DMP mutual support thread part 13 !!

Suseka97

jdncoke09 wrote: »

Monthly Budget Summary
Total monthly income.................... 1,975
Expenses (including HP & secured debts). 1,565
Available for debt repayments........... 410
Monthly UNsecured debt repayments....... 419
Amount short for making debt repayments. -9

jdncoke09 wrote: »

Could i have opinions on whether i would be accepted for a dmp by my creditors please.

Its probably best for you to start your own thread under the DFW main forum and repost your I&E - you'll get more responses from a broader audience and people can help you consider your best options.

Anyone who is struggling to pay debts off have the option of entering into a DMP because it is an informal arrangement. Looking at your current debts, it looks as if they are all on 0% interest rates and so there may be better options, but more information is likely to be needed - hence why its better to start a personal thread.

You could also give one of the debt charities a call for advice, or use one of their online debt remedy templates and that would also give you a steer in the right direction. Most use StepChange, Payplan, Citizens Advice and there is a website called NEDCAB which has a lot of useful information about debt solutions, including DMPs.

MK-4

Hi All,
Not posted for a while, since being made redundant. Been very busy spending my redundancy money preparing the house for sale.
Looking at buying a park home (mobile home) and wondering if there any risks of my creditors forcing the sale to get their debt paid.

sourcrates

MK-4 wrote: »

Hi All,
Not posted for a while, since being made redundant. Been very busy spending my redundancy money preparing the house for sale.
Looking at buying a park home (mobile home) and wondering if there any risks of my creditors forcing the sale to get their debt paid.

Don`t tell them, 100% foolproof.

Wardworried52

Hi everyone,

Just looking for some advice.

I started my DMP with step change this month and its going well I think. Just a few queries.

1. I've received a default notice from Mbna is this normal?
2. I've received a termination notice from barclays for my bank account, is that normal?
3. I've not received anything at all from sainsbury's credit card, virgin credit card or Yorkshire bank loan, do I need to contact them and found out what's happening?

Thank you for all your help up to now.

Thanks

Suseka97

Wardworried52 wrote: »

......
I started my DMP with step change this month and its going well I think. Just a few queries.
1. I've received a default notice from Mbna is this normal?
2. I've received a termination notice from barclays for my bank account, is that normal?
3. I've not received anything at all from sainsbury's credit card, virgin credit card or Yorkshire bank loan, do I need to contact them and found out what's happening?

1. Yes, although that might only be a 'threat' of a default, rather than an actual default - but either is normal and a default is good in DMP_land.
2. Yes
3. A lot of creditors don't bother to acknowledge, but SC will have written to them and will just make the payment offered regardless, so nothing to worry about here.

sourcrates

Wardworried52 wrote: »

Hi everyone,

Just looking for some advice.

I started my DMP with step change this month and its going well I think. Just a few queries.

1. I've received a default notice from Mbna is this normal?
2. I've received a termination notice from barclays for my bank account, is that normal?
3. I've not received anything at all from sainsbury's credit card, virgin credit card or Yorkshire bank loan, do I need to contact them and found out what's happening?

Thank you for all your help up to now.

Thanks

As you are not making the required contractural payments, the creditor can, and most likley will, issue a default notice, this is perfectly normal, so don`t worry, its a procedure required by law, so they have to send it, it does not take account of your DMP and they are just following the correct guidelines.


Your aim should be to get all your accounts defaulted, that way you know in 6 years time, they will all drop off your files and will be gone.

Orsonwelles

Hi.
Does anyone have any experience of not being able to make a monthly payment towards their DMP through Stepchange? I made the mistake of not building an emergency fund up before i started my DMP with them and this month i seem to have unexpected costs coming from all angles. My plan is to go self - managed and build up an emergency fund but I may not be able to make the final payment with Stepchange. Do i contact them or my creditors to let them know i can't make the payment?

Thank you

Fiona_CW

Orsonwelles wrote: »

Hi.
Does anyone have any experience of not being able to make a monthly payment towards their DMP through Stepchange? I made the mistake of not building an emergency fund up before i started my DMP with them and this month i seem to have unexpected costs coming from all angles. My plan is to go self - managed and build up an emergency fund but I may not be able to make the final payment with Stepchange. Do i contact them or my creditors to let them know i can't make the payment?

Thank you

I was with Stepchange for about 8 months and I missed one payment and had to make reduced payments a couple of times. As long as you contact them they are ok. Going self managed will allow you to make smaller payments to give you more flexibility and save an emergency fund.

Grazeley

Hi - I am looking to see if a DMP is the right thing for us. I have already had a conversation with StepChange and ran through a budget with them.

We are meeting all minimum payments on all unsecured debt payments.
We have no wiggle room for overpayments when I include all my budgeting from the SOA I have been trying (and sometimes failing) to follow
I have no emergency fund or savings or ability to save each month for this - am a homeowner with mortgage

Would a DMP be an option if you are able to meet the minimum payments?
Only meeting min payments and not having funds to overpay or save for things - means I'll live this life for another 15-20 years! I dont mind struggling for a while to clear debt, but with a young family living like this just isnt sustainable.

I hope that makes sense, and thank you.

Willing2Learn

Grazeley wrote: »

Would a DMP be an option if you are able to meet the minimum payments?
Only meeting min payments and not having funds to overpay or save for things - means I'll live this life for another 15-20 years! I dont mind struggling for a while to clear debt, but with a young family living like this just isnt sustainable.

Yes, a DMP would be a viable option, if you are in 'persistent debt' and the numbers indicate your position may not be sustainable in the longer term.

By embarking on a DMP, your credit file would be trashed though as you would be breaking your contractual terms of credit. On the positive side of things, once the accounts are defaulted, you will no longer be paying interest and charges.

I recommend you begin a new thread, posting up your Statement of Affairs (SOA), so that we can advise accordingly.