DMP & Mutual Support Thread - Part 11

Ellieseleven

S1Ebbz wrote: »

Well....the text has come throufh. SC have set up my DMP first payment goes out in April

It is a long road ahead and I am nervous. The calls are flying from creditors ... I've been ignoring for now as I know SC have now contacted them.

Literally how I found myself here I do not know but its horrible .. £100k in debt....years and years ahead of a DMP.

Time to get smart with money. Paying £1300 per month. Hopefully over time I'll even increase....but I just hope my creditors see this is my only chace to pay them all back

It is horrible to start with but now you have taken that step, it will get better. You never know what is around the corner so at the moment there are years and years of a DMP but that can quickly change and you will find that you can knock some time off. I found the best way to get through is not to look at the big picture but to cut it into smaller achievable goals. That way you feel as though you are making good progress.

Oh and remember, creditors can't have what you haven't got:)

Good Luck
Ellie x

heavenlyharry01

Well....the text has come throufh. SC have set up my DMP first payment goes out in April

It is a long road ahead and I am nervous. The calls are flying from creditors ... I've been ignoring for now as I know SC have now contacted them.

Literally how I found myself here I do not know but its horrible .. £100k in debt....years and years ahead of a DMP.

Time to get smart with money. Paying £1300 per month. Hopefully over time I'll even increase....but I just hope my creditors see this is my only chace to pay them all back

You should feel proud you've faced up to your debts.
We are not far off your £100k, and ours is a combination of generally bad spending and a 125% mortgage!
We are doing tokens at the moment too, so it's not even going to reduce. £1300 a month is an amazing amount to be paying each month, we couldn't afford anywhere near that. What you were paying out must have been through the roof!

January2015

S1Ebbz wrote: »

Well....the text has come throufh. SC have set up my DMP first payment goes out in April

It is a long road ahead and I am nervous. The calls are flying from creditors ... I've been ignoring for now as I know SC have now contacted them.

Literally how I found myself here I do not know but its horrible .. £100k in debt....years and years ahead of a DMP.

Time to get smart with money. Paying £1300 per month. Hopefully over time I'll even increase....but I just hope my creditors see this is my only chace to pay them all back

heavenlyharry01 wrote: »

You should feel proud you've faced up to your debts.
We are not far off your £100k, and ours is a combination of generally bad spending and a 125% mortgage!
We are doing tokens at the moment too, so it's not even going to reduce. £1300 a month is an amazing amount to be paying each month, we couldn't afford anywhere near that. What you were paying out must have been through the roof!

Hi both of you :wave:

You may be just at the start of your DMP journies - but look at my signature. I was 'you' just two years ago. Our debt actually topped £100k but we sold a vehicle just prior to starting the DMP and that bought the DMP start figure down to £95k.

We are now in the £60k's. Okay maybe it is just under £70k but it sounds so much nicer to be able to say 'in the £60k's' :rotfl:

It's amazing how much better you feel as every milestone is achieved. First DMP payment, first thousand paid off, first £5k, first £10k, first creditor cleared, etc. etc. Technically all creditors should be paid off at the same time on a DMP but we chose to target one creditor (Very) and clear them by making additional payments over and above our SC DMP. This was because we had buy now pay later interest of several hundred pounds that would have been added if we hadn't cleared it.

Anyway .....time whizzes past so quickly - it won't be long before it's you posting and advising a newcomer to the forum to look at how far you have come :j

Debtfreehopeful

So my DMP is ticking by nicely- my first payment starts in May.
I've received an account termination notice letter from Barclaycard which states I'll have a default logged on my credit report. It then says I'll be asked to repay the full balance on my account- clearly I can't so what happens next? Thanks

motivated

Hi all
Just an update for me. Have finally received our welcome pack and log in details for DMP. It's official :beer:

Our total is £82,064.34 providing interest stops :eek: Only 7 years to go.

I've logged in and all is set up and first payment 1st April. We have already heard from MBNA who are asking for income and expenditure details or they won't work with us. Really! Well they won't be working with us they will be working with SC

Also has an email reminding me we haven't paid our BC this month. To be honest I'm not stressed about it now I know we are on a DMP.

Wish me luck guys I am going to need more advice and encouragement now the creditors are aware of our situation.
M

sourcrates

Debtfreehopeful wrote: »

So my DMP is ticking by nicely- my first payment starts in May.
I've received an account termination notice letter from Barclaycard which states I'll have a default logged on my credit report. It then says I'll be asked to repay the full balance on my account- clearly I can't so what happens next? Thanks

Nothing much happens, its just a legal notice they are obliged to send to you, after the date in the letter passes, your account should be defaulted, your balance will be frozen, and you will start to repay it via your DMP.

BC may get fed up and off load your debt to a DCA to manage, or they may sell it, in both scenarios you just pay whoever writes to you, thats it, no drama, its all tickerty boo !!

Debtfreehopeful

That's ok then- I had visions of being hauled off to court :eek:
Thanks for the reassurance Sourcrates
Feeling so much better about things now!

sourcrates

Debtfreehopeful wrote: »

That's ok then- I had visions of being hauled off to court :eek:
Thanks for the reassurance Sourcrates
Feeling so much better about things now!

Never happens, (well only very rarely), at this stage.

The time you are most likely to face court action is a long way into the future, when the debts have been passed around various DCA`s for years, and eventually get sold on.

The new owner, if ignored, is then quite likely to take action to recover there money.

Up to that point, legal action is very rare, creditors almost always pass accounts to debt collectors to fight over.
Its just too costly in terms of time and money, to take every defaulter to court, the system would clog up within hours, thats why we have debt collectors.

January2015

Debtfreehopeful wrote: »

So my DMP is ticking by nicely- my first payment starts in May.
I've received an account termination notice letter from Barclaycard which states I'll have a default logged on my credit report. It then says I'll be asked to repay the full balance on my account- clearly I can't so what happens next? Thanks

Sourcrates is right - nothing much will happen.

Does the default notice say you 'may' be defaulted, or is actually a notice of default?

The reason I ask is because BC are notorious at not defaulting accounts very quickly. I had almost 18 months of letters warning about defaults and advising we would be asked to repay in full before they actually decided to default us - and then only after we had dropped to token £1 payments for many months.

My fingers are tightly crossed you really are being defaulted promptly by BC.

Debtfreehopeful

Hi January2015,
I've just re-read the letter and it says that I have 60 days to contact them- if I don't then they'll register a default. So I guess I'll just do nothing and wait- and just carry on with my DMP as I intended...:)