DMP Mutual Support Thread - Part 7

isthisnamefree

Hi everyone,

Well, I got started with my DMP and then managed to stick my head back in the sand again before completing it.:o

6 weeks later and I'm back on the case. I've set up my back up bank account with the co-op and am in the process of changing my monthly non negotiable direct debits.

I was about to start work collecting the information required by CCCS to complete the set up of my plan when I suddenly had a thought that terrified me.

One of the cards I have is with Santander, but I also have my mortgage with them. I'm terrified that if I default on payments with them it may have a negative effect on my mortgage, especially as it's up for renewal August 2012.

Now, thankfully Santander only gave me a £900 credit limit and as I haven't maxed it out, the payments are only £14 a month.

Should I leave the Santander card off my DMP so as to avoid any difficulties with the mortgage? As I'm pretty certain I can make the monthly payments on this card.

Thanks in advance for your help.

M

ianmak

isthisnamefree wrote: »

Hi everyone,

Well, I got started with my DMP and then managed to stick my head back in the sand again before completing it.:o

6 weeks later and I'm back on the case. I've set up my back up bank account with the co-op and am in the process of changing my monthly non negotiable direct debits.

I was about to start work collecting the information required by CCCS to complete the set up of my plan when I suddenly had a thought that terrified me.

One of the cards I have is with Santander, but I also have my mortgage with them. I'm terrified that if I default on payments with them it may have a negative effect on my mortgage, especially as it's up for renewal August 2012.

Now, thankfully Santander only gave me a £900 credit limit and as I haven't maxed it out, the payments are only £14 a month.

Should I leave the Santander card off my DMP so as to avoid any difficulties with the mortgage? As I'm pretty certain I can make the monthly payments on this card.

Thanks in advance for your help.

M

As far as I'm concerned they keep it all separate, so you can include the Santander Card (You have to) without any worries. Speak to the DMP company if you wanted to confirm this. I've had my mortgage with Nationwide for years, and also had a Flex account which got added onto the DMP. Despite Nationwide being awkward, the fact that I had a mortgage with them was never an issue.

ex-rayday

I agree you have to include the credit card into the plan. I personally wouldn't worry too much about the mortgage deal, your DMP whether you include Santander card or not is going to effect any future mortgage deals. With the way the finance world is now you may have to live with your mortgage for now staying with the current provider. Our deal came to an end this February, and I haven't even bothered looking round I know people are struggling with "good" credit histories to get deals so I wasn't prepared to stress myself. I am not sure without you changing your current mortgage product if they can up the rate from the contracted rate (after any special offer rates that will end in August 2012), you may have to check small print. However, if you approach them then they will do credit searches and any new deal could be at a higher rate, if any of that makes sense.

Ellieseleven

Just popping in to say Hi to everyone and glad to see that the DMP's are kicking in. I've posted all of my stuff off to CCCS etc but I'm working away from home all this week so not sure what's happening although OH has let me know that we have a pile of post:eek: (he's not opened any of it!!)

Anyway I have all of that to look forward to tomorrow night:o

hope everyone is o.k. and will catch up as soon as I emerge from the mountain of post:)

ex-rayday

My hubby never opens letters either, we - sorry slip of the tongue, I run our own DMP and he dosen't even read the letters I put in front of him to sign, he joked the other day "why haven't you worked out how to sign them for me yet!"

Just remember in the first few months of a DMP most of the mail you get is computer generated and bears no resemblance to the contact you have had with them. So can on the whole be filed and look out for the "ifs, maybes and coulds" that they tend to litter there letters with.

5 years down the line now I think we are and I need another file, think soon we will be one for each company! Although for the last 4 1/2 years it is mainly a bi annual or annual statements. Catalogues are the worst for sending out piles of meaningless letters.

sjlb

Hi Everyone

I am just looking for some advice before I really fall to pieces!! We started a DMP in June with Pay Plan and most creditors have agreed except Natwest and Barclaycard, my mortgage is with Natwest so I am really worried it will effect that, as they have already sent a letter about the mortgage being fully payable if I don't come up with a suitable repayment plan (I pay my mortgage to their terms, no arrears etc) but I think it was just trying to scare me to call them! (which I have 3 times can't speak to the person I need to!!)
Any way I am getting myself worked up worrying about creditors taking me to court, charging orders the list endless......... I worry that perhaps a DMP wasn't the best thing to do but I couldn't afford to pay them minimums either.
What I really want to know is does it get better?
I am so worried they will take our house and I will have to explain to parents, children how stupid we have been!!
Any advice from anyone on DMP is greatly appreciated x

ex-rayday

In the early days of a DMP they do make it harder, I am not sure exactly where you stand but I encourage you to speak to Payplan.

I think they are being awkward look at the wording of letters carefully and you usually spot the coulds maybes etc, one desperate moment I actually highlighted words that added uncertainty rather than fact, bloomin silly looking back but was therapy that day!

The worst I have ever heard is really CCJs where a court sets a level of payment you can afford and it goes on your credit history I don't think they can enforce house sales. My mum went through similar with Lloyds she had mortgage, loan, credit cards and bank accounts and she is still in the house, now mortgage free (due to retirement) and didn't loose anything.

sjlb

Thanks for that, I have spoken to pay plan and they think it's scare tactics. I suppose I shouldn't worry about things that haven't happened yet!! I am such a drama queen, I find it all quite overwhelming and I don't really understand it all yet x

garbaldisham

Hi, I'm a newbie to this thread. We've had a DMP for a year now and it's made life much easier (and to the worried poster it does settle down soon enough once creditors realise they can't get blood out of a stone!)

Anyway, I've got a query - as per Martin's advice, as our home insurance is close to renewal I've been on all the comparison sites and we're paying well over the odds. Only problem is, as a DMP obviously affects your credit rating seriously, will this:

a) Affect any home insurance quote? and

b) Will it affect our ability to pay monthly?

However great the annual saving would be, we're just not in the position to fork out £300 in a lump sum.

Any ideas, anyone?

EDIT - have I put this in the right place? Would I be better asking on another thread?

SarahNeedle1872

Hi all!

Got home today to two letters from MBNA (Virgin and BT cards) saying 'thanks for the I&E, we can't offer you a formal payment plan, but if you keep making the payments you have outlined, we will waive late fees, overlimit fees and future interest charges'..... good right?!

It also said something about adding a note to my credit file, a 'Notice of Correction'.... whats that all about?

Feeling good about things today, because of the letters, and OH gets paid tomorrow so the new month/new budgets can start

Sx