DMP & Mutual Support Thread - Part 9

blisteringblue

Well it seems to have taken ages to get to this point but my first payments went to the creditors today!

Checked a few of the online accounts and they are all there!

Onwards and Downwards

sickasachip13

Well, a nice surprise in an envelope, for a change, me and Mr SAAC were both entitled to reclaim from CPP and we got cheques yesterday totalling £270 - enough to make a F&F to one of our pesky creditors. Mind you, I have to confess, this was us last night: :beer:

starler229

Hi,


I'm new to this forum and wondered if anybody could help/give me any advice on my situation.


I/We started a DMP in Sept 09. At this time, I had recently been made redundant and took a new job at £8k less per annum.
The DMP set the payments amounts, and as I have had annual pay rises over the past few years, the monthly amounts have slightly increased. Over the past 4.5 years, we have not missed any payments on the DMP or mortgage.


The DMP is due to finish this October and all £16k will have been paid off (YAY!!!!).


Since this time, I have secured a new job with almost double my original income and we are more financially secure than we have every been (even looking at booking our first family holiday abroad ever!!).


With our previous bad credit, we are on a high, non-high street lender mortgage. My question is - How long would I need to wait once the DMP is paid off until I would be able to re-mortgage with a lower interest lender??


Thanks for any help.......

Time_to_face_the_music

starler229 wrote: »

Hi,

I'm new to this forum and wondered if anybody could help/give me any advice on my situation.

I/We started a DMP in Sept 09. At this time, I had recently been made redundant and took a new job at £8k less per annum.
The DMP set the payments amounts, and as I have had annual pay rises over the past few years, the monthly amounts have slightly increased. Over the past 4.5 years, we have not missed any payments on the DMP or mortgage.

The DMP is due to finish this October and all £16k will have been paid off (YAY!!!!).

Since this time, I have secured a new job with almost double my original income and we are more financially secure than we have every been (even looking at booking our first family holiday abroad ever!!).

With our previous bad credit, we are on a high, non-high street lender mortgage. My question is - How long would I need to wait once the DMP is paid off until I would be able to re-mortgage with a lower interest lender??

Thanks for any help.......

Hi starler and welcome :hello:

Are your debts defaulted and if so, do you know the dates of the defaults? Defaulted debts disappear from your credit record 6 years from the date of the default so with 4.5 years gone since the start of your DMP, you may be quite close to this date.

It may be worth getting all your information together and contacting a mortgage broker to ask their opinion.

bertman

Just seen the news about new more strict mortgage criteria. Our fixed rate comes to an end in August, our payments will actually go down a little as the fixed rate is 4.49% with Halifax, the variable rate is 3.99%.

As we are two years into a DMP I am worried what they may do at the end of the fixed rate term, we are 100% up to date with the mortgage payments but I wonder if we will be offered a new fixed rate or will we be left to rot on a variable rate which will go up I guess shortly.

If the rates go up and our payments do too then we would just have to reduce the amount we pay on our DMP but it would be best to have a fixed rate that would be set for 4 years again.

Has anyone on this board applied or is trying to move to a new fixed rate while on a DMP?

Kate_fixing_it

Sigh HSBC...again

Seems they don't want to play. Despite me telling them twice a couple of weeks back about SC, and two promises that the accounts are on hold the wads of letters have continued. This morning I've been graced with the news that they can't accept the plan because the signature they have on file from me opening the account in 2000 is different. Well of course it is. I updated my signature in 2008 when I got married and changed my name.

Now I have to call their 0845 number between 9 and 3 Mon-Fri to explain myself. The fact that SC have provided account numbers, name, address and date of birth is irrelevant.

You'd think they didn't want to be repaid! I'll make the call and await the next letters, I'm placing my bets on a refusal to accept followed by a refusal to stop interest. TBH it justffeels like a tantrum to punish me, as if making me jump through a few hoops will appease their pride. So much for the "world bank" that "cares about customers"!

If it wasn't so ridiculous I'd laugh! They never actually took a signature for the loan and credit card as I applied for both online and the overdraft was done over the phone but now they want a scrawl matching the one I did 14 years ago

Kate x

schmalf

Kate_fixing_it wrote: »

Sigh HSBC...again

Seems they don't want to play. Despite me telling them twice a couple of weeks back about SC, and two promises that the accounts are on hold the wads of letters have continued. This morning I've been graced with the news that they can't accept the plan because the signature they have on file from me opening the account in 2000 is different. Well of course it is. I updated my signature in 2008 when I got married and changed my name.

Now I have to call their 0845 number between 9 and 3 Mon-Fri to explain myself. The fact that SC have provided account numbers, name, address and date of birth is irrelevant.

You'd think they didn't want to be repaid! I'll make the call and await the next letters, I'm placing my bets on a refusal to accept followed by a refusal to stop interest. TBH it justffeels like a tantrum to punish me, as if making me jump through a few hoops will appease their pride. So much for the "world bank" that "cares about customers"!

If it wasn't so ridiculous I'd laugh! They never actually took a signature for the loan and credit card as I applied for both online and the overdraft was done over the phone but now they want a scrawl matching the one I did 14 years ago

Kate x

Hi Kate

Don't despair!! This seems to happen to everyone with HSBC. Have you read the letter properly as mine said I only had to ring if I wasn't happy for them to deal with sc rather than me, regardless of the " signature not matching" rubbish? So I just ignored it. When I started my DMP sc sent me a letter to say HSBC wouldn't accept the payment offer, but to ignore it & keep paying. So I did, I've had some nasty letters that I've mentioned on here, but each time sc have said just ignore them & they will probably default you eventually. Well they haven't yet but they have cashed all my sc payments so far (3), & also stopped interest. I haven't answered any calls from them or rung them - I just sent them a few messages via internet banking informing them of the DMP. They called loads but stopped shortly after my first DMP payment. So my advice would be just ignore them!!! I'm sure I'll hear from them again sometime down the line but for now its all gone quiet. I owe them £10500 on cc & £1500 on of. Xxxxxx

Sazzie23

Kate_fixing_it wrote: »

Sigh HSBC...again

Seems they don't want to play. Despite me telling them twice a couple of weeks back about SC, and two promises that the accounts are on hold the wads of letters have continued. This morning I've been graced with the news that they can't accept the plan because the signature they have on file from me opening the account in 2000 is different. Well of course it is. I updated my signature in 2008 when I got married and changed my name.

Now I have to call their 0845 number between 9 and 3 Mon-Fri to explain myself. The fact that SC have provided account numbers, name, address and date of birth is irrelevant.

You'd think they didn't want to be repaid! I'll make the call and await the next letters, I'm placing my bets on a refusal to accept followed by a refusal to stop interest. TBH it justffeels like a tantrum to punish me, as if making me jump through a few hoops will appease their pride. So much for the "world bank" that "cares about customers"!

If it wasn't so ridiculous I'd laugh! They never actually took a signature for the loan and credit card as I applied for both online and the overdraft was done over the phone but now they want a scrawl matching the one I did 14 years ago

Kate x

Hi Kate

Glad to see you are up and about again, your mum made me laugh :rotfl: Hope she gave them what for :T

Sadly most creditors seem the same for a certain proportion of customers, I don't know what the criteria is but they all seem to have a rejection section when other creditors agree...perhaps they take in turns to be the bad guy! Don't take it personally and Schmalf's advice below seems very sensible.

Hope the recovery is progressing well

Sazzie23

bertman wrote: »

Just seen the news about new more strict mortgage criteria. Our fixed rate comes to an end in August, our payments will actually go down a little as the fixed rate is 4.49% with Halifax, the variable rate is 3.99%.

As we are two years into a DMP I am worried what they may do at the end of the fixed rate term, we are 100% up to date with the mortgage payments but I wonder if we will be offered a new fixed rate or will we be left to rot on a variable rate which will go up I guess shortly.

If the rates go up and our payments do too then we would just have to reduce the amount we pay on our DMP but it would be best to have a fixed rate that would be set for 4 years again.

Has anyone on this board applied or is trying to move to a new fixed rate while on a DMP?

Hi Bertman

The long version : My situation is slightly different as my interest only mortgage came to an end and I had planned to remortgage as (stupidly) I had used the endowment policy to try to prop up our finances. However the DMP and property crash meant that no one would touch me for a remortgage. Following (excellent) advice on this forum I contacted the mortgage company I was with and asked to continue making payments as I had been previously, they considered it and have offered me a fixed rate 4 yr remortgage (at less interest than I previously paid) to cover the outstanding debt. I only got the letter on the 24th and it had to be back before the 26th to get in before the new criteria (so it went back by return mail). I still don't know if its completely approved, I'm just crossing my fingers I don't have to reapply under the new rules, but if that happens then I'll deal with it.

The short version ; contact your existing mortgage company and see what they will offer you - going elsewhere is likely to be more of a problem.

bertman

Sazzie23 wrote: »

Hi Bertman

The long version : My situation is slightly different as my interest only mortgage came to an end and I had planned to remortgage as (stupidly) I had used the endowment policy to try to prop up our finances. However the DMP and property crash meant that no one would touch me for a remortgage. Following (excellent) advice on this forum I contacted the mortgage company I was with and asked to continue making payments as I had been previously, they considered it and have offered me a fixed rate 4 yr remortgage (at less interest than I previously paid) to cover the outstanding debt. I only got the letter on the 24th and it had to be back before the 26th to get in before the new criteria (so it went back by return mail). I still don't know if its completely approved, I'm just crossing my fingers I don't have to reapply under the new rules, but if that happens then I'll deal with it.

The short version ; contact your existing mortgage company and see what they will offer you - going elsewhere is likely to be more of a problem.

Thanks Sazzie,

I guessed talking to them would be the right thing to do its good to have someones else's point of view.

The best would be to get one of the offers they currently have but I would settle for the same payments ongoing again. I will just have to wait and see.