DMP & Mutual Support Thread - Part 9
Comments
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But I really worry about
Will we be able to rent with our credit rating which is awful?
What will we do when we retire, oh has small pension I have none
We would never get back on the property ladder, oh 52, me 46
It's so tempting to be debt free and have a fresh start, maybe we should let the future worry about itself and get on with living now.
I can only help with the rent query - I've just been accepted to rent through an agency for a flat having been on a DMP for nearly a year. Previously I was renting privately as thought it was only way to get accepted but where I'm heading for work there aren't many private landlords. I was shocked but people on these forums told me to be upfront and honest about it, I was and it seems to have paid off.
I have no want to own a house of my own, I can't imagine being in that much debt and being responsible for boilers etc going wrong. I only have to read these forums and see how my friends are screwed up when things flood or breakdown to know its stress i'd rather not have. I also come from a European background, my family are German and i've never been part of the pressured mentality over here that you must own property. I happy renting and being able to travel and live my life.0 -
Hello Julie
If you are managing the mortgage and the debt I would be inclined to not rent as you have said it would possibly clear the debt and not leave much else over. Although it seems a long way off, I would look at the longer term of could you realistically afford to continue to rent when you retire?
As you are only 6 months in at the moment if it were me I would see how things go before making a big decision. Although being debt free is very tempting, there is that small amount of security that you could always revise plans to sell at a later date if you find things are a struggle.
Wisdom comes from experience. Experience is often a result of lack of wisdom.0 -
Find the Real,
I think your probably right we are going to hang on for the next couple of years if we can. Where we live is convenient for youngest
6 th form and hopefully house prices will have increased by then.
Ultimately I would like to stay here.
I've done the review with SC and it's slightly more flexible plus I've managed to double the DMP payment even though it's still not huge it's better. I just panic sometimes and can't see the light at the end of the tunnel.
Anyway I feel clearer on our budget and pleased we've managed to up the payment. Things can only get better.Started Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0 -
Hi dizzybee, how horrible for you. It sounds as though they are really putting on the pressure in a very nasty way. Bailiffs act on court orders, have they been to court? If they haven't then I would put in a formal complaint about them. They are acting in a very unprofessional manner. I would contact Step Change too and see what they say.
This definitely goes against the OFT principles of debt collecting. I would certainly contact the OFT and lodge a formal complaint and quickly. As has been said, if they have not been to court they cannot send bailiffs round. They can send debt collectors but they have no right to enter your property - please ensure you do not let them in and do not leave any windows open either.
http://www.oft.gov.uk/shared_oft/consultations/OFT664Rev_Debt_collection_g1.pdf0 -
This definitely goes against the OFT principles of debt collecting. I would certainly contact the OFT and lodge a formal complaint and quickly. As has been said, if they have not been to court they cannot send bailiffs round. They can send debt collectors but they have no right to enter your property - please ensure you do not let them in and do not leave any windows open either.
http://www.oft.gov.uk/shared_oft/consultations/OFT664Rev_Debt_collection_g1.pdf
I agree re OFT. they like to take calls as it speeds up the process, they will do the paperwork for you.
Good luck and let us know how you get on.
HHx0 -
Find the Real,
I think your probably right we are going to hang on for the next couple of years if we can. Where we live is convenient for youngest
6 th form and hopefully house prices will have increased by then.
Ultimately I would like to stay here.
I've done the review with SC and it's slightly more flexible plus I've managed to double the DMP payment even though it's still not huge it's better. I just panic sometimes and can't see the light at the end of the tunnel.
Anyway I feel clearer on our budget and pleased we've managed to up the payment. Things can only get better.
Hi
I think the right thing to do is stay put as it will turn into more of an investment and security as time goes by. I looked to selling up in the early in my DMP. By the time I had factored in all the selling costs it was cheaper to stay put so sometimes the 'sacrifices' don't yield what we will think they will. The debt will go down and be paid off, it's only money
.
My advice is set yourself minigoals, it helps the time pass and increases positivity.
HHx0 -
I can only help with the rent query - I've just been accepted to rent through an agency for a flat having been on a DMP for nearly a year. Previously I was renting privately as thought it was only way to get accepted but where I'm heading for work there aren't many private landlords. I was shocked but people on these forums told me to be upfront and honest about it, I was and it seems to have paid off.
I have no want to own a house of my own, I can't imagine being in that much debt and being responsible for boilers etc going wrong. I only have to read these forums and see how my friends are screwed up when things flood or breakdown to know its stress i'd rather not have. I also come from a European background, my family are German and i've never been part of the pressured mentality over here that you must own property. I happy renting and being able to travel and live my life.
Glad you got sorted. An 1/3 of the DMP paid. Another fan of mini goals too I see
HHx0 -
Hi
Another wee update, I called the co op this morning cause ive never heard about my new account. Its been accepted!! So happy that's another thing ticked off the list :-) only thing is its to late for this months wages but should be fine for next months. I asked the chap on the phone and they have Internet banking so will just do a transfer from my current account when the card comes.
Thanks again for all the support and advice x
Good news on the bank account. Onwards and upwards.
HHx0 -
Ive got something like another 6 :mad: and am so fed up trying to balance between being short one month and then not thinking i have loads the next when expenses come in. Need to come up with a strategy for that :rotfl:
At least it wont be adding to extra debt. A week not travelling next week is very welcome.
Jubilee you are only three months off your first year Well done!
HHx0 -
Hi
I have another questions - sorry! I phoned the co op yesterday and was told I had been accepted for an account :-) and I would get the paperwork through followed by the card and pin number. Today the card appeared - no paperwork. The card doesnt say cashminder account on it (this might be normal - rbs put the name of the accounts on the card) but the leaflet that came with it says "as there is an overdraft facility on this account'? I didnt want that! Did anyone else who has thia account get the same leaflet? I can't call them to clarify as im at work all day and they will be closed by the time I finish. If not no matter fingers crossed I get the paperwork with account number etc through tomorrow. Thanks for reading! And good luck to everyone on their journey xx0
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