DMP mutual support thread part 13 !!

sourcrates

Stelsue1 wrote: »

has anyone been in a DMP and had there mortgage renewed? Not to borrow more just to renew?? Many thanks

Hi,


Many hundreds of thousands of people i would suspect.


A mortgage renewal with the same lender does not normally require a credit check.


As long as your mortgage repayments are up to date, there should not be any problems.

Stelsue1

Thank you everything is just so daunting and just want the get it set up and paid off so I can actually live and not work to pay debts.

Sunny40

sourcrates wrote: »

No need to worry, what worries you about it ?

You just pay the new owner instead.

Debts are usually defaulted before sale, but not always.

It’s all standard stuff, nothing scary here.......

I think the whole process worries me?
I guess I just don’t want people knocking on door to take stuff 😬😬

NowInspired

Stelsue1 wrote: »

Thank you everything is just so daunting and just want the get it set up and paid off so I can actually live and not work to pay debts.

We changed mortgage scheme this month, with the same lender and there was no credit checks. So long as you don't extend the term of the mortgage or want to add any more money to it, you should be fine.

Stelsue1

That's great to hear. I've not even started it yet but petrified!
I owe £16,500 and will be paying £266 a month for two years then I can up it to £500 once a family debt has been paid.
Also really concerned that if my partner ever needs credit he wont be able to because we're financially linked. Anyone have similar experiences?
Thanks

Suseka97

Stelsue1 wrote: »

That's great to hear. I've not even started it yet but petrified!
I owe £16,500 and will be paying £266 a month for two years then I can up it to £500 once a family debt has been paid.
Also really concerned that if my partner ever needs credit he wont be able to because we're financially linked. Anyone have similar experiences?
Thanks

Firstly welcome and good luck with the DMP - also just a reminder that we advise you to try and put some distance between when you stop your contractual payments and start the DMP, so you can save some pennies towards your emergency fund (EF).

Re the financial associations - I can't comment as ours was a joint DMP, but I'd imagine it will have an impact on his credit file in some way. However, my thoughts would be that you should work as a partnership to avoid the need for credit going forward, if at all possible, and then it wouldn't matter if your DMP adversely affects his credit ratings for a period of time.

As for the mortgage renewal question - we've renewed twice during our DMP journey with the same provider with no problem. As NowInspired mentions, its fine as long as you don't want to change the mortgage term or borrow any additioal money there are no credit checks.

sourcrates

Sunny40 wrote: »

I think the whole process worries me?
I guess I just don’t want people knocking on door to take stuff ����

You really must seperate fact from fiction.

Debt collectors can do nothing, they have no legal powers, and no power of entry, infact no power at all.

You are confusing them with bailiffs, a bailiff has certain legal powers, but still cannot enter your home forcibly, they can only take goods, if you open the door to them, and in all honesty, no one wants your second hand goods, its the last resort trust me, they never fetch much money, and the threat is used to get full cash payment from you.

But, in order for a bailiff to become involved, the case would have to go to court, a county court judgement would have to be awarded against you, and you would then have to default on those CCJ payments, only at that point would a baillif visit become an option.

It would only be a county court bailiff as well, as consumer credit act debts are dealt with at county court level, they cannot be escalated to the high court.

All of this is a very, very long way away from where you are now my freind, people scare themselves to death worrying about things that simply cannot happen if they stick to a particular course of action, knowledge is indeed power, and the more clued up you are, the less daunting things become.

The information is all out there, yet a curtain of mystery seems to envelope all things debt related, do your research, dispel the myths.

Stelsue1

Thanks suseeka sorry if the quote hasn't worked as im not technical. My O/H is not very credit orientated. I've been speaking to a friend who works in a bank today she's been amazing support. Who seems to think it will only affect joint credit but we will see. Thank you for all the support. I had a bad night last night super emotional but today I got my fresh bank account the lady was amazing also told me about her DMP that was the best decision she ever made which also put my mind at ease. Just currently clearing out my old account which will be used in DMP as I have a 1K over draft. I have got some contingencies plus a nice overtime fund coming in this month so will be covered for a bit . I feel so much more positive. I have also qualified for a standard account which is can get reward for money being paid in (no set amount) I feel really positive at the min. My next step is to contact all creditors and inform of SC involvement and also not to contact me via phone.
You guys are amazing x:T

mary_hinge

Hi,

I've had a dmp with SC for a number of years until February when I stopped payments and closed it down. I am currently contacting my 3 creditors to offer token payments but yet to receive an answers. I guess I'm wanting some experiences with Wescot, Link and Lowell please?

Thanks

Ms H x

motivated

mary_hinge wrote: »

Hi,

I've had a dmp with SC for a number of years until February when I stopped payments and closed it down. I am currently contacting my 3 creditors to offer token payments but yet to receive an answers. I guess I'm wanting some experiences with Wescot, Link and Lowell please?

Thanks

Ms H x

Hi Mary (love the username)

I have 2 big debts only being managed not owned by Wescot originally Halifax. We too are self managing and they have been absolutely fine. No issues whatsoever. In fact they have been very supportive when we dropped to token payments too. Can't help with link and Lowell but someone else I'm sure will have some experience of them.

Good luck