DMP & Mutual Support Thread - Part 11

sourcrates

make_the_change wrote: »

Thanks. I have 4/5 defaulted. Blooming BC stalling. Now just want them sold on.

Barclaycard are notorious for not defaulting, or dragging there feet doing so, however, eventually they will do so.

Writing a letter of complaint can help, an account should be defaulted after approx 3/4 missed contractural payments.

Lyntonsbird

Well 5 month in and I didn't blow up and had no phone calls or knocks at the door to take me away (well after complaining to BOS who apologised and took all numbers off their systems) all have frozen interest for now and BC defaulted in one month (shocker waiting for that bomb) Christmas was done and sorted completely credit free and very chuffed with that. Sent off the first of the CCA as all accounts opened in the 1990's. Started selling stuff on eBay going to try and make money each month so I can learn to be a saver not a shopper ( new mantra do I really need it) thank you all for the support these thread give and happy New Year to you all

BeingDebtFreeStartsHere

January2015 wrote: »

Thanks BDFSH

I'm so pleased you are feeling more positive. I have very down days sometimes, but in general the positive days very much outweigh the down days. We will get there eventually. I just cannot believe how quickly time has flown already. It seems like just a few months ago i was the newbie asking the questions, and now I feel so confident in what we are doing, how we handle our creditors/DCAs and what we can get away with . Amazing the change it has made in our lives.

Keep smiling :beer:

Couldn't agree more Jan

I would not change a thing about my DMP and only wish I had known about them sooner as I would have entered into a DMP years earlier had I known about them.

I definitely have more positive days than negative days - guess it's just with the cold weather etc I find it harder to thing of cheap and cheerful things to do with the children - just feel bad sometimes that we can't treat them as much as we would like purely because we messed up with credit.

I cannot believe we are over 2 years into our DMP with £10,000+ paid off our debts. I, like you, feel much more confident and knowledgable about debt, creditors etc - I have even been giving advice to others on managing their finances!!

This forum really is great - I know that if I do have a down day you fab folk will pick me up and help me to focus on the positives. For that I cannot thank you enough - it's a great family to be part of

Take care,

BDFSH x

BeingDebtFreeStartsHere

Sazzie23 wrote: »

Hi BDFSH

I understand the feeling, a tight budget is depressing:( but it's in a good cause:T

I think people have been known to invent car/boiler/fridge problems in order to have a reduced payment for a month or 2. Obviously increases your DFD but that's a choice only you know if you're comfy with.

Also are you able to earn extras through wombling, doing surveys, competitions, little wins I find that help ease the budget burden? Selling old toys and kids clothes on FB also seems to be popular.

Saz

Hi Saz

Thanks so much for you reply - I will definitely look into a few of those extra income ideas - only briefly tried wombling but might give that another go - I managed to save a few pounds doing it last time!! Going to have a good sort out over the next few weeks so may find some bits to sell too

Thanks again - your support and help is invaluable

Take care,

BDFSH x

MrsSammyB

Happy new year everyone!

Just had the best email ever! Ladder loans have emailed to say that they have written off any debt owed to them as of 31/12/16, they will no longer be pursuing me as the product ceased to exist in March 2015. And that it will be on my credit file as closed, settled and will be reported for the next 6 years.

Yippee! That's reduced my debt by £370 for 2017 and didn't cost me a penny!

January2015

MrsSammyB wrote: »

Happy new year everyone!

Just had the best email ever! Ladder loans have emailed to say that they have written off any debt owed to them as of 31/12/16, they will no longer be pursuing me as the product ceased to exist in March 2015. And that it will be on my credit file as closed, settled and will be reported for the next 6 years.

Yippee! That's reduced my debt by £370 for 2017 and didn't cost me a penny!

Way to go :j:j:j:j

What a fantastic start to your new year :beer:

BeingDebtFreeStartsHere

MrsSammyB wrote: »

Happy new year everyone!

Just had the best email ever! Ladder loans have emailed to say that they have written off any debt owed to them as of 31/12/16, they will no longer be pursuing me as the product ceased to exist in March 2015. And that it will be on my credit file as closed, settled and will be reported for the next 6 years.

Yippee! That's reduced my debt by £370 for 2017 and didn't cost me a penny!

Fantastic news!! xx

stars2017

Thank you so much for your reply and everyone on here has been brilliant too.
I think really we have been wondering how on earth do we save for full and final payments, our budget is so tight. We know we have equity in the house and wondered if that would be a way forward, I know we don't really want add unsecured debt to mortgage and to pay extra interest. Our current mortgage rate is 2.25, its halved since we bought the house, we are seeing an independant financial advisor next week to have a chat. Perhap extend the term to bring payments down and allow for more £ towards Dmp. Or perhaps we need to reduce our dmp payments and save towards full and final.

Stars

Sazzie23 wrote: »

Hi welcome aboard the great DMP bus:beer:

I agree with January, remortgage to get rid of the debts is a bad idea, have the tshirt twice for this always ran up the debt after. Changing habits first is my advice. You should be able to switch your mortgage with the same lender to a different rate though if you need to, but you might not get the best rate. Nothing wrong with trying though. Switching lender is likely impossible, I tried it about 18 months ago and not even the stepchange broker could help. However am happy with the deal I am on with my existing lender so it's not that bad. For me the mortgage is about security, I should always have somewhere to live and won't have to move on whim of a landlord.

I owe about £17k now after 3 years on DMP and about 10 to go (sigh), but I'm hopeful mortgage will be paid up in less than 4 then I'll be able to get the DFD down further.

Maybe think about moving your focus to saving up for f&fs with a view to picking the debts off one at a time?

Saz

January2015

stars2017 wrote: »

Thank you so much for your reply and everyone on here has been brilliant too.
I think really we have been wondering how on earth do we save for full and final payments, our budget is so tight. We know we have equity in the house and wondered if that would be a way forward, I know we don't really want add unsecured debt to mortgage and to pay extra interest. Our current mortgage rate is 2.25, its halved since we bought the house, we are seeing an independant financial advisor next week to have a chat. Perhap extend the term to bring payments down and allow for more £ towards Dmp. Or perhaps we need to reduce our dmp payments and save towards full and final.

Stars

Please don't let a financial advisor talk you into consolidating. I've been there and done that and it is not a good option believe me. It is a quick fix, but unless you really learn to manage within your budget and learn to live without credit facilities it is very likely you will end up taking our more unsecured borrowing and just have a larger mortgage AND other debts. Not good:(

At this stage, don't worry about saving for full and final settlements. Just work out a plan to start on the road to clearing your debts. Make sure you have wriggle room in your budget to save a bit and have the odd nicety or two (which really does help keep you on track). You will settle into your DMP routine and as you go you will review your situation and hopefully begin to be able to save towards F&Fs, but does it matter if you never manage to save for F&Fs? You will be working through a plan to clear those unsecured debts and will get there eventually.:beer:

GrinC

Hello there - I hope no-one minds me posting?


I just wanted some advice and many of you are so helpful. I'm currently in a DMP with PayPlan since July 2014 and am due to be debt free (according to them ) by April 2018. However, I'm wondering if it's a good idea to take on the plan myself and pay directly to the companies I owe? Some of the payments have been passed on to debt collection agencies.


I just feel that I could be making bigger payments to get the smaller debts written off and smaller payments to the big debts until the smaller debts are paid off then I can increase payments when the smaller debts are paid off (hope that makes sense!!?).


Not all creditors have stopped interest and I don't feel like I'm making any headway.


The only thing I am nervous of is the 'protection' of being managed and the repayment agreements on the DMP have been accepted by the creditors.


Anyone have any thoughts?