DMP & Mutual Support Thread - Part 9

CharliesAngel

It's Friiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiday :T:beer:

Smelling under 1k this month...

hope you're all well, staying sane is the most important thing lol

CA x

Mossop01

Hi nextyeartina, sorry to read ur havin such a rough time, my first payment to SCalso went out on 1st march, i would suggest contacting the creditors (i tried letters which they didnt respond to) so then i rang them all explaining situation verbally, got them to check their systems and give me updates, they were all very pleasant (dont think ill be invited to the staff xmas party but under circumstances they were ok with me). I found this much more useful once they gave me updates i then asked them to confirm what they told me in writing which they have all now done (10 creditors in all)
I read advice on here and the best bit i took from this forum is that although u have gone through SC they are your debts and no one can keep u updates better with interest rates or charges than you. Creditors sometimes dont acknowledge DMPs but if u contact them and ask for it in writing they will. I needed it in writing cos im a bit if a worrier so to see it written in black n white gives see peace of mind.
Good luck things will get better x

maybedmp

Hi all, I wondered if I can join you?

Sorry, it's long!

We're considering a DMP but not sure whether it's the right way to go for us and thought you lovely people may be able to advise before I call one of the debt charities.

We have unsecured debt with 5 organisations, 3 of which are pretty low interest but one credit card with interest charges that make me feel sick every time I open the statement!

Our house is currently on the market as we are emigrating. Visas are in place and we have until the end of 2016 to make the move. There is enough equity in the house that even if we take a drop in asking price we will be able to clear the debts and still leave us with enough to move, get set up in the new country renting initially and even have a bit saved to put towards a deposit on a home there eventually. The housing market here is extremely slow though and some properties have been on the market for 3 plus years

I am currently on maternity leave hence a reduced income and although I am going back to work after my mat leave the cost of childcare means my income will be less than we've had prior. We are meeting all our minimum payments but have no room to manoeuvre at all.

The straw that broke the camels back was my husbands car completely died this month to the point of no repair and he does a 40 mile commute each way! As I'm off work he's using my car for the coming months which is fine but I will need to get something sorted when I need to return to work (it's not a commute you can do by public transport).

I've used Stepchange's debt remedy tool and they recommend a DMP (or selling our home which obviously we're trying to do anyway). I just don't want to jump into the DMP affecting our credit rating adversely if we then sell the house and can clear the debt quickly in any case. I'm also worried that the creditors won't freeze or reduce interest so in fact we'd end up in a worse situation financially.

In the meantime my husband is going to phone our mortgage company today to ask if we can move to interest only for a while to give us a bit more breathing space.

I know no-one can make the decision for us and I need to contact Stepchange or another debt charity for a chat but I'm still at the embarrassed to say we're in trouble stage and the thought of calling them is making me feel ill

WWYD in our situation?

Hopelessly_Hopeful

CharliesAngel wrote: »

It's Friiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiday :T:beer:

Smelling under 1k this month...

hope you're all well, staying sane is the most important thing lol

CA x

Well done!

HHx

Hopelessly_Hopeful

nextyeartina wrote: »

Hi




Just after a bit of advice please. I started my DMP with SC in February, first payment taken 1st March. So far I've only had a response from one company out of the 7 that SC are dealing with. The letter I've had says that they're willing to accept the payment plan offered by SC. Good news I know , but there's no mention of reducing or stopping the interest or charges What would you advise as my next step to

• this company regarding the interest & charges
• the companys I have had no response from at all

Another problem I'm having is Very. They're phoning my husband's mobile for me from 8 in the morning until 9 at night, about 15 times a day. Is there anything I can do about this? I know it will all calm down eventually. My husband's just come out of hospital, my fil was diagnosed with cancer last month & a close friend has just passed away . We're just under so much stress at the moment, 'eventually' feels so far away right now.

Sorry for the ramble & thanks in advance for any advice

Tina x

Hi and Welcome

Its usual for creditors not to let you know anything in the main!

Wiriter to the first one and ask more more clarity.

Re Very - this is harassment and totally unacceptable. First you need to check that you have in writing told them not to phone you and only in contact you in writing. Send the letter in as a complaint about the harassment and ask them to acknowledge it and that if you get one more phone call you will be reporting them to the FOS for going against debt advice guidelines. If they ring between now and them receiving the letter take the name of who you are talking to, explain this and ask themn to update your record. You will be amazed at how quick they want to get off the phone.

Let us know how you get on.

HHx

Hopelessly_Hopeful

maybedmp wrote: »

Hi all, I wondered if I can join you?

Sorry, it's long!

We're considering a DMP but not sure whether it's the right way to go for us and thought you lovely people may be able to advise before I call one of the debt charities.

We have unsecured debt with 5 organisations, 3 of which are pretty low interest but one credit card with interest charges that make me feel sick every time I open the statement!

Our house is currently on the market as we are emigrating. Visas are in place and we have until the end of 2016 to make the move. There is enough equity in the house that even if we take a drop in asking price we will be able to clear the debts and still leave us with enough to move, get set up in the new country renting initially and even have a bit saved to put towards a deposit on a home there eventually. The housing market here is extremely slow though and some properties have been on the market for 3 plus years

I am currently on maternity leave hence a reduced income and although I am going back to work after my mat leave the cost of childcare means my income will be less than we've had prior. We are meeting all our minimum payments but have no room to manoeuvre at all.

The straw that broke the camels back was my husbands car completely died this month to the point of no repair and he does a 40 mile commute each way! As I'm off work he's using my car for the coming months which is fine but I will need to get something sorted when I need to return to work (it's not a commute you can do by public transport).

I've used Stepchange's debt remedy tool and they recommend a DMP (or selling our home which obviously we're trying to do anyway). I just don't want to jump into the DMP affecting our credit rating adversely if we then sell the house and can clear the debt quickly in any case. I'm also worried that the creditors won't freeze or reduce interest so in fact we'd end up in a worse situation financially.

In the meantime my husband is going to phone our mortgage company today to ask if we can move to interest only for a while to give us a bit more breathing space.

I know no-one can make the decision for us and I need to contact Stepchange or another debt charity for a chat but I'm still at the embarrassed to say we're in trouble stage and the thought of calling them is making me feel ill

WWYD in our situation?

Hi and welcome

Any of the chairities should be fine, swings and roundabouts really.

Stepchange or payplan are about the same and ok. I dont know enough about Christians against poverty. If you are going on a DMP keep your mortgage on repayment as that way at least that debt will be going down.

Good luck

HHx

maybedmp

Thanks HH

Mossop01

Hi all had my 1st offical default notice today and im weirdly pleased at least that starts the click ticking on one of them!
Hope ur all having a good day x

Time_to_face_the_music

CharliesAngel wrote: »

It's Friiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiday :T:beer:

Smelling under 1k this month...

Fantastic news - very well done :T

Mossop01

Thats great news charliesangel!! Well done x