DMP Mutual Support Thread - Part 12

motivated

Hi again all

I just wanted to thank all for their great advice yet again. Where would I be without this thread.

I will get onto Halifax regarding defaults and hopefully will here from Wescott pretty soon.

I had a feeling something was up because the loans disappeared from my online banking.

MBNA have said they will be defaulting accounts at the end of the month. If Halifax follow suit that will mean all our accounts will be defaulted. Fingers crossed
M

tonyace123

Hi all,I've read a lot about bc not stopping interest payments, the two bc cards( among others I have) only just stopped putting interest on,for the short term they said,anyway I've just got a default notice of them, how long before they sell the debt or use a debt collection agency? And will interest stop if the do us an agency thank you

sourcrates

tonyace123 wrote: »

Hi all,I've read a lot about bc not stopping interest payments, the two bc cards( among others I have) only just stopped putting interest on,for the short term they said,anyway I've just got a default notice of them, how long before they sell the debt or use a debt collection agency? And will interest stop if the do us an agency thank you

The account must default first, then the balance is frozen.

StopIt

tonyace123 wrote: »

Hi all,I've read a lot about bc not stopping interest payments, the two bc cards( among others I have) only just stopped putting interest on,for the short term they said,anyway I've just got a default notice of them, how long before they sell the debt or use a debt collection agency? And will interest stop if the do us an agency thank you

Once the account is in default, that's it as far as interest goes.


The only charges you'll then face is if the DCA who eventually buys the debt takes you to court, but there are multiple chances to stop that from ever happening.


Good to see things progressing Motivated. I don't know where you would be without the support here, but remember you do not ever need to find out!


To anyone lurking and maybe too scared to ask questions: Don't be. Far better to feel a little silly, and get a nagging question answered, then to hide and have your fears answered by those who prey on those fears.

Meerkat1979

sourcrates wrote: »

Hi Meerkat,

Your living arrangements are non of your creditors business to be honest, i don't see why, as a DMP is an informal arrangement, that they would need to know.

Obviously if in time, your income increases, due to new job etc, then revisit your budget, and increase payments if you want to.

Most people take the opportunity to save up some cash in order to offer settlement offers further down the line, that's something you maybe want to think about.

Thank you .
I will take this opportunity to get some savings banked.

I had also not realized I could offer F + F ,until joining this board so I will start looking at the smaller debts now. Thank you

Weakmoments

Hi my fence has blown down in the wind my building insurance does not cover this. To finance this I am going to have to drop to token payments for 6 month on my self managed plan. Any advice on how to approach this TIA

StopIt

Weakmoments wrote: »

Hi my fence has blown down in the wind my building insurance does not cover this. To finance this I am going to have to drop to token payments for 6 month on my self managed plan. Any advice on how to approach this TIA

Write to all creditors stating due to unforeseen circumstances, namely Hurricane Ophelia deciding to try to destroy your house*, you require to drop your DMP payments to a token level for 6-9 months**, stating that you'd appreciate confirmation of acceptance of this by writing.


* You don't need to tell them why, but it can't really hurt in this case. They can't deny the storm happened!


** Consider adding a few months to get an emergency fund together now, so you have less chance of having to do this in future.

January2015

Weakmoments wrote: »

Hi my fence has blown down in the wind my building insurance does not cover this. To finance this I am going to have to drop to token payments for 6 month on my self managed plan. Any advice on how to approach this TIA

I agree with StopIt. Just remember you are not asking to drop DMP payments - you are advising it will be happening

IWILLgetthere

Hello, had another letter through today accepting my offer to pay and with a default notice, 3 down, 3 to go.It's 18 days since I posted my letters so not bad going I guess. The relief I'm feeling knowing I'm not going to have to try and find the money to meet the high minimum payments is fantastic, haven't felt this calm in a very very long time.Thank you Sourcrates for telling me that things would work out...I'm starting to actually believe it now!

Bounty1

Hi, I’m new here and have been doing a lot of reading about debt management plans. We are slowly starting to struggle with credit cards that have built up over time and with the minimum payments going up it’s starting to become very hard to keep these payments up (we haven’t missed any yet). I’m after advice on DMP and having a mortgage, does it have any affect on your property? I’m currently in the process of selling some of my land, if this all goes to plan I will have enough to pay off my mortgage and debts and have a large deposit for my next house, another question is will I be able to get a small mortgage as I take it DMP will give me bad credit.