DMP Mutual Support Thread - Part 12

January2015 · 27 March 2017 at 10:56PM

Hi everyone :wave:

So the January household DMP is chugging along nicely. We've sent off a few F&F offers to our lowest debts - the offers only amount to a few hundred pounds in total. Totally expect them to be rejected - but if you don't ask you'll never know

I still hate my job - another naff day at work, but I come home smiling because I know the job is helping pay down our debts. For that reason (and the pension) I'm sticking with it.

Hope everyone else is okay. It's great to see so many new names joining us (not great they've got the debt, but great they've made a decision to deal with it). A huge hello to all the newcomers - some I've already chatted with and apologies if I've missed any other newcomers....this thread moves quite quickly sometimes.

:wave:

Sazzie23 · 28 March 2017 at 7:10AM

January2015 wrote: »

Hi everyone :wave:

So the January household DMP is chugging along nicely. We've sent off a few F&F offers to our lowest debts - the offers only amount to a few hundred pounds in total. Totally expect them to be rejected - but if you don't ask you'll never know

I still hate my job - another naff day at work, but I come home smiling because I know the job is helping pay down our debts. For that reason (and the pension) I'm sticking with it.

Hope everyone else is okay. It's great to see so many new names joining us (not great they've got the debt, but great they've made a decision to deal with it). A huge hello to all the newcomers - some I've already chatted with and apologies if I've missed any other newcomers....this thread moves quite quickly sometimes.

:wave:

Hi January

Good luck with the F&f, like you say, you never know

I keep reading that personal debt is going up generally, a thought which shocks me when I know how much trouble mine has caused me. How many people admit to it....not many I suspect

. But I think it's great so many people are joining us on the thread to try to get on top of their debt, and for everyone that signs in, there are many lurkers out there :wave::wave: and that's ok too.

I've had jobs in the past that I've hated and my way of gettin through was to learn to like bits of it, like the people I worked with or the fact it gave me reasonable time off or whatever, it's surprising what you can put up with when there's an incentive to keep going. Using the debt pay down as reward for the disliked job seems a great motivation.

Saz

Sazzie23 · 28 March 2017 at 7:18AM

From henrrryyyy. 'and im assuming if my SC payment covers my contractual payment I wont receive a bad payment on said account anyway(only affects 1 of my accounts)', reply from January " If you meet contractual payments on an account there will not be any negative impact on your credit reference agency files."

I back up what January has said about defaults and credit files, though it's only heresay for me as I'm not 6 years past default yet.....umm that's a thought, I might get a countdown calendar running for time to first default being spent:rotfl:

Anyway sorry back to subject in hand, what I was going to say was, that if you are meeting contractual payments, you are unlikely to get a default, but then why would you be in a DMP ?

Also some lenders are just more efficient at defaulting than others and some deliberately don't, maybe because of the credit file track, maybe just because. And I do have one CC which has never been marked anything but paid up, even though I only pay less than third of the contractual payment, but I don't mind since it'll look better on my credit file when the defaults have finally dropped off:o

Saz

ella2ethan1 · 28 March 2017 at 2:53PM

I'm still waiting for the new email from SC with the updated figures to start, while I'm not paying do I need to contact my creditors and tell them before it defaults?

I don't know if I will last more than a couple of months before setting up the plan as guilt will set in.

If I do need to tell them as anyone got a letter template please?

henrryyyy · 28 March 2017 at 4:42PM

January2015 wrote: »

See my comments in red above. Others can also confirm what I have said

Thanks January, I know this is probably the third time you've explained it, its just confusing when you are being told 2 different things, and I wanted to make sure I didnt misunderstand.
I'd be interested to see the results of your F&F offers, seems crazy to me that creditors would accept a reduced lump sum to pay off the debt, but I see they often do! fingers crossed

Sazzie23 wrote: »

From henrrryyyy. 'and im assuming if my SC payment covers my contractual payment I wont receive a bad payment on said account anyway(only affects 1 of my accounts)', reply from January " If you meet contractual payments on an account there will not be any negative impact on your credit reference agency files."

I back up what January has said about defaults and credit files, though it's only heresay for me as I'm not 6 years past default yet.....umm that's a thought, I might get a countdown calendar running for time to first default being spent:rotfl:

Anyway sorry back to subject in hand, what I was going to say was, that if you are meeting contractual payments, you are unlikely to get a default, but then why would you be in a DMP ?

Also some lenders are just more efficient at defaulting than others and some deliberately don't, maybe because of the credit file track, maybe just because. And I do have one CC which has never been marked anything but paid up, even though I only pay less than third of the contractual payment, but I don't mind since it'll look better on my credit file when the defaults have finally dropped off:o

Saz

its only 1 account where I will be meeting contractual payments(only a small credit card and stepchanges minimum payment is £5)

so I dont actually have to delay the start date to get the defaults? my stepchange payment will cause me to not do my contractual payments, just means I have to chase the defaults?

beerow · 28 March 2017 at 4:47PM

Well all you people that have rang your creditors, well done!! I on the other hand bottled it and sent them all first class recorded letters yesterday. I'm still waiting for my HSBC basic account details to come through though so can't set up my Step Change DMP yet but am ready and raring to go when I do. It's a good feeling knowing that I've taken the first tiny step to tackling our debt.

henrryyyy · 28 March 2017 at 5:01PM

The advice I was given when I first came on here was its better to keep everything in writing anyway, although I took that to mean email, so I've only been emailing my creditors lol

motivated · 28 March 2017 at 6:09PM

beerow wrote: »

Well all you people that have rang your creditors, well done!! I on the other hand bottled it and sent them all first class recorded letters yesterday. I'm still waiting for my HSBC basic account details to come through though so can't set up my Step Change DMP yet but am ready and raring to go when I do. It's a good feeling knowing that I've taken the first tiny step to tackling our debt.

You're not the only chicken out there. I contacted my CCs through the Secure messaging service and I wrote to the bank regarding loans.

Any other time I am so sure of myself but in this case I bottled it too

Maybe as we plod along on our journeys we will become more brave

Good luck
M

January2015 · 28 March 2017 at 9:47PM

Hi everyone :wave:

So - tonight, I've been sitting here playing the 'what if' game. What if those F&F's I sent off were accepted :rotfl:..... well..... if they were my debt would reduce to the £50k's. Highly unlikely, but it is soooooo nice to play 'what if' occassionally;)

sourcrates · 28 March 2017 at 9:48PM

January2015 wrote: »

Hi everyone :wave:

So - tonight, I've been sitting here playing the 'what if' game. What if those F&F's I sent off were accepted :rotfl:..... well..... if they were my debt would reduce to the £50k's. Highly unlikely, but it is soooooo nice to play 'what if' occassionally;)

Stranger things have happened lol !!

DMP Mutual Support Thread - Part 12

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