DMP & Mutual Support Thread - Part 11

BeingDebtFreeStartsHere

Puzzcat wrote: »

Hello dmp'ers and BDFSH,

The good news is the car should be ready by Wednesday or maybe tomorrow if I am lucky... The bad news is £350 + vat..:eek:..

I do have the funds to pay for it..:D But hate parting with my savings....My MOT is due June and you just know with old cars they will need more pennies spending.. Hope your car's not as expensive BDFSH...!
Love Puzz. x

Gutted that the car has cost so much Puzz

But.......fantastic that you have saved enough to pay for the repairs outright

We have £225 allocated to getting the car through it's MOT - booked in on Thursday to get the brakes checked - it is sounding rougher by the day

Will let you know the damage once we find out - can see it being costly but hoping we have enough to cover it.

Welcome to all the newbies too :hello:

You will find all the support, help and guidance you could wish for on this forum - lots of very wise folk on here

Take care everyone,

BDFSH x

BeingDebtFreeStartsHere

cheffy1 wrote: »

Thanks sazzie23, January 2015 and gilmum. Have got to work this morning, logged in, and seeing that complete strangers are kind enough to read and reply to my message, and offering kind words and advice has overwhelmed me a little, thank you. Think I might stick around on this thread if that's ok! Time to start writing some letters!!

Please do stick around! The more the merrier!!

We are all in the same boat and offer each other valuable advice. No-one better to advise about a DMP than someone who is actually on a DMP themselves

Take care,

BDFSH x

BeingDebtFreeStartsHere

ploppy57 wrote: »

Result :T:T:T:T

After asking advice last week when Lloyds (and now H/FAx) started to add interest again after we had to drop to token payments for a couple of months when I lost my job...I wrote to them and just had Lloyds complaint manager on the phone...lovely lady and they have agreed to send all Lloyds & H/Fax accs to default and we got some compensation for our stress they had put us through!!:j Things are going well.

Fantastic news Ploppy!! :T :j

Your hard work has definitely paid off - well done you!!

BDFSH x

cheffy1

Thanks for the welcome BDFSH

Seeing your sig, I assume that a default is a good thing? Does a defaulted debt automatically have the interest frozen?

The one thing i did manage to do today was look on experian to check, and 6 of 7 of my debts are marked as default.

I also managed to fully update all balances, so although I've been on my DMP since June 2015, today's really day one, as it's today I've finally taken control over dealing with this debt. (As sezzie23 said, my 2nd LBM)

So here goes......

Total debt £27906

Current debt free date expected 01/03/2024:eek:

sourcrates

cheffy1 wrote: »

Thanks for the welcome BDFSH

Seeing your sig, I assume that a default is a good thing? Does a defaulted debt automatically have the interest frozen?

The one thing i did manage to do today was look on experian to check, and 6 of 7 of my debts are marked as default.

I also managed to fully update all balances, so although I've been on my DMP since June 2015, today's really day one, as it's today I've finally taken control over dealing with this debt. (As sezzie23 said, my 2nd LBM)

So here goes......

Total debt £27906

Current debt free date expected 01/03/2024:eek:

Once an debt is defaulted, the account is usually closed, and goes to collections.
So the outstanding balance is in effect frozen.

After this, if you don't agree repayment, it will be passed around various DCA's to attempt collection.

gilmum

On the default thing, I have a few debts where it says on Noddle DMP. It sounds as though a default is better. I am worried that with Lloyds recently refunding interest and charges my repayments to other creditors will now go up and the accounts which haven't been defaulted might reinstate interest. Is it worth writing to them asking them to default us, or do they only do that if there is a trigger on the account ? I know the best thing seems to be to stop paying or make token payments, I am just really frightened about this as if I get a CCJ I have to report it to my professional body.

tequilabird

Back in the UK temporarily and managed to check my Noddle report. All of my creditors have defaulted me now apart from Creation which shows as 'arrangement to pay' from March to July when I was making token payments and then 'DMP' from August until now BUT the account is marked as up-to-date. Is this ok? They are never going to default me!

bsclp118

I think from what I've read on here it's out of your hands unless you stop paying gilmum. If you are paying a lot less than the minimum then I think some companies will default you - but I *think* that is up to each creditor and obviously depends on what income you have available.

I'm sure someone else will be able to advise if there are any other ways to do so.

After attempting to administer my own DMP I decided that I don't really have time to do it and I like the idea of a single payment so I have sent the paperwork back to stepchange. They seem really busy at the moment though as I submitted everything via email early last week and I still haven't heard back from them. Obviously not a major problem, I'm just a bit impatient and want to get thing set up.

However, I was wondering if anyone can give me advice. I have made minimum payments to 3 of my credit cards this month (Tesco, Lloyds and MBNA). The rest I have not payed and the money is going in an emergency fund as I will be paying through stepchange from the 1st of April.

The reason I paid those credit cards was that they are very low interest, or still have a significant 0 % interest rate left on them. My DMP repayments will also be very slightly above the minimum repayments (though significantly lower than the minimums on some of my other debts). So I thought it was worth paying what I could and keeping these accounts up to date so that they don't have grounds to revoke the special interest rate deals even whilst on the DMP? Is this a silly thing to do?

Also will the creditors consider my future ability to pay? I have told them I will be being made redundant in August/September (which I will as my contract is ending). It is likely I will be dropping from ~£35k to ~£25k income. This is obviously going to reduce the money I have towards the DMP. Does anyone know if they are they likely to consider this when deciding whether to freeze interest payments/default my account?

make_the_change

Hi,

Someone sent me the link for NEDCAB if I wanted to go self managed. I notice it's for North East Derbyshire, however I live down south. Can I still use this or would there be a specific one for my area I need to look for? Thanks in advance.

blisteringblue

make_the_change wrote: »

Hi,

Someone sent me the link for NEDCAB if I wanted to go self managed. I notice it's for North East Derbyshire, however I live down south. Can I still use this or would there be a specific one for my area I need to look for? Thanks in advance.

Irrelevant, it's a self help website, you don't speak to them ever