DMP mutual support thread part 13 !!

Suseka97

debtfreegirluk wrote: »

I have a DMP and most of my creditors have defaulted me. Am I correct in saying after 6 years (even though the DMP won’t be anywhere near complete) the defaults will drop off my credit file and it will look “normal”?
I ask as I am currently studying Law (part time and won’t be done for 6 years) and to register with the Solicitors regulation authority you need to show (at the time probably via credit check) that you are financially viable.
Does anyone have any idea?

Yes, that's right. Your defaults will drop off your credit file 6 years from the date they were registered. This will naturally improve your credit file/score and no-one will be able to see past defaults, so will be none the wiser.

Maverick87 wrote: »

Thank you 🙂
Out of curiosity how have people dealt with their income increasing while being on a DMP.
Im fortunate in that I could probably expect my salary to go up £3-5k per year for the next few years but if I'm totally honest....I don't want to increase my DMP payments.
How do you tackle I&E in this case, I thought income needs to actually reflect the truth and there's only so much smoking and pet bills you can have a month...

As CBC has said - when it comes to your annual review you can determine what to report. I did all of mine online and, unlike CBC, I was never prompted to give their offices a call. My OHs salary would fluctuate depending on how much overtime he expected to earn - so I always excluded that element. I also chose to disclose a modest 1% salary increase each time - that was, however, mainly due to the fact my repayments were already pretty high. Ultimately its up to you - but if you expect something in the region of between a 3k and 5k increase per year, you might want to consider upping your payments to reduce your DMP years, whilst retaining enough so that you are not scrimping on anything and I'd be putting surpluses away for future F&Fs.

Slytherin

Am I obligated to send Payplan my bank statements? I don’t want to as I don’t want them to use it to drive up my payments. They’ve got a thorough SOA from me and I’m happy to provide proof of income but I know what is reasonable in the short term. I have followed the info here quite carefully in terms of that.

sourcrates

Slytherin wrote: »

Am I obligated to send Payplan my bank statements? I don’t want to as I don’t want them to use it to drive up my payments. They’ve got a thorough SOA from me and I’m happy to provide proof of income but I know what is reasonable in the short term. I have followed the info here quite carefully in terms of that.

You are not obligated to do anything you do not want to do.

I dont know why we brits are so bad at saying "no, i dont want to do that thank you".

Loobylou07

Just an update.

It's all gone pretty quiet for me which I'm not sure I should be worried about??
I'm self managing our DMP and so far, I've cancelled the DD's and so no payments for CC's and loan have gone out this month. I've sent holding letters to the creditors, these will have arrived with them about a week ago. Apart from one text and one email (to remind me that my payment is due), I've heard nothing!!??

I'm planning on starting my DMP payments in January to allow an EF to be built up.

I am impatient by nature, and I know it's still very early days, so I have to keep reminding myself of that.

I am budgeting like a crazy person, almost to the point of obsession. This is not a bad thing for us, we have never budgeted properly and I have to say, I'm quite enjoying this. I have set up a spreadsheet and I know exactly when and how much is due to go out every single day this month. I absolutely believe that this will be our salvation, and definitely the way forward for us. This is why we have ended up with debt, as well as massive over-spending. We have also set ourselves 15 NSD's for this month, this is harder than I thought it would be. Old habits and all that. A big chunk of our over-spending comes from the supermarket, generally food, and associated spoiling the kids and just 'needing' to have full cupboards and fridge. This comes from my childhood, and something I have to work on. I am definitely getting there, and know the issues.

So 2 NSD's so far, but our 'month' starts on the 15th, so on track.

Right, off to admire my spreadsheet some more!

Take care all and happy DMP'ing.

Loobylou.

Moveslikeagger

Hi Looby Lou!

From reading this forum extensively and I’m sure someone with far more knowledge than me will come along soon, but I think you won’t get calls or letters until you actually start missing payments etc!! I’m in the same boat as you just starting my DMP. Don’t worry nothing they can do, some great advice on this thread and if I get any hassle I’ll post on this forum to find out the best way forward! Good luck

Willing2Learn

Loobylou07 wrote: »

I'm self managing our DMP and so far, I've cancelled the DD's and so no payments for CC's and loan have gone out this month. I've sent holding letters to the creditors, these will have arrived with them about a week ago. Apart from one text and one email (to remind me that my payment is due), I've heard nothing!!??

You are bound to receive lots of communication from your creditors. Most of it will be computer-generated letters and emails. Just stand your ground, and honour anything you have stated in your letters. Then you will mostly be able to ignore their letters and 'frightenors' they use to intimidate and bully. Make sure you have told them, by letter, that you only consent to written communication via the postal service, and that you do not consent to any other forms of communication.

And good luck with the self-managing thing. It is really quite simple once you have laid down the ground rules to your creditors.

Maverick87

Thanks CBC can't multiquote on my phone for some reason.

Suseka97 wrote: »

As CBC has said - when it comes to your annual review you can determine what to report. I did all of mine online and, unlike CBC, I was never prompted to give their offices a call. My OHs salary would fluctuate depending on how much overtime he expected to earn - so I always excluded that element. I also chose to disclose a modest 1% salary increase each time - that was, however, mainly due to the fact my repayments were already pretty high. Ultimately its up to you - but if you expect something in the region of between a 3k and 5k increase per year, you might want to consider upping your payments to reduce your DMP years, whilst retaining enough so that you are not scrimping on anything and I'd be putting surpluses away for future F&Fs.

Perfect, agree with the F&F that's what I want to do as opposed to upping the monthlys 🙂 Really cheered me up this has, I was at the point where I'd started to question what the point was in ever earning any more money if I would have to put it to my creditors and prove my income each year at the review.

lulabelle01

Just a quick one I’m about to send holding letters out but which address did people write to regarding mbna credit cards? I’ve found two addresses on there website but I’m not sure which will be best?

January2015

lulabelle01 wrote: »

Just a quick one I’m about to send holding letters out but which address did people write to regarding mbna credit cards? I’ve found two addresses on there website but I’m not sure which will be best?

I sent my MBNA holding letters via their online message portal on my MBNA account. It was almost four years ago, so I can't remember how it worked but there was definitely a send a message option on my account and the facility for them to respond to me via the same route - which they did to acknowledge they had received my correspondence and a letter would be following in the post shortly.

lulabelle01

Thanks January2015 but the online messaging service is no longer in use ��