DMP & Mutual Support Thread - Part 9

Mossop01

debtfree77 wrote: »

Yep :T, DDs due to come out tomorrow, it so strange seeing my bank balance in credit :rotfl: !!. I think they are just a warning before they default me as it give me the option to get back on the original payment plan and withdraw my proposal of the DMP and if i do this i can avoid the default.

Hiya, yes ive had those letters too its part of ur statutory rights to give u them before they actually default you. Ive had 1 default notice and its much more official looking

bmma

Hi- phoned nationwide for new account details- so now can add funds, card should arrive by the 9/5/13, all documents sent hopefully the right ones, .now to print off some spreadsheets.it is getting nearer and relief and feeling anxious taking it in turns in my head.Hope everyone has a good day, best wishes bmma new bank card arrived today 8 days earlier than stated- very pleased- another step forward.(1/6/13)

iscrewedup

Hi all,
Hoping it's ok to join this thread. I have had the most almighty LBM this week. Had been going along the last 6 months waiting for april payday as i was getting a payrise, and it was no where near what i expected. This prompted me to properly review my debts etc, and i have just applied for the stepchange DMP which is the scariest thing i've ever done.

I have moved my salary to my natwest account, instead of my current account with Halifax, as i have a loan, credit card and overdraft with halifax also, and am about to organise token payments.
Is there anything else i should be doing?

gizmo111

iscrewedup wrote: »

Hi all,
Hoping it's ok to join this thread. I have had the most almighty LBM this week. Had been going along the last 6 months waiting for april payday as i was getting a payrise, and it was no where near what i expected. This prompted me to properly review my debts etc, and i have just applied for the stepchange DMP which is the scariest thing i've ever done.

I have moved my salary to my natwest account, instead of my current account with Halifax, as i have a loan, credit card and overdraft with halifax also, and am about to organise token payments.
Is there anything else i should be doing?

Cancel DD's on Halifax account and transfer essential ones to Natwest

Find_The_Real

Hello All

Good to see those who are just starting getting everything together for the start of the DMP journey, although it seems like a lot to do at times, once it is all up and running there is a sense of relief despite the odd niggles along the way.

I think HH's post #1411 should become the DMP mantra as excellent advice as ever so thank you for that, it is good to keep reminding us to be on top of things.

Sorry to hear some of you are struggling and I hope it gets better over the coming months. At least being on a DMP it gives some breathing space before deciding any other options and all I can add is take the time to look at those options and decide what is best for you and not your creditors.

Julie67

Evening all,

Thanks HH but we are paying the very minimum payments to creditors so £100 is all we have to pay the arrears. Luckily it's only for another three months .
I really don't want to go the Bankrupcy route, its a very last resort so going to plod on with the DMP, even though we are not making very much headway just now I feel it's the best course of action.
Hopefully we can up the payments to creditors soon.
I screwedup, welcome, this is a great thread with some fantastic advice, good luck.

Suseka

Find_The_Real wrote: »

Hello All

Good to see those who are just starting getting everything together for the start of the DMP journey, although it seems like a lot to do at times, once it is all up and running there is a sense of relief despite the odd niggles along the way.

I think HH's post #1411 should become the DMP mantra as excellent advice as ever so thank you for that, it is good to keep reminding us to be on top of things.

Sorry to hear some of you are struggling and I hope it gets better over the coming months. At least being on a DMP it gives some breathing space before deciding any other options and all I can add is take the time to look at those options and decide what is best for you and not your creditors.

I've spent many weeks on this forum and am fairly resolved that if in 6 months time, after DMP is started, creditors continue to add interest so that it means the DMP might be 7+ years, then I'll consider an IVA route. But only after I try a self-managed DMP. I'm just not prepared to be in a DMP for that many years -simples.

But I am committed to paying back to my creditors as much as I can - so it's either a DMP with no interest/charge or IVA and probaby something like 70p in the pound over 5 years.

Time_to_face_the_music

Suseka wrote: »

I've spent many weeks on this forum and am fairly resolved that if in 6 months time, after DMP is started, creditors continue to add interest so that it means the DMP might be 7+ years, then I'll consider an IVA route. But only after I try a self-managed DMP. I'm just not prepared to be in a DMP for that many years -simples.

But I am committed to paying back to my creditors as much as I can - so it's either a DMP with no interest/charge or IVA and probaby something like 70p in the pound over 5 years.

If your DMP is forecast currently over 4 years and 2 months, why would a 5 year IVA be 70p in the £?

We never had the choice of an IVA as we have a large amount of equity in our house and didn't want to be forced in remortgaging. That equity is our retirement fund. If you are not in this position, the obvious advantage of IVA v DMP is that interest is guaranteed to be frozen on an IVA.

We have one creditor who never stopped interest and we paid 24.9% until we paid them off this month :mad:

The problem is one never knows when the frozen ones will reintroduce it. After 15 months of frozen interest and not paying anything like the minimum payment, BOS have decided this month to restart full interest. Of course I will fight it but there are no guarantees ever on a DMP, managed or self managed.

Suseka

Time_to_face_the_music wrote: »

If your DMP is forecast currently over 4 years and 2 months, why would a 5 year IVA be 70p in the £?

Erm it was a complete guess - just to illustrate that I would expect to pay a high premium if we went the IVA route, based on the est. DMP payment of £1600pm. But that I wouldn't be prepared to continue to pay that level of monthly amount for 7+ years or more - if that makes any sense.

We never had the choice of an IVA as we have a large amount of equity in our house and didn't want to be forced in remortgaging. That equity is our retirement fund. If you are not in this position, the obvious advantage of IVA v DMP is that interest is guaranteed to be frozen on an IVA.

We don't have equity at the moment, due to a secured loan and the recession - but I guess in 5 years we might do, but reckon it won't be much. Out if interest, if in an IVA and at the end of the 5 years you find you can remortgage and release equity, do they take all of it, or a proportion?

We have one creditor who never stopped interest and we paid 24.9% until we paid them off this month :mad:

The problem is one never knows when the frozen ones will reintroduce it. After 15 months of frozen interest and not paying anything like the minimum payment, BOS have decided this month to restart full interest. Of course I will fight it but there are no guarantees ever on a DMP, managed or self managed.

You go gettem TTFTM - you inspire me with your successes with the creditors and I've saved your template letter for when I (inevitably) will have to do likewise

Growurown

Hello fellow DMPers and hello to all the newbies. Well I have learnt a valuable lesson that cheap as chips isn't always the best option. Bought a value iron from Aldi but it doesn't seem to get hot enough, making ironing rather hard work. Should have taken a leaf out of Twithead's book who always maintained buying cheap especially toilet rolls is a false economy. I won't mention Ms TTFTM here in regard to toilet rolls because she might tell me swizzle my stick:eek::eek: