DMP mutual support thread part 13 !!

Splatfoot

Thankyou sourcrates. I will get on to them I think, and ask to drop it a little for the next couple of months. Then we can get back on track again in March.

[Deleted User]

Splatfoot wrote: »

Thankyou sourcrates. I will get on to them I think, and ask to drop it a little for the next couple of months. Then we can get back on track again in March.

That's a good idea. Stepchange are used to life throwing nasties our way from time to time. I hope things work out for you income-wise soon. Sorry to hear you have no income from your job now.


I had to contact SC myself when I was on a DMP with them as emergencies had occurred and I couldn't cover the cost of my agreed monthly payment to them. They were really lovely about it and very willing to help. They even asked if a reduction over the 3 months I'd asked for was enough for me and did I need more time before things were likely to be better again. Don't rush into agreeing to pay the current amount again before you know for sure you'll have the money available to do it. SC are really understanding and amenable to changes but not if people are doing it too often.

Wishing you the best of luck on your DMP 'journey':beer:. Trust me, there is light at the end of the debt tunnel:j. I never thought I'd ever be free of debt but after 6 years on a DMP here I am 'Finally Solvent'. Being on a DMP was the best financial decision I ever made in my life. Goodness knows where I'd be now without it and Stepchange.

Naomim

Hi all,

I have a question. MrM and I have a joint account and share all bills. I have credit card debt in my name and thinking of doing a DMP.

If I complete an SOA, do I count the total of a household bill or 50% of it? For example council tax is £190 do I put it down as £85?

Thanks

Naomim

nbdrums1

I have a quick question, I have 8 defaulted accounts which in total is around 39K in unsecured debt.

What happens after the 6 years and they drop off my credit file? I am worried that the companies might take out a CCJ against me.

Hopefully my credit rating will improve after the 6 years but I can only afford to pay £100 a month via Payplan so won’t have paid that much off after 6 years.

sourcrates

nbdrums1 wrote: »

I have a quick question, I have 8 defaulted accounts which in total is around 39K in unsecured debt.

What happens after the 6 years and they drop off my credit file? I am worried that the companies might take out a CCJ against me.
.

Hi,

Nothing happens, and why should it ?

They are no more likley to pursue legal action then, as they are now, the six years means nothing.

AnonyMoose

Hello all,

I've recently made my first payment through my DMP on the 2nd of December. I've been keenly watching my NatWest loan account amongst others, and none of my accounts seem to have received payments yet. Apparently, StepChange sent payment on the 5th. So surely they would have received it by now??

When would these payments start appearing on my account(s)?

nbdrums1

sourcrates wrote: »

Hi,

Nothing happens, and why should it ?

They are no more likley to pursue legal action then, as they are now, the six years means nothing.

Thanks, I suppose you are right. So the DMP just keeps running but I am no longer penalised for having the defaults/dmp when I try to obtain credit even though there's still a large outstanding balance? the reason I am asking is that I would like to get a mortgage at that point.

Also I have seen some people make an offer for substantially less than what is outstanding to the creditors, is this usual practice? and do they accept these offers?

thanks in advance.

nbdrums1

AnonyMoose wrote: »

Hello all,

I've recently made my first payment through my DMP on the 2nd of December. I've been keenly watching my NatWest loan account amongst others, and none of my accounts seem to have received payments yet. Apparently, StepChange sent payment on the 5th. So surely they would have received it by now??

When would these payments start appearing on my account(s)?

It takes longer than that sometimes for the money to show up in the creditors account, I had that with payplan but it should be there in a week or so just keep checking.

sourcrates

nbdrums1 wrote: »

Thanks, I suppose you are right. So the DMP just keeps running but I am no longer penalised for having the defaults/dmp when I try to obtain credit even though there's still a large outstanding balance? the reason I am asking is that I would like to get a mortgage at that point.

Also I have seen some people make an offer for substantially less than what is outstanding to the creditors, is this usual practice? and do they accept these offers?
thanks in advance.

Yes it’s common practice to settle debts as and when funds become available, debt collectors are always open to cash offers as they pay peanuts for these accounts, so still make money from settlements.

Nervybee

Hello all,

Long time lurker here, first time poster!

After reading pretty much all the threads on DMP’s here, I feel I am ready to take the plunge but still feel quite frankly terrified of the repercussions.

I am 31 and to put it simply, my life was going ok. I was in decent job and was well paid and had one regular outgoing of a small loan I took out years ago which would have ended in 2018.
I was then diagnosed with cancer, and everything took a turn for the worse.
Due to loss of income, travel costs associated for treatment, recovery time post surgeries etc, my debt spiralled and I had to take out credit cards to make ends meet and re-finance the loan I had which now means that it will be paid off in 2023.

I am now back to health and have rebuilt my life in terms of got myself back to work for a good company in a good job, I was diagnosed with PTSD and have worked hard with my therapist and I am very proud of how far I have come. However my debt levels and credit file are now unmanageable to me.

After going through such a traumatic time, I am all too aware of the effects of mental health and I am now becoming unable to meet my minimum repayments and I work extremely hard only to have around £25 left over at the end of the month after my priority bills and then debt repayments have gone out.

The thought of a DMP is both a light at the end of the tunnel and also terrifies me as it seems to final (Albeit for 6 years).

I rent privately and have no assets to protect. I just want to be able to have my life back. Cancer has taken away so much from me, I am desperate to reclaim something. I understand I will not be able to get a mortgage/credit for at least 6 years from default dates, but with the size of deposits needed to buy anyway these days, it was looking like I wouldn’t have been able to get on the property ladder until my early 40s anyway.

I owe about 22k from a personal loan, credit cards and catalogues - all unsecured. I currently pay around £900 a month in repayments.

From the wealth of information on here I understand exactly what to do, I would like to go self managed and I know to save an EF for 3-6 months before starting repayments on the DMP.

I guess my main stumbling block in my head is that, I feel almost as if this shouldn’t be an option for me. I took out that level of debt (at a time of complete desperation) - now I need to repay it. I feel almost as if I got myself into this mess now I need to struggle for years to repay it.

I’m feeling very emotional about the whole thing. I don’t really know why I am posting as I know this is right for me. I guess I’m looking for success stories and words of encouragement above all else.
Thanking you in advance !