DMP Mutual Support Thread - Part 7

mikon

Came downstairs this morning to see a white envelope lying on the door mat marked Private & Confidential. Picked it up looked at he return address immediately recognised it as one of my creditors. (Now how many people on here do that each morning with the post, I bet there is alot)

Opened it to find a (big pause filled with anticipation) a Default Notice from the Co-op. There was a time when I would panick seek advice on this forum but now I think well I have been on a DMP for a year with these guys they must serve them after 1 yr. Put DN back in envelope and filed.

Now the DN has been served they can now sell the debt on but I am not sure if they will at this point so I will just go back in to relax mode and wait and see.

What I am trying to say to all the newbies on here is if you get a DN in the future read the first couple then just file. It is part of the process and its something that has to be done. Whilst it has ruined my credit score for 6 yrs I am not bothered because i will not want anything on credit again. If something is worth having its worth saving for.

So have a good weekend relax and be worry free for a few days.

I will pop back on over the weekend should anyone need support or assistance.

forresgirl

Hi all

Have spent a couple of days reading all this!! I have recently come to the conclusion that we cannot go on like this!! I have recently completed half of the CCCS Debt Remedy forms (need to find some info to complete). Now we have a joint account with Halifax (in overdraft) and I have a CC with them. Now I also have a joint account for my business earnings with my friend. (Run immaculately with no problems). Now I am pretty sure that if I start on a DMP this is going to impact on her credit rating as she will be linked to me financially? I do not want her to know that we are having private financial problems. Am I right, and if so is there anything I can do? Am feeling very down at the minute and just want to get this sorted. Can anyone help with advice?

mikon

forresgirl wrote: »

Hi all

Have spent a couple of days reading all this!! I have recently come to the conclusion that we cannot go on like this!! I have recently completed half of the CCCS Debt Remedy forms (need to find some info to complete). Now we have a joint account with Halifax (in overdraft) and I have a CC with them. Now I also have a joint account for my business earnings with my friend. (Run immaculately with no problems). Now I am pretty sure that if I start on a DMP this is going to impact on her credit rating as she will be linked to me financially? I do not want her to know that we are having private financial problems. Am I right, and if so is there anything I can do? Am feeling very down at the minute and just want to get this sorted. Can anyone help with advice?

Forresgirl

My understanding and I am not an expert is that your credit rating will be trashed, but it should not impact on your business partners credit rating as she has not breached any agreements or defaulted. Credit scoring is done on names and are not linked unless the account is joint and it has breach the credit agreement. As you have stated your business finances are ok it may only impact on the business if you go to get future credit for the business.

I think you will be fine. However as I say I am not an expert hopefully someone will come along shortly and answer your question. Failing that you can speak with CCCS or National Debt Helpline who will be able to advise you.

Hope this has put your mind at rest.

Mikon

forresgirl

Hi Mikon

Thank you so much for taking the time to reply! Am feeling pretty rubbish at the moment and all sorts are going through my head. Just to clarify it is a joint basic account not a business account with Halifax. Am also a bit worried that they will try to offset monies from it towards my debts. Anyhow will complete the CCCS forms and see what it produces and go from there. Again thank you so much for the help.

mikon

forresgirl wrote: »

Hi Mikon

Thank you so much for taking the time to reply! Am feeling pretty rubbish at the moment and all sorts are going through my head. Just to clarify it is a joint basic account not a business account with Halifax. Am also a bit worried that they will try to offset monies from it towards my debts. Anyhow will complete the CCCS forms and see what it produces and go from there. Again thank you so much for the help.

forresgirl

Am I right in thinking that you have debts with Halifax but you have a basic joint account for your business with Halifax. If that is the case I think they may be able to offset the debt this is known as "The Right to Offset" it is legal and banks can do it, although I am not an expert on this. Generally speaking people normally open a new bank account with a bank that they have no debts with to protect themselves and their wages from being offset. Contact CCCS on Monday to seek advice. Do not worry about this if you read my previous posts you will see some of the worries I had when I first set out on a DMP a year ago. You will read that I encountered all the worries you are going through now and this is all down to lack of knowledge and understanding. I have taken on some of the biggest financial houses in the world and won and its because I have had the knowledge and confidence to tackle my debts head on and to tell the banks I will pay but on my conditions not theres anymore.

Relax and enjoy your weekend I know its easier said than doen but do try.

If you need to talk I am here

Mikon

Hopelessly_Hopeful

Hi All

Sorry for the me me post but snowed under with stuff at the mo.

I seem to have two lots of interest charges and am wondering if this is the interest on interest I read something about a while back. Does anyone have any information on this please?

Hope you all have a good weekend.

HHx

forresgirl

Hi Mikon

Once again thanks, and yes you have got it right. I think I will have to open another joint business account with another bank as well as our personal ones. Must admit had a bit of a weep when I read your reply as it made me realise what a mess I am in but at least there are other other people out there ready to give advice and help. Will finish completing forms this weekend and hopefully speak to CCCS on Monday. Will try and enjoy what's left of the weekend and hope you all do to!!

jules1973

I was all excited when Halifax CC froze interest last month although they did not accept DMP in writing.

Now I get statement to see they have added £100 of charges on. Guess I will put in a low F&F offer to them when we get our compensation money:p

midget123

Hi all,

Finally plucked up enough courage, to start the process of a DMP with the cccs. Can't sleep due to worrying about WHAT IF!!!! I have found this forum has put my mind at rest a little bit. Hope that I will feel better once the ball starts rolling.

mikon

midget123 wrote: »

Hi all,

Finally plucked up enough courage, to start the process of a DMP with the cccs. Can't sleep due to worrying about WHAT IF!!!! I have found this forum has put my mind at rest a little bit. Hope that I will feel better once the ball starts rolling.

Midget

You will have days when you think what's the point, but i am a year in an I can assure you it is worth it. You will imagine the worst Bailiffs, court and all that but the reality is if you make a payment generally speaking the creditors are quite happy to work with you, although do bear in mind that with DMPs there is no consistency.

I have had some ups and downs but on the whole it has been better than what i thought and i have been able to pay over £7k off my debt if i had not embarked on a DMP i would not have paid that amount off the overall debt.

Good Luck and keep your chin up, remember you can only pay what you can and nothing more.

Best wishes

Mikon