Dmp Mutal Support Thread (Part Two)

weezypoos

What happens if the company never accept? Do your debts keep going up? can they take you to court if the refuse to accept a DMP? Sorry for all the questions, its just been a huge step for us taking this on!

newlywed

Personally I'd keep it for a rainy day. Or if it builds up to a larger chunk then pay it. If you keep overpaying they may ask you to increase your budget since you regularly have "spare" money

Just remember how much a new exhaust, new tyres or a repair to the boiler might cost (even if it happens in 3 years time).

Speaking from experience of my car dying (18 year old car failed MOT) just before the DMP and buses costing much more - having to scrape money together to get another car and although it was £500 it needed some work (new exhaust, new tyres, cam belt etc). Hoping that as soon as I finish paying my Dad for the rest of the work he did on my car we can start to build that emergencies fund as at the moment it's about 52p!!!

amani_2

Sorry cant answer your questions on that, but what I have read on here most do except eventualy(sp?). There will be someone on here that can answer your questions the ones that have been on a DMP for a long time maybe RAYDAY1 or ilovegreatdanes!

Where is RAYDAY1 is she on holiday???????

newlywed

weezypoos wrote: »

What happens if the company never accept? Do your debts keep going up? can they take you to court if the refuse to accept a DMP? Sorry for all the questions, its just been a huge step for us taking this on!

I think usually they give you a default which black-marks your credit rating for 6 years from the date of default. Sometimes they will then sell the debt on to debt-collection agencies who are often more willing to accept a reduced payment.

I think they can take you to court but if you can prove that what you are offering is reasonable and you are taking steps to pay that amount (through CCCS) then the court aren't likely to issue much in their favour.

I think it depends how quickly your debts are likely to paid off. All mine are due to be paid off in just over 5 years and they have all accepted (but it did take 4 months for me).

amani_2

Emergencie fund 52p I know the feeling!!!!!!!!!!

weezypoos

newlywed wrote: »

I think usually they give you a default which black-marks your credit rating for 6 years from the date of default. Sometimes they will then sell the debt on to debt-collection agencies who are often more willing to accept a reduced payment.

I think they can take you to court but if you can prove that what you are offering is reasonable and you are taking steps to pay that amount (through CCCS) then the court aren't likely to issue much in their favour.

I think it depends how quickly your debts are likely to paid off. All mine are due to be paid off in just over 5 years and they have all accepted (but it did take 4 months for me).

Thanks loads. I think CCCS have told us it will take almost 5 years so not an enormously long time. Fingers crossed they accept!

Thanks again people! I'll be back!

amani_2

newlywed do you know where RAYDAY is??????????

newlywed

amani wrote: »

newlywed do you know where RAYDAY is??????????

Sorry no idea. Think last week she said the kids were back at school and she was wading through mortgage forms or something?

bowz25

hi all
hope everyone is okay
i have not posted for a while but have read some of the posts.
I have just paid month 4 of dmp, some of the creditors have stopped interest, some are still charging it. I have just had a letter from a viking services (about ge account) read on earlier post this was still part of ge does anyone know?
Tommorrow i am going to have a good look at all my balances and see if any have gone down at all, and check paperwork.
I felt positive at start of plan but have just been very down about it all lately, i know others feel the same i am starting to feel inferior to others and i know i shouldnt feel like this.
Really struggling with plan lately, as still trying to build up funds, car due mot and tax end of the month, and my oven stopped working about 5 weeks ago now. We have managed without the oven using slow cooker and grill and hob but it is annoying me now.
sorry to moan but i have been keeping it to myself just lately and just starting to feel a bit better again, i have had depression a long time ago and started to recognise the signs again, and i am trying best to keep positive.

I am not saying dmp is not good as it has helped me sleep again but it is so hard without anything to fall back on in emergencies, but i am sure you eventually get use to it. I will have to as dmp is for 16 years!
take care all
bye for now

weezypoos

Sorry to hear your having such a rough time of it. At least though with the DMP though hopefully some creditors will have stopped the usual chasing? Are there many left who are refusing to accept the DMP?

I have just sent off my DMP agreement are we are looking to start ours in October and am really worrying about how we will manage without a back up fund. Our child benefit gets paid into an ISA and this equates to about £60 a month so I am hoping this gets built up enough to help us out in times of need. Just sold £200 worth of things on ebay too but unfortunately this has been spent on food and bills! There must be light at the end of the tunnel!!