DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Woodypuddy wrote: »

Hi, I was wondering if anyone had any experience of this. We have enough equity in our house to pay off my DMP which is 55k. I haven't been on the DMP long but it has given us to some much needed thinking and breathing space. We are considering moving to a cheaper house and releasing the equity to pay off the DMP - my DMP is due to last 14 years so we are looking for a clean slate start. We could pay off the mortgage when we sell but I am assuming we will find it very hard to get another mortgage on a new property so I was thinking that porting with our existing lender might be the answer? We wouldn't want to borrow any more and may also be able to slightly reduce it depending on what property we buy. Will the DMP also mean we will struggle to port? Has anyone managed to before? Thank you

Morning


I have looked at moving a few times. When I totted the costs up at the start of the DMP it was going to cost so much to buy and sell I was only able to free up a small amount so just wasn't worth it. More recently I am looking towards future requirements and my choices have opened up too as I now have a chunk of equity and am nearing the end of the DMP. Last year I approached Northern Rock for advice. They cant lend anymore but can port your current mortgage. There are certain rules around it but all seems sensible. They gave me written confirmation they would port to the same outstanding value or less. This year I looked into moving and as my defaults are 2.5 to 3.9 years old I went to see a financial advisor. I had a decision in principle from a specialist provider to borrow more than I had now. Have decided against moving and instead am going to remortgage and have work done here. Had another decision in principle then a formal credit sign off so now just waiting on formal report of valuation and final offer from them which I anticipate will be with me either today or early next week.


Hope that helps.


HHx

Hopelessly_Hopeful

Growurown wrote: »

Evening everyone. I was looking on MSE's supermarket savings page where it shows the times that supermarkets reduce stuff near its sell by date. I noticed the supermarket I pass on my way home from work reduces its prices at about the same time. So I thought this was worth investigating, and have just enjoyed a liver and bacon casserole where the liver (I got two packs) cost just 9p per pack, and there's plenty left over for tomorrow.

I find the food budget hard to stick to on the DMP because a) OH refuses to downshift to bargain brands, and b) we spend quite a lot on pet food having several dogs and cats. So it's nice to get a bargain:D

http://www.moneysavingexpert.com/shopping/cheap-supermarket-shopping

Love bargains, thanks


HHx

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

My daughter goes to her local As** at around 3.45pm on a Sunday and has been known to fill a whole tray in her freezer for less than £2.

We love liver! Great link GUO :T

Hope everyone is doing well and enjoying a bit of sunshine?

Messing around with the spreadsheet here and revising targets, am now hoping to hit below £24,000 and 71% paid off by the end of the month. Watch this space ..... :j

Go go woman we know you can do it


HHx

Hopelessly_Hopeful

Growurown wrote: »

Indeed I am!



That's brilliant! It's knowing the time to go really, and being able to plan a menu around what is reduced. I know a lot of people who are really not into cooking and wouldn't know how to cook or make a meal out of things like liver or fish for example.



Me too! I am hoping to break under the £20,000 mark with the next payment. Our plan is on target to finish in October next year and I think I am beginning to see the light at the end of the tunnel now! Plus (hopefully all being well) this will be our last Christmas on a DMP:)

Being in the teens make me sing teenager in love! Great news GUO.


HHx

Hopelessly_Hopeful

bertman wrote: »

Oh how nice that this is your last full year on a DMP... That will be us one day:j

We have had nearly all our debts passed to other agencies now, only Barclaycard are keeping the debts in their name, we have been defaulted by everyone now so I guess this is our life for the next 5 years..... Still one day at a time!!

Keep in there, almost at 20%. All in right direction. Am a huge fan of celebrating milestones. Great news on the defaults.


HHx

Hopelessly_Hopeful

Time_to_face_the_music wrote: »

That's fantastic news GUO :T

Our target DFD date is end of January 2016 but I am absolutely determined to bring it into 2015 and make it as soon as possible. I would like to be debt free by Summer 2015 .....

This year we will be mortgage free and next year we will be debt free. Oh it felt so good to type that! :j

Wow, very impressed and truly well deserved.


Mortgage freedom will be my next aim after DMP but will have some years to go. Aiming to 'enjoy some life' but also be mortgage free by the time I am 55, hopefully sooner but that will allow some slippage.



HHx

Hopelessly_Hopeful

guns4 wrote: »

Ok sent all the info back to step change and so it must have begun as I have no overdraft facility no more and the cash point as kept my card.

Scary what happens now do creditors reject the application often?

Welcome


They don't often tell you they accepted it but in reality they don't really have a choice. Just keep paying it and shout up if you have any questions.


HHx

Hopelessly_Hopeful

sparco05 wrote: »

Hey guys,

I'm a complete newbie at this kind of stuff, lately I've gotten myself into a position where I have been robbing peter to pay paul with regards to my debts,

Had a moment of complete and utter depression last month, when on the day after payday I checked my account to find it already within £20 of my overdraft limit.

I realised that I shouldn't be relying on Payday loans anymore (I know!! Idiot!!) and that something had to be done.

Santander mentioned Stepchange to me so I checked them out, did the Debt Remedy, and they suggested a DMP.

So I spoke to them on the phone and they emailed me the info.

This was about a month ago, payday is tomorrow.

I work for a financial institution so have waited for them to say it's okay for me to do this and they have now said yes!

So I've printed off my DMP and signed, scanned, emailed and posted it back to stepchange.

Now have no idea what happens next.

As advised I have set up a basic account and cancelled my DDs, have advised work to pay into the new account too.

I have a joint loan with Santander with my father, and with all the issues, missed the payment last month, up until now have always been up to date with payments, He has agreed that I am to pay him rent equal to the debt's monthly payment and he will pay the loan from his account going forward.

Two questions, what do I do about the missed payment just gone? (and in the next couple of days) as I want this to have as little effect on him as possible.

It's currently included in my DMP, is it worth me having it taken off as dad will be making the monthly payments going forward, once he's set up a new account to pay from? I assumed I had to include everything (this is my biggest single debt but as it's going to be paid separately)

I'm so confused with all this, too long burying my head in the sand!!

Please help

sparco.

Welcome


Send a token payment of £1


Joint loans mean joint liabilities so marker will affect your father too. If your father can pay the full amount you will need to include it in your dmp. Sorry I appreciate you may not want to hear that. It's not pleasant when the light bulbs start popping on and increasing in intensity but we have all been there so please do shout up if we can help. The good news as you will see form the back pages is that it does get better all the time and we help each other when life throws obstacles in our way.


HHx

Hopelessly_Hopeful

2spicy wrote: »

Were aiming for Jan 2016.. but realistically its going to be around April as some creditors have charged interest, not included in PP's figures.
We broke the £20k mark last month .... :rotfl:

Another success hitting the teens!


Pleased for you.


HHx

Hopelessly_Hopeful

Suseka wrote: »

Well... wonders will never cease. I've received a letter from Hfx, following my complaint to the FOS (which in fact referred the issue back to Hfx). Anyway, long story short, the letter says that my account will shortly be defaulted and they sent me a cheque for £50 for the inconvenience (referring to all the letter writing to-ing and fro-ing).

So watch this space - I should expect to receive a default in the next month or two. If not.... more letters methinks!

Goes to show that you have to keep plugging away at creditors to reduce or stop interest charges.

S x

Great news S


When I challenged them they refunded a full years interest and then reduced my rate. Was a complicated way of doing things and not ideal but better than before I challenged.


HHx