DMP & Mutual Support Thread - Part 9

Time_to_face_the_music

Mossop01 wrote: »

Thats interesting TTFTM that it took 3 months for most to take action on the interest makes me feel maybe im being a bit impatient and there is hope, thanks

It does seem to take a while. I have no idea if I am correct but my theory on this is:

1) the debt needs transferring from the current debt department to the collections department, and creditor departments don't seem to like talking to each other!

and

2) Don't forget that if you pay StepChange on the 1st of the month, it doesn't go to your creditors until the 25th of the month. So you are always almost a month behind.

Lots of people say it is the end of month 2 when things start happening. This was certainly the case for us and it was the first time we saw our payments making a real impact on our debt :j

You will get there Mossop and you are not impatient, just keen to get going and that's a good thing :T

dmp2013

Hi, we are on month 2 of our DMP and things are settling, although HSBC and Halifax are still charging lots of interest, so Im sending them letters threatening FOS. I was just looking at our Noddle credit report and both hubby and me are scored at 1/5- no surprise really, just wondered if over time of being on DMP does this go up at all? Or does it remain there until your DMP is finished? Eventually we hope to move and will need another mortgage, we wont do this until after our DMP as im guessing you cant really get one? But how is credit rating likely to be after DMP? Thanks all x

Mossop01

Im by no means an expert but i think it depends when ur defaulted from, then its 6yrs afterwards, we have 3 yrs left on our fixed rate mortgage so we will hopefully just go straight to their variable rate which im not too bothered about as our fixed rate isnt that good anyway, once our defaults are finished we will find another fixed rate. Does that help?

Freshstart2012

Hi Guys

As I'm on a DMP and have been for quite a while now I have an idea of how things work, but I have no idea of how things work if you become unemployed through no fault of your own.

I'm asking for a friend who may be in that situation in the not so distant future and a DMP will not be suitable as he will probably have to live off benefits until a job comes along.

Will they allow him to make token payments for a few months until he finds a new job and if they do will his credit file be trashed as if he was in a DMP.

Thanks in advance

Allypops

Time_to_face_the_music wrote: »

Buy a cheap filing box and label a section for each of your creditors. Keep EVERYTHING that they send you. You never know when you will need it. Also keep everything from CCCS/Payplan/CAB and the FOS etc.

We are on box 3 now and will be keeping it all until we are debt free, then having a huge bonfire :j

I can't wait to have a post DMP bonfire - I will be dancing around it too!

dmp2013

Mossop01 wrote: »

Im by no means an expert but i think it depends when ur defaulted from, then its 6yrs afterwards, we have 3 yrs left on our fixed rate mortgage so we will hopefully just go straight to their variable rate which im not too bothered about as our fixed rate isnt that good anyway, once our defaults are finished we will find another fixed rate. Does that help?

Thanks a lot for your reply. When will they default us? After how long into our dmps? We are too not on a very good fixed rate at the mo, so hopefully that will work out ok when that comes to an end. 6 years from default, Ahh I was helping to move after about 5 years, looks unlikely then :-\

Mossop01

Well like i said im no expert but i think its up to the creditor when they default you, the sooner the better although from reading on here there doesnt seem any logic or hard n fast rule, sorry im not much help

Julie67

I know how you feel DMP2013 we are on an interest only mortgage. I'm really hoping they will let us change to a repayment maybe a year into the DMP but I don't know if its a possibility. We've been very honest with our mortgage company and kept them up to date with everything.
If they don't, we may as well sell and rent in an area we want to move too. Since starting in the DMP we would love to pay it off quickly and then use the excess to pay off the mortgage, but we can't do that with interest only. It makes me worry about the future. I guess we may as well be renting and saving instead.

Mossop01

Maybe one step at a time is the answer, dmp first then concentrate on mortgage deals, rome wasnt built in a day. I know if we hadnt gone in dmp then we would still have never got a good mortgage deal with out debts, so for us getting rid of the debts has to be our priority. As far as i can make out as long as u can go onto SVR with current provider things should be ok

Julie67

Thanks for the reply Mossop, your right one step at a time.
Probably not a good time to be thinking and worrying about mortgages, I will probably lie awake now thinking about money:(
Will plow on with the DMP and once everyone is on board and things are running reasonable smoothly will have a chat with our existing lender.