DMP & Mutual Support Thread - Part 10

moneypit2014

neiljmuk wrote: »

What do the payments show up as? Just regular payments, all green so to speak. Arrangement to pay is a nuisance. Be all about winding em up enough to default you as early as but appreciate risk of being knackered for up to 6 years after. If it starts to look like a creditor is forcing it to pan out that way I'll get shut with a F&F and go self managed if SC start crying about it. Initial DMP prediction is 6.5 years to pay. Want DMP and nasty credit report markers done with in 8.5 years ideally......

The account doesn't show at all now (and I'm still paying it), though at the time it was marked as settled if I remember correctly and before the 6 years was up it was just marked as defaulted.

neiljmuk

moneypit2014 wrote: »

The account doesn't show at all now (and I'm still paying it), though at the time it was marked as settled if I remember correctly and before the 6 years was up it was just marked as defaulted.

Cool thanks.


Can a creditor 2 who defaulted you re-start or increase interest if initially frozen or reduced.

and leading on, in theory, if you are defaulted and then have all sorts of battles to clear the debt and it takes 20 years, non of it is visible for the 14 after the default is cleared. Sound right?

Primary objective is always no debt but at 38 and with aspirations to still get on the property ladder one day I can't settle for a permanently ruined file, but I know I need to focus on now.

BeingDebtFreeStartsHere

Puzzcat wrote: »

They are always a little bit behind, maybe 1 or 2 payments.

Thanks Puzz

Kate_fixing_it

neiljmuk wrote: »

Cool thanks.


Can a creditor 2 who defaulted you re-start or increase interest if initially frozen or reduced.

and leading on, in theory, if you are defaulted and then have all sorts of battles to clear the debt and it takes 20 years, non of it is visible for the 14 after the default is cleared. Sound right?

Primary objective is always no debt but at 38 and with aspirations to still get on the property ladder one day I can't settle for a permanently ruined file, but I know I need to focus on now.

I'm two years younger than you and I too would like to own my home one day - I see it as a "rent free" retirement if that makes sense?

Try not to focus on the defaults for now. Yes, it's a pain in the backside that it'll be at least 6 years until we can consider it but there is an upside. For me it means that that once the debt is gone (I'm hoping to be clear before I'm 40) I'll have a couple of years of living within my means and saving while the defaults drop off followed by a couple of years of credit file repair that'll make me 44, debt free and a fair amount of deposit saved. I have four children, two of whom have university aspirations that lead to 100% employment upon qualification.

When I'm 44 they'll be 25 and 24 and in work (apparently as a vet and an architect :eek:) and unlikely to want to live with me after 5 years of studying away from home. I won't need a home the size we have now so it'll cost less. At that time the younger ones will be 15 and 13. By that point I'll also be qualified in my chosen career and hopefully on a better salary (like to be double what I have now). I'll still have 24 years until retirement to pay down a mortgage and fewer outgoings.

So in short DON'T PANIC! My plan is pretty vague (although probably doesn't look it there!) but it's just an illustration that buying property isn't off the cards for people our age.

It's important to remember that plans and life change, the financial security I crave now might not be as important in a few years. Life has a funny way of giving us what we need as opposed to what we want - even if we don't know it.

Kate x

Kate_fixing_it

:j :j MILESTONE ALERT!!! :j :j

SC payment has gone out today and I've just crossed the £6k paid barrier :j

With circa £10k still to go that's about 37.5% down and exactly a week until my first LBM-anniversary.

Kate x

moneypit2014

Kate_fixing_it wrote: »

I have four children, two of whom have university aspirations that lead to 100% employment upon qualification.

Nothing is guaranteed, but I wish your kids luck. http://www.independent.co.uk/student/news/nearly-40-of-graduates-still-hunting-for-jobs-six-months-after-leaving-university-9135958.html

moneypit2014

Kate_fixing_it wrote: »

:j :j MILESTONE ALERT!!! :j :j

SC payment has gone out today and I've just crossed the £6k paid barrier :j

With circa £10k still to go that's about 37.5% down and exactly a week until my first LBM-anniversary.

Kate x

Yay! Well done!

Our first payment has also gone out this morning. 0.25% paid

Puzzcat

Kate_fixing_it wrote: »

:j :j MILESTONE ALERT!!! :j :j

SC payment has gone out today and I've just crossed the £6k paid barrier :j

With circa £10k still to go that's about 37.5% down and exactly a week until my first LBM-anniversary.

Kate x

Well done Kate..:T

Puzzcat

moneypit2014 wrote: »

Nothing is guaranteed, but I wish your kids luck. http://www.independent.co.uk/student/news/nearly-40-of-graduates-still-hunting-for-jobs-six-months-after-leaving-university-9135958.html

Nothing in life is certain except paying tax and dying but we all need optimism especially on this dmp journey.

Time_to_face_the_music

Am loving the milestones, they all count so let's celebrate them together :j

I hope to hit another milestone by the end of this month but am currently throwing money at our post debt holiday booked for next year. It's almost 10 months away but we can't wait :cool:

Happy Friday everyone!

TTFTM x