DMP mutual support thread part 13 !!

ditty1234

Hi all so this is not really a question , more me fretting. I have stopped my direct debits to step change, and I have had an email back from them saying it won't affect my DMP for now. I have decided I will not be starting payments back until November, as the first month I am likely to have a normal income is October, as far as still relying on my supply work in schools. 
I am also hoping this will prodd on HSBC to default my old loan and overdraft as this hasen't happened yet, and will probably be put on hold in the current situation - as they want to be nice. 
Stepchange advised to write creditors, but I sort of don't feel like doing that until I have a bit more of a sense of how the current situation will pan out, so this might be in June or July. My first missed payment on DMP will only be in May, as dd was taken out for April before I got it stopped. 
If my income pick up before November, I will put that money away for later, but I have a feeling this is not likely to happen. 

DebtHurricane

I’m also worried some of my accounts won’t get defaulted because creditors will try to ‘be nice’ during the current crisis. 

fullofcold

deano1506 said:

fullofcold said:

Ok, so part success two weeks ago I moved which freed up some money to pay off 4 of my husbands debts in his DMP.  So he gave notice to Gregory Pennington (who are thieving swines) and I negotiated a full and final settlement with the 4 debts.  We have one more that we are waiting to hear on.  This one was CCJ'd and was with Tesco directly.  We were supposed to have got a letter by today stating whether the offer was accepted or not.  No letter (appreciate probably skeleton staff, but I want this over with).  Husband called up - going to be another week.  I am so impatient.  How does it take 21 days to see that his budget is in deficit every flaming month and that I am subbing him.  

Always interested in what percentages you managed to arrange on these debts and who they were with ? Thanks 

Sorry, been flat out with work.  I got 50% with Moorcroft and 42% with Cabot but tbh I could have started lower.

With Tesco we have started at 35% because my husband will be paying for 119 years otherwise which is ridiculous.  He has stopped payments for now because we have offered a f&f even though they are taking their time.  I appreciate Suseka97 is probably correct and that they are having to take longer due to furloughed staff, etc but I am an impatient idiot!

ChampagneSupernova36

Good evening, all, I hope everyone is safe and well. 

As the title suggests, I have been in a debt management plan since the beginning of 2017. I was determined to clear these bills and I stripped back all my spending in January and now I only have one payment left (have been furloughed at work thankfully). To be honest, I’ve been chipping away at the amount for so long I never really thought about what is going to happen once it has all been paid for...
I know being on the DMP and the previous missed repayments etc would have definitely not done wonders for my credit rating, but I really want to get on the property ladder in the next one to three years but I know I need to improve my score to even stand a chance at this. 

So, where do I begin ? I want to save as much as possible and want to avoid getting any credit because it has taken me so long to pay it all off... (I will NEVER get myself into that situation ever again). Wise ones, has anyone got experience of finally clearing debts and starting again? What will happen to my rating after clearing all debts and closing accounts? Saving tips also welcome, I have a good salary but I am inpatient and putting away a bit a month feels like a slog    I know that sounds silly and probably makes little sense but I wonder is anyone can relate?

Thanks for reading, stay safe x

lulabelle01

Hey everyone, been awhile since I checked in. I've managed to chip away at my debt over the last year and although I'd like to increase the payments I'm really in no position at the moment.
The reason for posting today is my husband who is also in a dmp recieved a litter from BC saying they shouldn't have given him the credit limit they did and have asked for him to call. The debt is with a management company as it was sold on. Any idea why they want to speak with him? Has anyone had any experience with this sort of letter/phone call. 
Thanks

sourcrates

lulabelle01 said:

Hey everyone, been awhile since I checked in. I've managed to chip away at my debt over the last year and although I'd like to increase the payments I'm really in no position at the moment.
The reason for posting today is my husband who is also in a dmp recieved a litter from BC saying they shouldn't have given him the credit limit they did and have asked for him to call. The debt is with a management company as it was sold on. Any idea why they want to speak with him? Has anyone had any experience with this sort of letter/phone call. 
Thanks

Yes, pretty simple really, they will be wanting to discuss how best to compensate him for their error, wether to refund some interest charges, reduce the balance owed, or something else, call and find out.

Maverick87

Hey all, hope everyone is coping well in the current circumstances. 
I've just redone my I&E with stepchange and upped payments by 15-20% percent....11 years to go. 
I've just signed up for Experian again and it doesn't appear to be too bad. I have DMP with 7 creditors, all have been passed on now to other debt collectors, but weirdly none of this shows on my experian report bar one? I have one defaulted account from Halifax, but the others aren't on there as defaulted or settled. Is this normal and is it good or bad news?

sourcrates

Maverick87 said:

Hey all, hope everyone is coping well in the current circumstances. 
I've just redone my I&E with stepchange and upped payments by 15-20% percent....11 years to go. 
I've just signed up for Experian again and it doesn't appear to be too bad. I have DMP with 7 creditors, all have been passed on now to other debt collectors, but weirdly none of this shows on my experian report bar one? I have one defaulted account from Halifax, but the others aren't on there as defaulted or settled. Is this normal and is it good or bad news?

You say "passed on to other debt collectors" do you mean legally assigned to a debt purchasor, in other words sold, or have the accounts just been partially assigned to collection companies, to be collected on their clients behalf ?

If its the latter, then the owner stays the same, and your file is correct, if its the former, then your file will be updated at some point to reflect this.

StMatthias

So glad I found this forum and the tips on the main website. It's good to know that I'm not the only one out there!

Long story; I was unemployed for almost a year between Oct' 2018 and Aug' 2019  and to get by and cover bills I used the credit cards that I had, opened 0% transfers, moved the debt and then rinse and repeat. Got a job last August but that wasn't covering the debt and basics so carried on struggling to get to pay day. I lost that job in the middle of February and along with that I missed my payments and went into an unarranged overdraft with my bank. UC didn't pay me due to getting last payment from my job so that meant I was -£330 in the bank as of the beginning of March, plus debts and 0 income.
I had to face up then that I was totally in the !!!!!! and it was really impacting me in terms of stress and anxiety (especially keeping a happy face on it all). After that I went through a income-outgoing form with my bank and totalling all my creditors up I am in £13k of debt. As luck may have it I found a job within 1 week of losing the last one and I started on April 1st so I was able to at least tell the creditors that.
Finally, after reading the main page here, I swallowed my pride and spoke to the National Debt Line who advised me to contact my creditors for a hold of action. Following that I heard of Payplan, whom I contacted at the end of March and am now looking at paying around £420 per month for the next 3 years (all going to plan) to become debt free. I am also very lucky in that my partner and me talked about it very openly and she has been super supportive through the whole thing.

So from reading this site and actually swallowing my pride and asking for help I am now looking at a manageable solution that won't take as long as I thought.

I did want to ask a question though; how big of an impact does a DMP have on my credit file? I am a joint owner of a property (and on that mortgage), and although I am currently investigating how to remove my legal interest in that (divorce reasons), I haven't missed any payments there or had any issues with that at all. Any advice on that?

Thanks,

Matt

sourcrates

Matt,

You will have defaults, and/or arrangement to pay markers on your credit file, an unfortunate effect of debt management that cannot be helped, you should be able to re-mortgage with the same lender, as credit checks are not performed on existing customers usually, if you went to another lender, you would most likely need the services of a good mortgage broker.