DMP & Mutual Support Thread - Part 9

jubilee14

finally got my statement for Feb ie payment from Jan from Hfx and all interest been refunded and interest showing as 0% so have managed to update my signature and its really starting to go down now... also got a cheque from BOS for £25 for the inconvenience i have had with phoning them all the time to get them to accept DMP and payments. Happy days and its Friday )

Mossop01

Hi everyone, more letters from creditors adding defaults and charges to accounts, only one so far to acknowledge DMP is MBNA, who have frozen interest for duration, the other 9 are ignoring my letters and say they have not heard from SC, do i send more letters and request SC to do the same? Or sit tight and wait for papertrail to catch up with itself? Im being impatient i know but i just want this up n running. I dont much like the look of my spreadsheets at the moment, cos im constantly amending it to add fees... Im quite anxious which is making me impatient, SC have been fantastic tho!
Welcome to the other newbies here, nice that were all starting around the same time, we can spur each other on!
Good luck everyone

antonic

Dont contact your creditors direct, send copies of the letters to SC and let them reply on your behalf.

Also more importantly keep making your agreed monthly DMP payments.

Mossop01

Hi anatonic, thanks for reply. Should i be sending copies of the letters i recieve to SC then? I thought it was up to me to chase creditors to freeze interest? Sorry if being thick!
Thanks

antonic

If SC do everything online (like Payplan who I have my DMP with do), then scan them in and email to them.

If your trying to get the interest frozen, then yes do write to your creditors but remember that they are not obliged to freeze the interest.

Dont worry, your not being stupid ! - the only stupid people are the ones who dont ask questions !

Mossop01 wrote: »

Hi anatonic, thanks for reply. Should i be sending copies of the letters i recieve to SC then? I thought it was up to me to chase creditors to freeze interest? Sorry if being thick!
Thanks

dad2one

Hello all.
What a great little community this is then! Absolutely marvellous to see so much solidarity and support. I'm just going through my DMP application now. Will be great to have some spare cash and pay my debts off.
Anyone have experience of M&S finance? Are they reasonable?
I've not yet arranged a DMP but will have to send a letter and a token payment soon anyway.
Good luck all.

Allypops

dad2one wrote: »

Hello all.
What a great little community this is then! Absolutely marvellous to see so much solidarity and support. I'm just going through my DMP application now. Will be great to have some spare cash and pay my debts off.
Anyone have experience of M&S finance? Are they reasonable?
I've not yet arranged a DMP but will have to send a letter and a token payment soon anyway.
Good luck all.

I had a credit card with M&S and they have been OK. They froze interest straight away and issued a default about a year and a half in.
I think that they sometimes reinstate interest charges once you are covering minimum payments but I am not nearing that point yet and will therefore cross my fingers, bury my head in the sand and hope for the best!

Allypops

championless wrote: »

Hi All

Newbie here. Just wanted to get a bit of advice really. I'm considering a DMP as I have £7K worth of debt. Have a good job, so currently managing to make all payments with very very little to spare after everything is paid. Considering a DMP but unsure whether it's the right thing to do and i'll tell you why:

I have a default on my report that's 3 years old. So another 3 years left to go on that before it falls off. My boyfriend is currently studying for a PhD, so in about a year and a half, his money pretty much doubles overnight and the original plan was to then save up a decent deposit and buy a house.

If i enter into a DMP, by the time we have a deposit together, my DMP would be completely paid and finished.

The one thing i'm worried about is that any DMP-related defaults would still be showing on my report and that this would affect us getting a mortgage together.

What i'm asking is, considering i'm still managing to make payments, do you think it's worth doing the DMP, even though i'm not left with very much once everything is paid? I know that it's likely to affect my chances of me getting a mortgage, but would that be the case if, by then, the DMP-defaults would all be around 2-3 years old and SATISFIED?

Looking forward to your suggestions.

Thanks
championless

In your situation I would not go down the DMP route. If you are making all the payments with a surplus it is not necessary - you can look at snowballing instead where you pay minimum payments on all but the debt with the highest interest which you pay the minimum plus your surplus to. Once paid off you use that payment towards the next highest APR debt and so on. Sounds obvious but really can shorten the time to being debt free.

If you enter into a DMP, you would have to show that you are unable to meet your commitments. Also, the new defaults may not be issued straight away (some of mine have still to issue a default and some have waited 20 months) so you could actually be talking 7-8 years before the new defaults drop off your credit file so making a mortgage either more difficult (some say nigh on impossible) or more expensive.

In your situation, a DMP is using a sledghammer to crack a nut. Post your SOA, take on board any tips, keep a spending diary and hopefully you can start making inroads into the debt. Good luck.

Hopelessly_Hopeful

Morning All

Great to see so many posting and supporting each other.

Think all questions answered but if not please shout up.

Have a great start to the weekend everyone.

HHx

Time_to_face_the_music

championless wrote: »

Hi All

Newbie here. Just wanted to get a bit of advice really. I'm considering a DMP as I have £7K worth of debt. Have a good job, so currently managing to make all payments with very very little to spare after everything is paid. Considering a DMP but unsure whether it's the right thing to do and i'll tell you why:

I have a default on my report that's 3 years old. So another 3 years left to go on that before it falls off. My boyfriend is currently studying for a PhD, so in about a year and a half, his money pretty much doubles overnight and the original plan was to then save up a decent deposit and buy a house.

If i enter into a DMP, by the time we have a deposit together, my DMP would be completely paid and finished.

The one thing i'm worried about is that any DMP-related defaults would still be showing on my report and that this would affect us getting a mortgage together.

What i'm asking is, considering i'm still managing to make payments, do you think it's worth doing the DMP, even though i'm not left with very much once everything is paid? I know that it's likely to affect my chances of me getting a mortgage, but would that be the case if, by then, the DMP-defaults would all be around 2-3 years old and SATISFIED?

Looking forward to your suggestions.

Thanks
championless

Hi Championless and welcome :hello:

I think I am of the same opinion as everyone else here, a DMP will further damage your credit and if you can possibly avoid it, don't do it.

Have you tried a SOA on the main DFW board, there are a lot of people there who can find the most amazing savings, when you think there aren't any

http://www.stoozing.com/msoc/soacalc.php

It could be worth trying the snowball calculator instead of a DMP

http://www.whatsthecost.com/snowball.aspx?country=uk

Good luck and please let us know how you get on