DMP & Mutual Support Thread - Part 11

January2015

Challenger71 wrote: »

Went into branch and confirmed new bank account, went on live chat with SC but they said we needed to phone and husband was in work and spent his lunch break taking ID into new bank so will need to phone them tomorrow lunch time when we are together.

I am worried they are going to say we need an IVA due to the amount of debt.

Hi Challenger

Don't panic - SC may 'advise' IVA is, in their opinion, a better route for you, but it is your debt and your solution, so if you want to go for DMP just say this.

Look at our debt figures - we were over £94k when we started. IVA was not an option for us (for employment related reasons) and we are happily plodding through our DMP - although now self managed rather than with SC.

:beer:

Challenger71

Thank you both, an IVA makes me nervous as it involves the mortgage and I'm worried they could come after the house. We both work and are hoping that through, hopefully, stopping interest we can pay off the DMP as quick as possible - although due to size of debt it will still take a good time.

Sazzie23 wrote: »

Hi Challenger, they might advise you an IVA would be better for you, but they won't force you into anything you don't want. It's more about the amount of time to get to DFD (debt free date) than the amount of debt. My current DFD is 2031 and I am still on a SC DMP so living proof it's doable.

Not looked at your signature/previous posts but any reason you don't want an IVA, I couldn't for work reasons, but they tell me it can be a much better thing if you've a long DFD.

Saz

January2015 wrote: »

Hi Challenger

Don't panic - SC may 'advise' IVA is, in their opinion, a better route for you, but it is your debt and your solution, so if you want to go for DMP just say this.

Look at our debt figures - we were over £94k when we started. IVA was not an option for us (for employment related reasons) and we are happily plodding through our DMP - although now self managed rather than with SC.

:beer:

Challenger71

Spoken to SC this morning and will be doing a joint DMP with husband. Just have to hope creditors will accept payments and freeze interest.

blisteringblue

spiffyiffy wrote: »

Hi all,

Good to see load of new faces; I myself hardly post on here.

I have a quick question to those that are self managed if you will:

On the NedCab site do you have to fill in everything on their steps 1 and 2 part? It seems like a lot of work to go through all you priority and non-priority debts etc.

Also I am already on a DMP with Step Change; Should I go through the 'Starting a new DMP section on the NEDCAB site?

Thanks

You should because it generates all the letters you send on to your creditors. I just transposed my figures from the last SC review when I moved over to self managed. That way the numbers are the same. You just "tweak" the NEDCAB budget to match.

Most of ours just wrote to acknowledge we were now making the payments, some did not even bother doing that.

Coinmachine

I have just been sorting through old statements and was under the impression that Halifax were the only creditor yet to default me, I was under this impression because when I check on Noddle it shows my Halifax account as 'up to date' despite reduced payments etc whereas all the others are listed as default. However I have discovered a Halifax default dated Dec 14. Would it be the case that they have not reported the default to the credit agencies? Should they have done so or is it as their discretion?

[Deleted User]

Hi again, everyone. I haven't posted much on here lately but I try to read what others have posted most days. Lots of excellent advice each time I look:T


Just a small query which might be nothing:o. Because of very unfortunate circumstances when so much essential equipment like car and washing machine conked out at once, plus vet bills and other stuff I very reluctantly had to ask SC to make reduced payments to my creditors for a couple of months. This was an absolute lifesaver and when I phoned them at the end of April to say I could go back to normal payments from 1st May she suggested I take another month of reduced payments to build up a small emergency fund. Needless to say, I didn't need asking twice although I'd never have asked for it as I want to get my debts paid off asap.

Anyway, today was supposed to be back to normal payments but I see they have only taken the reduced £40 from my bank instead of £732. I phoned them to ask why and she said they couldn't resume normal payments again without my doing a new budget. That came as news to me and at odds with what the person I spoke to last time said. I normally do my budget review in early September and wanted to leave it until then this time as a couple of regular payment ins and outs to my bank account will have changed fairly considerably by then.

It's not that I mind doing it now but I just wondered whether it's SC's usual procedure. Does anyone know please?

KID77

Hi Coinmachine,

If you have a Notice of Default from Halifax then yes they really should of reported that to CRAs.

I know that with mine, I got several default notices over the 6 months but then at the 6 months point, they would issue a Notice of Default which sounds like the same thing lol but did look more official and gave the wording that it would be reported to CRAs, not may, would :-).

So check the wording but i would write and question/complain.

xx

KID77

Hi Carboot,

You could email or call them and ask to put review off til September as you expect it to change before then. However if they insist then do it exactly same as it is now and then you can do another review in September.

xx

[Deleted User]

KID77 wrote: »

Hi Carboot,

You could email or call them and ask to put review off til September as you expect it to change before then. However if they insist then do it exactly same as it is now and then you can do another review in September.

xx

Thanks, KID77:T:T.Great idea about doing it exactly the same and then doing another in September.

Now why didn't I think of that?:o

Sazzie23

carbootcrazy wrote: »

Thanks, KID77:T:T.Great idea about doing it exactly the same and then doing another in September.

Now why didn't I think of that?:o

Hi CBC

I tweaked mine so some payments went up, eg council tax etc, some went down, elect&gas and the rest stayed about the same, then I added a small amount to my income and bingo the correct amount was reached and everyone was happy:D