DMP & Mutual Support Thread - Part 11

phoenixx

AnnM48 wrote: »

Hi,
Iv'e been on my DMP with stepchange for 3 years now and have always completed my review online. I tried to do it today, nothing much has changed, salary up £20 but very quickly absorbed ino other bills which have gone up. this time it prompted me to call them. When I did call the advisor said she needed to book me in for a call as because my DMP is not going to end for anothre 10 years they need to check its still the best option for me.

When we started it I was told it was a low start up plan as I have two HP payments we are still making, our car finishes next year and our caravan, another 4 years, so after this we can pay more.
I'm panicking a bit now as I don't know what other options there can possibly be?

I did consider selling the caravan at the beginning of my plan, but got some advice here and basically its our holiday, we can't afford to do anything else. I was also advised as I'd paid over half I could include it into my DMP... but I wasn't sure about that either!

Does anyone know what they could possibly be suggesting?

They may suggest IVA but as puzz has said - it's your DMP so your choice. When with SC we were always told to call for our review (5 years in) - never been able to use online. Self managed now but SC never had an issue with our budget.

January2015

make_the_change wrote: »

Quick question when using NEDCAB.

Did you use the reference it provided you on your letters? Did you use the letters exactly as they were produced on NEDCAB? I am a bit lost as to how to progress now I have updated all my information onto their forms. I have a breakdown of what to offer. But not sure if I should use the letters and references its provided on the letters it creates or use them as templates?! Thanks!

I left the NEDCAB reference on the letters when I printed them. When we spoke with one predator they said 'oh we can see you are being supported by NEDCAB with your DMP' and that seemed to make them more comfortable with our self-managed route.

You know, and I know, it makes no difference whether the NEDCAB reference is on the letters or not - but I honestly think the people who deal with us who work for our predators have no clue about DMPs (well most of them don't).

I did alter some of the letters slightly. I added a paragraph which stated they did not have our permission to hold any telephone contact information for us and noted they should delete any such information with immediate effect. I advised all communications regarding this account must be in writing and that we would always respond promptly to written communications.

Hope this helps:beer:

LadyMorticia

Hey everyone.

Sent all of the DMP paperwork off on Thursday and I've got in touch with all of my creditors to keep them updated. Some have said that they'll put my account on hold for 30 days until they receive the info from SC, but they haven't actually told me what 'on hold' means. I know it means that I can't use my accounts (not that I'd want to anyway!) but does it mean anything else?

Thank you.

sourcrates

LadyMorticia wrote: »

Hey everyone.

Sent all of the DMP paperwork off on Thursday and I've got in touch with all of my creditors to keep them updated. Some have said that they'll put my account on hold for 30 days until they receive the info from SC, but they haven't actually told me what 'on hold' means. I know it means that I can't use my accounts (not that I'd want to anyway!) but does it mean anything else?

Thank you.

All it means is no recovery action will take place.

So no letters or phone calls.

That's it basically.

Dandytf

AnnM48 wrote: »

t

Dandytf- you say you have taken car finance, is this since beginning your DMP? I'm only beginning to realise the impact of a messed up credit score now. When our car finance is finished we could really do with replacing the car I drive (slowly falling apart and I'm hoping it will last the next year or so...) but I thought I mightn't really have the option as I don't think I'd pass any credit check... so interested to know how yours worked!!

It worked at higher interest rate, though I went from 02 clio(+90k miles) in 2014 to 2011 clio(+25k miles)

Money barn was recommended via car dealership as I was declined via Renault finance)-no suprise.

The higher rate became instantly irrelevant as I went from 'worried sick' to purchasing a 3yr old car which gets me to work.

The higher rate is +20% i think though I have the paperwork and can log online, I recently asked for a settlement figure as I was considering returning to a 3 door Clio.(which i'm not pursuing)
current balance after 2yrs is+3.5 k...not bad at all.

Just got my 2nd MOT end March and it passed, since got a tire and break pads a few weeks after mot.
rear tries have got less than 6 mths before I replace those.

It's never caused me any probs at all

Dandytf

carbootcrazy wrote: »

Dandytf, I'm very interested in the credit builder cards that you have managed to get (while on a DMP if I understood you correctly:o)

I don't want anything to do with using credit now, have had my fingers burned too many times:o but a small amount as a standby for absolute emergencies would be a like comfort blanket really.

I always thought I wouldn't stand a chance, being on a DMP, and SC frown on us taking on more debt when on one anyway. I just wonder how you got round all of that. Sorry if you think me nosy:o

The 3 cards were approx 2-3 yrs since sc dmp started.

Cap 1-200 limit was 1st card. -increased to 450 limit last year.

Cash plus 2nd card 250 limit -since last year or year before.

Most recent Tesco 27.5% apr 250 limit a few weeks ago after reading about this card via mse
0% initial month for this Tesco card.

What has helped is I Never go anywhere near these small limits and ensure I have paid in full 99% of the time.

If I make purchase above100 I'll maybe pay it over 2 months rather than in full.

I always promise myself to keep 0 balances on all cards at end of year. Since SC dmp 20012, I cannot stand the thought of going into New year with cc debts from previous year.

sourcrates

nextyeartina wrote: »

AnnM48 - I had the same last year. A DRO was suggested because I'll be paying the DMP until 2031. I told them thank you for the advice but I was happy with the DMP.


Tina x

Tina are you aware of how a debt relief order actually works ?

If your DMP isn't going to end till 2031, then I would seriously consider getting a DRO, any debt that's going to take more than 6 years to repay by informal means, you should really be looking at a more formal solution.

In a DRO you make no payments for 12 months, after which all your outstanding debts are wiped out.

If you meet the qualifying criteria, and it wont affect your employment, then its simply a no brainer in my book, why struggle another 15 years, when it can all be over in just 12 months ?

LadyMorticia

sourcrates wrote: »

All it means is no recovery action will take place.

So no letters or phone calls.

That's it basically.

Thank you. This is all very new to me.

My CC bill is due on Tuesday but at the moment it's a case of either paying it or feeding my little ones. I cannot do both.

sourcrates

LadyMorticia wrote: »

Thank you. This is all very new to me.

My CC bill is due on Tuesday but at the moment it's a case of either paying it or feeding my little ones. I cannot do both.

Unsecured credit payments come last on the list of priorities, always.

Although credit card companies bang on about paying on time etc etc, you ring and ask any of them what priority I should pay my bills in, everyone would admit there payment would be last on the list !! Fact.

It's a different way of thinking that's all.

BeingDebtFreeStartsHere

Hi everyone,

Hope you're all doing ok

Guess what arrived in the post on Friday............................

A default notice from BC!! :j:j:j:j

We were definitely not expecting that!!

The last creditor now that we need to issue us with a default notice is The Co-Operative. We'll be pursuing that one!

Take care

BDFSH x