Dmp yearly review imminent

another_casualty

Sorry if I'm going over old ground, but can't find my previous posts.
I have been paying just over £100 a month for the last 4 years on my dmp, and am happy with that .
The dmp is for a number of years ( about another 7/8? I'll check later).
Last year was the worst year I've ever had( mum dying / me in hospital twice with myasthenia gravis).
This has made me about £900 overdrawn at the moment.
( fares to Ireland to mum etc.)

Payplan , although they are brilliant do remind me that the debt is for a long period and ask how can I pay it off quicker.

I think that the selling of my mums house will give me a few thousand £( I come from a big family and prices in Ireland not good).
However, I have to wait for sale to go through (18 months?)

Once received & overdraft cleared, I would increase payments to £200 pm all going well.", then add bits here and there on top whenever possible .
The question is; will Payplan still look after me after me going into £900 overdraft ?
Should I tell them about my illness ( it's improving and I'm still working and prescriptions are now free).
The good news to the creditors is that I have never missed a payment and have no intention in doing so.

Thanks

KirstyO

I think you will be OK. Be honest with them. They should understand that things like illness and bereavement happen.


Talk to them and see what they think your options are, I'm sure they will be helpful. It's good that you understand you need to keep paying something, even if it is not as much as the creditors want.


The priority is getting yourself back to full health. You're no good to anyone if you're ill.


Let us know how it goes!

glentoran99

Payplan may ask you to add the overdraft to the DMP which will mean you will need a new bank account ETC,


Its too late now but instead of running up the overdraft you should have contacted them and reduced payments on the DMP instead of running up more debt


the other thing is 12 years is very long for a DMP, is there no other options suitable? IVA, Bankruptcy?

another_casualty

Thanks folks . I prefer dmp TBH . Can't do bankruptcy , as I have a lot of equity in my flat and don't want to lose it .lva? Not sure.

I almost remortgaged back in September , using reach financial services ( very good, recommended by Payplan). Unfortunately, I failed on 'affordability'. On most of the mortgage lenders requirements was the insistence of me having to settle the dmp.
I did ask for a settlement figure from Payplan .
Back in 2014, it was for £10,000. September last year , it was for around £15,000.
In 2 years time , I would be out of the blacklist situation .
I was thinking , that if I remortgaged then , maybe I could pay off a settlement figure then .
Having said that, if I'm sticking to the guidelines set ( £100 p.m. For 11 years) ,then hopefully the creditors will be understanding and patient, knowing that I've never missed a payment .

another_casualty

glentoran99 wrote: »

Payplan may ask you to add the overdraft to the DMP which will mean you will need a new bank account ETC,


Its too late now but instead of running up the overdraft you should have contacted them and reduced payments on the DMP instead of running up more debt


the other thing is 12 years is very long for a DMP, is there no other options suitable? IVA, Bankruptcy?

I have changed banks when I started the dmp . I don't want to do it again . I hope that they let me reduce it in time .( the money I get from sale of mother's house). Please wish me luck

glentoran99

another_casualty wrote: »

I have changed banks when I started the dmp . I don't want to do it again . I hope that they let me reduce it in time .( the money I get from sale of mother's house). Please wish me luck

Not sure how payplan work but you should be able to leave it outside the DMP, you wont be able to keep the bank account and add it to the DMP though.


But genuinely look at other options, Complete amateur advice but an IVA look like it would be much better for you, over in 5 years (maybe 6 with equity) rather than 11

another_casualty

Thanks glentoran

I hope I can stay with my bank and pay off overdraft . I don't want that added to my dmp.
Payplan did give me all the options ,when I first spoke to them .

I will increase payments as and when. ( I like the facility where you can phone Payplan and make additional payments when you can.)

I'm supposed to have review on 3rd Feb . I will have to change it , as I want to speak to them at home on early shift ( confidentiality etc).

another_casualty

The review is due at 4pm tomorrow .I sent them email explaining I could only do around 7pm because work colleague away etc.
This morning I got text message confirming my appointment for 4 pm tomorrow .will phone them later .

Ontop of that , I haven't sent copies of wages lips /bank statement / mortgage statement . I will do that tonight . Supposed to be by 4th Feb at the latest . Oh well...

Sazzie23

another_casualty wrote: »

The review is due at 4pm tomorrow .I sent them email explaining I could only do around 7pm because work colleague away etc.
This morning I got text message confirming my appointment for 4 pm tomorrow .will phone them later .

Ontop of that , I haven't sent copies of wages lips /bank statement / mortgage statement . I will do that tonight . Supposed to be by 4th Feb at the latest . Oh well...

With SC the review is on line and I haven't had to send in anything in the last 2 years, so I wouldn't worry so much about missing the date, PP will manage, and if the do bump you off, go to SC although they will also likely want you to put the OD onto a DMP.

You could go self managed, lots on the DMP and Mutual support thread have moved from SC or PP to self managed as it makes it much more flexible. Do have to be pretty reliable at getting your payments out though.

Hope it goes ok whatever you decide to do, but remember there are plenty of options. And if you are ill, I'd recommend being honest as it makes you a vulnerable,person and they have to behave in their dealings with you.

another_casualty

Thanks sassie
Moved to next Monday . They have been great for me so far.
I'll keep you updated ;)0

another_casualty

Had my review this evening. The man I spoke to was great.
Very sympathetic .
He told me that ,even the creditors know that not all of the years are the same .
I've been with Payplan 4 years this month.
When he looked at the options ( bankruptcy etc.). , he told me to stay on the dmp, as I have a lot of equity in my property.
He reduced my payment , from £101.24 to £89.64.
The debt I have remaining is£24,444( gulp!).
I did volanteer overpayments whenever possible , and when I get a few thousand pay that in to,Payplan .
He did say that I could possibly do a settlements/ part settlement when that time arises.
If not, then it could take 22+ years to settle
When going through my budget planner, he did say that the only things to look out for were the cost of my broadband and mobile phone, but they weren't too excessive .
Now to be on my best behaviour ...