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  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,228Posts
    • 47,072Thanks
    fermi
    DMP & Mutual Support Thread - Part 11
    • #1
    • 10th Jul 15, 7:32 AM
    DMP & Mutual Support Thread - Part 11 10th Jul 15 at 7:32 AM
    Welcome to the DMP mutual support thread.

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here. 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 a non judgemental and all questions welcome.
    Originally posted by Sazzie23
    Once again the old thread was getting a bit large, so here is a fresh thread.

    The previous thread can be found here: Click ---> DMP & Mutual Support Thread - Part 10

    Or click here for the last page of posts on the old thread. ---> Last Page

    Sazzie23's fantastic post of the month winning post from the previous thread is repeated below.

    Best wishes with the DMPs everyone.
    Last edited by fermi; 12-07-2015 at 9:50 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
Page 3
    • kb_soma
    • By kb_soma 16th Jul 15, 1:39 PM
    • 255 Posts
    • 1,976 Thanks
    kb_soma
    Oops forgot to say Sazzie your input is certainly valuable. I've learnt so much from you and others so thank you.
    Originally posted by timetosayenough
    Agreeing with ttse here, Sazzie, your advice is great!
    LBM: NOVEMBER 2011 || debt free date:30/06/15 || The Fighting Debt Army: #442 || Frugal Living Challenge 2015 || August 2015 Grocery Challenge £38.08/£100 || September 2015 Grocery Challenge £30/100
    • rattters
    • By rattters 16th Jul 15, 1:59 PM
    • 77 Posts
    • 73 Thanks
    rattters
    HSBC note on credit file
    Hi everyone- I am rather confused about how long a note stays on your credit file when you are in a DMP.
    I origionally thought it was 6 years from when you first went into the plan.
    I am on a self managed plan and start making payments on 1st August (pending all creditors accepting my proposed payments)
    I have used the NEDCAB web DMP
    HSBC aren't quite handling it like I would expect. other creditors have written and said they accept the DMP - say for 6 months or 1 year and then will review- and will either freeze or reduce interest.
    They have rung up to clarify some info on our financial statement (but I just reiterated what was on the statement) and have said they will accept a 5 year plan on the reduced payments I have offered - but that they can only do this if I start paying today!!! I don't have the money today! So they can't set it up until I start paying and will carry on paying full interest and charges until I can!!!!
    They also said that it will remain on my credit file for 6 years on top of the 5 years of the plan ie 11 years I understood from SC that it was 6 years in total.
    Now- if it goes to default- then I start paying it off, and say do so in 3 years- THAT will only be on the credit file for 6 years in total.
    It is so confusing- I feel like I am better of defaulting on all the debts we have in order to ensure a clear credit file in 6 years.

    Am I right? are they wrong?
    ??????????
    • Puzzcat
    • By Puzzcat 16th Jul 15, 3:09 PM
    • 3,126 Posts
    • 16,204 Thanks
    Puzzcat
    Hi everyone- I am rather confused about how long a note stays on your credit file when you are in a DMP.
    I origionally thought it was 6 years from when you first went into the plan.
    I am on a self managed plan and start making payments on 1st August (pending all creditors accepting my proposed payments)
    I have used the NEDCAB web DMP
    HSBC aren't quite handling it like I would expect. other creditors have written and said they accept the DMP - say for 6 months or 1 year and then will review- and will either freeze or reduce interest.
    They have rung up to clarify some info on our financial statement (but I just reiterated what was on the statement) and have said they will accept a 5 year plan on the reduced payments I have offered - but that they can only do this if I start paying today!!! I don't have the money today! So they can't set it up until I start paying and will carry on paying full interest and charges until I can!!!!
    They also said that it will remain on my credit file for 6 years on top of the 5 years of the plan ie 11 years I understood from SC that it was 6 years in total.
    Now- if it goes to default- then I start paying it off, and say do so in 3 years- THAT will only be on the credit file for 6 years in total.
    It is so confusing- I feel like I am better of defaulting on all the debts we have in order to ensure a clear credit file in 6 years.

    Am I right? are they wrong?
    ??????????
    Originally posted by rattters
    Hi,

    If the creditor defaults you and registers it to the credit agency then it is 6 years from that date that it disappears. Unfortunately any markers such as AP/AR/DMP indicating a payment plan don't disappear until 6 years from the settled date. This is the price unfortunately we pay for not keeping up with the contracted monthly payments. You obviously can challenge this if you wish, but some creditors won't shift... BC being one of them!

    Puzz. x
    Christmas 2017 £500 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 33% paid
    Going Self Managed March 2016
    Pot Of Gold - £445.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • Ali80
    • By Ali80 16th Jul 15, 3:14 PM
    • 75 Posts
    • 422 Thanks
    Ali80
    Getting a default early on is generally considered a good thing because it stays on your file for 6 years from the date the account was defaulted. If it's not defaulted you will have an AP/AR (arrangement to pay) marker on your file each month until the debt is paid (which could be for the duration of the plan) and this stays on your file for 6 years after the debt is settled. Hope this makes sense.
    LBM: 18th January 2015
    DMP start date:
    1st April 2015

    Debt at start: £36,668
    Current debt:
    £30,557
    DFD: February 2021

    16.39% paid
    • Puzzcat
    • By Puzzcat 16th Jul 15, 3:18 PM
    • 3,126 Posts
    • 16,204 Thanks
    Puzzcat
    Hello Happy New Thread..

    Sorry Sazzie you have been feeling lonely...!!! I have been reading but have switched my broadband so its been a little.. challenging shall we say...!!

    Quick update from me..

    20 months into my dmp and I still love it... Have gone from £60k down to £48 and will hit 20% paid off next month.... This debt will be gone but I am taking the scenic route...

    Out of my 9 creditors only 5 have issued defaults, 2 cc's still charge nominal interest and i'm on a AR marker plan with them. BC being one of them despite the constant barrage for default notices they won't do it... maybe they don't know how....!!!

    The other 2 are my overdraft and loan, toying with challenging them to default as they defaulted the cc... will decide next month as I have a busy month here with birthdays, a house guest and a foreign holiday.. (paid for in cash..!)

    I sort of miss the flurry of post that you get in the early month of setting up. I do get statements each month from my cc's but that's about it.. all quiet... and long may it stay that way..

    Welcome to any newbies and hi to the oldies....!!!

    Love Puzz. x
    Christmas 2017 £500 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 33% paid
    Going Self Managed March 2016
    Pot Of Gold - £445.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • Ali80
    • By Ali80 16th Jul 15, 3:28 PM
    • 75 Posts
    • 422 Thanks
    Ali80
    Hello Happy New Thread..

    Sorry Sazzie you have been feeling lonely...!!! I have been reading but have switched my broadband so its been a little.. challenging shall we say...!!

    Quick update from me..

    20 months into my dmp and I still love it... Have gone from £60k down to £48 and will hit 20% paid off next month.... This debt will be gone but I am taking the scenic route...

    Out of my 9 creditors only 5 have issued defaults, 2 cc's still charge nominal interest and i'm on a AR marker plan with them. BC being one of them despite the constant barrage for default notices they won't do it... maybe they don't know how....!!!

    The other 2 are my overdraft and loan, toying with challenging them to default as they defaulted the cc... will decide next month as I have a busy month here with birthdays, a house guest and a foreign holiday.. (paid for in cash..!)

    I sort of miss the flurry of post that you get in the early month of setting up. I do get statements each month from my cc's but that's about it.. all quiet... and long may it stay that way..

    Welcome to any newbies and hi to the oldies....!!!

    Love Puzz. x
    Originally posted by Puzzcat
    Hi Puzz (and everyone else),

    Not been around for a while. Nice to see lots of new faces and also the oldies giving great advice.

    I seem to remember a good proportion of your debt was with Natwest. They have defaulted both of my credit cards but not my loan and was thinking exactly the same thing with regards to challenging them. I also have 5 defaults 4 months in, but 22k of my debt lies in a Natwest loan.

    If you do decide to challenge them can you let us know how you get on as I just can't muster the energy to contact anyone at the moment! Argos are charging massive interest (the only one of 9 creditors) and I have had to ask SC to reduce my payment next month due to my car giving me trouble again. Can't face any more phone calls at the moment!

    Hope you're all well.

    A x
    LBM: 18th January 2015
    DMP start date:
    1st April 2015

    Debt at start: £36,668
    Current debt:
    £30,557
    DFD: February 2021

    16.39% paid
    • rattters
    • By rattters 16th Jul 15, 3:46 PM
    • 77 Posts
    • 73 Thanks
    rattters
    Thanks ali80 and puzzcat- that makes sense now
    • fermi
    • By fermi 16th Jul 15, 4:47 PM
    • 39,228 Posts
    • 47,072 Thanks
    fermi
    AP/DMP markers/history drop with the rest of the account data. So 6 years from settlement if not defaulted or 6 years from the default date if defaulted later on in the plan.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
    • Puzzcat
    • By Puzzcat 16th Jul 15, 4:49 PM
    • 3,126 Posts
    • 16,204 Thanks
    Puzzcat
    Hi Ali,
    Yes you are correct a third of my debt is with natwest so it would be them I would be challenging! I will keep you posted! I was considering going after them for irresponsible lending as I had a 15k loan, 12k cc and 4k od at one point! That's almost my salary and doesn't include the 2k that was also on the joint account and a 3k cc that I paid off....!!
    I only had 18 months left on the loan when I entered the dmp so it's one of the little debts now!
    The only reason I would like a cleaner credit file, like many others is for mortgage purposes but then when I finish the dmp I will only have 6 years left to pay so should be able to over pay it quicker.... who knows what the future may bring....a lottery win would be very welcome!
    Puzz.x
    Christmas 2017 £500 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 33% paid
    Going Self Managed March 2016
    Pot Of Gold - £445.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • blisteringblue
    • By blisteringblue 16th Jul 15, 9:21 PM
    • 1,040 Posts
    • 1,892 Thanks
    blisteringblue
    Fanfare !!!! I got the letter in the post yesterday !!!!



    "Important Information about your Barclaycard account - Formal Demand"

    GET IN !!

    So next week will be my 4th month of tokens after leaving Stepchange and going self managed, so better than I hoped.

    Letter still says they haven't decided if its going to a DCA or their own recovery team. I would expect the latter because my normal payment isn't far off the old minimum, but will be INTEREST FREE.

    Woo Hoo

    • Jvic28
    • By Jvic28 16th Jul 15, 9:34 PM
    • 1,586 Posts
    • 1,881 Thanks
    Jvic28
    Now- if it goes to default- then I start paying it off, and say do so in 3 years- THAT will only be on the credit file for 6 years in total.
    It is so confusing- I feel like I am better of defaulting on all the debts we have in order to ensure a clear credit file in 6 years.

    Am I right? are they wrong?
    ??????????
    Originally posted by rattters
    I agree, its a pain. Ine stuck to my plan with natwest since 2008 and it will show 6 years after ive finished. I wish theyd default my account like others have.
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
    • Karen777
    • By Karen777 16th Jul 15, 11:08 PM
    • 413 Posts
    • 1,731 Thanks
    Karen777
    evening all - update from me today. I got accepted on a fixed rate mortgage deal - sticking with my current lenders but on a new fixed term deal as the other one was just running out. I have been on a dmp for 2 years, my credit file is shot to hell (noddle score 1/5.... I don't think there is a 0/5!!) and my mortgage company is one of my creditors - credit card and o/d - although I have never missed or made a late payment on my mortgage. I was surprised and pleased.
    so in case that gives anyone else hope who has a mortgage and is on a dmp then I thought i'd share.
    Debt at highest - June 2013 - 26k/ March 2017 - 3900
    Proud to be dealing with my debts
    • Sazzie23
    • By Sazzie23 17th Jul 15, 12:43 AM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    evening all - update from me today. I got accepted on a fixed rate mortgage deal - sticking with my current lenders but on a new fixed term deal as the other one was just running out. I have been on a dmp for 2 years, my credit file is shot to hell (noddle score 1/5.... I don't think there is a 0/5!!) and my mortgage company is one of my creditors - credit card and o/d - although I have never missed or made a late payment on my mortgage. I was surprised and pleased.
    so in case that gives anyone else hope who has a mortgage and is on a dmp then I thought i'd share.
    Originally posted by Karen777
    Oh now I'm disappointed here I was thinking I hadn't quite hit rock bottom with noddle 1/5, I thought there was a further slip downwards to go the only way is up (baby).

    Great news on the mortgage, especially interesting as you have DMP debts with the mortgage lender, defo useful and reassuring for others.
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Sazzie23
    • By Sazzie23 17th Jul 15, 12:51 AM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    P
    Fanfare !!!! I got the letter in the post yesterday !!!!



    "Important Information about your Barclaycard account - Formal Demand"

    GET IN !!

    So next week will be my 4th month of tokens after leaving Stepchange and going self managed, so better than I hoped.

    Letter still says they haven't decided if its going to a DCA or their own recovery team. I would expect the latter because my normal payment isn't far off the old minimum, but will be INTEREST FREE.

    Woo Hoo

    Originally posted by blisteringblue
    I got my BC default letter this morning, don't we normally do defaults on a Saturday??? my normal payment isn't anywhere near the minimum but now it's interest free when I can go back to a higher repayment I'll be paying much more off. I'm hoping it will stay interest free but it doesn't appear to be going to a dca so I suppose it's likely BC might reinvoke interest later down the line.
    Thinking if that's the case I might need to go self managed, almost feel like I could do it now, but like Ali80 sometimes it all feels a bit much. Sorry to hear about the car Ali, hope it's fixable.

    Don't spend so much time hiding under the duvet these days but there is a long way to go before I feel like I've joined the real world again.
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
  • emsiedoodle
    evening all - update from me today. I got accepted on a fixed rate mortgage deal - sticking with my current lenders but on a new fixed term deal as the other one was just running out. I have been on a dmp for 2 years, my credit file is shot to hell (noddle score 1/5.... I don't think there is a 0/5!!) and my mortgage company is one of my creditors - credit card and o/d - although I have never missed or made a late payment on my mortgage. I was surprised and pleased.
    so in case that gives anyone else hope who has a mortgage and is on a dmp then I thought i'd share.
    Originally posted by Karen777

    That’s great news Karen. We were in the same situation with Natwest and went through re-fixing last year, and got a better rate.
    Just a quick question... I’ve been checking noddle and noticed that one of our original creditors, Citi financial, are no where to be seen on the report. They passed the debt on to Moorgate, who are also not listed, and now its with IDEM who are on the file but no default listed just DM markers. Been on our DMP for 4 years so shouldn’t have ‘dropped off’. I’ve checked under the closed accounts link too. I was hoping to find an historical default. Any ideas where it could have gone or what I should do?
    • thebeaver
    • By thebeaver 18th Jul 15, 11:05 AM
    • 11 Posts
    • 53 Thanks
    thebeaver
    Hi All, loving the new thread smell
    Had 2 letters today from lloyds on cc balance dated the same day. One saying due to lack of response they now require full payment (I've been in a DMP for over a year). The second saying they accept my new payment (that isn't new) and that they won't be charging interest. They have been charging it the last couple of months because my payment was more than 2% of the balance.
    Anyone ever had this?
    Thanks guys xx
    Original Debt in June 2014: £20,000
    Current debt: £18,500 £17,800 £15,000 £7800
    DFD at current pace June 2021 Dec 2018
    DFD if I have my way: ASAP!
    Wish me luck!
    • NewcastlePaul
    • By NewcastlePaul 18th Jul 15, 8:32 PM
    • 142 Posts
    • 329 Thanks
    NewcastlePaul
    It all gets easier as they recognise that they can't get blood out of a stone. Over 9 years on my DMP and i think they all stopped charging interest after the first 6 months and stopped the phone calls totally after 2 year. I pretty much get updates and statements.

    Currently waiting for responses to 50% offers of F&F settlements
    Fingers crossed
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
    • KrazyKel
    • By KrazyKel 18th Jul 15, 11:39 PM
    • 488 Posts
    • 566 Thanks
    KrazyKel
    Oh now I'm disappointed here I was thinking I hadn't quite hit rock bottom with noddle 1/5, I thought there was a further slip downwards to go the only way is up (baby).

    Great news on the mortgage, especially interesting as you have DMP debts with the mortgage lender, defo useful and reassuring for others.
    Originally posted by Sazzie23
    Ohh I didnt know there wasnt a 0 on Noddle
    Ive just gone from a 1 to a 2/5 on there... and a score of 553... but dont know if any of them mean anything!

    Pre DMP at the moment as haven't started ...yet... undecided
    Make £10 a day Challenge June - £170
    • January2015
    • By January2015 19th Jul 15, 12:10 AM
    • 1,756 Posts
    • 4,732 Thanks
    January2015
    Nice to see a lovely, shiny new thread

    Not much to say - I really just wanted to drop in and say hi to the regulars (TTFM, Sazzie, Puzz etc....you know who you are ) and how nice it is to see lots of new names.

    Our DMP is going along nicely. I do worry our emergency fund is not building up - something always seems to come up.

    Earlier this month a lovely relative sent me a gift of money and they wanted it to be a surprise so they put it straight into my bank account....this would be the Hellifax account they have had the details of for the last ten years....but is also the Hellifax account that is now part of our DMP I logged into Hellifax to check and the funds have very nicely reduced the outstanding balance...so although I didn't get any money to spend on myself (as was the givers intention) it has chipped away, very slightly, at one of our debts which did put a smile on my face

    Our Noddle reports are now showing defaults for Nat West and RBS and hopefully next month will also show defaults for Hellifax (if they follow up the intentions outlined in their latest round of debt chasing letters anyway).

    Take care everyone
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • thebeaver
    • By thebeaver 19th Jul 15, 3:21 PM
    • 11 Posts
    • 53 Thanks
    thebeaver

    Currently waiting for responses to 50% offers of F&F settlements
    Fingers crossed
    Originally posted by NewcastlePaul
    fingers and toes all crossed!
    Original Debt in June 2014: £20,000
    Current debt: £18,500 £17,800 £15,000 £7800
    DFD at current pace June 2021 Dec 2018
    DFD if I have my way: ASAP!
    Wish me luck!
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