DMP & Mutual Support Thread - Part 11

Puzzcat

Mossop742003 wrote: »

No relatives to borrow from... How does leasing work? Is that a possibilty?

Not sure I have only ever had lease cars previously through work. A quick Google search suggests expensive!! Would be better off dropping your dmp payments for a few months and buying a run around I would have thought.
Puzz.x

Sazzie23

Mossop742003 wrote: »

No relatives to borrow from... How does leasing work? Is that a possibilty?

I think leasing is where the car belongs to someone else, and basically you may to drive it around, and possibly at the end of the lease you can buy it by paying off the extra.
Whether it's possible probably depends on your credit rating? Although I suppose lease cars are secured on the car so may be there is more opportunity there. But remember you might have to justify the repayments to your creditors. Is a car essential ? Maybe work might give you a loan, but again, you might have to justify repayments to creditors?

Is their any other way while you save up? car share with a colleague, push bike, borrow car from a rellie, public transport?

Sorry cars and DMPs are not a good fit. Hope you come up with something.

January2015

Mossop742003 wrote: »

Hi all, been on dmp for 2 years now ( in this for the long haul) everything running smoothly, just done review and increased payment a little (every bit helps) BUT now i have a problem... My old faithful car is about to fail its MOT miserably, have got my emergency fund, but i think its gonna be a case of sending my little car to scrapheap heaven... So now what? I need a car for work and havent got enough to buy another? My nerves are shot... I know its only a car but i really dont see a solution to this... We have scrimped and saved so hard for the past 2 years and im exhausted by it all. Any ideas welcome...

I really feel for you - my car has just cost us several hundred pounds to get through the MOT Our cars seem to have had a really bad year this year - just when we least needed it to happen Both DH and I need a car for work - not just to get to and from work but needed as part of our roles at work. DH's car is getting beyond hope - something seems to go wrong with it on a regular basis now

DH gets an allowance towards vehicle costs as part of his salary and can use it to have a lease car through work. If we lease a car DH will bring home less salary each month (as allowance pays for the lease car), but we've done the number crunching and taking away the maintainence, tax, MOT, and insurance we think we won't be too greatly affected financially by his taking a lease car (and after all his employer is giving him the allowance to ensure he is able to have a reliable vehicle for use at work). So, we've just bitten the bullet and committed to a lease car for three years for DH.

I just figured when we do our annual review with SC the figures will be slightly different - DHs take home will be less, but the outgoings will also be less and so hopefully not too much difference overall.....and we will have a nice shiny car to use - which if it breaks down will have all repairs paid for :j

Growurown

Mossop742003 wrote: »

Hi all, been on dmp for 2 years now ( in this for the long haul) everything running smoothly, just done review and increased payment a little (every bit helps) BUT now i have a problem... My old faithful car is about to fail its MOT miserably, have got my emergency fund, but i think its gonna be a case of sending my little car to scrapheap heaven... So now what? I need a car for work and havent got enough to buy another? My nerves are shot... I know its only a car but i really dont see a solution to this... We have scrimped and saved so hard for the past 2 years and im exhausted by it all. Any ideas welcome...

Ah cars the bane of my life. How much is your DMP payment each month? Would it be possible to do token payments for a few months and use that money to buy a car? Currently I am looking into cashing in some small pension pots in case we need to buy another car, but you have to be over 55 to do that. Fingers crossed the car that has been giving us lots of trouble hasn't gone wrong again...yet. Have you explored all your PPI options, any money to claim back there? My last resort would be to borrow from relatives, but not a good option when you have to pay them back and be on a DMP, especially as you say you are in for the long haul.

Puzzcat

So another month has flown past... and a quick Puzz update..

I am now in the 47k's... and 20.8% paid off....

So 1/5th done and 4/5th's to go... :T

Love Puzz. x

FuzzyDF

Good Afternoon,

I haven't posted for a while. I hope you're all doing well.

My DMP has been plodding along nicely although last month I had to reduce my monthly payment as my office has moved and I'm paying £325 for the luxury of commuting.

I had a look at my SC statement today and Halifax seem to have passed my debt over to Blair, Oliver and Scott (I hadn't been informed until I looked at the statement).

Should I be worried?

DanielleNic87

Long time lurker checking in to say.... I HAVE PAID OFF BARCLAYCARD

Nothing has been said by SC for paying them off and all other creditors payments have increased x

patch22

Hi everyone, haven't been on for a while but have been lurking. Real life has been getting in the way a bit! Had to say goodbye to a beloved family pet and am nervously awaiting some scan results. OH has been told he's having a payrise next month though, which is great.

Good luck on your dmp journey Triangle! Will look out for your diary. I'm probably going to start one soon too, think it'll help me keep on track a bit. Great debt busting news Puzzcat (I've been reading your diary!) and DanielleNic. I've often wondered about picking off the smaller debts as and when possible so interesting to hear that SC have said nothing about it.

We've made our second (of many!) payment to SC today. We are having a few problems with Barclays though. Our accounts were graduate accounts and we had to pay an account fee each month plus interest on the overdraft. Logged into online banking tonight to see that they're still taking money for the account fee. Think it may be partly due to the accounts not being transferred to collections yet, but wondering whether to give them a call to see if anything can be done about it now. Has anyone else had this problem with account fees still being taken?

blisteringblue

FuzzyDF wrote: »

Good Afternoon,

I had a look at my SC statement today and Halifax seem to have passed my debt over to Blair, Oliver and Scott (I hadn't been informed until I looked at the statement).

Should I be worried?

Not at all, this is always a good thing, no more interest for sure.

Anyway Blair, Oliver & Scott are their in house DCA.

B O S (Halifax / Bank of Scotland) not exactly original if you ask me

Ellieseleven

Great news Puzz, all your hard work is paying off;)

This month sees my DMP at 75% paid back and 25% to go...and the first of my Eleven debts totally paid off:)

I'm going to be very giddy during 2016 as each debt finishes and my defaults start to drop off;)