DMP mutual support thread part 13 !!

SkintDad87

Hey all. I took the previous advice and informed that I wouldn't make a payment until October, companies have got back to me asking why, and saying they can't hold my account until October...what does that mean?

They are also saying, as I'm self managed, I'm not entering a debt management plan, but instead it's a personal payment plan...I feel this is so they add an AP marker and not default it. Do I just stand my ground and refuse to pay until 1st October...forcing them into defaulting me?

Will definitely have to hold until October, as I've been told today, that we are all being sent for retraining at work in July, which means coming off shift work for 2 months, so even lower wages! They say it doesn't rain, it pours...hoping for some light at the end of a very long tunnel now

Willing2Learn

SkintDad87 wrote: »

I took the previous advice and informed that I wouldn't make a payment until October, companies have got back to me asking why, and saying they can't hold my account until October...what does that mean?

They are also saying, as I'm self managed, I'm not entering a debt management plan, but instead it's a personal payment plan...I feel this is so they add an AP marker and not default it. Do I just stand my ground and refuse to pay until 1st October...forcing them into defaulting me?

Hold your ground. As long as you have advised your creditors, in writing, that the SM DMP will commence on xx October 2019, then they will have to be happy with that. They are trying to confuse you. Be firm. Be polite. And hold your ground.

SkintDad87

Cheers Willing2learn!

katius

coming to the end of our DMP, £22,880 of debt down to £3899 and just started a full time job that will help bring that down quicker, just wanted to say there is light at the end of the tunnel, its been hard but we are nearly there, if you are umming and arring about a DMP its worth it for the peace of mind and the silence of your phone.

ditty1234

Just a few questions - so I stopped all payments on my debt on April 1st and am now beginning to get 'default and arrears' letters; I have written holding letters to all creditors in April to which I ahve had no direct replies. I have a DMP set up with Step Change starting in June, time will show if it is accepted by creditors.
Do I need to respond the letters from creditors, as they have all been given my case number with SC and also SC should be contacting them on my behalf?
Should I be checking my credit report while this is going on - it was sort of 'perfect' but will not be a pretty sight for the next long while.
Thanks for this forum and threads. My life is beginning to feel slightly normal.

Willing2Learn

ditty1234 wrote: »

Just a few questions - so I stopped all payments on my debt on April 1st and am now beginning to get 'default and arrears' letters; I have written holding letters to all creditors in April to which I ahve had no direct replies. I have a DMP set up with Step Change starting in June, time will show if it is accepted by creditors.
Do I need to respond the letters from creditors, as they have all been given my case number with SC and also SC should be contacting them on my behalf?
Should I be checking my credit report while this is going on - it was sort of 'perfect' but will not be a pretty sight for the next long while.

Hi,

All the letters you are currently receiving are likely to be automatically generated and can be safely filed away. There should be no need to contact your creditors. If any of the letters cause you particular concern, then liaise with SC, as they will correspond with your creditors on your behalf. Your creditors will have no choice but to accept the DMP. Try not to worry.

There is no harm in regularly checking your three credit reports for accuracy. Try not to be downhearted by all the toxic negative data/markers.

I just wanted to check something with you though. Have you got an Emergency Fund (EF) saved up to cover you against the unknown financial costs that will crop up every now and then? Things like emergency car repairs, emergency household maintenance etc etc.

bunnymtg

So I am considering entering into a DMP with 6 of my creditors.
Total debt owing is around £32,000.
I have never missed a payment and have no defaults or CCjs.

I am due a divorce settlement hopefully by September time all being well. This will clear all my debt. But in the meantime I am living beyond my means (and not becuase I am lavish!)and this month have had to pay my rent with my credit card.

I have around £40 to last me the whole month. I cant do this another month.

But my worries are, will I get defaults/late payments added to my accounts if I do a DMP?

I want to buy a house next year with my partner so its also really important that my credit file remains squeaky clean.

Please no judgment, just advice on the above?

Thank you so much

ditty1234

I just wanted to check something with you though. Have you got an Emergency Fund (EF) saved up to cover you against the unknown financial costs that will crop up every now and then? Things like emergency car repairs, emergency household maintenance etc etc.

Hi
Thanks for checking, I have a very small EF, I have put a break on all extra activities and have already had a month break. At the moment my budget looks reasonable and I will be able to squirrel away a little bit every month, so I will rather get started and then break it if I hit a snag.
Thanks,

Willing2Learn

bunnymtg wrote: »

… will I get defaults/late payments added to my accounts if I do a DMP?

Hi,

As soon as you start any sort of payment plan (including a DMP), you will be breaking the terms of your original credit agreement. At that point your creditors should correctly mark the accounts as defaulted. That is a good thing though, as it means the interest and charges will be frozen.

You will need to contact a good mortgage broker for advice and guidance with regard to your plans.

Marble030509

Hi guys.

Thank you for all the advice so far.

All of our NewDay debts have now been passed to Moorcroft, I assume we send them future correspondence from now on?

In terms of correspondence, we last sent letters out at the beginning of April stating our intention to start the DMP in September. Do you think we should write again before this time, maybe next month just to reconfirm our intentions? Or is it best just to leave it now? My only reason for asking is that some of the letters seem to be getting quite intense.

Many thanks