DMP & Mutual Support Thread - Part 9

scaredandalone_2

Been reading through the thread and have been left realising I am doing the right thing in going into A DMP just waiting for all the paper work and looking forward to not having to think about different dates for different creditors and it will all go out the same date making budgeting easier as will no exactly what I am left with

Debtfree_angel

Hey all,

I was reading something on the FOS and I wondered - if a company has defaulted your account does that mean that they will/have stopped charging interest?

I'm confused
Thanks

andrar

Find_The_Real wrote: »

Morning all, I hope you all had a good weekend.

I spoke way too soon about that small emergency fund stash looking healthy, the hoover went and packed up over the weekend. However in rather good MSE mode I have managed to source a new one with £150 off and a 6 year warranty so I am going to break into my fund whilst it is a good price. Yes I know a true MSE would try and get one second hand but where I live I would be rather concerned at just what has been sucked up into that hoover and how long it may last.

You can get a hoover from Tesco at the moment for £18! http://www.tesco.com/direct/tesco-vcbd1411-bagged-cylinder-vacuum-cleaner/213-0282.prd?skuId=213-0282&wishlistId=2508489b&wishlistItemId=49cacd2e&pageLevel=

I suppose it depends how fussy you are, personally so long as it does the job I don't really care if its a brand name or not. I'll be getting one for my house move.

Find_The_Real

Ok I have to confess I am way too fussy, I really couldn't go back to bagged and a cylinder as I am such a lazy person when it comes to cleaning but for those that are true MSE's, it looks like a great deal. I know, I should be slapped for such extravagance

Welcome Scaredandalone and wishing you all the best for your DMP journey, most of us on here only wished we had done it sooner.

Not sure about stopping interest Debtfree, I know my mortgage company still loaded interest even though they had defaulted my but not sure if that was just because it was a mortgage. Hopefully someone will be along who is much more knowledgeable about it.

andrar

They do this one for bag-phobes http://www.tesco.com/direct/tesco-vcbl1411-bagless-cylinder-vacuum-cleaner/213-3171.prd?pageLevel=&skuId=213-3171 for just £35!

Thamesmeadhammer

Hello All,

Finally realised that I am deep in debt and have enlisted Step Changes help.
Spoke to 4 out of my creditors today and they were the most helpful and understanding people every! Was expecting a tooth and nail fight tbh!

Early days as SC have only received my paperwork via email today.

To say I am now in a huge relief feeling would be an understatement.

OK so I have 12 years ahead, and another 6 with a low credit score but at least I know I can get back on my feet and sleep at night without worry!
Should of done this ages ago!

Plan to update soon

PS Thanks for everyone who has added a response or question....It really helps

andrar

Welcome Thamesmeadhammer to our little crew and it will only get better from here! You never know, once you get hooked on the thrifty challenges on here you could pay off your debt even sooner

Find_The_Real

Welcome Thames, I just wanted to wish you good luck on your DMP journey. Once it starts to get going I am sure like most of us on here there is a big sense of relief at sorting things out.

Like Andrar says there are plenty of tips on here for moneysaving (thanks for the hoover links!) but I also think it is important to have a realistic budget to live on during the term of the DMP and not to throw everything at your debts only to find you run out of money before the next pay day. Also a small amount set aside for an emergency fund each month is essential so don't forget to include a figure for that.

Mossop01

Hi all, very quiet here on the dmp front, no correspondence yet accepting revised budget plan, I'm hoping no news is good news. Sent off a ppi claim for hsbc today, I wasn't even aware we had taken out ppi but apparently we have had 3 policies. Hoping to get a little bit, just wondered if none knows will hsbc take the ppi refund off our debts we owe? Or can. Throw a bit at each of them? Or if I get enough (doubtful as I'm not holding my breath) whether I could offer hsbc full n final settlement? Is that against dmp rules as favouring one creditor over another? Sorry lots of questions I know

Hopelessly_Hopeful

Mossop01 wrote: »

Hi all, very quiet here on the dmp front, no correspondence yet accepting revised budget plan, I'm hoping no news is good news. Sent off a ppi claim for hsbc today, I wasn't even aware we had taken out ppi but apparently we have had 3 policies. Hoping to get a little bit, just wondered if none knows will hsbc take the ppi refund off our debts we owe? Or can. Throw a bit at each of them? Or if I get enough (doubtful as I'm not holding my breath) whether I could offer hsbc full n final settlement? Is that against dmp rules as favouring one creditor over another? Sorry lots of questions I know

I'm with you on the no news is good news

Good luck with PPI. Sometimes they take it off sometimes give you a cheque etc.

As for F&F very inconsistent, some people pay one off fine others risk destabilising the DMP. My advice is always to save in emergency fund and finish DMP early or pay off just enough so you don't create alarms bells ringing, ie pay extra each month to the interest charging one but no so much it finishes much earlier than the others.

Let us know how you get on x