DMP & Mutual Support Thread - Part 9

cleomolly

Hello everyone, its been a very long time since I've braved this thread, its also been almost 5 years since I started my DMP and I think after the initial worrying and questions about it all, to be honest I've been glad to forget about the whole thing for the last few years and live a relatively "normal" life whilst my debts are slowly paid off. But I feel now the time has come to switch the lights back on and start to think about life after a DMP (which is very scary).

Looking forward to having a read back through the thread and a catch up

Hopelessly_Hopeful

Julie67 wrote: »

Morning all,

I've not posted for a while but often read. We have been on our DMP for almost a year. Started off with a minimum amount but managed to double the payment at the 6mnth review and everything is going ok.
Anyway I have a question and ttftm suggested hopelessy hopeful that you might be able to answer it as you have experience in this area.
We have an interest only mortgage with 18 yrs left to run from an initial term of 25yrs. We obviously have a poor credit record with the DMP but would like to switch to a repayment mortgage either with our current company or a new provider. We don't have any mortgage arrears although had missed a couple of payments before the DMP which have now been paid. My husband is self employed and doesn't earn loads and I'm not working due to ill health. I've just received mobility benefits for the next two years when they will be reviewed.
These have increased our income and mean that we could pay more on the mortgage or save the money. What would you do. I know selling is an option and with around £50000 equity we could clear the DMP and move into rented. However I would really like to stay in this house. I'm worried if we move we will probably never be in a position to buy again. Sorry for the long essay but wanted you to have the full picture. What would you do? I was also wondering whether endowments still exist? And is it too late for that. Just want to find a way of paying the mortgage so that the house is ours at the end of the term. Thanks in advance x

Hiya


I wouldn't move as your options will be limited in your position.


How much is the house worth? (need to work out the % of equity not just the amount)


Mortgage is an essential bill so the DMP will allow you to pay repayment rather than interest. Your current company can switch you within minutes. It's in their favour too to move you to repayment as that means more equity and less risk for them.


HHx

Hopelessly_Hopeful

LMJ10 wrote: »

Hi just a quick question has anyone dealt or dealing with Halifax!?

We have 2 CC with them 1 in my name and the other in my husbands

SC has contacted my creditors and today I got a letter from Halifax saying they had rejected the plan payment offer on my husbands card
They have however accepted the plan payment on my card so I'm a bit baffled to why they would accept and then reject ???

Also SC. Contacted my creditors last week but the majority say they have not heard from them does it take a while?

Hi


Can take upto 3 months to settle down.


Hellifax are consistently terrible. Complain then go to FOS. They refunded my interested and gave me a lower rate eventually but kept putting it back up. It was a constant battle.


Good luck


HHx

Hopelessly_Hopeful

cleomolly wrote: »

Hello everyone, its been a very long time since I've braved this thread, its also been almost 5 years since I started my DMP and I think after the initial worrying and questions about it all, to be honest I've been glad to forget about the whole thing for the last few years and live a relatively "normal" life whilst my debts are slowly paid off. But I feel now the time has come to switch the lights back on and start to think about life after a DMP (which is very scary).

Looking forward to having a read back through the thread and a catch up

Glad to hear things are going well. When's your DFD?


HHx

Julie67

Hi, HH

The mortgage is £210,000 and I think the house is worth around £260,000possibly slightly more so around 20% equity thanks

LMJ10

Hopelessly_Hopeful wrote: »

Hi


Can take upto 3 months to settle down.


Hellifax are consistently terrible. Complain then go to FOS. They refunded my interested and gave me a lower rate eventually but kept putting it back up. It was a constant battle.


Good luck


HHx

After phoning Halifax they swear blind they haven't received any correspondence from SC even tho it's clearly states as rejected!!! !!! Grrrr this isn't going to be easy!!!

Hopelessly_Hopeful

Julie67 wrote: »

Hi, HH

The mortgage is £210,000 and I think the house is worth around £260,000possibly slightly more so around 20% equity thanks

80% LTV is a reasonable position to be in. The mortgage calculators on here are excellent if you want to see what repayments are.


Will drop you a PM


HHx

cleomolly

Hopelessly_Hopeful wrote: »

Glad to hear things are going well. When's your DFD?


HHx

DFD July 2015 HH, Ive just plucked up the courage to check my credit file and theres a few things on there I need to look into but Im just trying to research it all at mo as Im clueless! One thing I was delusional about when entering into my DMP wasthe effect on my file! Thinking it would all be ok after 6 years was foolish as Im just realising but Im hopeful to get there one day!

Hopelessly_Hopeful

LMJ10 wrote: »

After phoning Halifax they swear blind they haven't received any correspondence from SC even tho it's clearly states as rejected!!! !!! Grrrr this isn't going to be easy!!!

It can be empowering to ring them but leaves you with no proof of anything. Personally I'd want to correspond in writing then hand over to FOS.


No one right way of course, it has to be what suits you.


HHx

Hopelessly_Hopeful

cleomolly wrote: »

DFD July 2015 HH, Ive just plucked up the courage to check my credit file and theres a few things on there I need to look into but Im just trying to research it all at mo as Im clueless! One thing I was delusional about when entering into my DMP wasthe effect on my file! Thinking it would all be ok after 6 years was foolish as Im just realising but Im hopeful to get there one day!

On the home straight now then. Great news.


Defaults drop off at 6 the APs etc stay on for 6 years after DMP finished. IFAs differ in opinion as to whether the APs are worth worrying about.


Good luck with it.


HHx