DMP & Mutual Support Thread - Part 11

sourcrates · 28 March 2016 at 12:02PM

john83gater wrote: »

Hi guys I'm just starting out on a dmp , and my first payment is due on 1st April , I've already received 2 rejections , is this normal , I spoke with sc and they do put your mind at rest. Any advice for me? As I go into this next 10 years?

Hi,
Rejections are the norm, they will eventually accept, or sell on the debt.

Ten years ?

Can you not do a DRO ? or other formal solution ?

Ten years is a bloody long time !!

Growurown · 28 March 2016 at 12:32PM

As the weather hasn't been good, I decided to take the time to sort out all my DMP paperwork. I'm a cautious person so kept absolutely everything so my sort out has resulted in three bin bags of stuff, which I plan to burn in a big bonfire! I have kept though the final letters from my creditors showing a nil balance. Hmm what to do with them? Frame them do you think?

System · 28 March 2016 at 12:34PM

Well it actually 9 years , I felt that a dmp was for me as I didn't want to affect my credit rating as much , it works out at around 90 a month for s 8,500 debt , feel a lot more in control now though

sourcrates · 28 March 2016 at 12:41PM

john83gater wrote: »

Well it actually 9 years , I felt that a dmp was for me as I didn't want to affect my credit rating as much , it works out at around 90 a month for s 8,500 debt , feel a lot more in control now though

Credit rating will be trashed whatever you do.

Infact what your doing could actually be worse in the long run, as I assume you haven't let your accounts default, so creditors will be putting AP markers on your file every month (arrangement to pay) which will still be there 6 years after you finish paying the debts off, so potentially 15 years from now your credit will still be affected !!!!

You should really of allowed all accounts to default first, then you know for sure 6 years down the line, your file will be clear again.

BeingDebtFreeStartsHere · 28 March 2016 at 2:57PM

Growurown wrote: »

As the weather hasn't been good, I decided to take the time to sort out all my DMP paperwork. I'm a cautious person so kept absolutely everything so my sort out has resulted in three bin bags of stuff, which I plan to burn in a big bonfire! I have kept though the final letters from my creditors showing a nil balance. Hmm what to do with them? Frame them do you think?

Definitely frame them - then each time you look at them it will remind you of what you have achieved

Bet it feels so good to be debt free - well done you!! :T

BDFSH x

Shirt_buttons · 28 March 2016 at 8:02PM

:o
Firstly can I just say a big thank you to you all for contributing to this forum. After reading through the pages I have not only managed to have two decent nights sleep but also complete my DMP on SC Site. We have been down same road as most of you living off credit cards paying minimum then drawing off them again until pay day, but it's got to the stage now where it's who should we pay this month as not enough money to go round. I was so embarrassed and ashamed but reading all the posts on here makes me feel so much better and that I am not alone , and there is a solution . It wasn't until I wrote down every debt we have that I realised how much we owe, I seriously could not breathe ... 77,000... :eek:
I have asked SC to send me the pack, they have advised how much we have to pay monthly already . I also set up a new basic bank account today .
I plan to write/email the cc companies (I can't call them l would be cringing and get too flustered) and pay them a token payment as advised from you guys. I am hoping that SC will allow me two/three months to accumulate a safety pot .
Can you please advise me am I better to wait until a month before I want them to start paying the debts for me before I send back details and just pay the token payments or do I tell them a date?
I am concerned as I see the Halifax are not happy about DMP, my Mortgage is with them (I will be paying that separately)
But I have a credit card with them as well also we have two Barclaycards we owe them 25,000 and if they don't freeze the interest I can't see us ever being free of that debt.
We also owe Santander credit cards and overdraft, mint cc, MBNA (3 cc's) Next, Very and Tesco cc
Thank you all again ... Just for being there x

nextyeartina · 28 March 2016 at 8:15PM

I had trouble getting Barclaycard to default me. I phoned up and asked after a while because they'd started charging me interest again, making my debt increase because the interest was higher than the SC payment. I broke down on the phone when she said they couldn't default me. By the time I'd got off the phone, I was being defaulted, the interest refunded and my account was being transferred to a dca

Tina x

Growurown · 28 March 2016 at 8:17PM

Shirt_buttons wrote: »

Can you please advise me am I better to wait until a month before I want them to start paying the debts for me before I send back details and just pay the token payments or do I tell them a date?
I am concerned as I see the Halifax are not happy about DMP, my Mortgage is with them (I will be paying that separately)
But I have a credit card with them as well also we have two Barclaycards we owe them 25,000 and if they don't freeze the interest I can't see us ever being free of that debt.
We also owe Santander credit cards and overdraft, mint cc, MBNA (3 cc's) Next, Very and Tesco cc
Thank you all again ... Just for being there x

I think you can just tell SC a date to start, even if it is a couple of months down the line. I always found them really helpful so I would phone and ask them. Halifax were our only creditor who wouldn't stop interest completely, however they did reduce it. We never had a Barclaycard so can't comment on them but Santander, Mint, MBNA, and Tesco all stopped interest for us. Good luck on your DMP journey!

Boldhoof · 29 March 2016 at 10:32PM

Shirt_buttons wrote: »

:o
I am concerned as I see the Halifax are not happy about DMP, my Mortgage is with them (I will be paying that separately)
But I have a credit card with them

Congratulations on taking the step towards being debt free, you are in the best place for help, advice and support. Our debts included a Halifax Loan, and Credit Card. They along with Llyods rejected the DMP, but SC paid them along with the other creditors, they sent us the normal letters as they have to, but other than that it was okay. They did sell the loan on to a DC but again, SC just paid them instead.
Worth keeping all letters you receive from your creditors etc. We also got a Free Noodle Credit check account.

Boldhoof · 29 March 2016 at 10:44PM

Evening all,

Just got my statement from SC, 2 of our Creditors that we had paid Full and Final Settlements to have been paid by SC this month. Checking through the payments from SC went out 2 days before we got the letters to them to confirm the Full and Final. I guess the Creditor will not be rushing to send it back.

DMP & Mutual Support Thread - Part 11

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