DMP Mutual Support Thread - Part 7

Hales82

donewithcredit wrote: »

Hi everyone, I have just started the process of a DMP and wonderded if you could answer me a quick question. Three years ago i took out a loan for my daughter which she does pay me for every month. Will this loan have to be included in the DMP ?

Thank you so much, i have found this forum to be very helpful and non judgmental which helps a lot when you feel so embarrased about debt problems x

Hi

Yes you will have to include this loan on your DMP. All of your debts must be included as otherwise you're seen as treating one creditor more favourably than the others.

Hope this helps x

donewithcredit

Hi everyone,

Just wating to hear about new bank account then i will be sending template letter from CCCs to creditiors. I was just wondering what other peoples experience had been with DMPs. Also most of my credit card payments are due at the end of this month, is it a good idea to send token payments or better to make minimum payments. Just wanting to know other peoples experience really, because im getting a bit scared!!! Thanks

antk4

great day. Virgin and natwest have accepted our payment plan and have reduced interest and charges to 0.:j That's 3 down only 6 more to go. Unfortunately Halifax and lloyds are 2 of them so we're not holding our breath.

dannyhoy

can anyone please help below

Hi all new poster any help would be appreciated

ok lets start i am on a DMP at present we are paying out mortgage with northern rock all fine we are not on a fixed rate so currently paying base rate 0.5.

i am very concious of the rate rise and i am considering a few options 1. remortgage but i have been told only certain brokers offer them for DMP customers and it usually involves a deposit (which we havent really got) and quite a high rate.

2. selling the house and renting a new property worries with that one are im confident to sell and get enought to pay the house off but we also have a loan secured for around 15k this would be a push to clear aswell. the loan is with first plus (we are currently pushing for a mis sale of the ppi)

there are lots of things to consider inclusing sales costs and soliciters fees to selling aswell.

has anyone been in this situation? can anyone offer advice any help would be really appreciated.

cheers

ianmak

Hmm well selling the house is a bit extreme! If you sold that then in the terms of getting on the property ladder you're back to square one. At the end of the day with the house you have an asset. Won't renting a place be just as expensive?

ianmak

ianmak wrote: »

I believe these chaps are part of PayPlan (see the spiel at the bottom!)

http://www.whoslending.co.uk/

Also take a look at this, and see if it's any use.

Also does you current mortgage provider not have fixed rate offers? Can you have a word with them? Some don't charge any setup fee? Mine certainly doesn't if I'm an existing customer.

the_tooth_fairy

donewithcredit wrote: »

Hi everyone,

Just wating to hear about new bank account then i will be sending template letter from CCCs to creditiors. I was just wondering what other peoples experience had been with DMPs. Also most of my credit card payments are due at the end of this month, is it a good idea to send token payments or better to make minimum payments. Just wanting to know other peoples experience really, because im getting a bit scared!!! Thanks

Please don't worry, you're taking all the steps you can to repay, it's all you can do, really. My advice would be, don't rush this, you want it to work, so take it easy. Token payments are invaluable, (I wish I had used more!) because they let the creditor know that you haven't left the country, and you are working towards a solution.
This early bit is really frightening, but most of 'The Horrors' never even happen, I promise. I imagined all sorts, just stay in communication with all the creditors (even if you just state your PP/CCCS mem. no. and forward on their contact no's), honestly things will be alright.
I must recommend a good book, that I picked up by accident (I hate 'self help' books) which says that 70% of bad things that people believe will happen to them will never actually occur...
Will forward the title when I remember to bring the book home from work!

ttf

donewithcredit

Thanks for your reply ttf. I think i will feel better once everthings up and running and we can see the debts reducing. The suppport on this forum is brill, it would be so easy to bury my head in the sand (again) but i keep reading the posts on here to spur me on x

Hales82

donewithcredit wrote: »

Hi everyone,

Just wating to hear about new bank account then i will be sending template letter from CCCs to creditiors. I was just wondering what other peoples experience had been with DMPs. Also most of my credit card payments are due at the end of this month, is it a good idea to send token payments or better to make minimum payments. Just wanting to know other peoples experience really, because im getting a bit scared!!! Thanks

We're new to the process really (1st payment due the 1st March) but so far our DMP journey has been pretty good. Once we'd got over the crapness of facing up to it and deciding to do something about our debts it felt good to be tacking them.

I would send token payments if you're CCCS payment isn't setup in time. That's what we did this month. This also enabled us to be able to stash a few hundred aside as an emergency fund, as we no longer have a credit card to fall back on.

Don't be scared at all, we have 12 creditors and a HUGE amount of debt. So far we've had a few phone calls, and letters. Only 1 creditor has refused and 1 default us. Not too bad at all for the level of debt we have. It's a real relief to not have to worry about making payments this month. We've had x amount for food/petrol and stuck to it.... no last minute panicking and bouncing money from one card to another to make payments.

Good luck, keep coming back here. I've found the information and support amazing x

Hopelessly_Hopeful

dannyhoy wrote: »

can anyone please help below

Hi all new poster any help would be appreciated

ok lets start i am on a DMP at present we are paying out mortgage with northern rock all fine we are not on a fixed rate so currently paying base rate 0.5.

i am very concious of the rate rise and i am considering a few options 1. remortgage but i have been told only certain brokers offer them for DMP customers and it usually involves a deposit (which we havent really got) and quite a high rate.

2. selling the house and renting a new property worries with that one are im confident to sell and get enought to pay the house off but we also have a loan secured for around 15k this would be a push to clear aswell. the loan is with first plus (we are currently pushing for a mis sale of the ppi)

there are lots of things to consider inclusing sales costs and soliciters fees to selling aswell.

has anyone been in this situation? can anyone offer advice any help would be really appreciated.

cheers

Hi

Welcome

I considered this in order to try to settle debts earlier. When I added ALL the costs up it was no saving at all so I'd say just dig in. Have you considered a interest only rather than repayment mortgage. Worth checking out latest on mortgage rescue schemes too. The mortgage tab here is quite good.

Let us know how you get on

HHx