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dmp question?

redapril
Posts: 51 Forumite
hi there,
i have recently had a pay rise :j and so need to do a review on my dmp and increase my montly payments. current monthly payment at mo is £286 which is split as follows:-
barclays - £186.13 (18,983.86 o/s)
mbna - £39.04 (1,939.48 o/s)
freemans - £60.83 (606.25 o/s)
I think my new monthly payments will be in the region of £350 which is exactly what my monthly payment on my barclays loan was before i entered the dmp. so over the course of the next year or so freemans and mbna will be gone just leaving barclays. will i then have to come out of the dmp as i will effectively no longer be in difficulties as my monthly payment will be what it was before i entered the dmp?
if so, could i then ask baralcys to remove the horrible default notice from my credit file? :question:
i know this is a bit of a way in the future but im all about the future planning at the moment!!!
i have recently had a pay rise :j and so need to do a review on my dmp and increase my montly payments. current monthly payment at mo is £286 which is split as follows:-
barclays - £186.13 (18,983.86 o/s)
mbna - £39.04 (1,939.48 o/s)
freemans - £60.83 (606.25 o/s)
I think my new monthly payments will be in the region of £350 which is exactly what my monthly payment on my barclays loan was before i entered the dmp. so over the course of the next year or so freemans and mbna will be gone just leaving barclays. will i then have to come out of the dmp as i will effectively no longer be in difficulties as my monthly payment will be what it was before i entered the dmp?
if so, could i then ask baralcys to remove the horrible default notice from my credit file? :question:
i know this is a bit of a way in the future but im all about the future planning at the moment!!!

LBM - JULY 2008 - Wage cut followed by redundancy made me realise how much i was living beyond my means.
Debt in July 2008 = £30,049.59 / Debt today = £20,173.82 / Total paid off = £9,875.77 (32.86%)

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Comments
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A nice payrise - good news
I dont think Barclays would remove the default as you did default on the terms and conditions of your contract and I presume they have frozen interest and charges while you repay them. You cannot go back to the contract you had as its now defunct and I doubt they would give you a new agreement....Light Bulb Moment - 11th Nov 2004 - Debt Free Day - 25th Mar 2011 :j0 -
Who are you on your dmp with?
If it's any consolation, I've increased my payments on my CCCS dmp considerably over the last couple of years due to job change and much more money and some of my dmp payments are more than the minimums I was paying before my dmp but both Barclays and MBNA have still kept interest frozen as long as I agree to stick to the minimum originally agreed on my dmp when it first started (MBNA - £61 when first started and now £178 and Barclays £27 now £119) and both have been very good and accommodating.
I have many more creditors who have all mainly been very good.
I've not asked for any defaults to be removed but no harm in trying.
Good luck with it.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
thanks jinx
been on a much reduced wage since 2008 so feels good to finally be moving upwards and not down anymore!
DID - im with cccs also. i think thats one of the things i was trying to get my head around - whether i would have to start paying interest again if i met or exceeded the previous payment. but if the old contract is now defunct then i suppose they cant?! (but ive learnt to never say never when it comes to creditors!!)
i will try with the removal of the default as it was only applied to my credit file in 2010, when i actually defaulted on the agreement in 2008?
thanks for your repliesLBM - JULY 2008 - Wage cut followed by redundancy made me realise how much i was living beyond my means.Debt in July 2008 = £30,049.59 / Debt today = £20,173.82 / Total paid off = £9,875.77 (32.86%)0 -
thanks jinx
been on a much reduced wage since 2008 so feels good to finally be moving upwards and not down anymore!
DID - im with cccs also. i think thats one of the things i was trying to get my head around - whether i would have to start paying interest again if i met or exceeded the previous payment. but if the old contract is now defunct then i suppose they cant?! (but ive learnt to never say never when it comes to creditors!!)
i will try with the removal of the default as it was only applied to my credit file in 2010, when i actually defaulted on the agreement in 2008?
thanks for your replies
Creditors just seem to blow like the wind if you see what I mean.
I felt the same as you but it seems as long as I didn't go below the minimum that was agreed when my dmp first started then they will continue to freeze interest. I've not changed contract, just increased payments so not sure I understand about the old contract?Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
thanks jinx
been on a much reduced wage since 2008 so feels good to finally be moving upwards and not down anymore!
DID - im with cccs also. i think thats one of the things i was trying to get my head around - whether i would have to start paying interest again if i met or exceeded the previous payment. but if the old contract is now defunct then i suppose they cant?! (but ive learnt to never say never when it comes to creditors!!)
i will try with the removal of the default as it was only applied to my credit file in 2010, when i actually defaulted on the agreement in 2008?
thanks for your replies
Okay perhaps I didnt explain that quite correctly.... you broke the contract hence the default, thats fine. However the contract still exists in that you owe the money and they can start to charge interest etc at their discretion (but usually dont while you make the payments as agreed). What I meant about the contract being defunct is that you could not put yourself back to the position you were in before you defaulted ie paying as normal, no default without Barclaycard agreeing and they wouldnt as you defaulted. Make sense??Light Bulb Moment - 11th Nov 2004 - Debt Free Day - 25th Mar 2011 :j0
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