DMP & Mutual Support Thread - Part 8

Coolbeans2010

Thanks everyone :j

mrjohnmiles

Afternoon everyone. I ended my DMP with CCCS 18 months ago and have finished paying my last two creditors personally with agreement with them.

In that 18 months I have got married and we are now expecting our first child (August).

Ideally we want to move next year, I have paid/over paid my remaining creditors and only have a loan with HSBC left on one of their managed loans and a small balance with MBNA. I have no missed or late payments on my credit file for the last 12 months plus, I also managed to keep a credit card off my DMP as I needed access to credit for work as I buy over £300 of fuel every month and have expenses too.

Does anyone know what the chances of us getting a mortgage next year will be. Our home is in my wifes name and there is about £40k of equity if we manage to sell it for about 10-15% less than the asking price.

We dont want to over stretch ourselves and are looking at houses around 160k.

Would it be possible next year or should we wait a bit longer?

RonniesMummy

Hiya everyone
Just popping on to check in, have had some progress with creditors accepting a token payment this month until my dmp starts next month, bit worried about lloyds with my overdraft now reading these comments though!
Funnily enough just had a letter from 'scm solicitors' on behalf of lloyds with regards to overdraft, do i phone them or send them the stepchange letter to?

Thanks in advance!

Hope everyone is well !

CharliesAngel

RonniesMummy wrote: »

Hiya everyone
Just popping on to check in, have had some progress with creditors accepting a token payment this month until my dmp starts next month, bit worried about lloyds with my overdraft now reading these comments though!
Funnily enough just had a letter from 'scm solicitors' on behalf of lloyds with regards to overdraft, do i phone them or send them the stepchange letter to?

Thanks in advance!

Hope everyone is well !

Hi RM
I wouldn't worry about contacting SCM Solicitors as they're Lloyds own inhouse collections team, so if you've already sent to Lloyds I'd leave it there for now, just keep the letter in your records. Until you get your dmp reference number they will send you enough letters to redecorate your lounge..

CA x

RonniesMummy

CharliesAngel wrote: »

Hi RM
I wouldn't worry about contacting SCM Solicitors as they're Lloyds own inhouse collections team, so if you've already sent to Lloyds I'd leave it there for now, just keep the letter in your records. Until you get your dmp reference number they will send you enough letters to redecorate your lounge..

CA x

I have sent them the one with my dmp reference, shall I do it recorded delivery?
Have just worked out how to log in online with stepchange, what a lifesaver nice to see where my money is going and its telling me there is only 34 months left till I am debt free! That sounds very nice. 34 paydays till I will have money!

catandy

ive got another question for you people that are further into this and know a lot more than me - excuse me if its a 'silly question' but my head is stil spinning with all of this!

im on an offer of nominal payments to all my creditors at the moment - im in the process of trying to get my JSA in payment and should be back employed next month so until that time Stepchange said i couldnt set up a formal DMP but to write to all my creditors enclose a SOA with my reduced income/ expenditure and make a nominal payment of £1 to each per month and ask them to freeze interest / charges etc... which has been duly done.

4 of the credit companies have accepted my offer with no problems - from 3 to 6 months and all charges and interest frozen immediately. 2 of the CC co's are hammering charges and fees on like its going out of fashion so i'm going to send them the same letter again. Loan at the bank i havent sent the letter to yet, and my overdraft is with the same organisation so ive got to send the same letter twice...

ok as i say i should be back at work from next month and have worked out i should be able to make minimum payments again on all CC and cover the loan / OD fees - allbeit leaving me and my kids nothing to live off. Do I do that or do I wait for the 3 months to be up and paying the nominal payments to get some money 'in the pot' so I can start making some proper inroads. Part of me wants to pay in full because I wanted to avoid defaults but ive already got them going onto my record so that really doesnt count now.

I was planning to contact stepchange again when im back in receipt of an income - im self employed so my paydates are fluid depending on which supplier it is thats paying me. then again if im in a position to make the minimum payments to all my creditors again surely stepchange will say im on my own?

sorry - totally confused as you can probably tell. I just want my life to settle down a bit!:o

Time_to_face_the_music

mrjohnmiles wrote: »

Afternoon everyone. I ended my DMP with CCCS 18 months ago and have finished paying my last two creditors personally with agreement with them.

In that 18 months I have got married and we are now expecting our first child (August).

Ideally we want to move next year, I have paid/over paid my remaining creditors and only have a loan with HSBC left on one of their managed loans and a small balance with MBNA. I have no missed or late payments on my credit file for the last 12 months plus, I also managed to keep a credit card off my DMP as I needed access to credit for work as I buy over £300 of fuel every month and have expenses too.

Does anyone know what the chances of us getting a mortgage next year will be. Our home is in my wifes name and there is about £40k of equity if we manage to sell it for about 10-15% less than the asking price.

We dont want to over stretch ourselves and are looking at houses around 160k.

Would it be possible next year or should we wait a bit longer?

Hi John ... or should that be Mr Miles? :hello:

The honest answer is I don't know. Do you have any defaults on your credit file?

I know you said you have no late payments for the last 12 months but what about before that? I think arrangements to pay last 6 years from the last payment, in the same way as a default.

I think you may be better asking this question on the main DFW board or even the mortgage side.

Good luck and please let us know how you get on

Time_to_face_the_music

catandy wrote: »

ive got another question for you people that are further into this and know a lot more than me - excuse me if its a 'silly question' but my head is stil spinning with all of this!

im on an offer of nominal payments to all my creditors at the moment - im in the process of trying to get my JSA in payment and should be back employed next month so until that time Stepchange said i couldnt set up a formal DMP but to write to all my creditors enclose a SOA with my reduced income/ expenditure and make a nominal payment of £1 to each per month and ask them to freeze interest / charges etc... which has been duly done.

4 of the credit companies have accepted my offer with no problems - from 3 to 6 months and all charges and interest frozen immediately. 2 of the CC co's are hammering charges and fees on like its going out of fashion so i'm going to send them the same letter again. Loan at the bank i havent sent the letter to yet, and my overdraft is with the same organisation so ive got to send the same letter twice...

ok as i say i should be back at work from next month and have worked out i should be able to make minimum payments again on all CC and cover the loan / OD fees - allbeit leaving me and my kids nothing to live off. Do I do that or do I wait for the 3 months to be up and paying the nominal payments to get some money 'in the pot' so I can start making some proper inroads. Part of me wants to pay in full because I wanted to avoid defaults but ive already got them going onto my record so that really doesnt count now.

I was planning to contact stepchange again when im back in receipt of an income - im self employed so my paydates are fluid depending on which supplier it is thats paying me. then again if im in a position to make the minimum payments to all my creditors again surely stepchange will say im on my own?

sorry - totally confused as you can probably tell. I just want my life to settle down a bit!:o

I would carry on making token payments for the 3 months and start an emergency fund with any spare cash.

StepChange will assess your situation again when your income is more stable and you contact them. If you are still eligible for a DMP then, you can start it up at that stage. If not, you could look at the snowball calculator and work out the best way to pay off your debts yourself.

It is really tough at first with added on interest charges and fees, it took us 2 months before we started to see our debt decrease instead of increase, but when it did, it was a great feeling :j

Even if you don't end up with a DMP, you will still get lots of help, advice and support here so please stick around and let us know how you get on

RonniesMummy

Hi All
Had a nice email from stepchange today to try and calm me down as I was getting a little anxious with the threat of bailiffs, they have told me to not take any notice basically which has helped.

Had another debt passed to a DCA - but that's a good thing from what I can tell?

Roll on payday so I can begin to make payments!

Time_to_face_the_music

RonniesMummy wrote: »

Hi All
Had a nice email from stepchange today to try and calm me down as I was getting a little anxious with the threat of bailiffs, they have told me to not take any notice basically which has helped.

Had another debt passed to a DCA - but that's a good thing from what I can tell?

Roll on payday so I can begin to make payments!

It sounds like it's all starting to fall into place. Well done