DMP & Mutual Support Thread - Part 11

phoenixx

January2015 wrote: »

:wave::wave::wave::wave::wave::wave::wave:

Just popping in to say " Hi " to everyone.

As Sazzie rightly says everyone is busy with Christmas - which has been great this year thanks to Ellie's Saving for Xmas 2016 challenge. It's been so nice to spend without using credit (which I couldn't anyway now), and also to spend knowing I was spending money saved exactly for this purpose :j

Anyway - welcome to all the new members of this thread, it really is the best thread on MSE and a huge hello to all the existing members (who have all become my virtual friends in the journey to be debt free).

Hey January2015 - sounds like all is ticking along nicely with you and good to hear. Self management is going fine (apart from some sabre rattling from PRA) but we will have to take a couple of months break as our roof is damaged and cost will be four figure to fix. This is my third credit free Christmas :j and I will be able to say in 2017 'I will be debt free next year!'.

Have a great Christmas and happy 2017!
phoenixx xx

January2015

phoenixx wrote: »

Hey January2015 - sounds like all is ticking along nicely with you and good to hear. Self management is going fine (apart from some sabre rattling from PRA) but we will have to take a couple of months break as our roof is damaged and cost will be four figure to fix. This is my third credit free Christmas :j and I will be able to say in 2017 'I will be debt free next year!'.

Have a great Christmas and happy 2017!
phoenixx xx

Sorry to hear about the roof - is it something that could be claimed on house insurance?

I am a little (oh okay....a lot) envious of your nearness to be debt free. It sounds so soon. In 9 days you will be saying "next year I will be debt free" - how good does that sound Seriously though, well done to you - you deserve to be chuffed with yourself.

Enjoy your credit free Christmas and New Year :beer:

Jan -x-

Coinmachine

CP2016 wrote: »

Good result there Coinmachine - did you have to get the FSA involved or was it complaints direct from you to them that got it sorted?

Direct from me with a bit of patience.

blisteringblue

Happy Christmas Fellow DMPers

:xmastree: :rudolf: :xmassign:

Big changes in the BB household which will have a big effect on the DMP. Decided that Mrs BB can stop working (Agency Teacher) and it will be funded out of my DMP payments. I love a self managed DMP and the predators can simply swivel.

Might add a few years to the process but you know what I really am not bothered in the slightest. Our home / health is so much more important.

Plus I don't have to do housework ever again in my life (this is how I see it in my head, but never going to happen :rotfl:)

Anyway have a great festive season one and all and don't have any DMP sleepless nights, it really is not worth it.

:xmassmile BB

sourcrates

blisteringblue wrote: »

Happy Christmas Fellow DMPers

:xmastree: :rudolf: :xmassign:
I love a self managed DMP and the predators can simply swivel.

Might add a few years to the process but you know what I really am not bothered in the slightest. Our home / health is so much more important.

Anyway have a great festive season one and all and don't have any DMP sleepless nights, it really is not worth it.

:xmassmile BB

And you know what Blister, your creditors would agree with you on that one !!

You get posters coming on here in a blind panic sometimes, worrying about this, and that, saying "what will the creditors think".

The creditors are not too fussed, as long as they get something, and neither should anyone else be, it'll get sorted !!

blisteringblue

Thanks sourcrates, absolutely. Have a great Xmas your input on this forum is second to none.

[Deleted User]

Very time-poor at the moment (who isn't????). Makes a change from just being cash-poor;). Just dashed in to wish all posters the best of Christmasses ::xmastree::xmassign:, and a happy, fulfilling and healthy 2017.


Thanks for all the help, advice, reassurance, encouragement and camaraderie this year. It's made being in debt so much more bearable:beer:

lou_lou_1978

Hello everyone
i have found this thread through the moneysavirngexpert website and was relieved to see how many people are on DMP's after being recommended one yesterday, The people at step change were lovely and have suggested i go for a DMP as i have high debt totalling £39,000 (very scary reality!)
A combination of loans to pay off cards and the bad cycle has got to end. I have a good job and earn well, my mortgage is in my name and i have no secured debts. The people at step change suggested that by paying £790 a month i could be debt free in 4 years and 3 months. I feel it must be too good to be true???? but i have some worries and would love love someone with knowledge or experiences to put my mind at rest so i can try and enjoy Christmas with my family

1. With a DMP, if i pay the £790 a month are the creditors (there are 10) likely to accept?
2. Can anyone make me sell my house?
3. what is the reality like? i felt nervous withdrawing cash from my overdrawn bank account ready to put into my new account to avoid them taking money to pay off the credit card i have with them.

I am expecting a tough next few weeks and would appreciate some advice. I am a primary teacher with a secure job. I have a car worth £7500 and was also worried i may have to sell???

Im very embarrassed about this and haven't told my live in partner, i just want to get things sorted> am i doing the right thing??

Thank you for any help and advice x

sourcrates

lou_lou_1978 wrote: »

1. With a DMP, if i pay the £790 a month are the creditors (there are 10) likely to accept?
2. Can anyone make me sell my house?
3. what is the reality like? i felt nervous withdrawing cash from my overdrawn bank account ready to put into my new account to avoid them taking money to pay off the credit card i have with them.

I am expecting a tough next few weeks and would appreciate some advice.

Hi,

In answer to your specific questions :


(1) Most creditors will accept your DMP based on the SOA provided by stepchange.
Occasionally one may be awkward, but they will still get paid, and eventually fall into line,

If they dont accept, then they simply sell the debt on to a debt collector who receives the same payment as the original creditor.

(Debts get sold all the time for no reason to do with you, so dont be surprised if it happens).

(2) Anything is possible, but extremely unlikely, if your repaying the debts via a DMP.
As with anything there is a court process to follow, first a county court judgement would need to be awarded against you, then a charging order obtained, to progress to an "order of sale" would mean you would of defaulted on payments first, so very unlikely.

As long as you are paying, all should be fine.

(3) The reality is.........life goes on as normal, once the arrangement is up and running, calls and letters should stop.

Your car is safe as well.

We always advise on this forum, not to jump into a DMP too quickly, you need to save an emergency fund up first ideally, then theirs the issue of creditors defaulting you, but i`ll let someone else fill you in on the benefits or otherwise of that.

CP2016

Hi Lou Lou

Welcome to the dmp thread. My debts were just a wee bit smaller than yours - 35k but my starting monthly payment was considerably lower at £158 (lost a well paid job and got a relatively poorly paid one). Almost all of my creditors accepted the payment plan and the ones that didn't accepted the payments anyway - don't worry about them not accepting your offer - they will accept your money. Do read Sazzie's post - the second one on this thread. It will reassure you as to the process. Nobody wanted me to sell my car and nobody expected me to sell my house either. I just got my head down and started paying. Thankfully, because the starting payments were so low I got defaulted pretty quickly and I've not been charged interest on any either... well, apart from Next but they refunded me the charges and backdated the default so all's well that ends well. I started out with a DMP estimated to be about 18 years but will increasing payments it will actually be less than 8 years. So, your proposed repayments sound a lot more acceptable than mine were. :rotfl:

I found it scary and stressful at first but it all settled down and now it feels like repaying a long term interest free loan which has variable repayment amounts.