DMP & Mutual Support Thread - Part 9

Time_to_face_the_music

fatbelly wrote: »

Quote:
212.
Personal customers may choose a self-help approach to negotiating debt repayment. Subscribers should ensure that such proposals are given equal consideration as those presented through a debt adviser.

That is what I was trying to find and couldn't.

Being on a DMP or self managed debt repayment plan or whatever we call it, should make no difference and we should not be treated differently by creditors.

StepChange tell me we can't call it a DMP unless it is being managed by a company, maybe they are going to trademark it!

Thanks very much to both fermi and fatbelly :T

Time_to_face_the_music

bobble1990 wrote: »

Thanks for the replies.

I guess I am coming from a slightly better/different financial situation and have therefore experienced this DMP world differently.


My debts are not so bad that I am missing repayments but I do struggle month to month but could sort myself out simply by cutting back.


I guess I have experienced a side of SC that does not seem to have been considered i.e. as the OP said SC make money from the amount of DMP's they have in place. Therefore really they should have encouraged me to cut back and not get a DMP, as opposed to encouraging me to get one (IMO). It could have turned out that I went with them and then the creditors declined me due to my surplus being quite high and then this negatively affecting my credit rating anyway. I just am glad I had the sense to ask my families advice and taking some thinking time to before making a decision....


I can understand they are excellent products for people in dire states but for people in my predicament they are potentially dangerous.

Hi bobble :hello:

Have you taken a look at the snowball calculator?

http://www.whatsthecost.com/snowball.aspx

If you can manipulate your incomings and outgoings to manage a bit more to pay off your debts, this could be a far better alternative for you. All you need to know is the sums owed and the APR/monthly interest rates.

Good luck and please let us know you get on

Time_to_face_the_music

CharliesAngel wrote: »

can now confirm as of yesterday i'm no longer in debt :T had a bonus from work this month and bit the bullet... tonight I shall sleep like a log

Congratulations and very well done CA :T

Debt free wannabes who become debt free realities inspire us all. Don't forget to add yourself to the debt free roll of honour :j

Julie67

Afternoon all,

Well done charlies angel:beer: great achievement
Bobble, I personally would only go on a DMP if it was a last resort, it was for us, it sounds like its not for you, and more of a lifestyle change. Have you tried the old style board for money saving ideas and ways to meal plan and cut household cuts etc. good luck.
mossop I'm another one waiting to see my amounts reducing when the first payment shows. Don't forget to amend your signature:money:

More eBay listing today, doing very well at the mo. I have just put together a business plan for my new business and have booked myself onto a Women in Business Seminar, all free. Feeling very positive about the future, especially now I'm better:) I've promised dh a house in the country ( after I've paid my DMP back of course) better get my finger out :rotfl:

Dandytf

Hi

Ive agreed a DMP with Step change---though havent yet returned the required docs

I've today been offered a secured loan 51.% apr

t.b.h I want to reduce my debt not increase it

My only concern with Step Change is as my Mortgage is with Nationwide + overdrfat+ credit card -can Nationwide look to force me to sell my property?

Also my income goes to co op account -who have advised they will remove my overdraft if and when they hear from step change

A basic account without car breakdown service/no overdraft is a major decision for me in getting to work:(

Mossop01

Hi u need to have ur wages go into an account that is nor linked to any debts including overdraft. As i see it ur secured debts ( mortgage ) remain unlinked to ur unsecured debts, but any doubts check with SC
Good luck with ur journey

CharliesAngel

Time_to_face_the_music wrote: »

That is what I was trying to find and couldn't.

Being on a DMP or self managed debt repayment plan or whatever we call it, should make no difference and we should not be treated differently by creditors.

StepChange tell me we can't call it a DMP unless it is being managed by a company, maybe they are going to trademark it!

Thanks very much to both fermi and fatbelly :T

what do i know

Time_to_face_the_music

Julie67 wrote: »

I have just put together a business plan for my new business and have booked myself onto a Women in Business Seminar, all free. Feeling very positive about the future, especially now I'm better:) I've promised dh a house in the country ( after I've paid my DMP back of course) better get my finger out :rotfl:

Well done Julie :T

Lord Sugar, move out of the way!

Time_to_face_the_music

Dandytf wrote: »

Hi

Ive agreed a DMP with Step change---though havent yet returned the required docs

I've today been offered a secured loan 51.% apr

t.b.h I want to reduce my debt not increase it

My only concern with Step Change is as my Mortgage is with Nationwide + overdrfat+ credit card -can Nationwide look to force me to sell my property?

Also my income goes to co op account -who have advised they will remove my overdraft if and when they hear from step change

A basic account without car breakdown service/no overdraft is a major decision for me in getting to work:(

Hi Dandytf and welcome :hello:

Changing unsecured debt to secured is almost always advised against and 51%? Ouch :eek:

I have never heard of anyone who has had problems with having unsecured debt with the same bank as their mortgage. We have a Halifax mortgage and a CC included in our DMP, and there has never been any issue.

Your Co-op overdraft would need to be included as part of your DMP. Do you pay a monthly fee for the benefits of the account? Premium bank accounts which include benefits such as breakdown cover often work out more expensive than paying for the cover separately. I think I used to pay £15 a month for the account and my breakdown cover cost me around £50 this year.

As mossop has already said, you need a new bank account that is not linked to any creditor. You do not necessarily have to have the most basic account but think hard before paying any account fees. You should not have an overdraft facility, as this would count as taking on additional credit which is no no in a DMP.

Good luck and please let us know how you get on

Time_to_face_the_music

CharliesAngel wrote: »

what do i know

The consensus of opinion from fermi, fatbelly and StepChange themselves is that Nationwide would have left themselves wide open to a complaint if you had gone self managed and they had tried to apply these charges.

I think we all know creditors who try it on and Nationwide were doing it with a vengeance