it a 'name'. Handy, I like to keep my savings 'pots' for different purposes separate.

I have sorted out the savings account now thanks, it was straightforward exactly as you said.
I was just worried that they would say no, as I am just starting out on my dmp journey & am getting lots of arrears & default letters at the moment.
But it's all falling into place now.:j

Many thanks

K

blisteringblue · 29 April 2017 at 9:19AM

First F&F accepted

at less than 50% of outstanding but it was our smallest debt.

So tick one off the list :beer:

January2015 · 29 April 2017 at 9:37AM

blisteringblue wrote: »

First F&F accepted at less than 50% of outstanding but it was our smallest debt.

So tick one off the list :beer:

Way to go :j:j:j:j

When you are able to - could you share info on which creditor/DCA you manage to negotiate this with? :beer:

henrryyyy · 29 April 2017 at 12:11PM

maybe barclaycard have turned a corner
received a letter today with a termination notice, said they wont charge me any interest or fees if my situation doesnt change, and they'll register a default with the CRAs from the date I told them I couldnt afford my standard minimum payments.
unless thats just a standard letter they send and dont follow through with their word
also being defaulted by luma and capital one(both capital one owned)

so thats 3/12 defaults so far. If other companies dont follow suit and i drop my payments would you write to them saying "im dropping my payments til you default me"? I know I'd have to go self managed to do that

im really liking this F&F reading, is the tactic to be paying a really small amount, ie an amount that would take 10years + to pay off, like if its only going to take 2 years im guessing they'll be less likely to accept?

Also paydayexpress/paydayuk rejected my irresponsible lending complaint, I have now referred it to the financial ombudsman service.

still waiting to hear from wonga and sunny

spiffyiffy · 29 April 2017 at 1:44PM

Hi all,

I haven't posted here in a long while but I remember there was a thread if I'm not mistaken to do with 'going self managed' with your DMP.

If not I've forgotten the steps to going self managed; Could anyone help me with this or point out where to get started?

Thanks

DMP Mutual Support Thread - Part 12

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