DMP Mutual Support Thread - Part 12

DMP_Tiger

Ethel_and_Ernest:

My DMP is due to begin in October, my debt is just over £35k but due to me being the only earner, it will take 30 years to pay it off at my initial low proposed monthly payment. As a homeowner with the means to save for F&F's, DMP was the route that I wanted to go down. The calculator tool on SC's website said bankruptcy but the human being on the phone was quite happy for me to do a DMP.

As CarBootCrazy says, there is no reason why SC would steer you away from a DMP if that's what you want to do.

LexieLou

Hello fabulous people

Need advice, again, I've done my debt remedy solution with S.C and also got a budget, I won't be starting my repayment plan until Oct so I can save up some money, I am happy to do a debt plan on my own with my creditors, but I am highly likely to have to change job in the next few months as my current employer is in severe financial difficulty.

SC said this wasn't an issue, just let them know when it happened and the budget would be adjusted accordingly as I will most likely have to take a drop in income.

So my question is, due to this little expected speed ramp, would I be better going with SC for the first 6 months and then going to the creditors directly?

Thoughts are much appreciated

Thanks

LL xx

Suseka97

LexieLou wrote: »

Hello fabulous people. Need advice, again....
So my question is, due to this little expected speed ramp, would I be better going with SC for the first 6 months and then going to the creditors directly?
Thoughts are much appreciated
Thanks
LL xx

Do what suits you best. If you're happy with how things are running with SC just bob-a-long with that for a while and see how you feel in a few months time - or when/if your employment situation changes. If it's all set to go you've got nothing to lose. I'm assuming most if not all of your creditors have been contacted and are expecting payments to get up and running in October - in which case, just sit back and let it happen. You can swop over to self-managing at any point during your DMP.

Onecanhope

Hello all you lovely people. Im new here but I have been lurking and reading posts. Due to your kind words you have put a lot of my worries to rest about starting a dmp. I have submitted my budget to step change and agreed on a repayment plan with my first payment scheduled. I haven got much of an emergency fund saved but feel I have enough and really want to start my plan. I do have a couple of questions I hope you can help me with however

1 I have a new bank account but it is a current account not a basic. Its not linked to any other debts and I do not have an overdraft. I have had this account for years and savings accounts (although empty) linked to it. Do you know if this account being a current and not basic will cause me problems? It shows on my credit report but I dont know if it will show my balance? Currently on the report it says £0 but there is no money in it so I cant tell

2 I have moved back in with my parent and dont really have any assets apart from my car which is worth less than £1000. I out on my I and E that I pay rent, (which I do to help with bills food etc) but this will not be recorded on my credit file. Will this cause my creditors to reject me? Step change listed my water/gass/council tax as covered in rent in the comments on my DMP and on the food column (because there was not cost on it) they wrote the comment living with parent

The offer payment and budget has already gone out to my creditors but I am wondering if this could get me in more trouble because I listed it as rent instead of separate bills. I just pay it this way so I know I pay my way but dont want them to think its not in my file or my parent is avoiding tax because thats not the case

If anyone has any advice I would love to hear your feedback. From a helpless hopeful. Thank you

sourcrates

Onecanhope wrote: »

Hello all you lovely people. Im new here but I have been lurking and reading posts. Due to your kind words you have put a lot of my worries to rest about starting a dmp. I have submitted my budget to step change and agreed on a repayment plan with my first payment scheduled. I haven got much of an emergency fund saved but feel I have enough and really want to start my plan. I do have a couple of questions I hope you can help me with however

1 I have a new bank account but it is a current account not a basic. Its not linked to any other debts and I do not have an overdraft. I have had this account for years and savings accounts (although empty) linked to it. Do you know if this account being a current and not basic will cause me problems? It shows on my credit report but I dont know if it will show my balance? Currently on the report it says £0 but there is no money in it so I cant tell

2 I have moved back in with my parent and dont really have any assets apart from my car which is worth less than £1000. I out on my I and E that I pay rent, (which I do to help with bills food etc) but this will not be recorded on my credit file. Will this cause my creditors to reject me? Step change listed my water/gass/council tax as covered in rent in the comments on my DMP and on the food column (because there was not cost on it) they wrote the comment living with parent

The offer payment and budget has already gone out to my creditors but I am wondering if this could get me in more trouble because I listed it as rent instead of separate bills. I just pay it this way so I know I pay my way but dont want them to think its not in my file or my parent is avoiding tax because thats not the case

If anyone has any advice I would love to hear your feedback. From a helpless hopeful. Thank you

Hi,

Your bank account is fine.

Do not overthink these things, no one is watching you, no one is checking up on you, there are literally millions of people in debt management, no one can see your bank account, no one has the time, authority, or will to do so, so do not worry.

Onecanhope

sourcrates wrote: »

Hi,

Your bank account is fine.

Do not overthink these things, no one is watching you, no one is checking up on you, there are literally millions of people in debt management, no one can see your bank account, no one has the time, authority, or will to do so, so do not worry.

Thank you for your prompt reply. That is good news! I may ring stepchange about the rent thing but I am hoping it will not cause me an issue since there are comments on my budget sheet.

I have been so scared about entering a DMP and also missing payments leading up to my DMP. I can honestly say that only when I stumbled upon this site has my worries started to go and I have been able to sleep at night once again. I know I have a long way to go and keeping my fingers crossed my creditors all agree but everyone sharing their experiences have provided me with much needed hope and determination

Thank you all

SuzyN

Has anyone had pension contributions listed on their I/E?

SC have put mine on as it comes directly out of my wages and I'm worried my creditors will insist on me cancelling it as it's using a chunk of my income?

Suseka97

SuzyN wrote: »

Has anyone had pension contributions listed on their I/E?
SC have put mine on as it comes directly out of my wages and I!!!8217;m worried my creditors will insist on me cancelling it as it!!!8217;s using a chunk of my income?

Okay... now i'm not a pensions expert but with the new rules that have come into force I believe most employees are required to 'contribute' towards a pension fund (as are employers of a certain x number of workforce). So I can't see why yours would be seen as an issue. My income statement back in the day will have shown a 6% pension contribution which has never been questioned. So in my view you have nothing to worry about.

SuzyN

Thanks

I think ours is something like 11/13% - its high but a good pension and having paid in for 15 years I'm not opting out now !!!

DMP_Tiger

Morning all

I think I am ready to begin my DMP properly after 3 months of token payments. I will write to each creditor confirming from my I & E that they've all had, exactly how much I have to split between my creditors and how much I am going to pay them each month. Do I need to tell each creditor what I am paying my other creditors or do I just tell each creditor what I will be paying them only?