DMP Mutual Support Thread - Part 7

sunnyface

Aaarrrgghhhh I have opened my new account with Santander, but I have an MBNA credit card - will this account still do, or will I need to apply for another account? I'm not entirely sure they are connected, or if they are, if MBNA will be able to access my account :wall:

Twit_Head

sunnyface wrote: »

Ah thanks - so the account is prob fine. Will just ask them to remove OD I think in case I went into it by accident


Brilliant - will check it out - thanks!

Can I annoy everyone by asking yet another question?
At the start of the DMP, the creditors all start issuing default notices - do these continue throughout the entire term, or do they stop after a while?
I'm trying to work out realistically how many years my credit file will be wrecked for -i.e. how many years until I can move house basically.

Hi
Not all creditors will issue default notices (only 1 out of 3 did of mine) but be prepared for them to do so. (Tooth Fairy always reckons she could paper her hall with them ) It seems devastating at first when you are defaulted - 'never missed a payment, been a loyal customer for years and years' etc. but it really is not worth losing sleep over. In all honesty, by not repaying our contractual amount we have defaulted on our account.
So to the nitty-gritty - it is better to receive default notices sooner rather than later. They last 6 years on your credit file from the time of issue. You can only receive ONE default notice per account. The creditor could if they chose, issue a default notice when you are a lot further into your DMP but they are unlikey to do so. When you've been up and running for a while and honouring your reduced payments they tend to let things lie. A reduced amount of money from you is better than none.
Your credit file will be shot with a default recorded on it, but as you can't/don't want credit thats no probs is it? (I've never had any difficulty changing utility suppliers etc with a default registered.) As to moving if you need to remortgage you probably could but expect a not very favourable rate of interest. (Hopefully someone else has more info. than me on this.)
Hope that makes it all a bit clearer for you and other just starting their DMP.

'Twitty'

Twit_Head

sunnyface wrote: »

Aaarrrgghhhh I have opened my new account with Santander, but I have an MBNA credit card - will this account still do, or will I need to apply for another account? I'm not entirely sure they are connected, or if they are, if MBNA will be able to access my account :wall:

Try this link: - https://forums.moneysavingexpert.com/discussion/3270442

I'm sure I recently saw a full list of linked banks/credit companies. If I find it I'll post it.

'Twitty'

Twit_Head

Regarding linked banks/creditors this is a bit better:-

http://www.payplan.com/debt-news/2011/01/20/right-to-offset/

But I do wish I could remember where I had saved the original
(Remember the Chinese venerate their old people )-there is loads of information stored in my brain but the recall system is very flakey

'Twitty'

ianmak

sunnyface wrote: »

Aaarrrgghhhh I have opened my new account with Santander, but I have an MBNA credit card - will this account still do, or will I need to apply for another account? I'm not entirely sure they are connected, or if they are, if MBNA will be able to access my account :wall:

I believe MBNA do or used to administer Abbey/Santander cards, but as long as your card is MBNA and not Santander, you should be ok?

rubyjam

sunnyface wrote: »

Hello - I'm new here and have been reading through the thread, getting myself quite confused.
I have completed the CCCS forms to get a DMP set up.

In general, do the creditors agree to the plan?
I'm quite worried in case they don't and what on earth do I do then?
Do they keep issuing default notices? I keep seeing mention of these. I was kind of hoping that the creditors would all agree, CCCS would then deal with everything and I could just concentrate on sticking to my budget and paying CCCS once a month without worrying constantly about all of the creditors - am I naive to think that it will be as simple as this?

TIA :beer:

Hi sunnyface, I can't offer you much in the way of advice because I'm new here too. You asked in another post how long the DMP takes to set up - I contacted CCCS on 30th June and my first payment is due out on 1st August. So it was 4 weeks for me. I think if you have all your statements and a bank account ready to use then it's up and running quite quickly.

Now I'm hoping that everyone accepts my DMP so that I can get on with paying it all back. I've had 2 default letters already, but I've read on here that it's best to get defaults sooner rather than later.

Good luck with your plan

sickasachip13

Hi Sunnyface,

We moved our account to Santander and owe MBNA a pile of money - we haven't had any problems though. I hadn't even realised they were connected actually.

SAAC13

jo-urney

hi, have been on a dmp with cccs for 13 months now. about 6 months in, we upped our monthly repayments by 25 quid - no complaints from the creditors about that, obviously lol - but this month we've had to put the monthly payment down by about 100 quid (child tax credits have been stopped since the tories lowered the earning threshold, and a stepchild has had to move in with us, making general living/food more expensive, car insurance also went up.....). the first reduced payment is due to come out of our account on 1st august - have heard nothing from any creditors yet about the lower payments, but in anyones experience, what negative things could happen from the lowering of our repayments? could some creditors refuse the lower amount and the dmp fall apart?
the lower payments will only be temporary as the step child is hoping to move out when she finds a job - i am hoping this information will help creditors to accept the payments being lower for a while.

DevonGirl

Hi Jo-urney

I recently posted on here about having to lower my DMP payment and others replied to say they were having to do the same. In my case it was by about £40, due to general cost of living - increase in car insurance, petrol and food. CCCS said I was well below the guidelines for these items so there was some leeway, and they also mentioned that other clients on DMPs were having to lower payments in light of increased prices. My first lower payment went out last month and all my creditors have accepted it. I guess it depends on individual circumstances, how much you are offering in the first place, debt free date etc... But I haven't heard any other posters on this site saying that creditors have declined their offers or DMPs have fallen apart, so I hope that makes you feel a bit better.

Also to add, if you don't have the money, you can only pay what you have! The creditors will just have to wait a little longer for repayment of the debt. You're working with one of the recognised debt charities, along recognised industry guidelines - I don't think you can do anything more. Fingers crossed for you. Hope it all goes well.
DG

jo-urney

thanks devongirl - thats really useful )