Should I stay in DMP

System

joslancal wrote: »

a long long time!! hence the question is it quicker to come out of the arrangement or stay with it In 4 years I've reduced my debt from 0ver 40K to around 34K If I double the amount of the arrangement then this will obviously decrease the time but I think my kids will have left home by the time it happens. key thing though, it will happen

I suppose its a question of how much income you have remaining each month once you have made the DMP payment, I mean if you are struggling to make ends meet as it is then it may be worth pursuing other options such as snowballing (which probably aint a viable option), IVA or possible bankruptcy??

joslancal

just viewed my plan now very depressed that I will be debt free in year 2028, only 19 years to go! Good thing though there are some small amounts in there that I can think of getting some final settlement payments done.

Can I just say thanks to everyone who has posted replies, I knew I wasn't the only one in this position but this is a great place to share thoughts and feelings that you can't do everyday

joslancal

Thanks Lennymfo, Not struggling to make ends meet at the moment things are on an even keel which is why I'm considering upping the plan, IVA and BR not an option as it will impact my job (believe it or not I work for a bank!!)

My plan is lookign OK and I'm happy I could make some quick settlements. However I do have a question. I had a loan with Cahoot, I've been paying £26 per month since 2005 and I've only paid them £104!!! How does that figure and I still owe them what I owed when I went into the plan, I feel a serious call to payplan coming along.

Fire_Fox

joslancal wrote: »

have done all of the above but was told by MBNA that offer on DMP did not meet minimum payments to stop defualt. I've already got one default which is killing my credit score so just did what I needed to do to stop a second one. The minimum payment they need to clear the debt within 10 years.

Listening to your comments I think if I increase the payplan it might take care of the additional payments so I can stop them. I know MBNA play hard and don't want to get in messy battle with them as I've been managing my accounts so well for a while, I don't have any credit cards, a cash only bank account with no OD, my wife is the only one with a seperate account with the debit card. I feel like we've turned a corner not sure I want to go back to the stress tha nearly broke us

MBNA will say anything to get you to do what they want (pay more than you can afford). How are they managing to 'blackmail' you like this - are you allowing them to communicate with you in writing and/ or to harrass you by post? Use the template letters to stop this. If the debts have caused you stress you may be able to be take on 'vulnerable' status which means the creditors must tread extra carefully (doctors letter). :T

Getting a default is not killing your credit rating, you are on a DMP so you can't take on any extra debt anyway. You don't need credit to get on in life, you clearly have the ability to set extra money aside so start saving! Getting a default is often a blessing in disguise as MBNA will sell your debt onto a debt collection agency. You will then be much better placed to offer full and final settlements with any extra money that you have saved up. Lots of DFWs have cut years off their snowball date by doing exactly this. :money:

Please please stop feeding the MBNA monster. They are manipulating you at present, instead play them at their own game. There is a wealth of knowledge and support on this board - template letters, who to complain to and how. MBNA will cause you as much stress as you let them, they will keep pushing until they have bled you dry OR you change the rules of the game.

Parki_2

While I was in my DMP MBNA always charged me interest. I dont suppose its possible for me to claim it back is it?

joslancal

Not been charged interest, my default is with RBS, it's the only default I have, I'm going to take the advice and see what I can do about MBNA.

I'm still a bit confused about the Cahoot situation though, I'll let everyone know how this goes. but thanks again to everyone

St0lli

I'm also on a DMP but through CCCS. MBNA have also said they won't accept my payments as they are too low. However they have sent me a statement and they aren't charging me interest any more so I wouldn't worry about what they say too much.

Like you my job is dependant on me not having CCJ's, bankruptcy etc but I've been assured that as long as my company can see I am using one of the trusted companies to deal with my debts then they are more than likely to look at it favourably.

Please do not be bullied by MBNA into paying more. If you have one default then another one isn't going to make much more difference in my opinion although others may disagree. The sooner you get a default the sooner it will fall off your file.

I don't intend to get credit again so its not really too major a concern although it will mean I'm not able to remortgage my house and will have to stay with the same mortgage provider for the foreseeable future but for me this is a small price to pay for the sake of having a good nights sleep.:j

Good luck with whatever you decide