DMP & Mutual Support Thread - Part 8

sickasachip13

Hi pumpkin,

When you get your pack through it will have the budget, also, once you're set up you'll be able to see you budgets, statements, list of debts etc etc online.

BTW, I did two short blogs for CCCS about going on a DMP, you can find it by looking up the info in my thread.

SAAC

sickasachip13

Typhoo, I'd echo what Wannabefree said, one of our creditors wrote to us early into the DMP and said they would not accept, others we heard nothing from at all, others were a bit more on the ball (although I'd say it still took a little while). We're 15 months in and they all came on board, although MBNA, who refused the DMP have never contradicted that although they take the payments every month and stopped the % from the start. Be patient!
SAAC

BlushingRose

Mort wrote: »

CCCS are right. With a DMP it is not necessary to have all creditors agreeing. I suspect a ploy to try and get more money out of you. Sit tight, stay calm and carry on.

Thanks so much xx

sickasachip13

Well, I've just come out of my mobile contract and have a new deal - I was paying £24.50pm now I'll be paying £1.31 per month :T - well, £10.50 but because of the cashback thingy it works out at £1.31 for 500 texts and minutes over 24 months. AMAZING.

I've also renewed our car insurance which, if it all goes through and is legit, is literally half the price we were paying.

We're going to be able to put our DMP payment up again which should keep the preditors at bay :j

BlushingRose

Wannabefree1 wrote: »

On a budgetary front it's been nice to have money this month to buy school shoes and trousers for the eldest. I never realised how bad it had got and how much we were going without essentials! I'm now even able to build a safety net fund up at £50 a week.

I'm impressed that you can do this!
We're not doing quite so well, moneywise.
(Now at £29 to last us until the 24th)

typhoo_2

sickasachip13 wrote: »

Typhoo, I'd echo what Wannabefree said, one of our creditors wrote to us early into the DMP and said they would not accept, others we heard nothing from at all, others were a bit more on the ball (although I'd say it still took a little while). We're 15 months in and they all came on board, although MBNA, who refused the DMP have never contradicted that although they take the payments every month and stopped the % from the start. Be patient!
SAAC

Thanks a lot for this!

Does a DMP affect your credit rating if you never miss a payment, pay token amounts for one month whilst the plan gets set up and then pay creditors through DMP? Answer is probably yes, but is it a massive hit on your credit score?

sickasachip13

typhoo wrote: »

Thanks a lot for this!

Does a DMP affect your credit rating if you never miss a payment, pay token amounts for one month whilst the plan gets set up and then pay creditors through DMP? Answer is probably yes, but is it a massive hit on your credit score?

Yes it does because the defaults will be marked, and they're taken seriously by lenders. I don't know much about credit reports but I guess they'd also mark that the contractual payments aren't being met - anyone?

ianmak

sickasachip13 wrote: »

Yes it does because the defaults will be marked, and they're taken seriously by lenders. I don't know much about credit reports but I guess they'd also mark that the contractual payments aren't being met - anyone?

Yeah, what they said! But as I always say, what are the alternatives?

typhoo_2

sickasachip13 wrote: »

Yes it does because the defaults will be marked, and they're taken seriously by lenders. I don't know much about credit reports but I guess they'd also mark that the contractual payments aren't being met - anyone?

Ok thanks for letting me know. So does every payment count as a default through the DMP? Or is it just the first few?

I'm concerned as I'm currently 24 (with nearly 30k debt) but taking action now. My main aim is to try and get a mortgage when I'm around 30 and with a family hopefully! My DMP is scheduled to run for 5 years so hoping to be done with debt by the time I'm 30. Realistically will I be able to get a mortgage at that time with my credit score?

Wannabefree1

BlushingRose wrote: »

I'm impressed that you can do this!
We're not doing quite so well, moneywise.
(Now at £29 to last us until the 24th)

Hi BR,

I'm concerned that it's so tight for you. Are you still keeping a spending diary? I'm just wondering whether your budget isn't quite right with CCCS. Or have you had added big expense to pay a well this month?

We were allowed £20 per person for a clothing fund a month (4 of us). So it meant I'd transferred £80 into a second account when I got paid. And therefore had enough money this month to sort eldest out who was nothing short of desperate! I doubt we'll need £80 a month - we're not used to replacig our clothes - but there are a few items like hubby's work boots that we need to sort out ASAP. Then I'm going to let the fund increase for a while and eventually shave some off into a lump some for the DMP (as advised the best was by Payplan)

Shopping fund for food isn't so great. I think I have 55 left for the next 2.5 weeks. But I do have some stuff still in the house as I start the month with a big monthly dry stores/freezer shop. But can then spend an extra 40 a week on fresh stuff. So this will be my challenge the next 2 weeks!

I hope you an pinpoint what's causing things to be tight for you and get it corrected. I think all you would need to do is phone CCCS and tell them it's not working for you and in what areas.

Did you ever post a SOA - maybe one with your CCCS budget and comments where your struggling - perhaps we can spot something and help you?

I feel some cyber hugs looming for my (((twin)))