DMP & Mutual Support Thread - Part 11

alistar

January2015 wrote: »

Sourcrates is right. Don't panic about this. When starting on DMP journeys people find they have to suddenly plan a budget. People needing DMP have rarely managed a budget before this point - if they had they probably wouldn't be considering entering a DMP;)

Just tell SC you need to revisit the budget, and tell them the revised figures. It's your DMP not SCs. They are just the route through which you are paying your creditors.

Thank you both! I have just spent 20 minutes on the phone with Stepchange running over some figures and my monthly payment to the creditors has dropped from £202 to £100 on a £12,000 debt. which has increased by DFD by 5 years! :sad:

I know this will only be temporary as I plan to hand back my car, which is currently on finance, after Christmas and use the extra money to put towards the debt but I still feel incredibly sick about it.

grant1wish

BeingDebtFreeStartsHere wrote: »

Hi Snowbean,

Definitely give it a go - worth a phone call. Each time my hubby has called them they have been really pleasant and very helpful. I guess if you don't ask you don't get - good luck!!

Take care,

BDFSH x

OMG, just rang Barclaycard after receiving the default notice to see if they would back date it. The nice chap said it has already bene backdated to October 2012! This was the first month of my DMP! Can't quite believe it, and I will obviously not celebrate too much until I physically see it on my credit report.


Right, Co-op you are next!!


G1W

BeingDebtFreeStartsHere

grant1wish wrote: »

OMG, just rang Barclaycard after receiving the default notice to see if they would back date it. The nice chap said it has already bene backdated to October 2012! This was the first month of my DMP! Can't quite believe it, and I will obviously not celebrate too much until I physically see it on my credit report.


Right, Co-op you are next!!


G1W

Excellent news G1W :T

Please let me know how you get on with the Co-op - they are my last creditor not to issue a default. so I will be really interested to hear how you get on. Have the Co-op defaulted you yet or do they still put AP markers against your account?

Take care,

BDFSH x

BeingDebtFreeStartsHere

Hi all,

I know there is a post with this info on but I can't seem to find it when I look back - what info can I quote from the Lending Code to try and force a creditor to issue a default? Did a webchat with National Debtline to try and find out this info but the guy said it was better that the creditor hadn't issued the default but for us with all other accounts defaulted we really want this last default!!

Any help greatly appreciated

Take care,

BDFSH x

blisteringblue

On a couple of weeks off, but not going far this year, cheap holiday to spain last year took a lot of recovering from DMP wise. Still having a little done on the house which always pleases Mrs BB. Life still goes on while on a DMP, don't let it ever put anybody off.

Oh and signature update day for my self managed, creeping close to 50% paid. Should hit it well before Xmas

Oh and a nice letter from Virgin telling me they can no longer agree to the payment plan because we reduced our payment a few months ago. Lets see what fun and games this starts, but they have no chance if they think they are now going to charge interest again.

Bouncybubbles

Have I done the wrong thing upgrading my basic account? I had a nice pop up today from Lloyds bank (whom I opened a basic account with at start of DMP) saying I was eligible to upgrade my account etc with lots of nice extras including 6 free cinema tickets a year. Now normally you pay for this account but as I pay in well over £1500/month its free? I just feel I have jumped in to a better account etc and gone against my head saying you should have stayed basic. There is still no OD on the account just to note.


Also just to add we cant really afford to go anywhere and we are coming up to our first wedding anniversary so felt the free cinema tickets could be useful

grant1wish

BeingDebtFreeStartsHere wrote: »

Excellent news G1W :T

Please let me know how you get on with the Co-op - they are my last creditor not to issue a default. so I will be really interested to hear how you get on. Have the Co-op defaulted you yet or do they still put AP markers against your account?

Take care,

BDFSH x

Hi, The COOP haven't defaulted me, and I don't think they will. AP markers currently on Noddle. Not really sure what this means TBH, will it mean the debt stays on my file 6 years after it has been paid off??

blisteringblue

grant1wish wrote: »

Hi, The COOP haven't defaulted me, and I don't think they will. AP markers currently on Noddle. Not really sure what this means TBH, will it mean the debt stays on my file 6 years after it has been paid off??

Yes that will be the case if you don't get the default.

Personally and I know many of you won't agree but they are not doing anything wrong. Basically in a trade off for not charging you interest (which I guess they are not doing) they will mark your account up to date but with AP markers (arrangement to pay).

You've 2 options basically, carry on interest free and you will have a poor credit file until paid off + 6 extra years, or you simply fight for the default now. Drop them to £1 for as long as it takes, but you will need to self manage the DMP for this.

We DMPers should expect consequences for defaulting on our agreements. This is one of those consequences I'm afraid.

I have the same with MBNA who have 30% of our debts. They are said interest free for the whole of the DMP as it's under 5 years in total, but have categorically said they will not default in that time.

Interest Free is more important than default to me so I'm going to just take it on the chin.

muddlepops

Hi everyone. Hope your having a beautiful day!
I just checked my noddle for the first time and there was two debts on there that I havnt included in my dmp. My heads been all over the place the last couple of months. These were taken out before I started my dmp... will adding them jepodise my dmp? I'm only one month in.
I was considering paying them off as they are only small but as I'm being made redundant i may have to consider changing direction to a dro. After a bit of research it looks like if I pay them off I might rule myself out of a dro.

sourcrates

muddlepops wrote: »

Hi everyone. Hope your having a beautiful day!
I just checked my noddle for the first time and there was two debts on there that I havnt included in my dmp. My heads been all over the place the last couple of months. These were taken out before I started my dmp... will adding them jepodise my dmp? I'm only one month in.
I was considering paying them off as they are only small but as I'm being made redundant i may have to consider changing direction to a dro. After a bit of research it looks like if I pay them off I might rule myself out of a dro.

If your going to go for a DRO you should not be paying anyone just now, if your going to be out of work then a DRO is a good choice, as long as you can meet the other criteria.

But don't favour one creditor over another.
I would say get on with it ASAP as it takes a few weeks to process through most intermediaries.