If considering a DMP-when do I cancel the DD's

alarmed

Hi all
After a bit of quick advice please-if I consider a DMP with Stepchange,at what point can I cancel the DD's to all my creditors?
Acually would it matter as my credit rating is going to be trashed anyway!

Thanks
Al

Bettingmad

Cancel them straight away and send a letter explaining you are seeking a DMP with SC and a token amount of £1.
There are letter templates but SC should have provided them in your pack.
Let us know if you need a template.

mullery83

Cancel right away.

I haven't used stepchange, but payplan have been excellent.

In short I contact payplan they said get a new bank account and get wages paid there.

Once done cancel direct debits they do the contacting lenders bit, within a 6weeks in my case it was all in place.

alarmed

Thanks very much for the fast replies.
I've just spoken to an advisor online and it seems it may be the best way forward for us.
Also can I ask for some guidance on our remortgaging situation.How will being on a DMP affect us remortgaging next time round which in our case is December this year?
Can our existing lender(NatWest) refuse to offer us a mortgage if we in a DMP?

Thank you

mullery83

alarmed wrote: »

Thanks very much for the fast replies.
I've just spoken to an advisor online and it seems it may be the best way forward for us.
Also can I ask for some guidance on our remortgaging situation.How will being on a DMP affect us remortgaging next time round which in our case is December this year?
Can our existing lender(NatWest) refuse to offer us a mortgage if we in a DMP?

Thank you

I honestly think you may struggle. You often get quite adverse entries on your credit file on a dmp. I had no option but to go on a dmp but regardless it was the best thing I ever done.

Bettingmad

alarmed wrote: »

Thanks very much for the fast replies.
I've just spoken to an advisor online and it seems it may be the best way forward for us.
Also can I ask for some guidance on our remortgaging situation.How will being on a DMP affect us remortgaging next time round which in our case is December this year?
Can our existing lender(NatWest) refuse to offer us a mortgage if we in a DMP?

Thank you

Not wanrting to be the bearer of bad news but is is very unlikely if not impossible to sort out a remortgage whilst you are on a DMP. Your credit file will be trashed for a number of years either with Defaults or DMP/AP markers.

alarmed

mullery83 wrote: »

I honestly think you may struggle. You often get quite adverse entries on your credit file on a dmp. I had no option but to go on a dmp but regardless it was the best thing I ever done.

Thanks.
So just to confirm-it is possible that Natwest will not even allow us to even drop into their SVR after our fixed term ends?
(Apologies if this is more a question for the Mortgages forums)

Bettingmad

alarmed wrote: »

Thanks.
So just to confirm-it is possible that Natwest will not allow us to even drop into their SVR after our fixed term ends?
(Apologies if this is more a question for the Mortgages forums)

You will drop onto their SVR when your fixed term ends.

gizmo111

alarmed wrote: »

Thanks.
So just to confirm-it is possible that Natwest will not even allow us to even drop into their SVR after our fixed term ends?
(Apologies if this is more a question for the Mortgages forums)

You will drop to whatever is in the contract at the end of the fixed term - if its SVR then that is what you will go on.

gizmo111

alarmed wrote: »

Hi all
After a bit of quick advice please-if I consider a DMP with Stepchange,at what point can I cancel the DD's to all my creditors?
Acually would it matter as my credit rating is going to be trashed anyway!

Thanks
Al

Do you owe money to your current bank?

mullery83

Bettingmad wrote: »

Not wanrting to be the bearer of bad news but is is very unlikely if not impossible to sort out a remortgage whilst you are on a DMP. Your credit file will be trashed for a number of years either with Defaults or DMP/AP markers.

Im of the same view