DMP & Mutual Support Thread - Part 10

melysion

Nah, I can't blame the banks for my situation as they didn't lend me money I couldn't pay back. I had my lightblub moment a couple of years ago and was just trying to get rid of it all - and doing just fine (my £14k loan was originally £25k). It was when I was then made redundant (8 months ago)and my new salary was £10K less than the old one my problems began - which is one of the reasons I find this thing so depressing. Redundancy has the potential to wreck everything. I'm pleased to be where i am career wise now to be fair, but the financial side is a bit of a nightmare. My idealistic nature will probably stop me from ever being truly comfortable with this, but I also dont have an alternative, unless I sell my flat (hell would have to freeze over first).

I'm sorry to hear about your problems with the Hallifax January2015. How frustrating. Wish I had some words of wisdom but I can offer a virtual hug instead if you like

Time_to_face_the_music

Pickle29 wrote: »

Hi
I'm currently in year 2 of a DMP with 3 defaults and some AP on my credit file. we are looking at changing gas/ electricity suppliers - the local council is doing a big switch thing because they have got a good deal with the amount of people switching... They reckon they can save me £250 per year ... So far so good
I have clicked on the link and they say they will do a credit check as part of the process! Does this mean, when they see my credit file that we won't be able to switch and we will have to stay with our current supplier? Even though we have always paid all essential payments / utilities/ mortgage etc on time?
I'm worrying now as to what will happen next.
Anyone have any ideas?
Thanks

We switched suppliers and ours was fine and both our credit records were appalling at the time .... mine still is! Credit checks seem to be a problem just for obtaining actual credit, for things like insurance and utilities etc it doesn't seem to be a problem.

Give it a go and please let us know how you get on.

TTFTM x

Time_to_face_the_music

melysion wrote: »

So, I called stepchange about my problem with my personal loan being from the same bank that I've been banking with. They suggest canceling my personal loan direct debit, letting things like my mortgage and utility bills go out and then take all my other money out and deposit in a new bank account which I can have open tomorrow (apparently) if i go in the branch. Quite apart from the fact that I can only draw £500 per day on my card (I'm not going in Lloyds bank itself - that would make me too nervous) it seems a horribly dishonest and underhand way of doing things. I am the one in the wrong here after all. I owe the money and should be paying it back at the agreed rate rather than trying to squirrel my money away before they can take it due to some "offset" policy I believe banks have.

Being someone who is extremely honest and probably way too idealistic for my own good, I'm going to find this really uncomfortable to do and then, no doubt, the horrible phone calls will start.

Oh well. All my own doing so no point complaining about it now. If I ever see a credit agreement again it will be too soon.

Could I have a tardis please to fast forward a few months so that the setting up and fall out is all over and done with? lol

You could set up an online bank transfer to switch over your remaining funds from old bank to new, then you don't need to go to a ATM and worry about the limit or go into a branch.

As others have already advised, there is nothing dishonest about what you are doing. You are entering into a payment plan and protecting your income while this is set up for you.

Please ask any questions you need to about the set up/start of a DMP, you will get help, advice and support by the bucketload here.

TTFTM x

melysion

Oh ... Stupid me. Yes of course - bank transfer. Tut. Thanks for that. I'm going to go into a branch of nationwide on Wednesday and open up an account there and then. Silly question but how long do these bank accounts take to set up in a branch? It's been about 25 years since I've opened a bank account.

January2015

melysion wrote: »

I'm sorry to hear about your problems with the Hallifax January2015. How frustrating. Wish I had some words of wisdom but I can offer a virtual hug instead if you like

Thank you - virtual hug gratefully received:beer:
I just posted on my own diary as I have spent the day fretting about the O/D charges from Hellifax increasing our debt and I posted as follows:

I was initially worried about the level of our debt increasing until things fall into place and our creditors all agree to freeze interest. I have been worrying about the level of debt rising and for some reason the figure of £100k debt is like my nemesis

Today, I thought what would have happened to our debt level if we had continued on the path we were on - which would undoubtedly have meant borrowing more from that person named Paul to pay his mate named Peter. The answer is we would have very quickly reached £100k debt within just a few months (or sooner).

So, the upshot of today's brain churning is that whilst neither of us do not want our debt level to reach £100k and we hope our creditors work with us and agreed to freeze interest, if they don't we won't lose sleep over it. We can accept that at some point they will default us or freeze (or maybe just reduce) interest and all of that is far better than the place we were in up to our LBM

I think this is all just about looking at the problem of our debt (and the horrific level of our debt) from different perspectives and acknowledging to ourselves we are doing our best and no-one can ask more of us than that

All in all, I admit to feeling comfortable with what we are doing and the way forward SC has proposed on our behalf.

I also put on my diary yesterday how much I want to thank everyone on the forum for their support, advice and guidance - without you lot we wouldn't have made the progress we have, both financially and mentally. Thank you all:beer:

minkeymootoyou

My mobile phone contract runs out this year. how hard is it to get a new contract with bad credit, as they run credit checks. Do you need to stay with the same provider ?

phoenixx

minkeymootoyou wrote: »

My mobile phone contract runs out this year. how hard is it to get a new contract with bad credit, as they run credit checks. Do you need to stay with the same provider ?

Hi - a good question. We have had to stay with our provider for just that reason. No-one else would touch us. We didn't tell phone provider this though. We said we were seriously thinking about leaving and the upped and offered a better deal. So worth a conversation...:)

sourcrates

minkeymootoyou wrote: »

My mobile phone contract runs out this year. how hard is it to get a new contract with bad credit, as they run credit checks. Do you need to stay with the same provider ?

Vodaphone, three, and 02 credit score quiet heavily, EE/orange will take virtually anyone.
Just to add, existing contracts that you choose to upgrade, are not credit checked.

Ellieseleven

minkeymootoyou wrote: »

My mobile phone contract runs out this year. how hard is it to get a new contract with bad credit, as they run credit checks. Do you need to stay with the same provider ?

I've upgraded a couple of times over the last 5 years but always with the same provider.

System

Ok...really silly blonde moment coming here....I understand now all about defaults...luckily we have one already:T. But I keep reading about AP's...Don't understand what one is and is it good or bad??