DMP & Mutual Support Thread - Part 8

teddyp

Hi ! My husband and i are seriously thinking about going on a dmp with cccs. Have spoke to them regarding budget and the amount they've suggested as repayments is a bit more manageable than the stumbling from month to month that we do... well as my hubby is weekly paid and me 4 weekly more like week to week stumbling ! what my first worry is though is out mortgage fixed rate ran out in may and due to my husbands being self employed we cant fix a rate till he has 2 years of acccounts ( he was employed before that ) which is not untill april next year... So not sure if to carry on stumbling by till we can fix a rate or to risk staying on the standard variable while we pay of the dmp and then i guess till rebuild credit rating after ?? Any advise would be great thank u x

Growurown

teddyp wrote: »

Hi ! My husband and i are seriously thinking about going on a dmp with cccs. Have spoke to them regarding budget and the amount they've suggested as repayments is a bit more manageable than the stumbling from month to month that we do... well as my hubby is weekly paid and me 4 weekly more like week to week stumbling ! what my first worry is though is out mortgage fixed rate ran out in may and due to my husbands being self employed we cant fix a rate till he has 2 years of acccounts ( he was employed before that ) which is not untill april next year... So not sure if to carry on stumbling by till we can fix a rate or to risk staying on the standard variable while we pay of the dmp and then i guess till rebuild credit rating after ?? Any advise would be great thank u x

Sorry not sure but hopefully someone else will know. Usually if you are in debt and struggling I would advise to start the DMP asap but I don't know enough about mortgages to be useful here:)

teddyp

thank you growurown....Im going to speak to the cccs and see what they suggest... i'm just worried that if we don't fix our rate before then, we will have no chance for 6 more years from what i've read about defaults that you will get when start a dmp.It would be ok if rates stay the same or less but who knows what will happen.

Thanks again for your reply x

Growurown

teddyp wrote: »

thank you growurown....Im going to speak to the cccs and see what they suggest... i'm just worried that if we don't fix our rate before then, we will have no chance for 6 more years from what i've read about defaults that you will get when start a dmp.It would be ok if rates stay the same or less but who knows what will happen.

Thanks again for your reply x

Yes it is all a bit of a gamble isn't it - only with stuff you can't afford to lose! If you go on a DMP you will definitely be defaulted but how this affects mortgages I have no idea. My guess would be that it wouldn't help. Definitely talk to CCCS about this and you might get more useful info if you post your query on the mortgage boards. Good luck:)

Time_to_face_the_music

teddyp wrote: »

thank you growurown....Im going to speak to the cccs and see what they suggest... i'm just worried that if we don't fix our rate before then, we will have no chance for 6 more years from what i've read about defaults that you will get when start a dmp.It would be ok if rates stay the same or less but who knows what will happen.

Thanks again for your reply x

Hi teddyp :hello:

I can't find the post at the moment but I am sure someone posted quite recently about CCCS giving them advice on a mortgage. It may possibly have been Grand Benders, does anyone else remember this?

Anyway it could be worth asking CCCS their opinion, they are extremely helpful :T

talisker78

So many people starting out on DMPs - its nice to hear that by and large it seems to be working out for everyone.

So far so good this month. i knew it would be an expensive month as my sister-in-law and her kids were coming over from America. I had to somehow find petrol to cover the journey to Heathrow and back for both arrival and departure. Lots of ebaying thankfully covered that.

My 11 year old car passed its MOT as well - massive bonus! Bloody lucky really - I had no money to cover any repairs! I will start saving next month though - no more surprises thank you!

Got my first acceptance from my creditors as well. Capital One have accepted my payment schedule and issued me a default. I have no idea if they have frozen interest, but I will contact them today to find out - feel a bit less scared about phoning them now!

1 down, 4 to go.....

Good luck to everyone, keep soldiering on....

Bleachbird

Hi all,
Well Ive been to open a co-op cashminder this morning and for the first time I told a stranger (bank clerk) that I was starting a dmp. Felt really odd admitting it but they were really nice and not judgemental at all thankfully.
God, Im finally sorting my life out and it feels fantastic. Looking at being debt free by mid 2016 at the latest but will be doing all I can to bring it forward.
bb x:T

jansueir

Hi just want to let off steam! doing own dmp but argos are being awful. Not replied to any of my letters. Agreed payment of £20 per month and reduced interest slightly. When I asked if they could reduce interest further they just said "No". Since Jan 12 I have paid them a total of £140 but my balance is £30 MORE than started with!! A letter of complaint has been sent and just waiting for a reply. Will keep you all informed of response.

All others have been good either not charging interest or reduced interest to a significant amount to make an impact on reducing our credit.

When first started own dmp we had no money on pay day! At least we now have living expenses and dont have to worry about how we are going to get through the month without any money!! Therefore I would just like to say to anyone starting a dmp that its worth it just so that we don't have to worry about answering the telephone, or worrying about how to survive without any money!! THANKS for all the help given on this site.

Anyone else had problems with argos - would like to know how they got on

Tigsmom

Bleachbird wrote: »

Thanks guys...yes the calls i am dreading. Went into the online accounts over the weekend and deleted all my telephone numbers replacing with made up ones to try and stop them calling!! we will see if that works...going to delete NRAM DD now and will feel much better once that is done- its all really happpening now and I can't wait to get into spreadsheet heaven! what a saddo!!

I tried that. I completely removed all numbers and put email as my preference. They just got our home number off my husbands ISA. Doh!

Tigsmom

teddyp wrote: »

Hi ! My husband and i are seriously thinking about going on a dmp with cccs. Have spoke to them regarding budget and the amount they've suggested as repayments is a bit more manageable than the stumbling from month to month that we do... well as my hubby is weekly paid and me 4 weekly more like week to week stumbling ! what my first worry is though is out mortgage fixed rate ran out in may and due to my husbands being self employed we cant fix a rate till he has 2 years of acccounts ( he was employed before that ) which is not untill april next year... So not sure if to carry on stumbling by till we can fix a rate or to risk staying on the standard variable while we pay of the dmp and then i guess till rebuild credit rating after ?? Any advise would be great thank u x

We are just starting ours and are on the standard variable. I'm a little nervous about not being on a fixed rate but then again when we were we were paying £150 a month more. I guess it depends how far away your DFD is and how much you owe. We were just sick of 'stumbling along' and felt that all the time we were scrimping our children were getting older and we couldn't give them a good quality of life. We just wanted to get our DMP started asap.