DMP Mutual Support Thread - Part 12

Summer12

sourcrates wrote: »

Only £10 in it !!!

http://www.experian.co.uk/background-checking/private-landlords.html

Well that made me laugh this morning :rotfl:I’m not surprised at all though that landlord was awful.

Together72

As I’m just starting out on my DMP, I was wondering if anyone would have any past dealings with how my current house/ car insurance companies deal with my renewals as I pay monthly.

Many thanks.

sourcrates

Together72 wrote: »

As I’m just starting out on my DMP, I was wondering if anyone would have any past dealings with how my current house/ car insurance companies deal with my renewals as I pay monthly.

Many thanks.

Will not effect them in any way, i have been insolvent twice and always managed to get mainstream house/motor insurance without any problems.

Together72

Thank you that’s another relief.

I keep having moments where I think of something, and it helps when you feel so anxious for an answer from people on here that have been and done this process.

Many thanks.

Starshot

Hello!

We've been happily chugging along with our sc dmp, everything's defaulted nicely and direct debit going out without issue for the last six months. We're now in the glorious stage of being working parents where we are eligible for the 30 hours free childcare meaning we no longer pay for nursery fees for our daughter. Our nursery stretches the funding and provides food so we are now roughly £250 better off pcm! Amazing!

However it is now time for our sc budget review and I'm in a bit of a quandary. Originally, I have earmarked this extra money for emergency savings, driving lessons and potentially a holiday abroad to visit my grandmother (she lives in Germany, would only have to worry about costs to get there as board would be free) I really do not want to add this on to our stepchange payments if I don't have to. Both my husband and I are in agreement with this.

So I log on today to fill in the budget review. Leave everything the same and click through only for my budget to not be agreed by the computer... The budget we've been on for the last year. :think:

No amount of fiddling with the numbers yields in getting it agreed, even giving up the nursery payments towards our "leftover" money/available for payment. It is requesting that we call to discuss. Now I know that if I talk to someone I'm likely to give up the extra money, and part of me is okay with that, paying it all off sooner sounds amazing but really has no particular benefit to us. Our current dmp term is 7 years and by that time if nothing else for us changes dramatically (:rotfl:) we would have no defaults and *might* be able to get a reasonable mortgage.

Part of me thinks that going self managed might be easier in terms of not having a third party tell me what is a reasonable budget or not BUT I don't know if I can trust myself to do so. I really like just handing over the direct debit each month and not worrying about my creditors at all. I mean, there is a reason we got into this situation after all :rotfl:

How did you decide whether to stick with sc or go self managed? Tia

Together72

Could anyone point me in the right direction on how to sort my Direct Debits etc and when to start with my new account.

I’m now worrying regarding my monthly payments including my DMP payment.

I’m sure SC will help me with this but I just wondered from other people’s experiences.

Many thanks.





My next hurdle to

usedtobeblue

carbootcrazy wrote: »

I hope all the new members of the thread who are just starting on their DMP journey have sent CCA requests to their creditors. It may confirm that some of the debts are unenforceable which means that you have a lower total debt balance than you feared:).

What are CCA requests please?

usedtobeblue

i opened my new basic account first and when i knew it was up and running i logged into my old account and cancelled all my direct debits to my creditors. i then rang them and advised i was entering into a dmp and followed the conversation up with a letter to each creditor. I was able to log on to my accounts which i was continuing to pay e.g 02 (phone contract, standing order to oil company etc) and change my account details to new account, or just give them a ring and advise of new account.
you would need to make sure your wages/benefits are set up to go into your new account asap.

Hope this helps a little x

Together72

Thank you.

I’m waiting for my new bank details to come through as I sorted that yesterday.

It’s the timing of changing everything that’s scaring me as I want to make sure the new account has enough for all my utility and mortgage etc.

My wages have just gone in today and my payments to my creditors won’t be going out as they’ve all been advised earlier in the week.

But my other direct debits will all go out as normal.

Many thanks.

MK-4

BeingDebtFreeStartsHere wrote: »

Hi everyone,

Hope all is well with you all in DMP land. Ours is ticking along nicely with no major hiccups

I have a query regarding our mortgage and need some advice from you experts on here - please accept my apologies if this is not the right place to post it but it kind of links in with our DMP.

Our DMP still has 10 years to run. We are with the One Account for our mortgage (SVR paying 4.5% interest :eek:) WE are making little headroad into paying off our mortgage and owe £147,000 (house value £155,000). We feel as though by the time the mortgage term ends in 18 years we will be in negative equity as with it being a current account as well as a mortgage we used some of the equity to fund a new kitchen and conservatory way before we entered into our DMP,

Due to our credit rating now there is no chance we could negotiate a better deal on our mortgage so we were looking at different options. We have thought of potentially selling the property and renting as there is no equity in it at present and we are likely to owe at the end of the term. However, with property prices as they are now we may not get enough if we sold the property to pay off the £147,000 we currently owe. Plus would we get anyone that would allow us to rent if we are on a DMP with a poor credit rating??

Any advice would be gratefully received - just feel a bit stuck at the mo and not sure what the best solution is.

Many thanks in advance

BDFSH x

Our house was bought around 17 years ago. At the time the mortgage was a little higher that rent would be.

Now (17 years later) the mortgage is a fair bit lower than rent for a similar property.

The value has increased by £200k, so going up at over £900 per month.
Still feels expensive but selling and renting would cost more per month,

Although the 'value' is meaningless as selling and replacing with a similar house would be of no benefit. However, as we are approaching retirement and the house will be paid off we can sell and move to a nice area in Wales, getting a much better house for less than half the value of our current house.

Think of the long term, you may be so much better off when your mortgage is finally paid off.