DMP mutual support thread part 13 !!

Dragostea

Hi Willing

Thank you for the advice! I just wasn't sure if it would be possible to change now that the plan has started. I am worried that the creditors will refuse the change. Also with adding more debt in, it will skew things. Absolutely stressed

Suseka97

Dragostea wrote: »

....Thank you for the advice! I just wasn't sure if it would be possible to change now that the plan has started. I am worried that the creditors will refuse the change. Also with adding more debt in, it will skew things. Absolutely stressed

As suggested by W2L - if you are stressed about saying you are dropping to tokens to save an EF, then just say that you need the money to cover an emergency repair bill. I had a friend in a DMP for 8 years, he had around 3 - 4 payment breaks through that time, claiming for emergency car repairs, boiler repairs, washing machine breakdown etc. etc - none of which were actually true. He just wanted a bit of breathing space and one of those breaks he used the money to go on holiday.

The reason I say this is because this is your plan - it's an informal arrangement and you are in control of it.

Dragostea

Hi Suseka97

Thank you for this, it is very much appreciated. Still finding my feet with the DMP and the dos and don'ts.

This forum has been a lifesaver! :T

Suseka97

Dragostea wrote: »

.....Thank you for this, it is very much appreciated. Still finding my feet with the DMP and the dos and don'ts. This forum has been a lifesaver! :T

You are welcome. One thing I did pick up on - and by the way, there's no judgement in this post - is that you are about to add 2 more CCs into your DMP, since setting up that arrangement. Above all you must ensure that your debt repayments are realistic, affordable and sustainable going forward. So, rather than add that extra £25 into the DMP payment, you should perhaps revisit your I&E and make sure it works for you - even if that extends the life of your DMP. This comes from the voice of experience

Dragostea

Thanks Suseka97! Right now I am looking at about 5 years for the DMP. Seems lengthy and I think that means my credit rating will be affected for around the next decade!

Dragostea

So Payplan have come back and said they would not advise that I pay a token amount for three months while I build EF. Reason for this is because I have £200 set as a contingency. This isn't a contingency as such, it is actual money to live on each month as no matter how good the budget is, something always arises eg an extra tank of petrol, a birthday, a baby shower. These things aren't built into my budget as there was nowhere to do so? I can add in the extra cc's though which is something I suppose.

[Deleted User]

Dragostea wrote: »

So Payplan have come back and said they would not advise that I pay a token amount for three months while I build EF. Reason for this is because I have £200 set as a contingency. This isn't a contingency as such, it is actual money to live on each month as no matter how good the budget is, something always arises eg an extra tank of petrol, a birthday, a baby shower. These things aren't built into my budget as there was nowhere to do so? I can add in the extra cc's though which is something I suppose.

I know it probably goes against the grain for you and most others on here to be somewhat economical with the truth when dealing with your DMP company. Most people who have opted to pay token payments whilst building an EF haven't told SC or Payplan that that was the reason for doing so. The advice from those who had gone down that route was to say the reason for withholding/cutting repayments was for some sort of 'emergency' like a major car repair/ vet bills etc etc. Best not to mention an EF to them as they don't seem to appreciate the need for one:(

Debtfreeat50

I thought for a minute that I had a mystery benefactor when Credit Karma congratulated me on clearing my balance with Very until I got an email from NCO saying they are now dealing with my account.

SuperFrank88

Debtfreeat50 said:

I thought for a minute that I had a mystery benefactor when Credit Karma congratulated me on clearing my balance with Very until I got an email from NCO saying they are now dealing with my account.

Hi,

Do you mind me asking how long it took very to sell your debt on? I am waiting for them to default my account and have heard stories on here that it can take them a very long time/if ever for them to default the account.

Frank

Debtfreeat50

Hi,

Do you mind me asking how long it took very to sell your debt on? I am waiting for them to default my account and have heard stories on here that it can take them a very long time/if ever for them to default the account.

Frank

I have only just started my DMP with first payment in March. It isn't sold on, Very just use NCO on their behalf.
Are you dealing directly with Very?