DMP Mutual Support Thread - Part 7

MissPriss

Hang in there OdOd - things are never as bad as they seem, honest! MP

eyeopener2

OhdearOhdear wrote: »

Oh dear, that doesnt sound good! We live in a one bedroom cottage bought 2007 for 80k, prob worth 65K now. We have an 18 month year old with one on the way so one bedroom just isnt going to cut it.

Looks like I'm going to have to cancel the dmp but I've started defaulting on all my debt now!

Ill have to work three jobs forever! No way my partner will put her credit rating in jeopardy.

/rant

Why not try self managing a DMP? Others on this thread are doing that and have found it a good way to go about things. Your more in control.

Worth a thought?

E2

bones65

hows that work im with CCCS

OhdearOhdear_2

Many thanks for the responses, I have just got off the phone with payplan - who have always been polite and helpful.

They say that my reasons for wanting to leave the northern rock unsecured joint loan seperate are good enough and we can go ahead and just concentrate on my cc's and OD.

From reading this thread from part 1 I noticed that its a rollercoaster ride for the first few months and you just gotta hang on in there.

I was contemplating a DIY DMP but thankfully things should be sorted... For now at least!

Again many thanks to all the regulars who post here offering support and advice, I'm sure you've helped many people through tough times.

Hopelessly_Hopeful

MissPriss wrote: »

Hello again folks!
When you first send the letter to the preditors to say "please freeze this account, I'm arranging a DMP", does it make any difference, do you think, to send a "token payment"? It's just that I don't see that they will then think "oh, she's alright really, let's do as she asks, she has sent us a £1 after all" Any thoughts?
MissPriss

I'd send £1 tokens it's important you are seen to be trying. It will be less than your DMP and less than you were paying!

Let us know how you get on

HHx

Hopelessly_Hopeful

bones65 wrote: »

Hi
Been on DMP now since January to clear 25k of unsecured debts.
fairly newby to all this. Firstly i have 4 creditors to payoff (credit cards only)
Have been trying to save money since xmas ie switch utilities, reduce spending and cancelling phone contract in July to pay as you go. Even been able to set up a slush fund for rainy day. Two of my creditors have stopped interest on payments the other 2 havent and i am incurring more charges than payments now. Have wrote to them but nothing back as yet. Any advise.

also what does
DCA, PPI, F&F AND UE all stand for sounds like some kind of dating termonology

Trust me DMPs and the the related jargon are way less complicated than dating!!!!!

DCA = Debt collection agency

PPI= payment protection insurance

F+F = Full and final

UE = Unenforceable

Hope that helps

HHx

Hopelessly_Hopeful

OhdearOhdear wrote: »

Thanks for responding hoplessly hopeful, yes the NR mortgage and the unsecured loan were in both our names but I am the only one struggling with finances.

I guess I am just wondering if my partners credit rating will take a hit if she defaults on the loan as they are both being paid from her account.

I just thought that by doing this DMP I could get my finances in order-didnt think it would affect her at all. At the moment she will not default on the loan so I think my options are 0 for now.

Not sure what the next move is, seems unfair we both have to be affected.

Edit: Just noticed hoplessly hopeful, you say credit rating shot for 6 years AFTER the dmp is completed? Not 6 years from the first default?

Thanks in advance

It's a rocky road, especially at the start isn't it.

I used to think defaults were dreaded but they are actually easier on your record as they fall off 6 years form being put on. An arrangement to pay or arrears also stay on for 6 years so for example when mine finishes in 3 years time and it still has AP in that month the 6 years then starts ticking!

Who are you applying for your DMP with?

Yes unfortunately if the loan defaults your partners rating will be affected.


It often feels like it's getting worse before it gets better, hold in there.

HHx

CommitedToChange

Ah its a red letter day - I have received my first default notice. Do I need to tell CCCS as or does it not really change anything as I am already on my DMP?

Hope everyone has survived the Monday blues

Hopelessly_Hopeful

OhdearOhdear wrote: »

Oh dear, that doesnt sound good! We live in a one bedroom cottage bought 2007 for 80k, prob worth 65K now. We have an 18 month year old with one on the way so one bedroom just isnt going to cut it.

Looks like I'm going to have to cancel the dmp but I've started defaulting on all my debt now!

Ill have to work three jobs forever! No way my partner will put her credit rating in jeopardy.

/rant

I think that's excellent advice from E2. You can always approach CCCS or Payplan later. Lots of people here have had good success with self managing.

HHx

Hopelessly_Hopeful

OhdearOhdear wrote: »

Many thanks for the responses, I have just got off the phone with payplan - who have always been polite and helpful.

They say that my reasons for wanting to leave the northern rock unsecured joint loan seperate are good enough and we can go ahead and just concentrate on my cc's and OD.

From reading this thread from part 1 I noticed that its a rollercoaster ride for the first few months and you just gotta hang on in there.

I was contemplating a DIY DMP but thankfully things should be sorted... For now at least!

Again many thanks to all the regulars who post here offering support and advice, I'm sure you've helped many people through tough times.

Our posts crossed. Glad you are getting sorted

HHx