DMP mutual support thread part 13 !!

fullofcold

Well, my husbands credit report is showing as clear so we are trying to move now. Having put the house on the market we have had an offer, and an offer accepted on where we want to buy. Lender has advised that they will accept someone in an active DMP as long as it is under 50k, which it is.

I have gone through a broker, and the decision in principle has passed, so I am keeping my fingers crossed for the full application later today/tomorrow. If it goes through we will be able to buy the new place, and release enough to get rid of the DMP.

Please keep your fingers crossed everyone. I'm nervous as hell!

fullofcold

Can I check the timescales and process is right in my head (if this pulls off).

1. Give notice to Gregory Pennington (the website says 2 weeks notice)
2. Write to husbands creditors with a full and final settlement offer once the 2 weeks are up
3. Negotiate
4. Pay off
5. Job done?

Appreciate that is a simplistic view, but is that right? Am I missing anything?

Suseka97

Hi and welcome to the DMP thread I've provided some answers within the body of your text below.....

deebs83 wrote: »

1. I believe I should stop paying my current payments and put them instead towards an emergency fund. Should I do this for 3 or 6 months? Yes, aim for 6 months to give yourself a good headstart on your emergency fund.

2. Before I start the emergency fund, should I be writing to all my creditors to tell them I won't be paying for 3/6 months? Or just not pay? Ask them to default me? Ask them to freeze interest/fees? Ideally yes, you should write and let them know you are experiencing financial difficulties and that you are in discussions with StepChange on how best to resolve this. They won't immediately default you - so no point asking for that right now, but you can ask them to assist by stopping all further interest and charges.

3. Should I delay sending the paperwork to StepChange during until the 3/6 months is up? If so, will they be ok with this? SC will want you to get things up and running as quickly as possible, that's their standard practice. However, those of us who have done, or are doing, a DMP know that it's extremely important to give yourself some breathing space and to save up that EF. So, just delay sending back your paperwork for as long as you can - or let SC know what you intend to do and that you'll get back in touch when you are ready to commence your DMP.

4. Say in the unlikely event I came into a bit of money, could I pay this into my DMP to lower the amount owing and number of months remaining? Similarly, if I find myself able to pay a little more each month, can I do this? If this is likely to be the odd extra bit of income, here and there, then personally I wouldn't. I'd set that aside for potential full and final offers further down the line. If its a permanent increase in your income, then wait until you have your annual review and up your payment from there on in, if bringing down the DMP years is important to you. Its a personal choice really.

5. When I have sent the paperwork to StepChange and the DMP is in place, will StepChange notify the creditors or will I have to do the communication? Re my earlier point above, you should contact your creditors and tell them the score and you will likely have to give them permission to discuss your financial affairs with SC. Once the process is in train, then SC take care of the communications from there on in

Suseka97

fullofcold wrote: »

Well, my husbands credit report is showing as clear so we are trying to move now. Having put the house on the market we have had an offer, and an offer accepted on where we want to buy. Lender has advised that they will accept someone in an active DMP as long as it is under 50k, which it is.

I have gone through a broker, and the decision in principle has passed, so I am keeping my fingers crossed for the full application later today/tomorrow. If it goes through we will be able to buy the new place, and release enough to get rid of the DMP.
Please keep your fingers crossed everyone. I'm nervous as hell!

This is great news and you should be congratulated for getting things to this point - it's never easy and am keeping fingers crossed for you.

fullofcold wrote: »

Can I check the timescales and process is right in my head (if this pulls off).
1. Give notice to Gregory Pennington (the website says 2 weeks notice)
2. Write to husbands creditors with a full and final settlement offer once the 2 weeks are up
3. Negotiate
4. Pay off
5. Job done?
Appreciate that is a simplistic view, but is that right? Am I missing anything?

Simples is best and this looks like a very practical way forward. Good luck.

Suseka97

Dalasc wrote: »

Hi
Looking for advice to help my elderly mum with her DMP. She is 79 years old. The debts are from many years ago when struggling to keep a business afloat. Firstly the DMP and debts are solely in my mum’s name but the plan also takes into account my dad’s pensions, is this correct? My mum only receives a reduced married woman’s pension, no private pension but on review of the plan the company are suggesting a monthly contribution of £306. I’ve started a LPA for my mum as she is suffering from bad health and we should have the results of the MRI that the memory clinic organised soon. She files the paperwork from the DMP company and forgets to act on it. Would a mental health evidence & consent form completed by a doctor have any impact on the plan as the debt was created when she had no health problems? Many thanks

I'm sure others will be along soon to add to this and by posting - it bumps your post to the next page, so it doesn't get overlooked (which does happen from time to time). I think it would probably help to have a little bit more information about your mums debts - you mention they are from many years ago - yet it sounds as if she is only now in conversation regarding a possbile DMP, Is that correct? You also mention a DMP Company and so I hope she is not engaging the services of a fee-charging one. She should be going through one of the Debt Charities who don't charge. I have to admit that £306 per month sounds a bit high for someone on a reduced pension - and in relation to her husband's pension, that should only be included in respect of his contribution to the household bills. So not in its entirety.

So I think it would help others to help you if you could provide a little more info. How old are these debts? How much is outstanding? Are they consumer debts or business related debts? There are different avenues to explore regarding business debts. Who have you, or she, been speaking to, a free or fee-charging company?

fullofcold

Suseka97 wrote: »

This is great news and you should be congratulated for getting things to this point - it's never easy and am keeping fingers crossed for you.

Simples is best and this looks like a very practical way forward. Good luck.

Thank you, just want to make sure I don't make a mistake on anything.

Orsonwelles

Hi.

I have decided to take the plunge and leave Stepchange and set up a self - managed DMP. I have done my research over the last few weeks on this forum but I still am not sure on a few things.

I am going to pay token payments for the next 3 to 4 months but was unsure if I should send an I&E with this first letter.

My creditors are HSBC and Barclaycard and I was wondering if anyone knows how I can find out the address of either creditor?

I have an overdraft and a credit card with HSBC so do I have to send a separate letter for each debt or will one that covers both be ok?

Thank you for your time.

sourcrates

Orsonwelles wrote: »

Hi.

I have decided to take the plunge and leave Stepchange and set up a self - managed DMP. I have done my research over the last few weeks on this forum but I still am not sure on a few things.

I am going to pay token payments for the next 3 to 4 months but was unsure if I should send an I&E with this first letter.

My creditors are HSBC and Barclaycard and I was wondering if anyone knows how I can find out the address of either creditor?

I have an overdraft and a credit card with HSBC so do I have to send a separate letter for each debt or will one that covers both be ok?

Thank you for your time.

Hi,

If you stop payment for a while, they will write to you, no need for token payments or anything else just now.

When you write to them, list each debt with that particular creditor.

tonyace123

Hi I've been on a DMP for 2 years with stepchange and everything is going nicely my question is one of my depts has been passed to moorcroft can some tell what are these like to deal with please as I've heard horrot stories about them. I am worried about this company thank you

sourcrates

tonyace123 wrote: »

Hi I've been on a DMP for 2 years with stepchange and everything is going nicely my question is one of my debts has been passed to moorcroft can some tell what are these are like to deal with please as I've heard horror stories about them. I am worried about this company thank you

Hi,

Don`t be worried about Moorcroft, what is it you are worried about ?
They are a bunch of teenagers sat in a big office on some industrial estate somewere.

Moorcroft mange debts, they do not own them, hence they have no say in the matter whatsoever, think of them as been akin to PayPal, just a 3rd party that processes your payment.

You simply write to them explaining about the DMP (as they will not know) ask for their payment details (they are on the website anyway) job done.

Now go make a cup of tea, sit down, and forget about things that are of no consequence.