DMP & Mutual Support Thread - Part 9

dad2one

Re - Default notices / defaults. The way I understand it (i could be wrong here), is that when a company issues a default notice, they are ending the original credit agreement because you have broken it.
Normally, this will mean they will not routinely continue with adding the monthly interest.
It doesn't mean they won't add something in the future, even a charge for defaulting, but I took it as a start to stopping the monthly interest being applied to the debt.

dad2one

gaztop26 wrote: »

6 days to go!!!!

Well done!:T

lilysmummy

Well here we are 3 payments in and a couple of glitches along the way - Aqua are still playing hardball and have taken to sending the we'll sell your debt to a dca letters trying to scare us! Can't wait, bet they'll be far more cooperative than Aqua. JD Williams have claimed to have sold on to a dca (which is their own in house dca) so not quaking in my boots at that one! lol. On the upside the rent arrears are paid off, electricity arrears nearly paid off so have done a quick review with Stepchange and have upped the payments slightly and have taken 3 years off the dmp! :j . This section has been a godsend to me and knowing that there are others in the same boat is a comfort and huge support! Am keeping positive (as it doesn't cost anything!! ha ha).

Hunnies

Hunnies wrote: »

Hi Everyone,
Just swinging by to catch up on everyone's news. Well done on being debt free Antonic!

I have a question please: We currently have a mortgage with NRAM and are considering selling to rent a bigger house as we would like to try for another baby. We had the house valued last week and have 10k MORE equity than we thought we would have which is making us wonder if we could actually buy a bigger house. NRAM don't have a banking licence now so can't assist with it so we called a local whole of market broker and he said it's impossible to get a mortgage if you're on a DMP. Is this true??? Our house is worth £115k, our balance is £97k (inc sec loan) and we're looking to spend £135k on a new house. Is it ridiculous to even think we could do that?

Thanks for any information/experience in this area.
Hunnies x

Hi Everyone, Just wondering if anyone had any knowledge relating to my post last week? Thanks

aliavavodka

Growurown wrote: »

Tesco froze interest on my CC with them. I also had a Halifax overdraft similar in size to yours and they still are charging me a pound a day to keep it going. I also had another bank account with the Halifax which was £800 and they stopped charging on that altogether. They said it was something to do with the amount owed which meant the accounts were treated differently. You can phone them and ask the question if you feel up to it. Some people find calling creditors difficult and would rather not, in which case write to them to find out your position.



hi i also have an od with halifax, step change have advised my to write to them, but i have no idea what to say, is there any templates around?

many thanks Alison

Growurown

aliavavodka wrote: »

hi i also have an od with halifax, step change have advised my to write to them, but i have no idea what to say, is there any templates around?

many thanks Alison

Lots of sample letters here that you can change to suit.

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Hopelessly_Hopeful

Hunnies wrote: »

Hi Everyone, Just wondering if anyone had any knowledge relating to my post last week? Thanks

Hi Hunnies

Most wont whilst on a DMP as you are meant to pay back debt first. Some will loan it to you but it depends on defaults and time passed, you are also unlikely to get an interest rate under 5% unless you can see the end of the DMP in the near future.

House being worth 115k doesn't mean that's what you will get but lets assume so. This will give you 18k equity. Buying and selling costs are likely to cost 4-6k including legal and stamp costs. This would leave you with 12-14k deposit which would still need a 90% mortgage which is a big ask with a poor credit record and still on a DMP. Potentially possible but at what cost? And they will factor in cost of another baby etc.

Sorry probably not what you want to hear but that's my understanding.

Have you tried a specialist broker? Don't pay money upfront!

Good luck

HHx

Time_to_face_the_music

gaztop26 wrote: »

6 days to go!!!!

Brilliant news! Congratulations and very well done :T

Can't wait to see you wearing new debt free badge in a few days :j

gamblebee

Hi. Does anybody know the process of making a f&f payment? How much offer do creditors normally accept?
I am a year on DMP with stepchange but following my recent review, my monthly payment remains exactly the same. How does it impact to all my creditors? I also got a claim form and is about to send the form as nationwide applied CCJ against me.

Any helpful advise how can I be debt free sooner rather than later?
Started with 72k debts, after a year on dmp, debts are currently around 65k. Some froze interest and one or two of my 13 creditors are still charging interest. Eventhough I am making monthly payment, my debts with them hasn't come down. I really need help to make lump sump proposals but I wanted to start with my lowest debts and clear them slowly.Will it be reasonable to offer around 2k and do I infom SC or can I go directly through my creditors?
Thanks for those who'll respond.

catandy

just got another default notice to add to my growing collection and debt handed over to DCA - really pleased as it means no chance of interest being reintroduced. seems perverse somehow to be pleased to have a black mark on my record but hey how your perspective changes uh?:o