DMP & Mutual Support Thread - Part 11

sourcrates

Hi shyshei,

That sounds fine to me.

Can I just ask, are you a homeowner ?

What sort of income do you have ?

shyshei

sourcrates wrote: »

Hi shyshei,

That sounds fine to me.

Can I just ask, are you a homeowner ?

What sort of income do you have ?

Hi thank you for the reply. I'm a secure council tenant and am self-employed. My income at the moment is made up of tax credits, child tax credits & housing benefit. I've used all my savings trying to keep up my payments, but the interest is crippling me.
I'm currently looking for a job but my health is not helping. I'm hoping once the meds kick in I will be able to sort myself out.
My ex (who's a mechanic) has just informed me that my 22-year-old car won't make it through the next MOT (Jan) and I'm panicking a bit as it will limit my job search area. Just feel I need to get Christmas out the way. I have used the car as an excuse and told family that I won't be giving gifts this year, but can't seem to get into the Christmas spirit this year:(
This thread has helped alot... it's good to know I'm not alone:)

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sourcrates

shyshei wrote: »

Hi thank you for the reply. I'm a secure council tenant and am self-employed. My income at the moment is made up of tax credits, child tax credits & housing benefit. I've used all my savings trying to keep up my payments, but the interest is crippling me.
I'm currently looking for a job but my health is not helping. I'm hoping once the meds kick in I will be able to sort myself out.
My ex (who's a mechanic) has just informed me that my 22-year-old car won't make it through the next MOT (Jan) and I'm panicking a bit as it will limit my job search area. Just feel I need to get Christmas out the way. I have used the car as an excuse and told family that I won't be giving gifts this year, but can't seem to get into the Christmas spirit this year:(
This thread has helped alot... it's good to know I'm not alone:)

Save

You sound like an ideal candidate for a debt relief order (DRO).

Have you looked into this at all ?

Info here :

https://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx?WT.srch=1&WT.mc_id=288026&WT.seg_1=dro&gclid=CIzRisaC2dACFUa3GwodTDQHzA

Sazzie23

shyshei wrote: »

Hi thank you for the reply. I'm a secure council tenant and am self-employed. My income at the moment is made up of tax credits, child tax credits & housing benefit. I've used all my savings trying to keep up my payments, but the interest is crippling me.
I'm currently looking for a job but my health is not helping. I'm hoping once the meds kick in I will be able to sort myself out.
My ex (who's a mechanic) has just informed me that my 22-year-old car won't make it through the next MOT (Jan) and I'm panicking a bit as it will limit my job search area. Just feel I need to get Christmas out the way. I have used the car as an excuse and told family that I won't be giving gifts this year, but can't seem to get into the Christmas spirit this year:(
This thread has helped alot... it's good to know I'm not alone:)

Save

Hi Shyshei

Defo not alone, and every post helps someone who hasn't the energy to post for themselves, so think of this forum as helping everyone:)

Not surprised Christmas spirit seems a bit lacking, have you told family about your illness? Quite reasonable to give the gift giving a miss this year, though some find comfort in giving home made cakes and cards.

Sour crates suggestion about DRO seems very sensible. You can put your payments on hold while you think about it, so still cancel your DD and send the letters as planned.

Always someone on here for a shoulder if you need one.

Saz

abby1234519

I've decided to move OH's DMP from Payplan to self managed in Feb which is the two year anniversary of it. Reason being - we are a little better off financially now as he is working whilst being at university and I am going to try to settle the debts but one at a time. Starting with the smallest anyway. I'll match the payments that payplan have been making and with the smallest (£421) I estimate that there was about £100 in charges added on after default so want to get those removed then try to settle for half. Then the Shop Direct had about £200 added on in interest after default. So I'm just going to work through them systematically.

OrganisedNic

Quick update - token payment letters sent off to all creditors today so just a waiting game to see how they will react! :rotfl:

I've cancelled all DD to creditors and started moving my current bank account from First Direct (who I have a personal loan with) but I cannot cancel the SO that has been set up for the loan. I have included the First Direct loan as a £1 token offer of payment but now worried that the SO will still come out next month and eat into my overdraft I have with them...

Nic

CP2016

Hi Nic - I can't help you with the SO but just wanted to say I'm glad that you got your letters all sent. Most of mine didn't formally accept the DMP but they have just kept taking the payments for the last 5 years so I guess they're ok with it after all.

As for increasing the overdraft - well, the amount outstanding on the loan will go down at the same time so it's not all bad. You can badger them about charges and things in a few months when the dust has settled. You seem to be living up to your name at least - I didn't get around to dealing with that sort of thing for years!

OrganisedNic

Thanks CP2016, as organised as the rest of my life I just put the credit to one side - they were offering me money at 0% , my credit was good, they kept upping my limits happy days..!
Oh how wrong...

Hopefully they will receive my letter before the SO is due to go out and can take it from there !

Good luck with the rest of your DMP :j

January2015

OrganisedNic wrote: »

Quick update - token payment letters sent off to all creditors today so just a waiting game to see how they will react! :rotfl:

I've cancelled all DD to creditors and started moving my current bank account from First Direct (who I have a personal loan with) but I cannot cancel the SO that has been set up for the loan. I have included the First Direct loan as a £1 token offer of payment but now worried that the SO will still come out next month and eat into my overdraft I have with them...

Nic

Why can't you cancel the SO ? Just wait until the last moment (day before SO due out of bank) - log in to online banking and cancel the SO. That's what we did when we started our DMP.

OrganisedNic

January, the SO for the first direct loan is from the first direct current account I hold and whenever I try to do it online, it tells me to ring for further advice.

I only assume it's because I set it up when I agreed to the loan.