We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
newbie to DMP
Options
Comments
-
timetosayenough wrote: »Me again!
Sourcrates, so I've got 30 days grace before DMP set up. I was thinking of starting Sept 1st so I can build up emergency fund. If I send a letter tomorrow explaining I'm setting up DMP, and then follow up with a token payment later you reckon that'd be ok?
Yes, creditors are now obliged to give people entering debt solutions, 30 days grace, whilst it is organised.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
timetosayenough wrote: »Thank you all for your replies.
James, I think I will pay this months payment. I feel bad enough about going onto a DMP so will pay it and start in July sending out token payments. That way I'm giving them notice before payment is due.
Don't feel bad about going into a DMP, feel good. It is scary at first, but give it a couple of months.LBM: NOVEMBER 2011 || debt free date:30/06/15 || The Fighting Debt Army: #442 || Frugal Living Challenge 2018 || January 2018 Grocery £1.22/£100 ||0 -
Phew, I am so glad I posted today. Sourcrates, I will trust you, thank you. Ok I will cancel it. Never been in debt before and here I am at 61 owing just over £12000! Stepchange reckon I'll have it cleared in 2 years 7 months so not too bad I suppose.
KB your post has made me feel better. Thank you.£12,432 - debt free February 2018 :j0 -
Done it! Cancelled direct debit. Thanks everyone xx£12,432 - debt free February 2018 :j0
-
timetosayenough wrote: »Done it! Cancelled direct debit. Thanks everyone xx
Well done, see the sky didn't fall in.
£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
!0 -
No it's still up there Andy lol. Cor the relief though.£12,432 - debt free February 2018 :j0
-
Yay. Well done!LBM: NOVEMBER 2011 || debt free date:30/06/15 || The Fighting Debt Army: #442 || Frugal Living Challenge 2018 || January 2018 Grocery £1.22/£100 ||0
-
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety". - Benjamin Franklin0
-
This applies to loans as well :
Credit card debts
If you have credit card debts and the debt hasn't been passed to a debt collector, you should be allowed a period of grace to agree a repayment plan with a non-profit debt advice agency, such as a Citizens Advice Bureau. This should be a period of at least 30 days. It can be extended to 60 days if you can show that progress on a repayment is being made but you need extra time.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Sourcrates,
I've put my credit cards into my DMP. I was on a repayment plan with one of them, but I'm now paying more on that than I would minimum payment. Mainly because I felt under pressure when I did my review with the bank a few months ago. I know, I shouldn't have let them pressure me, but at the time it was easier. Ok so I'm a wimp lol.£12,432 - debt free February 2018 :j0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards