DMP Mutual Support Thread - Part 12

Sazzie23

curlu wrote: »

Thanks Saz
I filled the budget in accurately based on my actual outgoings. The only variable was that I initially put down mortgage payments as the property is in joint names but this was removed as my husband actually pays this...interestingly when I applying for credit they make me jointly responsible for the mortgage!
As mentioned I am getting stressed by the !8.7% interest about to hit one of my CC's and that will of course affect my budget but until something changes I cant do much.
With regard to self manage I don't see how this would benefit me.....there remains no guarantee that any of my creditors will freeze interest and I believe SC will have a better change of negotiating that for me and all my creditors will ask me for a budget and will see I can afford the contractual payments at present so to them I probably don't justify any special treatment! I am currently considering moving to a lower paid role as one of the triggers for my gambling was work stress and I am looking to reduce my stress as part of my rehab and if that happens then my budget will certainly look different!

Hi Curlu

You seem like the type of straight up and honest person that I was when I started this DMP journey, sadly I've been corrupted by the system and no longer believe that honesty is always in our best interests. Whilst I wouldn't suggest that you do anything you are uncomfortable with, I would say that you should fill in not what you currently pay, e.g when I started my DMP I didn't save anything for insurance bills or household repairs, but actually SC want you to put a figure in this type of savings, it shows you are budgeting.

If you are one half of a partnership, even if the other half pays for xxx now, list it as if you pay at least half. You do yourself no favours by making the available payment high. In fact hardcore DMPers suggest stopping paying altogether until defaulted and moves to collections, this means you pay no interest.

SC won't acheive anything in stopping your interest, they write to creditors and request it, but if they say no, e.g Barclaycard :mad::mad: all you can do is cut your payments to get them to cut the interest, I did mine genuinely through SC as I hit harder than hard times, and it worked in my favour. Doing it yourself, means you get more control on who you pay what to.

Even if you find after a while that you are accruing savings, you can splurge it on something shiney or put it towards an F&f perhaps in your smallest creditor. If you do get to that stage, come back here and we'll explain how to do it even if with SC.

I hope some of this makes sense, I'd still say, keep away from debt consolidation, remortgage at a very cheap rate maybe, but then focus on getting mortgage free, don't run yourself into more debt.

Saz

meepatme

am coming to that way of thinking iv told the lenders of the dwp plan with sc atm and asked for all interest to be stopped. But stated December start to allow some room for emergency funds. Want to see some defaults and interest stop before I really start working with them. Stressful as these times are DWP only really seems viable to me if they default you and interest is gone. If some dont stop interest at least before the dwp in December I guess it be self managed for the ones that have.

Keezing

Logged into my Virgin Credit Card account today and noticed a new transaction called "Partial Write Off". The amount is for the full amount.

Do you think this means they have sold the debt to a DCA?

sourcrates

Keezing wrote: »

Logged into my Virgin Credit Card account today and noticed a new transaction called "Partial Write Off". The amount is for the full amount.

Do you think this means they have sold the debt to a DCA?

You are learning fast young sky-walker.

Keezing

sourcrates wrote: »

You are learning fast young sky-walker.

It's somewhat surprising as the account is not defaulted and is showing up-to-date with the CRAs.

Does anyone know what DCA they use?

sourcrates

Keezing wrote: »

It's somewhat surprising as the account is not defaulted and is showing up-to-date with the CRAs.

Does anyone know what DCA they use?

Capquest, Cabot, 1st Credit, Arrow Global, could be any of the usual suspects.

Virgin money dosent feature much on these boards as a rule, so i cant answer exactly.

Keezing

sourcrates wrote: »

Capquest, Cabot, 1st Credit, Arrow Global, could be any of the usual suspects.

Virgin money dosent feature much on these boards as a rule, so i cant answer exactly.

Good shout, I called up Virgin and they confirmed it's been passed to 1st Credit.

Now to make them my repayment offer

BeingDebtFreeStartsHere

Had two letters in the past couple of weeks from DCAs offering reduced settlement figures to clear the debts - Lowell offering a 30% discount and Robinson Way offering a 21% discount with repayments over 3 and 4 months respectively

Unfortunately we are not in a position to take them up on their offers as it is still way more than we have, however it is good to know they are offering reduced payments without us even asking - gives us options to barter to get even lower offers later on in the DMP

Take care,

BDFSH x

Eddieslave

Hi,

I've taken a courage pill to post, I can see you're all lovely, gentle people.

I have been considering a DMP. My simple question is, at the moment I am paying around £400 per month payment to loan, cc.
If I have a DMP I guess I will pay out less per month, giving me some chance to have more disposable income to live on?


Thanks.....a brief start but I will have more questions soon.

Sickofthisdebt

Hi

Haven't been her for a while. I'm looking for some advice please. I'm near the end of my DMP, 6 months to go. I logged into my Stepchange account this evening and it says they are unable to make payments to one of my creditors and to call them. I will do first thing on Monday but this has never happened before and I'm a bit worried. Has this happened to anyone else?

Many thanks