DMP & Mutual Support Thread - Part 8

catwoman150

Has anyone been able to successfully remortgage whilest on a DMP ? I have been on a DMP for about 3 years and got about 6 years left on it.

2spicy

Well, stumped up some cash today and subscribed to Experian to view our credit score. Imagine our shock when we had scores of 948 & 917 respectively... So, dispite having 4 defaults on file, we're classed as 'Good' to our creditors, and in the extremely low risk category
Also, last months missed payments have been corrected and our scores now reflect the accounts are all in good order.
This weekend were taking the family for a mini ad-hoc celebration

thegazp

Afternoon fellow DMPers

I have finally sent of my statements, proof of income and authorisation to act for the Payplan. I'm aware taht I've probably got some difficult creditors (Natwest, HSBC, Barclays, Wonga and Quickquid), so some horrible times lie ahead. However, I'm here now and determined to make the most of it. My total debt is £10,000 and I'm repaying £110 a month, possibly upping to £150 later this year and £200 from January, providing budgeting goes ok for the first 3 months.

It's been an awful 3 years of struggling to admit there was a problem. It only really sunk in when I started missing meals every day so that our food budget went far enough to feed my OH and son properly. I was sick of spending night after night lying awake until 3am worrying if we'd run out of nappies before payday or how I would get to work with a car running on fumes. I dreaded making the call to Payplan, but I can honestly say it was one of the most liberating moments of my life. They're absolutely delightful on the phone every time I speak to them, so much so that I'm not overly scared of my creditors now. I no longer even feel like a massive failure.

That's my two-pence really. ut I was wondering how everyon else had got on with getting interest frozen and potential F&F settlements with any of the creditors listed above. Any suggested tactics for this battle would be greatly appreciated!

Chin up and soldier on everyone. Coming from someone who spent 12 months lurking, you're all very inspirational and very brave!

wendy1950

Hi this was posted earlier but no answer

On a plus side Simply Be (reliable collections) have accepted my DMP and stopped interest, but they say providing payments are received every 28 days, surely CCCS would have told them it is 25th of every month, are they setting me up to fail? Should I contact them or leave it and see what happens?

this has happened to my sister in law too, what happens as it wont be paid every 28 days will it?

Growurown

wendy1950 wrote: »

Hi this was posted earlier but no answer

On a plus side Simply Be (reliable collections) have accepted my DMP and stopped interest, but they say providing payments are received every 28 days, surely CCCS would have told them it is 25th of every month, are they setting me up to fail? Should I contact them or leave it and see what happens?

this has happened to my sister in law too, what happens as it wont be paid every 28 days will it?

I would contact Simbly Be and tell them they have to have payments on the 25th like it or lump it. If they say it can't be done then I would tell them it is the 25th, you can't do anything about it, end of story and see what they do. I doubt that they will do anything providing they can see payments coming in regularly. If they do continue to charge interest there are letters etc. you can send to ask them to reconsider.

Squirrel29

Hi, not posted in a while as all has been quiet on the DMP front... until now! I've been in DMP with Payplan for 16 months and at my review I upped payments from £101 to £120. Always paid on time. I owe £2300 approx on N'wide CC. They decided last Dec they wanted more than the £10.50 sorted out on DMP and offered f and f of £1500 or £50 a month. I rejected this as knew the moment the apple cart was upset on DMP ie one creditor suddenly getting more, then the plan would fall apart. They sent court papers and Payplan legal team returned them with my I & E and offering what I already pay on DMP.

Today I've got a CCJ for £85 a month instalments!! I'm going to ask for redetermination hearing but sods law, Payplan now shut until after Monday for advice!

Any advice? I'm worried as last month a got 10 months back pay of £120 plus earned £250 overtime but this isn't regular and in fact has all but stopped, so if I take recent bank statement, it looks like I'm lying about income. By the way, I spent extra on having dead and dangerous tree removed from garden, so not on luxuries!! I'll also post on main Debt free forum.

savvykaz

Can anyone help me? I've pm'd ianuk twice asking for a DMP thread member number but I've not had a reply . Does anyone know if he's away at the mo?

justick9

Hi, my DH and I have around £37,000 in credit debt which we have pathetically 'attempted' to pay off over the last three years and haven't achieved anything. We are absolutely terrible at budgeting, we both earn a good wage and think we have a blinkered approach whereby we have lifestyles we feel we ought to be able to maintain. Having said that we are not lavish, we havent had any extravagant holidays - this year we are visiting my parents in Ireland for a week.
We have two children who have one club each a week that is paid for. We shop at Aldi wherever possible and buy our clothes generally from the supermarket. Our achilles heel is takeaways, probably buying 3 or 4 a month. We have very high commuting costs, jointly around £450 a month.
The upshot is, after outgoings, incl food (£450) and all household bills we have around £800 to pay off our debts with. We have investigated a DMP through CCS because we are so badly disciplined and that says we would clear everything in 3 years 9 months.
We are speaking to the bank tomorrow to investigate a bank loan because we are terrified of the long-term affect a DMP will have to our credit rating. I understand it stays on your credit record for 6 years after each account is settled, which means our record would still be tainted in 9 years or so.
This debt is really dragging me down now and we want rid of it but I really don't know the best option to take, I don't know if the bank will even offer us a consolidation loan at this point but am investigating all options available to us and would like to know what everything thinks about a DMP v bank loan. We haven't defaulted on any payments to date. Any advice much appreciated.

Growurown

justick9 wrote: »

This debt is really dragging me down now and we want rid of it but I really don't know the best option to take, I don't know if the bank will even offer us a consolidation loan at this point but am investigating all options available to us and would like to know what everything thinks about a DMP v bank loan. We haven't defaulted on any payments to date. Any advice much appreciated.

We were pretty much the same as you and we went for the DMP. No one would look at us for a loan once the recession hit, too much credit on our file already. However I wouldn't want to influence you in any way as the decision must be yours. The only problem I can see going down the bank loan route, assuming you get one, is that credit is still available to you in the form of CC's etc. You would have to very disciplined and under no circumstances take on any more credit as a year down the line you will be back to square one and owing even more. The advantage with the DMP for me and OH who have no discipline whatsoever is that we can't take on more credit.

wendy1950

Justick9

I would not take another loan to consolidate, look at it logically if you admit to a problem now you have debts that will take over three years to pay off, hopefully mostly interest free, if you take a loan out it will be at least 5 years I would imagine and a huge amount of interest, yes your credit rating will be affected but getting credit is not always good as you have found out, if you feel you must have credit in the future you will get it eventually, we were made bankrupt back in 1991 we had a mortgage within 6 years, we survived and now we are very careful not to have debt at all, it is a much better feeling to be debt free than have a so called good credit rating.
JMHO