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DMP & Mutual Support Thread - Part 11

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  • sourcrates wrote: »
    Hi,

    Who is the "debt helpline" ?

    Please don't sign up with a fee charging company.

    You should contact stepchange, have you ?

    nationaldebtline

    Is this an OK place to use?? It was recommended on MSE
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 10 September 2016 at 3:50PM
    Hi all, total newbie here. I've used Stepchange and they've advised that a DMP is the best way to manage my debts. I'm still a little confused, so please bear with me and my stupid questions...

    1. I bank with natwest. My overdraft, one of my credit cards and two unsecured persona loans are with them. Should I set up a bank account with a different bank, get my pay/all my other direct debits transferred to that (eg my energy bills/car insurance etc)?
    2. my car was bought through a finance agreement where I take my car back in three years time and exchange it for a new one (hire purchase). Will this be affected by a DMP? I need my car for work, so it's essential I hang on to it...

    Thanks guys!
    Jo

    Hi Joanna jinxed, Welcome to the thread.

    There's no such thing as a stupid question, there's so much to discover and learn about the whole process, so anything you'd like to know please ask:). Someone will be along to help, there's a vast amount of experience on this thread:T

    I don't know the answer to your 2nd question (although someone else is sure to). I do know that, in answer to your 1st question, you need to set up a 'clean' bank account straight away. This must be with a bank that you have no debts with at the moment. I'm surprised that SC hasn't already advised you to do this but you're probably at the early stage of researching the possibilities rather than committing to a DMP yet.

    You may find that your bank account options are limited to a basic account, as mine were:(.


    Keep us posted how you get on. Good Luck:beer:.

    To paraphrase the Strictly sign-off, ''Keeeeeep Asking'';)
  • sourcrates
    sourcrates Posts: 31,487 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    nationaldebtline

    Is this an OK place to use?? It was recommended on MSE

    Yes, I was just concerned you were paying someone for your DMP that was all !!!
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Thank you Carbootcrazy!

    I actually have an unused bank account with Lloyds that I've had since I was 14. I stopped using it when I went off to university as I'd set up a student account with Natwest, so it's been sat with £3 in it since 2002! Pretty sure it's just a basic account with no overdraft facility but at least it comes with a debit card...
  • sourcrates
    sourcrates Posts: 31,487 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    2. my car was bought through a finance agreement where I take my car back in three years time and exchange it for a new one (hire purchase). Will this be affected by a DMP? I need my car for work, so it's essential I hang on to it...

    Thanks guys!
    Jo

    Hi,

    Are you still able to meet the contacted payments on the car ?

    If not, chances are it will be repossessed by the finance company.

    I assume stepchange would of advised you that this was a priority debt ?
    As for changing it in 3 years, your DMP creditors may default you so your credit file may not support further borrowing.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Hi Sourcrates

    Yes, I am - haven't missed a payment. It's my unsecured loans and credit cards I am struggling with. I need to keep my car for work, so anything where I lose it isn't an option :(
  • Puzzcat
    Puzzcat Posts: 4,200 Forumite
    Hi Sourcrates

    Yes, I am - haven't missed a payment. It's my unsecured loans and credit cards I am struggling with. I need to keep my car for work, so anything where I lose it isn't an option :(

    Hi,
    Your credit file will be trashed on a dmp so it is unlikely you would be offered finance after the current one finishes. But you could start saving each month, fit it into your budget and buy a run around. I need a car for work and am running a 15 year old Peugeot that I just keep sticking back together...
    Puzz.x
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
  • Hi again all,

    I asked elsewhere on the forum, but actually this may be something that many have experienced on this thread...
    I would like to add occasional additional payments in my DMP, but without altering the DMP permanently (mine is with Stepchange). In this way to at least slightly reduce the time paying it off.

    Have people experienced doing this (adding one off payments to the DMP) and is there any danger and/or effect to the DMP if you do? One concern was creditors assuming you could afford more, and asking for more, but not sure if that would happen?

    Thanks for any experiences/advice on that. :)
  • Hello everyone
    I have been reading all your responses and have taken the step of digging myself from this huge 35000 debt. I have accounts with BOS, BC, MBNA and Jd williams. I have sent out letters to all my creditors advising that SC have suggested a DMP. I sent back all the paperwork SC requested.
    My question is
    1. when will I hear anything from them to say it's set up ?
    2. I forgot to put the SC ref no on the letters to my creditors should I send them again
    3. What is the CCA everyone is talking about, both the BC and BOS where taken our in the 90's
    4. The amount I'm paying back is above 1% of the debt will I have a fight with stopping interest with my creditors?

    It is lovely to here I'm not alone and that this is not as big a problem as my sleepless nights and worry have made me believe.

    Thank you for any help and for all the future posts to keep me sane
  • Hi, just wondering how to respond to cap quest - email or letter - they are managing a BOS debt - they have yet to comply with my CCA request. Is it best to always write?
    As ever - thanks
    LBM 2/12/15 - total debt £62500:shocked::shocked::exclamati::eek:
    2/216 £29500 unenforceable.
    DMP - 1/9/16
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