DMP Mutual Support Thread (Part 5)

shellbelle21

Hi guys

Reading through the posts about DMP has been really helpful! Thanks to everyone!!!

I have a telephone appt with Payplan on Weds to hopefully set up a DMP, just wondering how the DMP affects your credit rating??

We have currently not fell behind on any of our payments, however as a result have been piling essentials such as petrol and groceries onto credit causing us to get into further debt!!!!

We would be hoping to renew our mortgage soon, but wondered if this would be possible if a DMP shoots our credit rating to pieces!!

Thanks in advance for all of your help, and will most certainly be a regular on here from Weds (as long as things go ok on the phone!!)

ianmak

Quillion: PayPlan, CCCS / Sky, Virgin

It's all down to preference, and they're both free. CCCS out of the two are 'possibly' more ethical. PP have been keen to give me a IVA (As I am technically insolvant), but haven't forced me to go down that road yet. I'm not sure CCCS would offer the same thing. Also they work out your payment differently. Don't ask me how, but I think one goes by the amount owed, the other by minimum payments (please anyone let me know if I'm wrong!).

shellbelle21: Your credit rating will get shot to pieces when you start your DMP and you start getting defaults. If all your creditors accept your payments then you maybe ok, but I very much doubt it.

If your credit rating is shot, then you won't get a good fixed rate or other offer on your mortgage, but do you want one in the current climate? You'd be better off with a standard rate for the time being.

I'm not sure what would happen if you changed companies either.

ianmak

P.S. I'm with PayPlan and I've had no problems whatsoever with them.

shellbelle21

ianmak - Thanks for your swifty reply! I suspected as much.... We have defaulted onto the svr this month anyway which has brought us some extra money (thank goodness).... but who knows how long the rates are going to stay as they are (well I don't!) and we also would like to move from our 1 bed shoebox sooner rather than later!

Do you (or anyone) know once the DMP is finished, is the credit rating back to ok??

Thanks again xx

ianmak

If you default, then each one stays on your record for 6 years, so in many ways, the sooner the default, the better. However, that brings the risk of court and debt recovery companies. On the plus side, it enables them to halt interest and offer other benefits...

Not sure what happens when you finish the DMP though.

jenevieve

I'm thinking about trying to reclaim my credit card charges and late payment fees but am due to start a DMP in the next month or two - paperwork pending.
I'm wondering if I should wait until the dmp is up and running before writing to the credit cards about claiming money off them - concerned it could affect their willingness to get on board with my dmp if I am trying to claim charges/fees off them at the same time.....

Any thoughts or experiences?

jenevieve

:eek: :eek:

Just had a panicked thought - even though my contact number registered with my creditors is my mobile - (my landline number is registered under my housemate's name (she's the home owner)) - are they able to trace the number through my address & directory enquiries and try and get me that way?????????

ianmak

Not sure on the number thing. They'll mainly try to get hold of you through any old contact details (Though that could be deemed a little underhand). Think it's illegal to get hold of you in any other way? If they don't have any numbers on record, then they generally won't phone you. Obv if you ring them with your landline or mob, then they may make a note of that?

The general consensus on here seems to say that you should wait a few months to get the banks/creditors onboard, before !!!!ing them off again by reclaiming charges!

jenevieve

ianmak wrote: »

The general consensus on here seems to say that you should wait a few months to get the banks/creditors onboard, before !!!!ing them off again by reclaiming charges!

Thanks ian, that's what I thought would be the answer.:)

God I really hope they don't find out my landline number as I really don't want to have to tell my housemate anything about this unless I absolutely have no choice!!!!!

St0lli

Morning everyone!

MOT day today so I wonder what that will bring Hopefully just the cost of a MOT certificate - well I can live in hope....

Only two phone calls yesterday, no post on Sunday and a no spend day - triple whammy! :T

Hope everyone has a great start to the week