Am I missing anything so far......

S1Ebbz · 13 February 2017 at 1:22PM

As per previous posts I am attempting to enter a DMP with Step Change

Just want to confirm that I am not missing anything as I progress and start this up (or attempt to) - figured best to reach out on here

- CPA cancellation letters sent to creditors where this is applicable
- Backed up with emails to the creditors
- CPA cancellation letters sent direct to my bank

New account opened - DD moved over for priority debts - Instructed work to change bank details for wages

*** Next Step ***

- Basically am missing payments on cards / loans next month (have discussed on here and by this point creditors will have a letter sent from myself confirming 30 day breathing space as I seek help)

- End of month send DMP paperwork to Stepchange - Looking for first DD to go out March wages (so April)

Gives a month to set this up and have communication with creditors

Have I missed anything here? The missed payments due to fact have lower wage and will then have minimal emergency fund before the DMP (hopefully) goes live

Thanks for anyone who assists here

National_Debtline · 13 February 2017 at 4:40PM

Hi there,

It seems as though you have done what you needed to here, opened a safe bank, moved essential direct debits and cancelled the payday loans continuous payment authorities.

In terms of timescales and letters, I would suggest speaking to Step Change for more details, but generally speaking, you will miss payments before the DMP begins. The first time that happens it does feel a bit strange but it will be necessary. Good luck,

Laura
@natdebtline

sourcrates · 13 February 2017 at 5:06PM

S1Ebbz wrote: »

Have I missed anything here?

Thanks for anyone who assists here

Yes, take six months out to save an emergency fund up.

During this time, make no payments to your creditors, all, or most of your accounts should then default.

This is good, gives a clear 6 years until defaults drop off credit file.

Once all accounts are defaulted, start your DMP, if you jump in after only a month, its likely your accounts wont go to default, you will get the dreaded "AP" markers instead, (arrangement to pay), these stay on your credit file for another 6 years AFTER you have repaid your debts, so potentially up to 12 years, as a pose to 6.

Lots to think about there.
Ask on here, if you have any more DMP related questions :

http://forums.moneysavingexpert.com/showthread.php?t=5285089&page=232

DJB343 · 13 February 2017 at 5:09PM

That's good to know, even though I was always planning on defaulting the debt - that was something I hadn't heard until now.

Am I missing anything so far......

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