DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

sunnyskies2 wrote: »

Hi all, Still trawling to get more info and prepping - checking out spreadsheets etc.

Hi, i've justvremembered anther couple of questions, I'm thinking of returning to half completed open university study - to eventually use degree to increase salary - would I be able to get a student loan under a DMP does anyone know?

Also with regard to current bank account - which is with Lloyds, I have £2,500 o/d to add to DMP - William be able to close this account - if not should I firstly change from gold account to basic account?

Thank you once again for any advice.

Sarah

Welcome


Technically the answer is you shouldn't take on more credit. So initial answer to loan is no. However, you can prove you need it to work and you've committed to it etc so should be ok. For example some of us were given 'permission' to get car loans as no car no work then no money to fund dmp!


Yes add in OD to DMP. They wont let you close the account but you wont be able to dip into the OD either. Best to get another account for day to day stuff.


HHx

Hopelessly_Hopeful

Enough_Now wrote: »

Evening all

I hope all is as well as can be reasonably expected in DMP world.

I just wanted to share a small achievement - one out of my nine creditors is now paid off. Statement received today with £0.00 balance. :j

I have another 18 months left of my DMP but this debt was helped along with a substantial PPI reclaim - well worth the price of a couple of stamps!

Finally I can see the light at the end of the tunnel

EN x

Good news


HHx

Ellieseleven

Just popping by to say hello to everyone and to see how you are getting on. I have been AWOL for a while but with good reason - we have a new grandson and we have been getting lots of cuddles!

On the debt front we are still plodding along, things have been hard over the last few months but we are surviving and still making progress and each month is a step closer to freedom.

My next milestone is to go sub 20k and it's not so far off;)

I hope that everyone is well and still on track (I need to back track through the thread)

Take care all

Ellie xx

Monkeyballs

Morning all,

I've not posted much on this thread of late and really need to have a catch up but it's great to see a steady stream of newbies who have had their LBM, taking the plunge and saying hi/asking questions

So, a couple of things to bear in mind (apologies if it's old news and you've already been told LOL, I did say I need to catch up).

1. Be realistic with your budgets when entering into a DMP, too high and life will be difficult so if this applies to you please do contact your provider

2. Personal choice and for some it may be easier to do when your stress levels settle down but don't fear the creditor! LOL, speaking to them means your debt information is accurate (no surprises) and makes you more confident in general when discussing your debts.

3. It's still your debt, so manage it when you enter into a DMP your repayments are set to manageable levels so don't bury your head again... I personally prefer to confirm balances every month and update my SC account and it feels great! I have challenged balances, seen some balances (mysteriously) reduce and helps to make the time to becoming debt free fly by!

4. Keep your provider updated, always be honest and you'll get the most out of the process.

Hope something here is helpful, either way keep posting and be positive

As for all the "less newbies" LOL, morning folks

MB

Kate_fixing_it

Morning all *waves* just thought I'd pop in and wish you all a happy one-day-closer-to-debt-freedom day

Vile day here cold, windy and wet but I'm not planning on going anywhere (or spending anything!) Despite that I'm feeling quite chipper so you can bet your backside there'll be nothing from creditors today - I'm sure they have a crystal ball and make sure letters and calls arrive when I'm feeling rough!

Kate x

sunnyskies2

Hi

Thank you HH, guessing I will need to discuss permission for o/d with new bank with SC. Unfortunately there are not many posts re: dmp and being s/e.

Hi Kate, looks like we may be in similar place on the dmp journey to freedom, the more i read the more excited i am to make credit a thing of the past same. Firstly need to set up new bank account - hopefully Friday if I can get DH to join me! Better to have a happy day - hopefully the sun can cheer you up if you get any horrid mail:)

Sarah

Chocolatelee

Hi everyone,
I have a question - apologies if it has already been answered elsewhere.
I have been on a DMP for a number of years, but following my marriage breakdown last year the DMP was not continued. I have sorted out new payments with the four creditors, one of whom I managed to pay a settlement figure to (yay me!)
The question is - what are the pro's and con's of paying a settlement figure to repay the debts as opposed to paying them off in full? For example - will my credit rating be improved more quickly so I will be able to rent privately again if I repay in full?

Kate_fixing_it

Chocolatelee wrote: »

Hi everyone,
I have a question - apologies if it has already been answered elsewhere.
I have been on a DMP for a number of years, but following my marriage breakdown last year the DMP was not continued. I have sorted out new payments with the four creditors, one of whom I managed to pay a settlement figure to (yay me!)
The question is - what are the pro's and con's of paying a settlement figure to repay the debts as opposed to paying them off in full? For example - will my credit rating be improved more quickly so I will be able to rent privately again if I repay in full?

Any defaults will stay put, they are an accurate record of your credit history. I'm sorry, I know that isn't what you want to hear.

It might be worth asking on the lettings board about specifics but as far as I'm aware the letting agent credit checks done on me two years ago just checked for CCJs, IVAs and bankruptcy. The other part was affordability, I had to provide proof of income. In my case I earned over £20k and was deemed able to afford £698 pcm. A reference from my manager confirming that I was a permanent employee and a copy of the tax credits award to cover the rest of the rent were required and we moved in the next day. Hope that helps a little. Be completely up front on your application and speak to a real person (adding the human element helps - our home is rented in my name only as DH was on an IVA and would have needed a guarantor. I went to the office, spoke to a manager and I was completely transparent). Try to put yourself in the landlord's shoes, all he or she wants is the rent paid on time and very little hassle. If there's an agent involved they just want the same so if you can reassure them it'll go in your favour.

My credit rating was fairly low when we went through it but we're still here over two years later.

I hope that helps you a little.

Kate x

Kate_fixing_it

As predicted NOTHING. Not even a text message! I even had a little income boost, I called HMRC yesterday about getting our award calculated on this years income and they gave me £12 today. No idea why but will wait for the letter to explain over the next few days. I've never known them act so fast and the amount doesn't seem right to adjust the award as income has dropped £6k per year. I'm just wondering if I've been popped into the auto-renew pile and the overpayment last year was calculated incorrectly. I guess we'll find out soon, I'm certainly not spending another 30 minutes on hold to find out

Kate x

spiffyiffy

Hi all,


Just a question:


I've read here that you should open up another current account but I have 4 current accounts already. The one all my direct debits come out from has an overdraft which I want to be included in my DMP. My question is that if I can just move all my Direct Debits into one of my other current accounts I have already?


Thanks