DMP & Mutual Support Thread - Part 11

Puzzcat

FYI...

I have just switched online one of my mortgages.. yep it was for consolidating those dratted debts.... I have stayed with my current mortgage provider Nation*ide and it all went through smoothly.. and its now £25 less a month...:j And that's 2 1/2 years into a dmp..

Puzz. x

System

Hi all,
well I had a response from Stepchange today, but i am totally frustrated! They had not read my email / or checked my spreadsheet properly and so the revised DMP they have sent back is still wrong. Just spent 30 mins trying to get through to them...but gave up.

So I am thinking of going self managed. I have had a look at the CAP website and they have a useful leaflet that talks you through step by step so I may just go for it. I have 2 CC and a loan that I need to sort - How many months can I do token payments for realistically before needing to pay them a better amount? I'd like to get an emergency fund sorted. is 2 months OK, or could I say 3 months? Thanks

Dandytf

Puzzcat wrote: »

FYI...

I have just switched online one of my mortgages.. yep it was for consolidating those dratted debts.... I have stayed with my current mortgage provider Nation*ide and it all went through smoothly.. and its now £25 less a month...:j And that's 2 1/2 years into a dmp..

Buzz. x

Hi Puzz.

You've got my head thinking.

I'm currently with Natwide mtg and as you know SC until late 2019.

My 5 yrs fix finishes next Aug -though I'll swap online 3 mths in advance.

If you can advise,how did you mange to include your debts online with Natwide mtg.

would I just add total debts onto remaining mtg.

What LTV is required to arrange this.

KID77

Hi Ramble

I found it difficult to get through to SC when I tried and also they took a while getting back to me via email. Luckily I didn't really have any problems setting up my dmp but I can understand your frustrations.

Sourcrates often says that creditors will not take any action initially and just sell the debt on. In my opinion as long as you communicate and tell them what yo are doing, then it will be fine. Write and tell them you are only able to pay token amounts for x amount of time and on such date your payments will be x. Depending on type of types, they may default you immediately or credit cards seem to give you the 6 months before defaulting your account.

Just communicate so they know your plan and I am sure all will be fine :-)

xx

January2015

Dandytf wrote: »

Hi Puzz.

You've got my head thinking.

I'm currently with Natwide mtg and as you know SC until late 2019.

My 5 yrs fix finishes next Aug -though I'll swap online 3 mths in advance.

If you can advise,how did you mange to include your debts online with Natwide mtg.

would I just add total debts onto remaining mtg.

What LTV is required to arrange this.

I might be wrong, but i think Puzz was talking about an existing consolidation loan she took out previous to her DMP days. I didn't read her post that she had consolidated her debt now onto her mortgage.

Consolidating is the worst thing you can do. On your DMP your debts are all (or mostly all) 0% interest. Don't add them to a mortgage where interest is going to be charged.

Apologies if I've misunderstood you (and/or Puzz)

Puzzcat

Dandytf wrote: »

Hi Puzz.

You've got my head thinking.

I'm currently with Natwide mtg and as you know SC until late 2019.

My 5 yrs fix finishes next Aug -though I'll swap online 3 mths in advance.

If you can advise,how did you mange to include your debts online with Natwide mtg.

would I just add total debts onto remaining mtg.

What LTV is required to arrange this.

Hi,
Sorry I have confused you, this was a mortgage taken out pre dmp to consolidate debts not a new increased mortgage. I wouldn't do that as that not only just moves the debt around which we all know Doesn't work but your unlikely to be accepted for additional debt anyway.
Puzz.x

Puzzcat

January2015 wrote: »

I might be wrong, but i think Puzz was talking about an existing consolidation loan she took out previous to her DMP days. I didn't read her post that she had consolidated her debt now onto her mortgage.

Consolidating is the worst thing you can do. On your DMP your debts are all (or mostly all) 0% interest. Don't add them to a mortgage where interest is going to be charged.

Apologies if I've misunderstood you (and/or Puzz)

You are correct January, been there and got the t-shirt....etc etc...
Puzz.x

Dandytf

thanks all for clarifying.

I'll stick to my latest plan to swap Natwide mtg to a reduced term 10 yr fixed next year.(current term 19 yrs)

SC payments will continue to plan end term.

January2015

Not much news from the January household, but finally when I log into BC one of our accounts now shows as 'your card is cancelled' :j:j:j:j

Only took them 18 months to catch up with the fact we are on a DMP and therefore credit card accounts should be cancelled :rotfl:

Mind you, they haven't yet cottoned on for the second account.

The other strange thing is that we stopped paying on of our larger debts six months ago (the one that appears to be unenforceable). The DCA has written twice - very nice letters offering a reduced settlement (10% reduction is not worth considering) or alternatively support to help us come to an arrangement to make regular payments. Pre-DMP days I would not have believed that a debt of well in excess of £10k could be ignored/not paid/not responded to for that long without something serious such as threats of court or actual court papers arriving. Simply amazing:)

Dandytf

My BC has only recently gone to 'suspended' status.

Been paying via SC since 2012.