DMP & Mutual Support Thread - Part 10

Karen777

Time_to_face_the_music wrote: »

Good morning DMPers old and new :hello:

I want to scream from the roof tops that our debt is down to 3 figures! We only owe hundreds, rather than thousands, or tens of thousands or our original £82,344 which is pretty close to one hundred thousand!

Can't sleep for excitement :rotfl:

We would never be in this position now if it wasn't for the help, advice, experience and support from this thread :T

TTFTM x

This has started my week off really nicely. I am so so pleased for you. Your advice and kindness to others on here is priceless so it's great to see you hit such an exciting milestone. Blooming well done!!

What do you think about a thread called the Milestone Inn where we can pop in and shout our milestone achievements from the rooftop and all raise a virtual glass in celebration? :beer:

tequilabird

Can someone please explain to me the difference between going self-managed and doing a DMP through, for example, SC?

How does it differ and how do you go about being self-managed?

Thanks

Time_to_face_the_music

Karen777 wrote: »

This has started my week off really nicely. I am so so pleased for you. Your advice and kindness to others on here is priceless so it's great to see you hit such an exciting milestone. Blooming well done!!

What do you think about a thread called the Milestone Inn where we can pop in and shout our milestone achievements from the rooftop and all raise a virtual glass in celebration? :beer:

Thanks very much Karen

I love the idea of the Milestone Inn :beer:

TTFTM x

Time_to_face_the_music

tequilabird wrote: »

Can someone please explain to me the difference between going self-managed and doing a DMP through, for example, SC?

How does it differ and how do you go about being self-managed?

Thanks

Hi TB :hello:

Stepchange insist on fair distribution of payments to creditors. Sometimes when one or more refuse to stop interest/charges, this can be easier to manage if you can reduce the payments until they play nicely. This is where a self managed DMP can come in really useful, though I also prefer it due to having full control back.

It's very easy to do via the CAB's excellent resource for an online self managed DMP. Please check out:

https://nedcab.cabmoney.org.uk/dmp.asp

TTFTM x

Brogden

Time_to_face_the_music wrote: »

Hi TB :hello:

Stepchange insist on fair distribution of payments to creditors. Sometimes when one or more refuse to stop interest/charges, this can be easier to manage if you can reduce the payments until they play nicely. This is where a self managed DMP can come in really useful, though I also prefer it due to having full control back.

It's very easy to do via the CAB's excellent resource for an online self managed DMP. Please check out:

https://nedcab.cabmoney.org.uk/dmp.asp

TTFTM x

Also.....from what I read, discounted final settlements can be 'right faff' with Stepchange. I know they would not have been as aggressive as me in getting one of my debts down in the way I did and it would certainly have broken the 'pro-rata' rule so they may have refused to do it anyway.

I was just looking for a result (as long as it was legal of course !!)

Brogden

lisani2003

Hi there. I started a DMP with StepChange in November 2014 with about £32K debt. I am not sure what to do about credit card companies. Can I close my account with them altogether and will this help ?

Also Capital One have served me with a default - I only missed payment whilst the DMP was set up.... the flipping card was only £750 limit Can I get this default removed do you kniow please ??
So happy to be getting on top of my debts - about 10% paid off already

Puzzcat

lisani2003 wrote: »

Hi there. I started a DMP with StepChange in November 2014 with about £32K debt. I am not sure what to do about credit card companies. Can I close my account with them altogether and will this help ?

Also Capital One have served me with a default - I only missed payment whilst the DMP was set up.... the flipping card was only £750 limit Can I get this default removed do you kniow please ??
So happy to be getting on top of my debts - about 10% paid off already

Hi,
Sorry I didn't understand the closing your accounts part? The credit card company won't close an account unless the debt is paid off, obviously whilst on a dmp you can't use it anyway.
The default would be because you are no longer paying the contractual minimum payment so would be an accurate record so you wouldn't be able to have it removed but it will fall off your credit file 6 years from the first D marker.
Puzz.x

Ellieseleven

Time_to_face_the_music wrote: »

Good morning DMPers old and new :hello:

I want to scream from the roof tops that our debt is down to 3 figures! We only owe hundreds, rather than thousands, or tens of thousands or our original £82,344 which is pretty close to one hundred thousand!

Can't sleep for excitement :rotfl:

We would never be in this position now if it wasn't for the help, advice, experience and support from this thread :T

TTFTM x

I've only just seen this post but I want to say what fantastic news! The finishing line is within touching distance now TTFTM:j

Ellieseleven

Karen777 wrote: »

What do you think about a thread called the Milestone Inn where we can pop in and shout our milestone achievements from the rooftop and all raise a virtual glass in celebration? :beer:

I think this is a fantastic idea...I love my milestones:)

January2015

Frustrating day today. Response from MBNA re. the interest and charges added to 3 of our CC accounts. Because we have asked for a response in writing we will hear within 56 days:eek:

Other than that....all quiet on the DMP front in the January household:D

Happy debt-busting Monday to you all:beer: