DMP & Mutual Support Thread - Part 9

Hopelessly_Hopeful

Apologies for taking the thread over this morning!

My news;

1) Have just had my mortgage balance reduced by 3-4 months payment due to Northern Rocks CCA stuff up. Shame can't get the money as could have paid a couple of creditors back. Nice bonus all the same.

2) Probably going self managed now am further down the line. Very grateful to SC for their help in the beginning but found they loose interest after that point and I can serve my DMP better in the long run.

Hope everyone having a great start to the weekend

HHX

mojoback

Hi Hopelesslyhopeful

Thanks for your response - I will open a new thread (just need to work out how!), It is strange that all accounts, credit cards, etc are on my credit file but these 2 are not. Even if they have not been defaulted yet (not sure if they have) I would have thought they would show up and I guess if there is a mistake they could go on for 6 years when it is rectified. I had never seen my credit file until recently so was completely unaware of this.

Thanks again for your response will attempt a thread and let you know how I get on.:think::think:

Hopelessly_Hopeful

mojoback wrote: »

Hi Hopelesslyhopeful

Thanks for your response - I will open a new thread (just need to work out how!), It is strange that all accounts, credit cards, etc are on my credit file but these 2 are not. Even if they have not been defaulted yet (not sure if they have) I would have thought they would show up and I guess if there is a mistake they could go on for 6 years when it is rectified. I had never seen my credit file until recently so was completely unaware of this.

Thanks again for your response will attempt a thread and let you know how I get on.:think::think:

Re new thread...... If you go to the top off this page and click the Debt-Free Wanabee line. then go to the bottom of that page and click new thread. Shout up if you struggle and we'll see if can explain another way.

They have to correct mistakes so dont worry a bout that. The worry is not so much defaults on DMPs as we know they only last 6 years from when they start. The pain in the bottom are AP - arrangements to pay that linger for longer, grrrrrrr


HHx

Mossop01

Hopelessly_Hopeful wrote: »

Apologies for taking the thread over this morning!

My news;

1) Have just had my mortgage balance reduced by 3-4 months payment due to Northern Rocks CCA stuff up. Shame can't get the money as could have paid a couple of creditors back. Nice bonus all the same.

2) Probably going self managed now am further down the line. Very grateful to SC for their help in the beginning but found they loose interest after that point and I can serve my DMP better in the long run.

Hope everyone having a great start to the weekend

HHX

Fab news bout northern rock and good luck with going self managed, u can do it!!!
Keep plodding on!! X

inbetweener

Thanks for the advice hopelessly helpful.

So i will be starting the DMP in april and after a conversation with step change yesterday was told to pay £1 off my cc this month instead of the minimum £151.
My question is this, this month i need to pay water bill £102 (will be setting this up monthly from next month), a suit for wedding/christening (£70ish) and my car will need new tyres very soon, would it not make sense to put these on the credit card and add to the debt i declared last week?
I would go over my overdraft if i paid the money out of my current account and if i didnt get the tyres done this month it will be £220 not budgeted for when my DMP starts!!??
I quickly rang step change but the woman just said 'we wouldnt advise you to take on more credit', which obviously they are all told to say, she then said 'please ring back monday as the department you need is closed'.

Hope i have explained the situation clearly and welcome any feedback

Thankyou

Hopelessly_Hopeful

Hi

You really shouldnt use CC now you have approached for a DMP, you could get yourself in a lot of trouble.

Re tyres, speak to SC and see if you can defer start of DMP for a further month.

I am afraid they will likely say no hope of the new suit at this stage. Can you borrow one?

HHx

fermi

mojoback wrote: »

Hi everyone

Has anyone come across this - I checked my credit report and noted that the 2 Barclaycards (visa and mastercard) which form part of my DMP are not listed on it- this was on both noodle and experian - does anyone have any experience of this.

Hopelessly_Hopeful wrote: »

Sorry don't know about this but am interested. Worth be starting a new thread, there are areas that discuss credit rating. I'll be looking forward to my last couple of payments this time next year so it's something I need to start getting more information on.


Good Luck

HHx

mojoback wrote: »

Hi Hopelesslyhopeful

Thanks for your response - I will open a new thread (just need to work out how!), It is strange that all accounts, credit cards, etc are on my credit file but these 2 are not. Even if they have not been defaulted yet (not sure if they have) I would have thought they would show up and I guess if there is a mistake they could go on for 6 years when it is rectified. I had never seen my credit file until recently so was completely unaware of this.

Thanks again for your response will attempt a thread and let you know how I get on.:think::think:

Hopelessly_Hopeful wrote: »

Re new thread...... If you go to the top off this page and click the Debt-Free Wanabee line. then go to the bottom of that page and click new thread. Shout up if you struggle and we'll see if can explain another way.

They have to correct mistakes so dont worry a bout that. The worry is not so much defaults on DMPs as we know they only last 6 years from when they start. The pain in the bottom are AP - arrangements to pay that linger for longer, grrrrrrr


HHx

Copied to a new thread here:

----> https://forums.moneysavingexpert.com/discussion/4475457

Julie67

Afternoon all,

Great news on your mortgage HH.

Nothing to report again in today's post other than a letter from HSBC advising that they have been unable to collect the managed loan payment and would I kindly fill in a new DD so they an collect it:rotfl::rotfl: omg will they ever acknowledge the letters including the last one saying I intend to report them to FOS.
Oh well onwards and upwards as Mossop would say:D
I've cleaned my house from top to bottom with white vinegar and lemon this morning, very cheap and does an excellent job, off to do some baking.

dad2one

mojoback wrote: »

Hi dad2one

You are doing all the right things in preparation of your dmp. I started mine a year ago, like you my bank was HSBC, I had a loan, credit card and overdraft with them. I also had a couple of credit cards. This is how my situation evolved at that time once I knew I could no longer keep going due to change in work circumstance.

1. Contacted Stepchange (was called CCCS then), agreed DMP was given a reference no.
2. Set up bank account with Coop.
3. Arranged pay to go into new bank account.
4. Cancelled all direct debits with HSBC, wrote to all utilities, mortgage co. etc. to advise of new bank account details - where possible changed bank details on-line.
5. Sent letters to all companies I owed money to advising that on DMP quoting Stepchange reference no.
6. Within a week of sending letters the phonecalls stopped (cant tell you how much relief this was).
7. Over next couple of weeks received letters from people I owe money to confirming acceptance of the DMP and in most instances the interest was stopped. HSBC did not immediately stop it but after writing to them they contacted me to confirm they would be stopping it and refunded it back to the date the DMP started.

So after a short time everything was in place and I felt in control again. A year on everything is good with the DMP, I had my review last month with Stepchange and no significant change.

I had a problem with my car at the end of November, unfortunately there was nothing in the emergency fund as in October I broke a tooth and had to get that fixed, I contacted Stepchange and they were great, they allowed that months payment to them to be late in order that I could pay my car. So never hesitate to contact them if you find yourself in difficulties.

I feel so much better now and the debt mountain is shrinking which makes me feel very happy. So good luck on your DMP journey.:)

Thanks for that. A useful insight there as your situation appears very close to mine.

Hopelessly_Hopeful wrote: »

As Mossop says onwards and upwards! Defo all going in the right direction.

They have no right to contact you at work, you can stop this by sending them a letter to that effect and report them if they do for harassment. Just because they ask questions you dont have to answer etc. I used to be terrified then I loved it if they called as I could tackle them about the interest rate and not helping etc. Trust me the worm turns and they are the ones that want to put the phone down PDQ:rotfl:

HHx

Yeah, in my emails and letters I always ask to keep correspondance to a written format. I shall make this particularly clear to HSBC, and particularly about contacting me at work. The guys on the other end of the phone are just doing a job, I speak very matter of fact like, and very politely. When they relax so do I. A good social exercise and confidence builder actually!

dad2one

Hopelessly_Hopeful wrote: »

Apologies for taking the thread over this morning!

My news;

1) Have just had my mortgage balance reduced by 3-4 months payment due to Northern Rocks CCA stuff up. Shame can't get the money as could have paid a couple of creditors back. Nice bonus all the same.

2) Probably going self managed now am further down the line. Very grateful to SC for their help in the beginning but found they loose interest after that point and I can serve my DMP better in the long run.

Hope everyone having a great start to the weekend

HHX

Yes, someone I know did a DMP a few years back, and ended up self managing. Sounds like a natural progression once all is running smoothly. My longer term plan is to
1) Set up the DMP and see that all creditors agree to it, get it going.
2) Start working on stopping any extra charges and interest.
3) After a year or so of smooth running, consider self management.