DMP & Mutual Support Thread - Part 9

excited_to_be_free

gettingbackontrack wrote: »

I read your first post and your thread about your debt and it's great to see you being so positive now. It's a funny thing with debt, isn't it? It can make your life a misery and you worry yourself sick over it, but when you finally start dealing with it the clouds really do lift.

I totally 100% agree. Often the reality is so much better than what we anticipated. I can make myself sick worrying about things that might happen and then they don't. My dad always used to say: 'If you worry, you'll die. And if you don't worry, you'll still die. So why make yourself sick with it?'

The cloud is lifting for sure! I do feel panicky sometimes, but it's only for a fleeting moment. It's like when I quit smoking - I still crave cigs every now and then, but the moment passes so quick. It's the best decision I have made.

javorb

zenshi wrote: »

Well, I had a follow up letter from MBNA agreeing to my offer ad freezing all interest and charges. They were my second highest creditor so hopefully that will give me some clout if the others are difficult

And the relief is enormous....

Due to paying mbna a reduced settlement figure i now have a delinquent account on my credit file,according to mbna they do not default youifin debt agreement payment ,they were my hignest creditor and i thought i was doing the correct thing all other creditors defaulted me and they are all now off my creditfile but mbna will remain for a further 3 years ,i wish ihad never offered them a settlement figure

Julie67

Morning all,

Hi. To all the newbies. We are a couple of months in and it's without doubt the best decision we have made. What I think people sometimes forget is the creditors have heard it all before. It's not like you are the first and you certainly won't be the last:eek: there are so many people in this situation, most banks have a department dedicated to dealing with this ( doesn't mean they are any good though lol)
Remember you are not really a person to these large institutions, just a number with an amount attached. I'm really trying to detach myself from the guilty worried emotions I initially felt.
I will be as clear and as fair as I can, but I expect the same from them. Good luck with these early stages. I felt really excited that I was doing something but also worried about the future.
Then I think you feel a bit flat because there is nothing else left to do other than pay the agreed amounts and keep an eye on anyone trying to add interest without you realising.
I'm planning to write a forthright letter to HSBC today. I'm just in the mood. Have a good day all x

Hopelessly_Hopeful

Julie67 wrote: »

Morning all,

Hi. To all the newbies. We are a couple of months in and it's without doubt the best decision we have made. What I think people sometimes forget is the creditors have heard it all before. It's not like you are the first and you certainly won't be the last:eek: there are so many people in this situation, most banks have a department dedicated to dealing with this ( doesn't mean they are any good though lol)
Remember you are not really a person to these large institutions, just a number with an amount attached. I'm really trying to detach myself from the guilty worried emotions I initially felt.
I will be as clear and as fair as I can, but I expect the same from them. Good luck with these early stages. I felt really excited that I was doing something but also worried about the future.
Then I think you feel a bit flat because there is nothing else left to do other than pay the agreed amounts and keep an eye on anyone trying to add interest without you realising.
I'm planning to write a forthright letter to HSBC today. I'm just in the mood. Have a good day all x

Go get it Julie, thats the spirit

HHx

Suseka

Julie67 wrote: »

Morning all,

Hi. To all the newbies. We are a couple of months in and it's without doubt the best decision we have made.

Remember you are not really a person to these large institutions, just a number with an amount attached. I'm really trying to detach myself from the guilty worried emotions I initially felt.

I'm planning to write a forthright letter to HSBC today. I'm just in the mood. Have a good day all x

Hi. Your comment about us being little more than a number to those large institutions is very helpful. I've been stressing about the letters or calls I will start to receive once I stop making my normal payments to my creditors. And I will keep that quote in mind when they start.

I too am struggling to detach myself from the guilt I feel about being in this situation and hold onto more positive thoughts that at least I'm dealing with it.

OH just took another call from one of his CC's, very pushy female who basically said they'll keep calling until they can get a satisfactory arrangement in place- even though we've told them all they can expect to hear from SC shortly. I've taken people's advice and told him to tell them that all future contact be done via letter. We shall see.

Good luck with HSBC - go get em Julie67

debtfree77

Morning all !,

Quick question for you? Once my DMP is setup and the accounts Default, how long will my credit rating be affected for is it just for the duration of each default or will it be longer? I have asked Stepchange/CSSS and they reckon it will be 13 years even though my DMP is for 6 years?

Cheers

Hopelessly_Hopeful

debtfree77 wrote: »

Morning all !,

Quick question for you? Once my DMP is setup and the accounts Default, how long will my credit rating be affected for is it just for the duration of each default or will it be longer? I have asked Stepchange/CSSS and they reckon it will be 13 years even though my DMP is for 6 years?

Cheers

You aren't guaranteed to get defaults. Lots threaten defaults but often don't so you need to make sure it's a true default notice.

Defaults can only be applied once on the account but the creditor may decide not to apply it until year 5 of your DMP. Defaults last for 6 years from when they are applied. So if they added to year 5 then it would last until year 11.

Say you had a 7 year dMP and they applied a default this year, it would drop of your account in 6 years even though you had a year of DMP to go.

There are guidelines about defaults, google ICO guidelines.

Arrangements to pay markers can be nearly as bad as defaults as they often stay until the end of the DMP and then take 6 years to clear after!

Hope that helps

HHx

debtfree77

Hopelessly_Hopeful wrote: »

You aren't guaranteed to get defaults. Lots threaten defaults but often don't so you need to make sure it's a true default notice.

Defaults can only be applied once on the account but the creditor may decide not to apply it until year 5 of your DMP. Defaults last for 6 years from when they are applied. So if they added to year 5 then it would last until year 11.

Say you had a 7 year dMP and they applied a default this year, it would drop of your account in 6 years even though you had a year of DMP to go.

There are guidelines about defaults, google ICO guidelines.

Arrangements to pay markers can be nearly as bad as defaults as they often stay until the end of the DMP and then take 6 years to clear after!

Hope that helps

HHx

Thanks HH, so hopefully they either dont default me or do it asap. Crafty gits !!!. Is a settled default better than a unsettled default or are they both as bad as each other?

Cheers

justapensioner

Hello, Sorry not been on recently as I have had such a lot to do in the house, re new floorboards upstairs. Mother decided she wanted them done.

Well so far my first payment has gone out to Step Change and and the letters from Natwest seemed to have quietend down so they should be paid this month. The only one I have not heard from so far is Debenhams (Santandar) Credit Card but looking at my latest statement it is showing no interest so it must be ok.

What I am trying to do is find something part time but at my age it is quite difficult now. I did do a collecting job but it just got too much with targets and sales etc and also looking after an elderly mother so just had to give it up. And after trying to see if there is anything I can claim for looking after her - NO as I am drawing a State and small private pension. Can claim pension credit but all that comes to is £8.47 per week and that drops to £8.08 frome this month.

zenshi

£8.47 is £8.47 and if you're entitled then claim! You could look into mystery shopping as a bit of extra income. Pick jobs and times to suit your timescale. It can be quite lucrative depending on your location