DMP & Mutual Support Thread - Part 10

citycentremj

Kid77 thanks for the advice. You are pretty much spot on about the monthly amount and it has crossed my mind whether a DMP is this the right thing to do.

Having wrestled with this for a while I think its the best way forward in terms of allowing me to get my finances in order and also give myself the kick up the backside needed to ensure this never happens again.

It has been bad for months and when you run out of money a week after getting paid over the overdraft limit etc I needed to draw a line and get some help managing it.

Growurown - I was relatively generous with my budget so hopefully I've struck a decent balance. We'll see next month guess!

Puzzcat

blisteringblue wrote: »

Hi Kid,

Please don't take this the wrong way but I still read your posts as being totally fixated about getting all your defaults in early. While in an ideal world this would be nice it really shouldn't be the defining aspect of your DMP.

The DMP is about clearing a debt that is out of control. The only reason a default is going to help is to eventually get more debt at the end of this process.

My Barclaycard process is simply not about the default, it is about getting them to stop interest so I pay my DMP as early as possible. Getting the default is the only way they will stop this interest which is why I am trying to force that.

My biggest creditor MBNA have already said they will NOT default me, but will be interest free for up to 5 years as long as I clear the debt by then. So they will be on my file for the 3 more years of the DMP plus the 6 to then drop off, but so be it. This does not concern me.

In answer to your question though, BC will not back date it, they have only issued a first notice of default, it will still be about 3 more months before it becomes official. This is just my BC though, Mrs BBs is probably about a month behind mine.

I am with bb on this one, I have been staying away recently because of the constant talk of defaults which I think detracts from the main purpose of this thread which is helping to get these dmp's up and running and to offer assistance in the process.
Puzz.x

DanielleNic87

I have defaults on all but 1 debt... Which happens to be BC. However they have stopped interest.... Which is more beneficial to me.

Early defaults would only appeal to me if I wanted more credit in the future, which I don't.

Need to stay on this thread as it keeps me more focussed
Going back to work this month after my maternity leave which will result in me doubling my payment to SC.

Some other good news received this week is that I'll be receiving 2k in the next couple of weeks. I'm hoping to do f&f on a couple of credit cards.

timetosayenough

Hi everyone,


Blistering Blue, hope you get boiler sorted soon. Thank goodness its not winter eh?
Jon81, hope everything went ok for you.
Thanks everyone for suggestions re the phone calls.


Well I managed to contact them this morning. Just told them I was in discussion with Stepchange and gave them Stepchange reference no. He said they will take me off phone list but will contact me monthly because I will be in arrears! Told him I can't always answer phone as I'm a carer.


Went and got postal orders today to send off to creditors. Is it a good idea to send them recorded delivery or would proof of postage be alright? 50p charge for each postal order. Blimey.


I'm going to send token payments for a couple of months. I need to get some reserve money together. Will need new tyres for car soon plus rear brakes need doing.


Patch, Dad was so young 61. My hubby passed away at 66. Very sudden. That's when all my debt problems started I think. Kept thinking I'd get myself sorted but it just went from bad to worse. Heyho I'm doing something about it now.


Have a good day everyone

KID77

BB & Puzz,

I am interested in defaults and trying to get defaulted asap as I have 16.5 years left on an £186k mortgage which I am paying via NRAM on SVR so am unable to remortgage to a better or fixed rate. So in 6-7 years time, I would like to remortgage which is why the defaults are important to me.
Apologies if you feel i am detracting from the real subject of this thread and will keep my questions and comments on defaults to a minimum :-)
K
xx

blisteringblue

timetosayenough wrote: »

Blistering Blue, hope you get boiler sorted soon. Thank goodness its not winter eh?

Looking like the pump thats gone, hopefully being fixed tonight. They came out on a Sunday too, glad it's covered.

It's funny with all appliances cold fill and an electric shower it's not that much of an inconvenience, just no hot taps.

KID77 wrote: »

I am interested in defaults and trying to get defaulted asap as I have 16.5 years left on an £186k mortgage which I am paying via NRAM on SVR so am unable to remortgage to a better or fixed rate. So in 6-7 years time, I would like to remortgage which is why the defaults are important to me.
Apologies if you feel i am detracting from the real subject of this thread and will keep my questions and comments on defaults to a minimum :-)

Ah I see, Ok then yes defaults off would help, but I still stress sort the debts out first. I'm sure with most of the unsecured debt cleared you will get a mortgage deal. People have re-mortgaged on a DMP.

KID77

My plan is to pay the debts off within the next 6 years so that I can start my clean slate with new mortgage and be debt free in 2022.
My husbands annual bonuses and extra savings will all be put towards the debt so paying the debt off is certainly my priority.

Time_to_face_the_music

blisteringblue wrote: »

Hi Kid,

Please don't take this the wrong way but I still read your posts as being totally fixated about getting all your defaults in early. While in an ideal world this would be nice it really shouldn't be the defining aspect of your DMP.

The DMP is about clearing a debt that is out of control. The only reason a default is going to help is to eventually get more debt at the end of this process.

My Barclaycard process is simply not about the default, it is about getting them to stop interest so I pay my DMP as early as possible. Getting the default is the only way they will stop this interest which is why I am trying to force that.

My biggest creditor MBNA have already said they will NOT default me, but will be interest free for up to 5 years as long as I clear the debt by then. So they will be on my file for the 3 more years of the DMP plus the 6 to then drop off, but so be it. This does not concern me.

In answer to your question though, BC will not back date it, they have only issued a first notice of default, it will still be about 3 more months before it becomes official. This is just my BC though, Mrs BBs is probably about a month behind mine.

Puzzcat wrote: »

I am with bb on this one, I have been staying away recently because of the constant talk of defaults which I think detracts from the main purpose of this thread which is helping to get these dmp's up and running and to offer assistance in the process.
Puzz.x

The help I got here at the start of our DMP and support throughout the whole time was invaluable, I really couldn't have done it without the people here but I'm a bit torn on this one. My main priority was always to get the debt paid off ASAP and my constant fight to get/keep interest stopped/frozen. I've made myself a bit unpopular in the past as I am not a big fan of Stepchange and particularly their method of distributing payments to creditors, so I always try and help anyone who is thinking of self managing their own DMP.

We are lucky enough to be in a position to have paid off our mortgage but I know many people have not got on the housing ladder yet or are stuck needing to remortgage so getting the defaults early could be important. We only ended up with 3 defaults but our credit record is littered with APs and other stuff that makes it a real mess. We never want any more debt but still needed a new CC to book car hire for holiday this year. Mr TTFTM has managed to get one and it's set up to be paid off in full each month but again I can see that getting defaults out of the way early could help.

OK enough rambling from me, just wanted to throw in my opinion and say hi to all DMPers, new and old. It's wonderful to see the support that goes on here every day.

TTFTM x

KID77

Hi TTFTM, big admirer of yours and what you achieved on your DMP, I read through threads 7 to present so saw your DMP journey from start to finish which is great :-)

seraphelle

Hello all,

I think this is going to be my new favourite forum. I've just started a DMP with StepChange (first payment goes out 10th August). I'm glad I'm not on my own!

xx