DMP mutual support thread part 13 !!

[Deleted User]

df1111 wrote: »

Thank you in advance for your advice. I’m currently in debt with four credit cards. I became very ill a few years ago & they froze them for a while but now three of them have defaults. I’m looking into the best way to set up a debt management plan & I've never done one before so all advice much appreciated. Thank you.

Welcome. df1111. The lovely people on here who give their time and advice so willingly is what got me from being nearly £40k in debt to being debt free today. I didn't post, just read the advice given to others but so much of it was relevant to me. Although our problems are individual the remedies are pretty universal.


I agree with everything Purplepaws has told you in the very helpful post just above mine. All I can add is PLEASE don't enlist with one of the fee-paying DMP companies. They will still only do what the free ones like Stepchange (who helped me through the worst of my debt-filled traumas before I eventually found the courage to self-manage) do. The only difference is that they'll be taking a hefty fee for the service, money that could be going towards clearing your debts.


Good luck and keep asking questions and letting us know how you get on:beer:

Halfwaythere

Hello all,

I have dedicated my spare time this week to reading the 103 pages of this thread and feel I have learned a lot! I started my DMP the beginning of 2018 with step change and it’s the best decision I have made. I started with roughly 46K of debt and now have 27K left to pay with a debt free date of March 2022.

I am in my mid 30s and me and my husband really want to get a mortgage when this is over but my credit rating is obviously now in tatters. Most of my debts are on an arrangement to pay with a few defaulted. Finances as below

Halifax/Now wescott - 10K - Defaulted
Tesco - 6K - Defaulted
Halifax/Moorcroft - £400 - Defaulted
Sainsbury’s - 4K - AP
Virgin - 2K - AP
M&S - £300 - AP
MBNA sold to PRA Group - 2.5K x 2. -I thought this was defaulted but now I think it is just an AP

I’m looking for advice, what would you do in my situation. I really want my credit rating to improve as soon as possible, I am not getting younger and really need to get on the property ladder, but I fear as most of my debts are not defaulted there is not chance of this until 2028!!!!:(

All you learned advice would be much appreciated

Halfwaythere

Amending I mean 2028 not 2018!

sourcrates

Halfwaythere wrote: »

Amending I mean 2028 not 2018!

Hi,


You can amend, by using the "edit" button.
I know its not always visable on some phone screens.


You should write and complain that they are treating you unfairly, you are paying your accounts, yet by not defaulting you, you are at a disadvantage compared to someone who is not repaying there debt, its unfair, and against guidence.


Ask them to default the accounts, and backdate them to the start of your financial troubles.

Halfwaythere

Thanks for that How successful is this usually? Has anyone else had success using this method?. With my MBNA now PRA group account which one would I write to?

Also am I correct in this that even though debts with AP markers are paid off in full they still have a negative impact on your credit rating for 6 years? So unfair.

Thanks so much I just want end of these debts and my financial life and life back together

sourcrates

Halfwaythere wrote: »

Thanks for that How successful is this usually? Has anyone else had success using this method?. With my MBNA now PRA group account which one would I write to?

Also am I correct in this that even though debts with AP markers are paid off in full they still have a negative impact on your credit rating for 6 years? So unfair.

Thanks so much I just want end of these debts and my financial life and life back together

Normally you would write to the original creditor, as it was their responcibility to either default you or not, they are not oblighed to do so, but if you make a strong enough argument, you may be successfull, lots have been in the past, and continue to be today.

You are correct in that AP markers will stay visable on your file for 6 years after the debt is repaid, I agree, it is unfair, and that is why you should challange them.

Halfwaythere

So helpful thank you. Do you know of any templates I can use or any particular points that adding will help?

sourcrates

Halfwaythere wrote: »

So helpful thank you. Do you know of any templates I can use or any particular points that adding will help?

No templates that i can find, its more of an individual thing anyway, explain how not defaulting will affect you, as opposed to someone who is not repaying their debts, you are not been treated fairly.

Debt Camel covers the pro`s an con`s here :


https://debtcamel.co.uk/dmp-credit-rating/


I`m sure you can cobble something together from the information available.

Halfwaythere

I will and I will also post the result of my letters on here so others can see how well it works, I’ve not been able to find and success/failure stories

Halfwaythere

To add, what are the next steps if any of these 4 creditors do not agree to defaulting my account. Would the best option be to cancel step change and cancel payments until they default my accounts and set up a self managed DMP. Sorry all the questions, I know there is a lot of knowledge and experience on this thread:o:o:o