DMP & Mutual Support Thread - Part 11

Perpetual_Miser

NewcastlePaul wrote: »

After 12 years of Stepchange DMP payments.
an 18 month PPI reclaiming mission and then offering full and final payments I am as of today debt free.


The final payment left the account today.
When I think how I didn't know who to turn to. I couldn't ever see a way of clearing £128,596.72 worth of debt.


I thank the day I discovered Stepchange and this site.
No matter how bad you think it is, its not.
Just don't worry. Don't bottle it up and just keep chipping away.
You will get there.


It's been 1 hell of a slog but today I have my life back.
I will stick around to post and help where I can.


This board kept me sane at times x

Wow - thanks for the inspiration and congrats! :T

make_the_change

sourcrates wrote: »

People can I just make one thing crystal clear, there is no real acceptance criteria for a debt management plan, as long as you have an income, and can afford to pay something, then your in, no ifs, no buts.

I believe stepchange insists on a min of £5 per creditor per month, but you can do your own plan and just pay what you can afford.

If you have less than 20k of debt, are not a home owner, have few assets, and have £50 or less left a month, after essential bills have been paid, then you should concider a debt relief order instead.

DRO's are so under used by the public, and I can't for the life of me think why !!!
As long as you fit the criteria, and go through a recognised intermediary, 99.9% are accepted.

I was advised a DRO before but they really scare me. Concerned when it comes to moving home, getting insurance (home for example)..... what kind of effect to they have on life in general? Thanks

sourcrates

make_the_change wrote: »

I was advised a DRO before but they really scare me. Concerned when it comes to moving home, getting insurance (home for example)..... what kind of effect to they have on life in general? Thanks

No effect at all is the answer to that one.

Some insurers (for some inexplicable reason) won't insure your home if you've had any form of insolvency, there are lots that will though.

DRO only shows on your file for the 12 months it's active, any defaults still show 6 years though.

No reason to be scared of them, it's a shame people think that way as it can be a Hugh benefit to a lot of people.

make_the_change

sourcrates wrote: »

No effect at all is the answer to that one.

Some insurers (for some inexplicable reason) won't insure your home if you've had any form of insolvency, there are lots that will though.

DRO only shows on your file for the 12 months it's active, any defaults still show 6 years though.

No reason to be scared of them, it's a shame people think that way as it can be a Hugh benefit to a lot of people.

So after 12 months the DRO disappears? We are not looking to move privately to rent as cant afford it, however are on the council list (which takes a very long time) and should we be offered a place within those 12 months, I would hope a DRO would have no effect on this. Am I right?

I am just quite scared of entering into one.

make_the_change

sourcrates wrote: »

No effect at all is the answer to that one.

Some insurers (for some inexplicable reason) won't insure your home if you've had any form of insolvency, there are lots that will though.

DRO only shows on your file for the 12 months it's active, any defaults still show 6 years though.

No reason to be scared of them, it's a shame people think that way as it can be a Hugh benefit to a lot of people.

Also what do they require from you when applying for one? Debts are in my name only so how do they treat having a partner? He contributes towards bills and then has enough money for his stuff like travel, lunch etc...

Boldhoof

make_the_change wrote: »

So after 12 months the DRO disappears? We are not looking to move privately to rent as cant afford it, however are on the council list (which takes a very long time) and should we be offered a place within those 12 months, I would hope a DRO would have no effect on this. Am I right?

I am just quite scared of entering into one.

Best thing is to check your Councils website for their Housing Allocations Policy and have a read through it. It should explain everything to do with applying for housing.

sourcrates

make_the_change wrote: »

Also what do they require from you when applying for one? Debts are in my name only so how do they treat having a partner? He contributes towards bills and then has enough money for his stuff like travel, lunch etc...

Your debts, your DRO. Your budget, speak to Stepchange about it if you need more information.

Daisypop

Hello
Can anyone let me know if they have moved away from Stepchange and gone self managed?
If so how did you do it and did you have any problems? I've been with SC for over 4 years who have helped me enormously but I am in the process of trying to settle 3 of my debts so have cca'd them and 2 have said accounts are on hold at the moment. SC have still paid them and said they will continue to pay them unless they are settled even though I've asked them not to as I have letters from the company saying accounts suspended. Also if I agree f and f's with those 3 the DMP may not be for me as I'm giving preferential treatment. I already know this but figured it's up to me to try and help myself and if I can settle the debts for a low amount as they can't provide me with the paperwork then that's what I'm going to do.
Anyone done this please who can reassure me it will be fine?
Thanks

sourcrates

Daisypop wrote: »

Hello
Can anyone let me know if they have moved away from Stepchange and gone self managed?
If so how did you do it and did you have any problems? I've been with SC for over 4 years who have helped me enormously but I am in the process of trying to settle 3 of my debts so have cca'd them and 2 have said accounts are on hold at the moment. SC have still paid them and said they will continue to pay them unless they are settled even though I've asked them not to as I have letters from the company saying accounts suspended. Also if I agree f and f's with those 3 the DMP may not be for me as I'm giving preferential treatment. I already know this but figured it's up to me to try and help myself and if I can settle the debts for a low amount as they can't provide me with the paperwork then that's what I'm going to do.
Anyone done this please who can reassure me it will be fine?
Thanks

You've paid a creditor before haven't you ?

Well then congratulations, you qualify !!!

There's no mystery to it, all your doing is paying a bill every month, you get each creditors payment details from them, set up the payments in online banking, then click the mouse once a month, that's it, job done.

[Deleted User]

Can't help you much myself, Daisypop, but there are several people on here who have gone self-managed and are loving it. I'm sure someone will be along soon to point you in the right direction:).


Good Luck:beer: