DMP Mutual Support Thread - Part 12

kirastan

Yeah you should pay them earlier. I can't imagine paying for 25 years:eek:

carbootcrazy wrote: »

Mortgaging/remortgaging must be a nightmare these days:eek:.

When OH and I were young (I can just about remember that far back:rotfl:) it was standard to obtain a mortgage from a lender for the full 25 year term that most of them were set at. Made life a lot easier and there was still the opportunity to repay the balance earlier than 25 years which is, thankfully, what we did. There wasn't the same problem getting onto the property ladder in those days as house-prices hadn't gone crazy by then. People tended to buy their first home in their 20s:j

[Deleted User]

kirastan wrote: »

Yeah you should pay them earlier. I can't imagine paying for 25 years:eek:

That's what we did. We were mortgage free when still in our 40s:j. I think that would be an impossible dream for most people starting out on the property ladder these days. I really feel sad for young couple buying their first home. Such a financial burden nowadays.


Admittedly we stayed in the same house so never had to remortgage but as it had everything we needed and plenty of scope and land:T for extensions etc we stayed put. Still there now.

Onebrokelady

AnnM48 wrote: »

Thank you Onebrokelady
At the risk of sounding daft... what is an SOA?
I will certainly take some of the points you made and try to track things better. I do try to every month, but it always goes pear shaped!!
I am usually good at not getting too caught up with what others are doing around me... but every now and again I have a bit of a wobble... hold my hands up in despair that I just can never manage to get on top of my finances!...and it’s good to get some reassurance!!
Thanks!!

Your welcome an SOA is a Statement Of Affairs,you list all your incomings and outgoings on here and people can look at it and advise you where you can make savings,I found having a diary on here helps and a spending diary at home and I keep all my receipts so I can track my spending each month,I also pay a lot more attention to my bank account,I have a finance folder where list all my outgoings so I can budget each month and check when my direct debits have been paid,I have a listed budget for everything now,I used to ignore my finances because they were in such a mess but since I've been keeping records of everything I've saved loads of money and don't get any unpleasant surprises

LexieLou

I've finally worked out that I can never pay back the money I owe with life the way it currently is. I've been doing a SOA for months and not able to live within it, I've been lurking on this thread for weeks and today I have finally decided that I need to talk to my Credit Card companies and the Scalifax about a DMP.

HSBC and Lloyds I have a 0% cc with, Tesco I have just taken out a loan ( a few months ago), but HBOS, and other CC's are never going to clear, so I need to approach them with a SOA and a payment plan.

I know my credit rating will be messed up, but at this stage, I don't care.

I'm ranting, but I need to write this all down so that I will actually do something about it.

I've all my spends trimmed back to the bare bones, I don't go out partying or drinking. I don't spend money on clothes, I've just gotten myself into a huge mess and I need to man up and get myself out of it.

I'm also attempting to change jobs, my job is highly specialised and I spend a fortune on commuting monthly, but it will take me time to get a new job, and if I do, it won't necessarily be at the same salary, so either way, I'm in difficulty

Thank you all for reading.

XX

Suseka97

LexieLou wrote: »

I've finally worked out that I can never pay back the money I owe with life the way it currently is. I've been doing a SOA for months and not able to live within it, I've been lurking on this thread for weeks and today I have finally decided that I need to talk to my Credit Card companies and the Scalifax about a DMP....Thank you all for reading.
XX

Okay, that's the first step - realising you're in financial difficulty and deciding to do something about it. Life's too short to be worrying constantly about how you're going to pay the bills.

I suggest you go onto the StepChange website and use their online debt remedy tool - that's a good place to start by listing all your priority debts and outgoings (mortgage, council tax etc.) and your non priority debts (loans and credit cards) as well as your household expenses. Be realistic and put in the maximums allowed - don't try to cut money off your expenses if the outcome is the DMP years will be lengthy (but also you don't want to be in a DMP forever - if you get my point).

Also NEDCAB have something similar and lots of template letters to help you along the way - which is especially useful if you plan to go it alone and self-manage your DMP (which many of us on here do, either from the start or at some point in - like myself).

So grab a coffee, get all your bits and pieces together (maybe over the weekend) and good luck (also get out and enjoy the sunshine as well, if you're lucky enough to be getting some where you live )

LexieLou

Thanks Suseka97....Thats fabulous info and I will definitely spend the weekend sorting out my mess.

On another note, do you have a diary I can read? I'd love to know more about your journey x

Summer12

Had a response from MBNA today to my in financial difficulties letter. They state that after 5 months they will default but that the debt will show on my credit file whilst in a dmp and for 6 years after. I thought it was 6 years from default (assuming no ccj awarded) and AP markers only made if no default. Not that I!!!8217;m worried about credit file but just questioning my understanding of the process.

sourcrates

Summer12 wrote: »

Had a response from MBNA today to my in financial difficulties letter. They state that after 5 months they will default but that the debt will show on my credit file whilst in a dmp and for 6 years after. I thought it was 6 years from default (assuming no ccj awarded) and AP markers only made if no default. Not that I!!!8217;m worried about credit file but just questioning my understanding of the process.

Defaults show for 6 years from date of default.

AP markers can stay for 6 years after the account is repaid.

Depends which will take preference.

Slytherin

I sympathise, Lexie. I was also that person who cut off everything I could because I thought it might help. But when the panic dies down, you realise that you need to find a way to not be completely miserable. Good luck!

Slytherin

Does anyone have experience of dealing with Fredrickson or Westcott? Two of my debts - £3500 to Capital One and £5000 to Barclaycard - have been sold on to these companies. I!!!8217;ve had a letter from Westcott explaining this and a text message and voicemail from Fredrickson (this prompted me to call them or log into FredPay. Did the latter and messaged them about my DMP).