DMP & Mutual Support Thread - Part 9

Puzzcat

Growurown wrote: »

Hi Puzzcat, howabout you pay RBS a token amount, oh I don't know about a tenner rather than the standard pound and don't send the letter telling them what you are doing until the account and salaries are sorted. You will get phone calls but just fob them off for a bit, make an excuse about a big bill coming in you had to pay. Say you'll sort things out asap and that should buy you some time.

Thanks Growurown for your reply, I think I will just pay them this month the normal amount I really don't want to arouse any suspicion at this time. On the upside it will be the last time hopefully I have to raid different pots to pay people.....

Thanks again for your input, I hope I will be able to give advice....one day......

Puzz.

Hopelessly_Hopeful

Hello to all the newbies. Lots of lightbulbs going off this week!

40 payments in and I still get excited on payday and updating the debt owed and time left in my signature. Made it to >80% paid back and have started the 10 month countdown, feels like New Years Eve.

Couldn't have done it without this place so thank you to all.

HHx

Find_The_Real

Well done HH, you really are an inspiration to everyone that a DMP can be done, it must be a great feeling to be under the last 20%.

You have always been there for everyone else and given some great advice so I really think it should be us thanking you!

andrar

Quick question... I've just checked my noddle credit file and most of my payments say arranged payment and are in green.

One is arranged payment but in red, one us red and just keeps saying default.

Can anyone shed any light on what these last two mean? Why is arranged payment in red? And why is one saying default when its an arranged payment like all the rest?

The only thing I can think is that the payments in red are because the balance isn't under the original amount I was allowed to borrow yet. But one is still over this and is showing in green and as an arranged payment?

Very confused!

antonic

Morning Andrar !

You have defaulted on your debts because you havent made the minimum payments, therefore the red default indicator.

The AP marker is in fact worse for you than the default indicator because its delaying your default date by 6 months (the maximum length of time before its changed to a default) therefore increasing the time period before the default date drops off .

You would be better of being defaulted immediately.

Hope this helps

jubilee14

antonic wrote: »

Morning Andrar !

You have defaulted on your debts because you havent made the minimum payments, therefore the red default indicator.

The AP marker is in fact worse for you than the default indicator because its delaying your default date by 6 months (the maximum length of time before its changed to a default) therefore increasing the time period before the default date drops off .

You would be better of being defaulted immediately.

Hope this helps

Antonic thats interesting re the 6 months as i have had AP on three of my credits for more than 6 months despite asking for interest freezing havent managed to get that either.

will check noddle account this month to see if it picks it up but should i write to them asking for default?

thanks

jubilee14

Hopelessly_Hopeful wrote: »

Hello to all the newbies. Lots of lightbulbs going off this week!

40 payments in and I still get excited on payday and updating the debt owed and time left in my signature. Made it to >80% paid back and have started the 10 month countdown, feels like New Years Eve.

Couldn't have done it without this place so thank you to all.

HHx

well done HH less than 20% to go is a great motivator and keeps those of us well away with a goal insight. :T

Hopelessly_Hopeful

andrar wrote: »

Quick question... I've just checked my noddle credit file and most of my payments say arranged payment and are in green.

One is arranged payment but in red, one us red and just keeps saying default.

Can anyone shed any light on what these last two mean? Why is arranged payment in red? And why is one saying default when its an arranged payment like all the rest?

The only thing I can think is that the payments in red are because the balance isn't under the original amount I was allowed to borrow yet. But one is still over this and is showing in green and as an arranged payment?

Very confused!

Hi

First point to note is it's the lender/credit reference agencies that decide these things and they are not necessarily uniform!!!!

Re the two queries, have you checked when they were updated? Some creditors are very late in updating the credit reports so may be old information. Also is the payment late according to their criteria rather than your DMP provider? If this is the case you can challenge this as you have no choice but to abide by PP or SC rules, the FOS are likely to find in your favour.

Have you checked each of the three credit reference agencies? (will only cost you £2 each for the other two, worth doing every 12 months.)

Whilst in principle not paying the minimum means you have defaulted on your original agreement it doesn't necessarily ensue that a creditor will apply a formal default notice.

There are differences of opinion between different lenders at whether APs are more damaging than defaults. APs do stay on records longer this is true. The challenge is if you ever wanted credit again, some creditors want to know how many defaults, for what value and whether satisfied. Others take APs into consideration. There will always be solutions to whatever we are faced with it's just about understanding the market etc.

I have considered moving house recently and my mortgage company gave me assurance in writing that I could 'port' my mortgage. They are aware of the DMP but felt there was more positive history, i.e commitment to pay back etc than negatives. So, I hope that inspires us it's not all doom and gloom. The future may not be orange but it's a damn site brighter than it has been

HHx

Growurown

mikee31 wrote: »

I am about to start a DMP as things have got out of hand, particularly the Payday loans. I am worried about the Continuous Payments.

If I was to switch my bank account, presumably the CPA's arent transferred like Direct Debits? Plus how long would it take for my new account to be setup?

Further, would it complicate/delay matters if I was to add my partner to the new account? She currently has a separate account but will likely be joining the DMP with me.

Hi Mikee31. When we opened our new bank account we sorted out the direct debits ourselves and didn't go for the option where the bank does it all for you. We felt we had more control that way. If you make it clear that the CPA's are not part of the new set up you should be OK. An account can be set up in a week.

If you are about to enter the DMP it sounds as though your partner isn't already in the equation. If she would like to be included I would call Payplan and discuss it with them. It may be better to scrap what you have done so far and start again with her debts included rather than try and tag her onto your already existing DMP.

andrar

Hopelessly_Hopeful wrote: »

Re the two queries, have you checked when they were updated? Some creditors are very late in updating the credit reports so may be old information. Also is the payment late according to their criteria rather than your DMP provider? If this is the case you can challenge this as you have no choice but to abide by PP or SC rules, the FOS are likely to find in your favour. They seem to be updated about a month behind, although a couple of the debts are updated more recently. I think the payments are late accoring to the creditor not Payplan as I always make my payments to PP on time and they go out on time according to the schedule on the PP website. I'll look into challenging it I think.

Have you checked each of the three credit reference agencies? (will only cost you £2 each for the other two, worth doing every 12 months.) I haven't checked the other two, just the free one. I'll get round to this eventually.

Thanks HH, this is really helpful! Put my mind at ease. I guess i'll have defaults/APs on my file for the next 4 years anyway so i'll worry about it then when i'm nearing the end of my DMP.