starting a dmp

smurf0301

Hi all was just wandering if anyone else has been in the same situation.
I have just gone on in a dmp with payplan. The plan is in my name only the thing that is bothering me is that my mortgage is joint with my husband which is a together mortgage with Northern Rock.
The plan is contacting Northern Rock about the unsecured aspect of the loan but im worried how it will stand when i come of my fixed rate term in a year will they still just put me on the standard rate or will i have problems due to entering the DMP.
Thanks for any help in advance.

Tixy

Hi Smurf

Once your fixed rate is finished you should automatically move over the the Standard variable rate.
Because you will be defaulted on at least most of your unsecured debts you would find it hard to get a new mortgage deal with another provider or another fixed rate (as you would be credit checked for either of these) so you may have to stick with your own bank on the SVR for sometime.

Just to let you know there is a support thread for people who have started their DMPs this year - http://forums.moneysavingexpert.com/showthread.html?t=2388003 which you may find useful if you have any questions about what is happening in the first couple of months and what the letters you receive from creditors all mean.

brokepaolo

Hi,

I opted for a DMP with the CCCS yesterday and am waiting for it to be set up which probably won't be until the 1st of June now. In the meantime, I was due to repay my creditors today(11 payday loans, silly me) and the CCCS advised me to cancel all my direct debits and cards so that no money could be taken from me just yet and that I should await further instructions from them with regards to making token payments to my creditors while I wait for the DMP to be set up.

needless to say, today being my payday, and all the various payments failing, I have been inundated with calls and emails from my creditors demanding money. I spoke to someone at the CCCS about how I should respond to these emails and calls and they told me they'd send out a letter to me which I could then photocopy and send to my creditors explaining my situation. I asked if there was anything I could do in the immediate future because the creditors were even calling the reception desk at work to speak to me, and the CCCS have told me that I can email them saying that I'm awaiting further advice from the CCCS before I can fully explain my situation.

Will that be sufficient to put them off for a day or two while I wait for this letter?

I'm very nervous about how many more emails and calls I might receive from the creditors.

Tixy

Hi brokepaolo

This letter may help - you could amend it and email it. It should in theory buy you 28days time (not that it can be guaranteed they won't still call though).
http://forums.moneysavingexpert.com/showpost.html?p=21937969&postcount=52

brokepaolo

Thanks Tixy,

I sent them a one-liner email saying that I'm waiting for further instructions from the CCCS who are sending me a letter today which I can then forward to my creditors further explaning what my situation is and suggesting a token payment.

so far so two companies have replied saying that they will wait for that letter to arrive before updating my file and another company rang me asking I call them back but the CCCS told me to hang tight and wait until they've all received my letter.

Hopefully I can actually concentrate on doing some work now..