DMP Mutual Support Thread - Part 12

MMC87

I need a specific type basically and can no longer get them on NHS. I don’t have insurance either but I think that’s something I obviously need to look into. I’ve got a potential lead on a second hand piece. Would be amazing if that works out (kinda grim but I’ll give it a thorough clean and apparently it’s not really been used) so I feel like insurance is a must. I’m going to get some quotes and add to my budget.

Dorastar

Thinking of going down the DMP route after losing job and not being able to get one at all so far, hubby's wages minimal and don't cover mortgage, bills and debts at all never mind living. Even I get a new job it's unlikely to start ASAP and definitely not at the level it was at due to health issues so DMP looks like only option.
Have had a look and start at SC and working through it. Two main debts are with HSBC (where we bank) and Tesco. Anyone any idea if they are ok with DMPs? Got enough to make January payments from redundancy money so should we pay these or default/start DMP before they're due? What a way to spend Christmas Eve 😞

jwil

Dorastar wrote: »

Thinking of going down the DMP route after losing job and not being able to get one at all so far, hubby's wages minimal and don't cover mortgage, bills and debts at all never mind living. Even I get a new job it's unlikely to start ASAP and definitely not at the level it was at due to health issues so DMP looks like only option.
Have had a look and start at SC and working through it. Two main debts are with HSBC (where we bank) and Tesco. Anyone any idea if they are ok with DMPs? Got enough to make January payments from redundancy money so should we pay these or default/start DMP before they're due? What a way to spend Christmas Eve 😞

Save your redundancy money to cover priority bills and an emergency fund until you get another job. If you write to them and let them know you are taking advice they will put your account on hold for 30 days.

Good luck

Puzzcat

Dorastar wrote: »

Thinking of going down the DMP route after losing job and not being able to get one at all so far, hubby's wages minimal and don't cover mortgage, bills and debts at all never mind living. Even I get a new job it's unlikely to start ASAP and definitely not at the level it was at due to health issues so DMP looks like only option.
Have had a look and start at SC and working through it. Two main debts are with HSBC (where we bank) and Tesco. Anyone any idea if they are ok with DMPs? Got enough to make January payments from redundancy money so should we pay these or default/start DMP before they're due? What a way to spend Christmas Eve 😞

Hi Dorastar,

As said keep the redundancy money for your emergency fund as when you start a dmp you will have no access to credit. Also if you have debt with the place you bank you will need to open a new basic bank account elsewhere.

Do try and read back as much as this and previous threads as you can as you will learn so much.. and knowledge is power...

Good luck and merry christmas..

Puzz. x

Puzzcat

Hello to all oldies and newbies..

Time for my annual pop on and update....

I started my dmp with SC back in November 2013 and have never looked back...

The first few years I was paying a hefty £600 a month but as life goes on this wasn't sustainable as my dd was heading for uni and we all know how expensive that is...! So I decided to go self managed, chucked out some cca's of which 1 is UE, 1 I haven't received anything yet (3 months ago..) so have stopped paying and another that I have been told is UE and we are playing letter tennis about it...

So my starting debt was £60062 :eek: With my payments and the definite UE debt removed my current balance is £35473

If I remove the other 2 debts that are non compliant with cca then my debt stands at £23404...:D:D But for now I am leaving them in my total..

I have been paying token payments of £5 per debt for about 18 months now and when I have finished buying a university will hopefully be able to save up for some full and finals for the enforceable debts..

I still my dmp and although only slow progress is being made I can see the light at the end of the tunnel.

So in essence don't delay and think about doing a dmp, its the best financial thing I ever did.. and I wasn't very good with money as you can tell...!!!!:rotfl:

I wish you all a :xmassign: and a debt busting 2018..

Love Puzz. x

Dorastar

Thanks, there is only a small amount of redundancy money left but conscious that the bank can see it in a savings account. It would pay the essential bills in January and hubby's wag would pay for basics like food and petrol etc. We have a small emergency fund set up in credit union so it's not immediately accessible. Off to draft some letters...

sourcrates

Dorastar wrote: »

Thanks, there is only a small amount of redundancy money left but conscious that the bank can see it in a savings account. It would pay the essential bills in January and hubby's wag would pay for basics like food and petrol etc. We have a small emergency fund set up in credit union so it's not immediately accessible. Off to draft some letters...

Dorastar,

If you are in debt to your current bank, open a new basic account, with a bank with whom you have no financial connection, and keep your money safe, they could take part of what you owe form your savings account, using the right of "set off".

Its important to be prepared for this beforehand, and to have a new account in place, before you tell them anything.

Dorastar

I know, got to wait until the banks re-open before I can do this as its a joint account and I need hubby there too and he is working every hour he can at the moment.

motivated

Hi all
Puzzcat. I see you’ve been paying token payments for 18 months or so. Can I ask if the creditors have given you any headache over this?

I ask because I am also paying tokens to my 4 CCs for about 5 months but keep getting a little voice in my head saying ‘if you don’t start paying them more then’........
all 4 are now defaulted.

I have an affordable monthly payment plan in place with Wescot for 2 Halifax loans so I think they will be ok for a while.
I know you’re not supposed to treat creditors differently but it’s working for us at the moment
M

LadyMorticia

Hey guys! Merry Christmas! Hope you're all trundling along nicely.

I've been checking my credit report and some of the accounts I have debts with have been marked as "closed" and then what the closing balance is (Shop Direct have marked their's as £0 despite me still owing them.) Is this because they've been sold on to debt collectors? I did a Google search and from what I read they wouldn't be marked as closed in this instance, but it's so confusing!

Thank you in advance.