DMP Mutual Support Thread - Part 12
Comments
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sourcrates wrote: »The problem with AP markers is that they stay on your file for 6 years after you have repaid the debt, so your credit can be screwed up for 12 years instead of 6.
I would always take defaults over AP markers.
I thought so, thank you. The green just looks so nice!!0 -
Update on my letters that I sent to some of my creditors asking to back date my defaults:
PRA Group got back to me and will default me actually to when I started my DMP with SC rather than months into which was a bonus to me
Santander on the other hand wont budge so i'll be taking that further with FO
Key thing for anyone else doing this is to put the word Complaint in there; usually solves a lot of the problems.0 -
spiffyiffy wrote: »Update on my letters that I sent to some of my creditors asking to back date my defaults:
PRA Group got back to me and will default me actually to when I started my DMP with SC rather than months into which was a bonus to me
Santander on the other hand wont budge so i'll be taking that further with FO
Key thing for anyone else doing this is to put the word Complaint in there; usually solves a lot of the problems.
Well done on the PRA result:T and good luck with Santander:beer:
Great idea about the 'complaint' mention. Did you address your letters to any specific department, such as Complaints (if there is such a thing) or just the usual contact addresses? I'm wanting to get my Lloyds default sorted asap but they are not amenable to anything as a rule:mad:0 -
spiffyiffy wrote: »Key thing for anyone else doing this is to put the word Complaint in there; usually solves a lot of the problems.
This is true, you MUST add the word "COMPLAINT" otherwise you tend to be ignored.
Some companies i can think of ignore you anyway, but your chances of a resolution dramatically improve.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 -
Couldn't agree more, I work in a bank and as soon as a customer says complaint things get taken seriously, complaints team always have more authority and power than the normal phone staff you may speak to!0
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We are considering a dmp with step change.
All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.0 -
We are considering a dmp with step change.
All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.
Hi there,
Welcome to the thread.
It really depends what kind of income you have, and how much you can afford to throw at the debts, that determines how long your arrangement will last.
You should include a monthly amount for an emergency fund yes, that is essential.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 -
Ok that's good to know. I was thinking 500 per mnth. With the hope that when our financial situation improves with pay increases etc we can put more to it and get rid quicker. Do you think that a dmp is less damaging long term that an IVA? X0
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We are considering a dmp with step change.
All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.Ok that's good to know. I was thinking 500 per mnth. With the hope that when our financial situation improves with pay increases etc we can put more to it and get rid quicker. Do you think that a dmp is less damaging long term that an IVA? X
A dmp is an informal arrangement, an iva is formal.
If you go on the stepchange website you can do the debt remedy online, input your incoming and outgoings and it will tell you the amount and how long it will take.
Don't scrimp on the categories you still need to live.
Also delay starting for at least 3 months to save an emergency fund as you will have no access to credit!
Try and read back this and the previous thread you will learn so much!
Good luck.
PuzzChristmas 2020 £109
I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
£60062/25384.84 - 13222.60k UE
MY DIARY http://forums.moneysavingexpert.com/showthread.php?t=47686850 -
Do you think that a dmp is less damaging long term that an IVA? X
Neither option should affect you for longer than 6 years.
Each have there own good and bad points.
A DMP is more flexible as its an unregulated agreement, wear as an IVA is more formal, gives you legal protection from your creditors, and is a good option if you have a lot of debt and are a homeowner.
DMP`s allow you to pay off debts as you choose, and there are no formal restrictions imposed on you.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
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