Another DMP question...

LittleL_4

Can a DMP include only some of your debt or is it a complete package?

For some reason, I would, if at all possible not involve the debt I have with my bank (£5k loan and a £550 O/D)

It's my c/c debt that I can't manage mainly because of the interest accruing.

Thanks in advance

Little l
xx

lynzpower

AFAIK its all of your debts - including the OD, which is why I never went for one

How bad is your Credit rating? No chance of moving to o% or low life of balance cards?

Lynz
x

Wonder_Girl

ALL debts to be included

It's all or nothing I’m afraid, you can't be seen to be showing favouritism as this annoys the other creditors

LittleL_4

Lynz, my credit score was good but for some reason I applied for a few o% c/c's last month and was declined.... So I'm kinda stuck with the interest...

WG thanks for that, now I'm thinking, aw naw!!! I've been with my bank since I was a teenager and they have been really good with me (I can't believe i've just wrote that!) :eek:

Now I'm not sure what to do???????????????????

L
xx

ps Lynz, hope you're feeling better today hun...:A

KatrinaC_2

LittleL wrote:

Lynz, my credit score was good but for some reason I applied for a few o% c/c's last month and was declined.... So I'm kinda stuck with the interest...

Have you applied for your credit records from Experian? You can get a free online trial with them (although cancel before the end of the 30 days or else you'l get charged £45!) or send off £2 and ask for a written report. That way you'll be able to get an indication of whether it's because you have an unfavorable credit history, or if it is because you earn too little and owe too much. 0% cards tend to only pick the very best customers so it may be that there is just a little blemish on your record, or even that you've had too many credit searches performed in too short a space of time.

Kat

LittleL_4

Yep I'll maybe look into it again. A few months ago it was 900 and something out of 1000, which was good and I was still refused!

But it's definitely lower now, coz I missed a barclaycard payment last month and this month I'm gonna miss several payments on 3 c/c's.... This will be my first time ever missing any payments and I feel absolutely awful!!!

If I transfered over then I think I'd get on top of things

I'm in deep !!!!!

Arghhhh!!!!!

L
x

AGB863

WG thanks for that, now I'm thinking, aw naw!!! I've been with my bank since I was a teenager and they have been really good with me (I can't believe i've just wrote that!) :eek:

I work in the debt area setting up DMP for people and unfortunately as others have said - it is all or nothing.

When it comes to banks - of course they are good to you! They are currently making money out of you!

When it comes to negiotiating with them to reduce the contracted repayments, they soon change and there is no loyalty shown.

What we frequently recommend to people in similiar positions to yourself, is to open up another current account with another bank and have your income payments and direct debits transfered to the new account. Do this prior to starting to get involved with starting a DMP.

Hope this is of use.

LittleL_4

I have a business current account (with the abbey) can I use this?

I honestly don't think i'll get another current account as my main income comes from my wee business.. I work for a nursing agency on and off and am lucky if I bank £300 per month into my personal account
Help!

L
xx

AGB863

Why not ask Abbey if they will let you have a personal current account with them as you wish to keep all your banking with one company.

It could be messy using a buisness bank account for personnal use, esp if you have to have your accounts audited at any time.

LittleL_4

But then does that involve another credit search etc?

x

AGB863

I can't answer that one for you - sorry