DMP & Mutual Support Thread - Part 9

cleomolly

Thanks HH its the APs Im worrying about as heard mixed things about these and at least 3 of my accounts are being marked AP each month. Im begining to wish theyd have marked me as default from day one and its this Im currently looking into, people seem to be saying different things about whether AP is worse than a default. So Im trying to find out what to do for the best? Contact creditors asking for these to be changed or leave them be. How have you fpund your DMP experience and whens your DFD? sorry just read the answer in your signature

Flutterby83

Hi all, sorry to sound stupid but what does 'AP' stand for on your credit file?
I mentioned previously that I've worked out my own way to do a dmp and after working out everything, it appears that only 2 of my 5 debts will actually be classed as default because I will be paying lower than the minimum amount, and of the 3 left only one is charging interest at 3.4% on a balance below £500. This will be the first debt I clear and after speaking to a friend (who I had no idea ever had financial difficulty let alone her being in an IVA!!) she has suggested I only need to contact the two creditors who I will default with, would you agree with her? I will still pay off the debts as planned, including the interest on the one account, and not contacting those 3 wouldn't have any effect on my plan. Is it better to have 2 defaults rather than 5 or should I just contact them all? It might be worth noting the two I will default on are my two highest monthly repayments, the lowest being equal to over twice my normal monthly payment of the 3 I would not default on (eg, my lowest repayment on one is £102 p/m and £192 on the other which is over twice the £35 p/m repayment to the remaining three. All my creditors will have £48.20 p/m to start with, then this increases as I clear accounts)

antonic

AP means Arrangement to Pay.

You can't make the minimum payments at present BUT havent defaulted (yet) but it could be imminent.

AP markers should not show for more than six consecutive months ; as by that point your creditors should have defaulted you

cleomolly

antonic wrote: »

AP means Arrangement to Pay.

You can't make the minimum payments at present BUT havent defaulted (yet) but it could be imminent.

AP markers should not show for more than six consecutive months ; as by that point your creditors should have defaulted you

I didnt know that antonic. 2 of my creditors, Barclaycard and Natwest have marked my file AP every month since 2009 when I first entered into my DMP. Do you think this is something I should contest? As I understand, and correct me if Im wrong please, AP will show on my file for 6 years once the debt plan has finished. I think its a little unfair to say creditors that default will only show fpr 6 years from default date whereas if a creditor marks AP or late paent they can do this for the length of the DMP and will show for 6 years after so potentially for me 12 years! Surely this cant be fair?

Kate_fixing_it

Step change pack has arrived! Had a quick glance through and my DFD is TWENTY YEARS away! Cue panic then deep breaths and remembering that is based on my income now - it will increase next month when the new tax credit award begins phew!

I'm going to sit down tomorrow night and calmly read every word. The 20 years is based on repayments of £48 per month. That will treble when the new income starts and take the DFD down to 6 years 8 months

Bank account has been opened, account manager from the co-op is going to call me on Thursday when she has confirmation that it's all done. So DMP is go!

Is it odd that I'm feeling a bit excited about this new chapter? I seem to have gone from one extreme to the other!

Thank you for all your support, I thinking this is the best idea I've had in years

Kate x

hopeful_at_last

catandy wrote: »

I will pm you the email of the person in collections who finally took my case on board and got the interest stopped - the only helpful person I found in that organisation

that would be brilliant thanks

markob66

Hi I am after many years of struggling about to embark on the DMP route.Hello to all I have a couple of questions if that is ok.
I work as a nurse and can occasionally get bank work, do I have to declare this or can I siphon it away for emergencies or hopefully build up a sum to pay off some of my debt?Im sure I will have many other questions I have read through this forum topic extensively and it has been incredibly encouraging, Thank you.

Puzzcat

markob66 wrote: »

Hi I am after many years of struggling about to embark on the DMP route.Hello to all I have a couple of questions if that is ok.
I work as a nurse and can occasionally get bank work, do I have to declare this or can I siphon it away for emergencies or hopefully build up a sum to pay off some of my debt?Im sure I will have many other questions I have read through this forum topic extensively and it has been incredibly encouraging, Thank you.

Hi Markob66 and welcome,
I believe the rule of thumb is to only include your basic regular income not overtime, so saving for an emergency fund/full & finals is a good move.
Puzz

Sazzie23

Kate_fixing_it wrote: »

Step change pack has arrived! Had a quick glance through and my DFD is TWENTY YEARS away! Cue panic then deep breaths and remembering that is based on my income now - it will increase next month when the new tax credit award begins phew!

I'm going to sit down tomorrow night and calmly read every word. The 20 years is based on repayments of £48 per month. That will treble when the new income starts and take the DFD down to 6 years 8 months

Bank account has been opened, account manager from the co-op is going to call me on Thursday when she has confirmation that it's all done. So DMP is go!

Is it odd that I'm feeling a bit excited about this new chapter? I seem to have gone from one extreme to the other!

Thank you for all your support, I thinking this is the best idea I've had in years

Kate x

Hi Kate, I think its empowering that gives you the excited feeling, I'm sure it is a good thing too, it'll keep you going for a while if things get a bit bumpy.

Just a note to set yourself a reminder to check interest doesn't suddenly creep back on when your payment increases.

Good luck, sounds like its all going to plan - great news

Hopelessly_Hopeful

markob66 wrote: »

Hi I am after many years of struggling about to embark on the DMP route.Hello to all I have a couple of questions if that is ok.
I work as a nurse and can occasionally get bank work, do I have to declare this or can I siphon it away for emergencies or hopefully build up a sum to pay off some of my debt?Im sure I will have many other questions I have read through this forum topic extensively and it has been incredibly encouraging, Thank you.

Hi

I agree with Puzz

HHx