DMP & Mutual Support Thread - Part 10

sunnyskies2

Hi all...

Good luck kate - fingers crossed for you

That's great news about your sister suseka, you must be feeling so very relieved - best wishes x

riverview in addition to other comments: I believe you can make one or two token payments and not get a default and not enter a DMP - if you did get the job - and then pay debt off quickly without ruining your credit rating as dazla suggests. I say this as you may need a decent credit rating in the future for a mortgage etc.

Sarah x

Sazzie23

sunnyskies2 wrote: »

Hi all...

Good luck kate - fingers crossed for you

That's great news about your sister suseka, you must be feeling so very relieved - best wishes x

riverview in addition to other comments: I believe you can make one or two token payments and not get a default and not enter a DMP - if you did get the job - and then pay debt off quickly without ruining your credit rating as dazla suggests. I say this as you may need a decent credit rating in the future for a mortgage etc.

Sarah x

Hi all,

Riverview , I agree with Sunny Sarah, hold off with the DMP until you know about the job. What you can do is contact creditors, say you are in financial difficulties and ask them to put a 30 day hold on the account. If you go to DMP this will be fine, if you get the job *** good luck ** then you can restart payments. You might accrue some arrears which could incur charges and will hit your credit rating for a while but probably not as significantly as a DMP.

Hope your OH is doing better now, it can be a long road. Out of interest, did you check out what your new salary would be and but it into the debt remedy on SC ? Give you more of an idea what difference it will make to a DFD ?

Suzeka - that's brill, sounds like she has come on so well, must be very relieved all round.

Kate - best wishes, sure you've aced it, remember you are awesome:D

Hi to anyone else just joined or popped in

Brogden

dazla wrote: »

Hi...if I were you I would hold off on the DMP until you know about the job. I am on a DMP, have been for 3 years. Just be aware your credit record will be trashed for a long time, 6 years if you incur a default or a lot longer if you get any AP markers.

Hi Dazla and All,

AP markers yeah!!! I think these are a bit of a 'blast from the past' for me. I am guilty of having not checked my credit record for a couple of years. Last time I looked there was red all over the place and it weren't a great feeling! I thought.....what's the point of looking again now? I know its rubbish so I'll look again when I've done some F&F's and paid a few things down and be able to work out a time scale when it'll be alright again. For the time being its a lost cause and I pray to God there's no reason for anyone to check it!

Sorry, I digress......AP Markers......wherever I have had an 'Arrangement to Pay' it ended up as a default. So (correct me if you think I am wrong) I should only be concerned for the period of six years following the date of default shouldn't I? I think six years after default the account is wiped from the file isn't it and the AP's would disappear with it? I believe AP markers are only a major long term worry for those who keep that credit item/product 'live' and never default. Would anybody disagree or say I have missed anything here?

Many thanks all - have a nice day

Brogden

MegNificent

Kate_fixing_it wrote: »

Hi all,

I'm up with the larks today! Typically I slept in yesterday...interview day :eek: it seemed to go well. I did a lot of preparation and hopefully I impressed them. They have more people to see so I'm not expecting to know for two weeks.

No money from PPI yet but SC were paid today so that's all my regular bills paid and 5 months of my DMP under my belt

Welcome Meg, how are you feeling? We all know how scary it is at the start but as others have said it really does get easier. Keep reading and asking. The chances are that whatever you are asking there are also people reading that want to know the same things.

BDFSH: don't apologise for asking, the more you know the better armed you are and as above there's undoubtedly someone reading and wondering the same things.

Road trips this weekend for me DD1 is arranging our itinerary for seeing the uni campuses at Nottingham and Bristol and I'm looking forward to it a little scared at how grown up my "baby" is! Couldn't have imagined 6 months ago that this would be possible (financially) but here we are picking out a driving route and getting ready to go!

Have a great day all

Kate x

Hi Everyone

Thanks very much for your comments and the welcome.

I am felling a lot better today, calmer and resigned to the DMP. I was wondering if someone could point me in the right direction with regards to a letter I can send to my creditors explaining that I am entering into a DMP? I am not quite sure what to say or how much details to give.

Also, if I offer or just give token payments this month how much is reasonable?

Thanks in advance.
Meg

Kate_fixing_it

Oh, you lovely people! Today is the first day I haven't stressed about the interview and your wonderful words mean so much to me.

Called HSBC last night to make sure they have my PPI signed agreement. It was put on their system last Saturday and is being processed for payment 3 more weeks to wait at the very most.

Technically I'm at work today but I'm on a presentation skills training course so not actually "working". It's doing wonders for my confidence. I know I come a certain way on here but in real life I'm not particularly good around people - I use my smartphone as a barrier to avoid eye contact and non-work conversation and avoid situations that involve interaction or speaking in front of people. The DMP has actually improved this as I was "forced" to face up to things and deal with them but this is another step in the process and it's been really good for me.

Nothing else debt related to report. Just my usual keep plugging away people. A day where (seemingly) nothing happens is still a day closer to debt freedom and another day that each of us don't worsen our situations.

Kate x

Puzzcat

MegNificent wrote: »

Hi Everyone

Thanks very much for your comments and the welcome.

I am felling a lot better today, calmer and resigned to the DMP. I was wondering if someone could point me in the right direction with regards to a letter I can send to my creditors explaining that I am entering into a DMP? I am not quite sure what to say or how much details to give.

Also, if I offer or just give token payments this month how much is reasonable?

Thanks in advance.
Meg

First Letter I sent to all..


Your address



Account details


Date


Dear Sir/Madam


I am writing to inform you that I am currently seeking advice and assistance regarding my current financial difficulties.

I am working with StepChange to set up a Debt Management Plan (DMP) – my reference number is *******. They will send you an offer of payment along with a copy of my budget and list of creditors.


I am unable to meet my normal monthly payments, would you please accept a token payment of £1 per month until StepChange contact you with my DMP details. I would appreciate if you could hold any action on the above account until this time.


I would ask that you please consider stopping or reducing interest and any other charges on my account to help me during my financial difficulties and to avoid increasing my debts any further.



I would please note all future communication should be in writing only.


I thank you in anticipation of your assistance and co-operation whilst I am going through this difficult time, and assure you thatI am doing everything I can to resolve my current financial situation in a responsible and sustainable manner.

Yours faithfully


Hope this helps..
Puzz.

Riverview8

Hi Everyone & thanks for your replies & kind words. The job I am being interviewed for is approx £12k more than my present salary so as some suggest I may wait a week before sending firms to SC & make token payments.
I haven't put the potential new salary into debt remedy or mentioned to SC re the possibility of the new job as still haven't got it yet!
Would prefer not to trash credit record long term if possible, we already have a joint mortgage but am worried about when deal expires in 16months & getting a rubbish rate (quite good now).
Thanks again, any further advice welcome & best wishes to everyone on the thread.

Kate_fixing_it

Riverview8 wrote: »

Hi Everyone & thanks for your replies & kind words. The job I am being interviewed for is approx £12k more than my present salary so as some suggest I may wait a week before sending firms to SC & make token payments.
I haven't put the potential new salary into debt remedy or mentioned to SC re the possibility of the new job as still haven't got it yet!
Would prefer not to trash credit record long term if possible, we already have a joint mortgage but am worried about when deal expires in 16months & getting a rubbish rate (quite good now).
Thanks again, any further advice welcome & best wishes to everyone on the thread.

Good luck with the job! Whatever happens you can go in there knowing that you have options after coming here.

Please don't feel obligated to take my advice but in your shoes I'd hold fire until I knew either way.

As for the mortgage (and not wishing to sound blase) 16 months is a LONG way off. Try not to put so much pressure on yourself. One worry at a time! By all means keep it in mind but an awful lot can happen in 16 months. Perhaps this job won't happen but in my eyes that just means there's another (better) opportunity waiting for you.

I'm sure everyone here can testify to how fast things can happen and attitudes/habits can change. I'm certainly not the same person I was 6 months ago mostly because of this forum. I'm willing to bet you aren't quite the same person you were when you joined the forum?

Give yourself a break. You have explored options available, you know there are routes to solve the issue and whilst some are tougher than others it really will all be okay in the end. You are blatantly an intelligent person (an idiot simply couldn't write a post the way you do) so please accept that life happens and sometimes it's not nice or fair but beating yourself up for the past won't change it, it'll only tarnish your present.

Now head up high and go knock their socks off! They'll be lucky to have you!

Kate x

BeingDebtFreeStartsHere

Omg!!

Letter from MBNA today - really lovely, saying they are sorry we are in financial difficulty and are happy to accept the DMP payment as proposed by SC

They also stated they are reducing interest to 0.0% and freezing all charges and late payment fees :j

Cannot believe how nice the letter was - one creditor on board - 6 to go!! Hope they are all as understanding but thinking it won't be so straight forward with them all!!

However - feeling relieved at the mo!!

Thanks again, everyone - could not do any of this without you

BDFSH x

MegNificent

Puzzcat wrote: »

First Letter I sent to all..


Your address



Account details


Date


Dear Sir/Madam


I am writing to inform you that I am currently seeking advice and assistance regarding my current financial difficulties.

I am working with StepChange to set up a Debt Management Plan (DMP) – my reference number is *******. They will send you an offer of payment along with a copy of my budget and list of creditors.


I am unable to meet my normal monthly payments, would you please accept a token payment of £1 per month until StepChange contact you with my DMP details. I would appreciate if you could hold any action on the above account until this time.


I would ask that you please consider stopping or reducing interest and any other charges on my account to help me during my financial difficulties and to avoid increasing my debts any further.



I would please note all future communication should be in writing only.


I thank you in anticipation of your assistance and co-operation whilst I am going through this difficult time, and assure you thatI am doing everything I can to resolve my current financial situation in a responsible and sustainable manner.

Yours faithfully


Hope this helps..
Puzz.

Puzz, you're a marvel. Thank you so much.

Meg x