DMP & Mutual Support Thread - Part 10

Jon81

I thought I would also share some successes which I have had recently.

I appreciate that what I am going to post will in some corners be unpopular but is relevant none the less.

In getting to grip with my finances and following counciling I decided to take a closer look at my credit file.

Apart from it being truely appalling I also looked at the borrowing I had taken, when for how much and when it was settled

I have to be honest and say that the amount of payday loans was astonishing and again felt sick as to how much trouble I have got myself in but led me to ask a question

Were the lenders adequately checking my credit file and making appropriate decisions.

I wrote to all of the lenders who appeared on my file, and I have started to have responses -

Lending stream have refunded 50 as took consecutive loans in the same month

Mr lender have written off my remaining balance which is with stepchange

Now as will be pointed out responsible lending goes hand in hand with responsible borrowing but I think it a worthwhile question to be asking of lenders - were their decisions appropriate or compounding the issue.

I continue to work with stepchange on my outstanding amounts but I am awaiting further responses from other lenders as to the same question being posed to them

Sazzie23

Jon81 wrote: »

I thought I would also share some successes which I have had recently.

I appreciate that what I am going to post will in some corners be unpopular but is relevant none the less.

In getting to grip with my finances and following counciling I decided to take a closer look at my credit file.

Apart from it being truely appalling I also looked at the borrowing I had taken, when for how much and when it was settled

I have to be honest and say that the amount of payday loans was astonishing and again felt sick as to how much trouble I have got myself in but led me to ask a question

Were the lenders adequately checking my credit file and making appropriate decisions.

I wrote to all of the lenders who appeared on my file, and I have started to have responses -

Lending stream have refunded 50 as took consecutive loans in the same month

Mr lender have written off my remaining balance which is with stepchange

Now as will be pointed out responsible lending goes hand in hand with responsible borrowing but I think it a worthwhile question to be asking of lenders - were their decisions appropriate or compounding the issue.

I continue to work with stepchange on my outstanding amounts but I am awaiting further responses from other lenders as to the same question being posed to them

Hi Jon, I think you are trying to fix it and not run away, so that makes you a good guy in my book. I understand why some might not agree with trying to reduce your outstanding amounts this way, but I also agree that once you start on pdls it's an easy spiral downhill so IMO it's probably acceptable to say 'hold on, you could see I was in trouble, why did you keep loaning to me at xxxxzillions %'. As you say controversial maybe but thanks for sharing it all the same.

Sazzie23

little_miss_moneysaver wrote: »

Hi all!

Am trying to be brave and take charge of our finances and debts and just get ourselves sorted.

Have all the figures to add into my spreadsheet today and then will probably faint at how bad it is

My main worry is that whilst I was pregnant with my second son I basically crippled myself by falling down the stairs and am on sick pay and trying to get them to find me a job that's realistic. The other option is to give up work which will obviously mean a lot less money.

The other thing, we remortgaged our house earlier this year and got £15,000 to pay off our credit cards. So my hubby paid his off nd his overdrafts and the time I went to pay mine off he'd frittered a lot of money on.....who knows? There's nothing to show. Also he's spent all his overdraft again and sometimes even he's over his overdraft so means more money. So my debts didn't get touched. Admittedly we spend when we feel down, we are our own worse enemy. I'm trying not to go out much etc.to stop spending.

Sorry for waffling, just need to offload some thoughts to people that will understand and hopefully give me some ideas of what to do next. Feeling desperately in need in of reassurance I guess.

LMMS

Hi Lmms

That sounds like a DIY consolidation loan although you've called it a remortgage but the effects the same, and this is what can happen, many on here will recognise the issues you mention, money just dissolving basically.

In reality, you will only manage a DMP with a budget you can stick to, so don't over press yourselves, do it 'low' this year and then increase your repayments next year if you've managed to hold on. You need the other half to be on board as it sounds like the finances are shared?

Alternatively, maybe shock the other half with a supertight budget so they can see how much you can cut back on and therefore pay - off, that might be the motivation they need?

Either way, you know we are here and happy to offer a shoulder.

Good luck with it.

kb_soma

Hey everyone, I made it to my DFD.

I'm in shock at the moment, but I finally got here. Without all the support on the forums and especially this one, I really don't think I would have made it.

You really are a very inspiring lot.

Keep going all of you, you're all doing so well!

(((hugs)))

Almostthere78

Amazing! Well done kb-soma x

kb_soma

Thanks so much almost there, I couldn't have done it without you lot. Xx

emsiedoodle

Hi, this is my very first post. We have been on a DMP since 2010 with stepchange. Our payments are up to date, all creditors have agreed to our payments and as far as we have been concerned it has all been tickety-boo (as far as DMP’s go). We did have to reduce our payments a couple of years ago (agreed with all creditors) when our child was born due to me going on SMP and then the costs involved with nursery. I’ve just looked at our credit report on Noddle and realised that some of our creditors have waited 3, some 4 years until they have defaulted us. My question is, is it ok for them leave it so long before they issue the default? I understand and accept that defaults are par for the course, but it seems mightily unfair that they have left it so long, in turn adding years to us putting this debt saga behind us. In addition, a family member (my parents) have offered to pay off the remainder of our DMP and we pay them back interest free to help us get back on an even footing. Could we use this to help our position and get our defaults dated back to the start of the DMP. Has anyone had any success with this? Thank you all in advance.

Time_to_face_the_music

kb_soma wrote: »

Hey everyone, I made it to my DFD.

I'm in shock at the moment, but I finally got here. Without all the support on the forums and especially this one, I really don't think I would have made it.

You really are a very inspiring lot.

Keep going all of you, you're all doing so well!

(((hugs)))

Congratulations kb_soma - am so pleased for you! :j:j:j

Don't forget to add yourself to the debt free roll of honour

TTFTM x

kb_soma

TY TTFTM,

I'm glad I'm finally here. Going to continue to use all of my frugal skills from now on.

Continuing with leaving my bank card at home.

Xx

Puzzcat

kb_soma wrote: »

Hey everyone, I made it to my DFD.

I'm in shock at the moment, but I finally got here. Without all the support on the forums and especially this one, I really don't think I would have made it.

You really are a very inspiring lot.

Keep going all of you, you're all doing so well!

(((hugs)))

:T your a star, wear that debtfree badge with pride....:T
Love Puzz.x