DMP mutual support thread part 13 !!

Willing2Learn

Hello again. I've made the answers in red for you

Paulapips wrote: »

Hey everyone advice needed,

Now regarding defaults, I want that done ASAP as a couple of creditors said that interest won’t stop whilst in a dmp,
Do I tell the creditors I’m going to wait six months before starting a dmp.?There is no requirement to tell your creditors about the delay. The choice is yours. If you do tell them, just say the delay is while you seek advice.
Do I literally ignore all letters until defaulted? Yes (unless you get a letter titled "Letter Before Claim")
Say if one defaults in three months but the others take longer to default (11 creditors in total) do I start paying token payments to the ones that defaulted until they all have? Again, there is no need. The choice is yours
Sorry if these seem like stupid questions but I’ve literally no clue.
I’ve contacted them all asking for breathing space but that stops in ten days. Although Paypal credit have ignored the breathing space and continually ring me and keep adding charges. Which I suppose I should get used to.
Can I ask my creditors to only contact me via email or post?Write to your letters advising your creditors that you have poor mental health. Clearly state that you only consent to correspondence in writing. Tell them you do not consent to correspondence by phone, SMS or home visit My mental state would suffer more if I had continuous phone calls.
Also I’m super worried about someone coming to the door demanding money. Think that would send me over the edge to be honest all our debts are credit cards and two loans, but really worried about someone coming to the door. I’m not sleeping. I need advice. Please help a gal out x anyways thanks in advance for your time if you made it this far we’ll done as I tend to ramble on x

Don't be shy to ask more questions if you are unsure about anything. A DMP is easy to manage. Once it is up and running your anxiety levels will drop

Willing2Learn

ditty1234 wrote: »

I have been on a DMP w stepchange for about 6 month now and now that things are ticking along I want to send off for CCA's - one of my CC's are from 207 or something - it has already been defaulted, sold off and i think there is a chance it is unenforsable, and it is about a third of my debt. Currently my DMP is running 16 years due to low income - so that would make a massive difference. Also I am super frustrated as I have 2 accounts w HSBC that are not defaulted. Each is about £900 and one was an over draft and one was a loan and I'm paying £8 and £16 on them every month. They won't default when I called them, yet the listing on the credit report just says 4 and 6 month late, which now bothers me more than the defaulted accounts.

So I want to stop payments and get them to default and get the CCA's. If I stop with Stepchange can I go back to them? Also I have lost my EF as my car has spent the whole year breaking down.

Would I be OK to stop with Stepchange and then go self managed? I find this scary as I am not the most organised person. I don't have any F and F fund, so If debt in unenforcable do I just stop paying it or just pay £1 a month to shut them up?

In my opinion, it is far too soon to be submitting CCA requests. This should only be done after the accounts have been re-assigned or sold to a DCA.

Advise StepChange that you have incurred unexpected expenses, as your car keeps breaking down. StepChange will allow you a short 'break' from DMP payments to recover from this. You could use this time to rebuild your EF.

If you are really interested in self-management, then I recommend you read up on this first. Have a look at the NEDCAB website as it is a valuable resource.

ditty1234

In my opinion, it is far too soon to be submitting CCA requests. This should only be done after the accounts have been re-assigned or sold to a DCA.

Advise StepChange that you have incurred unexpected expenses, as your car keeps breaking down. StepChange will allow you a short 'break' from DMP payments to recover from this. You could use this time to rebuild your EF.

If you are really interested in self-management, then I recommend you read up on this first. Have a look at the NEDCAB website as it is a valuable resource.

Thanks for your answer Willing2Learn, I appreciate that and am more than happy to just have my DMP ticking along with Stepchange for a good while longer before I start going self managed. I don't really need any kind of drama at the moment. I will contact Stepchange if anything else happens with my car , but like a lot of other people on here I hate not making a payment.

deano1506

Hi, new to this forum, and i apologise if this has already been covered.
I have been on a DMP with Payplan since 2013, owed about 46k and now down to 6k and will be completed at the end of the year.

All defaults will have dropped off and there will be no trace of my DMP and i expect my credit reports to be excellent across the board.

Does anyone have any experience of getting a high street mortgage after a DMP?

Did they ask you to disclose the DMP even though it was not visible on any credit history or bank statements?

Has anyone got a mortgage from one of the lenders they defaulted on?

Thanks

SimonBck

deano1506 wrote: »

Hi, new to this forum, and i apologise if this has already been covered.
I have been on a DMP with Payplan since 2013, owed about 46k and now down to 6k and will be completed at the end of the year.

All defaults will have dropped off and there will be no trace of my DMP and i expect my credit reports to be excellent across the board.

Does anyone have any experience of getting a high street mortgage after a DMP?

Did they ask you to disclose the DMP even though it was not visible on any credit history or bank statements?

Has anyone got a mortgage from one of the lenders they defaulted on?

Thanks

My DMP finished 2017. Would also like to know if a mortgage lender would still like to see a copy of my DMP when applying?

deano1506

well - unless asked i assume they won't know about it - guess just need to ensure there is no trace on your credit history.

Willing2Learn

I don't believe there is any need to declare a previous DMP when submitting an application for a mortgage (unless specifically asked).

Banks retain data on their customers account conduct for many years. If you were to approach a high street mortgage provider with whom you previously had defaulted an account with, then they may use that data in their decision making process. So you would just go with a different lender.

If the defaults and DMP payment arrangements are still on your credit files, then a high street lender may decline the mortgage application. But in that instance, you would just use a good mortgage broker who specialises in adverse data.

deano1506

thanks - would be interested to hear some success stories of mortgages after a DMP.

SimonBck

I spoke to a mortgage advisor and he suggested that a lender will want to know the ins and outs of my old dmp.

spreadtrader

Hi Guys



Fantastic advise on hear and it has given me the confidence to face reality and start a selfmanaged dmp using nedcab
I wrote to my creditors late november asking for 30 days breathing space whilst i sought advice. I want the defaults asap so do i write back now saying i am still seeking advice? (for how long?)
Do I need to send them a budget sheet now to show I cant repay it at the moment even though I am saving a EF?


One of the creditors has sent me a budget sheet to fill in but if i do send one was going to use nedcab one


What should my next step be?


Thanks in advance