DMP Mutual Support Thread - Part 12

motivated

Thankyou

I intend to try the same with MBNA No harm in trying
M

kezzb

Hi all, Ive been on DMP for nearly a year and Im so much happier and actually feel like Im living again. My dad has recently told me he would like to give me a lump sum of money. I would like to put this money aside for emergency use, for instance if my van breaks down I wouldnt have any money atm for repair or worst case scenario a new(used) one. We have been using a cooker that shorts out the electric for the past 6 months.
My question is, how much can I reasonably have in savings whilst on DMP? I also claim working and child tax credits and obviously that is also something I need to take into consideration.
Any advice gratefully received

fatbelly

kezzb wrote: »

Hi all, Ive been on DMP for nearly a year and Im so much happier and actually feel like Im living again. My dad has recently told me he would like to give me a lump sum of money. I would like to put this money aside for emergency use, for instance if my van breaks down I wouldnt have any money atm for repair or worst case scenario a new(used) one. We have been using a cooker that shorts out the electric for the past 6 months.
My question is, how much can I reasonably have in savings whilst on DMP? I also claim working and child tax credits and obviously that is also something I need to take into consideration.
Any advice gratefully received

There are no 'rules' with a DMP - it's an informal solution. There' also no savings limit with tax credits.

Holding an emergency fund makes a lot of sense.

leanne12345

motivated wrote: »

Thankyou

I intend to try the same with MBNA No harm in trying
M

Well done :beer: have you received a default notice from MBNA yet? We haven't had anything from them since stopping payments in April.

[Deleted User]

kezzb wrote: »

Hi all, Ive been on DMP for nearly a year and Im so much happier and actually feel like Im living again. My dad has recently told me he would like to give me a lump sum of money. I would like to put this money aside for emergency use, for instance if my van breaks down I wouldnt have any money atm for repair or worst case scenario a new(used) one. We have been using a cooker that shorts out the electric for the past 6 months.
My question is, how much can I reasonably have in savings whilst on DMP? I also claim working and child tax credits and obviously that is also something I need to take into consideration.
Any advice gratefully received

Welcome to the thread, kezzb:beer:

I agree that life takes a turn for the better once a DMP is under way. The sense of relief I felt was enormous:j. Good luck and keep posting your questions and let us know how you are getting on. There'll always be someone able to help with anything that's puzzling you.

Sorry, I don't know anything about tax credits but I know that amounts held in bank/savings accounts are not shown on credit files. In that respect no one but you will know how much you have saved;). Your individual creditors won't know and neither will whoever administers your DMP unless you choose to tell them. I know lots of us are saving for Full and Final settlements and I don't think any of us will be declaring the running total to anyone;).

motivated

leanne12345 wrote: »

Well done :beer: have you received a default notice from MBNA yet? We haven't had anything from them since stopping payments in April.

Hi. No we havent had any default notices just some paperwork about FCA and arrears. I am going to ask for one though . You never know we may get lucky
M

leanne12345

motivated wrote: »

Hi. No we havent had any default notices just some paperwork about FCA and arrears. I am going to ask for one though . You never know we may get lucky
M

Fingers crossed whoever deals with your request is in a good mood that day- good luck!

[Deleted User]

Just received a letter from Cabot to say they have bought my Mint debt and that Wescot will be continuing to manage it for them. I'm hoping this is good news and one step nearer to any F&F I make being accepted more readily:j. Wescot are also handling my Lloyds debt, my biggest, so I'm keeping everything crossed that that's about to be sold on soon too.


One disturbing fact is that although the letter from Cabot was dated this week and the account balance shown is bang up to date they say Wescot have told them that ' an authorised third party' are managing my DMP:eek:. I've been self-managing since early this year when I left SC so someone's wires are well and truly crossed:rotfl:


When I get a minute I'll have a whizz through past posts to find out what experiences people have had with Cabot. I've seen their name mentioned a lot but I never took much notice as they weren't 'one of mine'.

motivated

Ive heard back from MBNA who have said they are unable to register a default until after 6 payments have been missed. They are not adding interest etc so will just wait. At least BC have done theirs
M

leanne12345

motivated wrote: »

Ive heard back from MBNA who have said they are unable to register a default until after 6 payments have been missed. They are not adding interest etc so will just wait. At least BC have done theirs
M

That's not too bad, at least you (and me!) have a time scale now and after the 6 months can get straight back on to them if needed to remind them what they have said.