DMP Mutual Support Thread - Part 7

kingston_2730

pure_dead_dopey wrote: »

Hi Kingston

Long way down the line and quite unlikely to lose the house, so I wouldn't worry about it at the moment. I would just look at all the options available to you before making a decision. If you can try to be calm (difficult I know) but read up everything, talk to CCCs and perhaps CAB, you need to know everything before you find a solution. and the solution you want is the one that is best for you, longterm. Not a bad idea to post up a SOA, let's folks on here have a look and perhaps make some suggestions, in the very least it lets you see the big picture. My personal thing is don't pay the mins if you are going into a DMP as you need a emergency fund, pay tokens(£1) for at least a month and salt away some cash. Believe me the banks won't treat you any better if you pay tokens or a minimum payment.
take care, there is always a solution, you just need to find it.

Hi and thanks so much for your response!:) Can I ask why you say way down the line? If it can happen at all, could it just not happen at any stage in the process?

grantalien

kingston_2730 wrote: »

Hi and thanks so much for your response!:) Can I ask why you say way down the line? If it can happen at all, could it just not happen at any stage in the process?

I am about 9 months in now and things have settled into a routine. You are correct in saying that things can change at any time however, as far as I understand there is likely to be little chance of you actually losing your house. A creditor may go for a charging order (this places the value of the debt you owe against your property should it be sold) and this is usually after failure to pay on a judgement (they can also go for a forthwith charging order but I dont know too much about that). If you have a DMP and are making the payments its unlikely that your property will be affected.

The 1st few months are the toughest - you do need to stand your ground in terms of the imits of what you can afford! - they will try and say all sorts (it really needs to be better regulated)

Payplan for me have been great and they are honest and open in their advice - I have a few years to go on a debt that was 63k:eek: - £784 per month with a view to increase each year - my life is soooo much better and my budget is now realistic, its worth it and so far so good :beer:

pure_dead_dopey

Hi Kingston

I agree with Grantalien (sound like a politician!!!), the first couple of months are the worst and you need to stand firm on your budget.

Brussel_Sprout

Hi Guys,

Havent been on for ages as just merrily ticking along. Had a few issues with Natwest not closing an account Id paid off an dthen kept charging me for me, but I only realised as I was ringing them to get an outstanding balance and it was more than last time when theyre supposed to be holding interest?! Anyway the girl I spoke to was really nice and helpful and sorted it out and refunded the money straight away on the phone!!

Quick question - Hopefully at some point next year sooner rather than later if I get a bonus at work (fingers crossed!!) my debts will be ready for full and final settlement - so Im now thinking of trying to start re-buidling my credit score.

Has anyone used one of the bad credit rating cards? How did you find it, did you manage ok etc and do they really make a difference? Bit nervous of trusing myself with one if Im honest.

Going to bite the bullet this week and order my file from Experian - would you believe 3.5 yrs in and Ive never even had a look at it? too scared!!

Hopelessly_Hopeful

Brussel_Sprout wrote: »

Hi Guys,

Havent been on for ages as just merrily ticking along. Had a few issues with Natwest not closing an account Id paid off an dthen kept charging me for me, but I only realised as I was ringing them to get an outstanding balance and it was more than last time when theyre supposed to be holding interest?! Anyway the girl I spoke to was really nice and helpful and sorted it out and refunded the money straight away on the phone!!

Quick question - Hopefully at some point next year sooner rather than later if I get a bonus at work (fingers crossed!!) my debts will be ready for full and final settlement - so Im now thinking of trying to start re-buidling my credit score.

Has anyone used one of the bad credit rating cards? How did you find it, did you manage ok etc and do they really make a difference? Bit nervous of trusing myself with one if Im honest.

Going to bite the bullet this week and order my file from Experian - would you believe 3.5 yrs in and Ive never even had a look at it? too scared!!

Congratulations on nearing the end of your plan. If you are going to do F & Fs it would appear you will have less chance to the longer you leave it as they otherwise just think only 6 months to wait and we will have the lot. I'll be interested to hear how you get along. Good luck

HHx

skintkazza

Hi

This is my first post on here.

Firstly just wanted to say thank you, i have spent weeks reading this site and everyone seems so friendly and helpful.

I am currently dealing with payplan setting up a DMP. Although they have been friendly and helpful, they seem to be rushing through it. I have given them all the info on my debts and living costs and they have come up with a DMP plan. When i asked them if they couldexplain to me the difference between a DMP and a IVA they simply dismissed that a IVA wasnt for me without explaining why, is it possible to change the person i am dealing with? Others i have spoke to have seemed a lot more helpful.

I would like to stick with a DMP as i want to pay my full debt off. Just a couple of questions. How long does it take to set up? I am already behind on payments and scared. Also do Payplan help with all the phone calls and letters from the creditors or if someone doesnt agree to it. And what kind of a effect does a dmp have on my credit rating (not that i want to ever borrow again) but could i rent for example or is that unlikely? They say my plan could last 9 years!

Thanks for any help and advice your have, this is all so new to me

Hopelessly_Hopeful

skintkazza wrote: »

Hi

This is my first post on here.

Firstly just wanted to say thank you, i have spent weeks reading this site and everyone seems so friendly and helpful.

I am currently dealing with payplan setting up a DMP. Although they have been friendly and helpful, they seem to be rushing through it. I have given them all the info on my debts and living costs and they have come up with a DMP plan. When i asked them if they couldexplain to me the difference between a DMP and a IVA they simply dismissed that a IVA wasnt for me without explaining why, is it possible to change the person i am dealing with? Others i have spoke to have seemed a lot more helpful.

I would like to stick with a DMP as i want to pay my full debt off. Just a couple of questions. How long does it take to set up? I am already behind on payments and scared. Also do Payplan help with all the phone calls and letters from the creditors or if someone doesnt agree to it. And what kind of a effect does a dmp have on my credit rating (not that i want to ever borrow again) but could i rent for example or is that unlikely? They say my plan could last 9 years!

Thanks for any help and advice your have, this is all so new to me

Hi Kazza - Welcome to the site. Have you seen this IVA guide?
http://images2.moneysavingexpert.com/attachment/ivaGuide.pdf

As I understand it IVA is more formal than a DMP, it costs you to set up but only lasts 5 years and is more suited to those with a mortgage who want to avoid bankcrupcy. Credit rating shot anyway, more on that later, one step at a time. My advice is to call payplan and ask them to re explain why they think you are more suited to a DMP. I'd advise you to use the CCCS debt remedy tool online now and see if they think you would be better with dmp rather than IVA. It's anonymous so you loose nothing from spending a few mins putting your information in and it ma give you piece of mind.

I have a dmp with CCCS, I did it all online and had everthing in place including new bank account in ten days.

I look forward to hearing how you get on.

HHx

kingston_2730

Is it possible to start out on a DMP and if things aren't going well, then switch to an IVA?

Merecat_2

I have had court papers served on me, I sent the papers back saying i acknowleged them but was going to defend claim. I have requested a copy of my credit agreement from MBNA, as they reckon the account was opened year 2000.

Can anyone advise if the defence has to be written in "law language" or can I just explain in plain english why I defend the claim and that I am prepared to pay in installments?

I have read and reread this forum but I am sorry to say I am mentally and physically exhausted and I just cant take it all in. I have about 10 days left now to get the defence in. Or should I just admit it and offer payments?.

I am with CCCS and have been since last October and havent missed a payment. I cant understand why they have issued this as I am trying my best. What is the judge likely to do? has anyone had experiene of this?. I dont feel as though I have got any fight in me, especially when it is so complicated.

I am totally lost in a dark place.

kingston_2730

Merecat wrote: »

I have had court papers served on me, I sent the papers back saying i acknowleged them but was going to defend claim. I have requested a copy of my credit agreement from MBNA, as they reckon the account was opened year 2000.

Can anyone advise if the defence has to be written in "law language" or can I just explain in plain english why I defend the claim and that I am prepared to pay in installments?

I have read and reread this forum but I am sorry to say I am mentally and physically exhausted and I just cant take it all in. I have about 10 days left now to get the defence in. Or should I just admit it and offer payments?.

I am with CCCS and have been since last October and havent missed a payment. I cant understand why they have issued this as I am trying my best. What is the judge likely to do? has anyone had experiene of this?. I dont feel as though I have got any fight in me, especially when it is so complicated.

I am totally lost in a dark place.

Merecat, sorry I can't help you. This is the very reason why I am considering an IVA instead of a DMP. I sure hope those with more knowledge than I will come along to help you soon. Stay stong.