DMP mutual support thread part 13 !!

Suseka97

har_glasgow said:.......I have a quick question..... I understand that secured debts and hire purchase debts can't be included in the debt management plan. How do I know if it's a hire purchase finance agreement I have with a creditor, or a loan to purchase the goods? For example I bought a sofa through V12 finance. I thought this would be classified as Hire Purchase but after reading the agreement I'm not so sure. The agreement I signed (online) is a 'Fixed sum loan agreement regulated by the Consumer Credit Act 1974'. It states that I have bought a sofa and the business I bought it from. 

I think the answer is in the text "fixed term loan agreement...."   otherwise I'm fairly sure it would state that it was a hire purchase agreement and its T&Cs would tell you the consequences of non-payment to include the removal of goods.  So you should be safe to include this one among your non secured debts.  I have to admit I've only considered HP to relate to things like car finance and the like - not furniture, but its always best to check  

Suseka97

TheCommonDan said:

Hi all, I'm new here. 
So I've been a dmp with SC for just over a year now debt is about 18k. Problem is we got a money gift from a family member in the last month to save for a mortgage but its impossible at moment since half of my debts have defaulted but the other half hasn't yet. Obviously I didn't know defaulting would be the best option originally so what is the best approach now to secure a mortgage in a few years? 

You should be chasing down those defaults as a starting point and push them to backdate - there's no guarantee of success, but always worth a go.  As for the mortgage - its not impossible to get one whilst in a DMP, but you'd be best going direct to a mortgage broker who has experience in this area.  Or, you wait it out -but then you do need to hunt those Ds down or clear those accounts as quickly as you can and to do that you'd have to go self-managed so you can focus on the non-defaulted accounts.

jojay75

Suseka97 said:

TheCommonDan said:

Hi all, I'm new here. 
So I've been a dmp with SC for just over a year now debt is about 18k. Problem is we got a money gift from a family member in the last month to save for a mortgage but its impossible at moment since half of my debts have defaulted but the other half hasn't yet. Obviously I didn't know defaulting would be the best option originally so what is the best approach now to secure a mortgage in a few years? 

You should be chasing down those defaults as a starting point and push them to backdate - there's no guarantee of success, but always worth a go.  As for the mortgage - its not impossible to get one whilst in a DMP, but you'd be best going direct to a mortgage broker who has experience in this area.  Or, you wait it out -but then you do need to hunt those Ds down or clear those accounts as quickly as you can and to do that you'd have to go self-managed so you can focus on the non-defaulted accounts.

Newbie here, how do you check if you've defaulted or not? I'm with stepchange on a DMP. I've got just over £15k to pay off and wanted to do it as soon as possible to clear my file as soon as possible to improve

sourcrates

jojay75 said:

Newbie here, how do you check if you've defaulted or not? I'm with stepchange on a DMP. I've got just over £15k to pay off and wanted to do it as soon as possible to clear my file as soon as possible to improve

Your debts are listed on your credit files, the status of each account will be clearly visable.

jojay75

sourcrates said:

jojay75 said:

Newbie here, how do you check if you've defaulted or not? I'm with stepchange on a DMP. I've got just over £15k to pay off and wanted to do it as soon as possible to clear my file as soon as possible to improve

Your debts are listed on your credit files, the status of each account will be clearly visable.

Where do I see my credit file? I've tried to check on stepchange and can't see it. Sorry for stupid question. 

kelslayer

Hi , 
Looking for some advice. I just spoke to Cabot to see if I could get a F&F amount.  And the best she said they could do was 30%, has anyone had anything lower?  Ideally I would like a 70% discount, am I dreaming?
I have 3 accounts with them
£3737
£419
£1374
Total £5530
All defaulted late 2015 early 2016.  I am paying them through Stepchange at the moment.  She said the 30% would never change.  only that the amount would go down the further along my dmp goes through.  My partner has some funds he would gift me.  but it wasn't as high as the £3871 she was offering.

Thank you kindly.

sourcrates

jojay75 said:

sourcrates said:

jojay75 said:

Newbie here, how do you check if you've defaulted or not? I'm with stepchange on a DMP. I've got just over £15k to pay off and wanted to do it as soon as possible to clear my file as soon as possible to improve

Your debts are listed on your credit files, the status of each account will be clearly visable.

Where do I see my credit file? I've tried to check on stepchange and can't see it. Sorry for stupid question.

There are three CRAs in the UK: Experian, Equifax and TransUnion. These CRAs create and keep hold of your credit reports.

You can create an account on each of their respective websites, or you can get a free statutory report, again direct from their websites.

jojay75

sourcrates said:

jojay75 said:

sourcrates said:

jojay75 said:

Newbie here, how do you check if you've defaulted or not? I'm with stepchange on a DMP. I've got just over £15k to pay off and wanted to do it as soon as possible to clear my file as soon as possible to improve

Your debts are listed on your credit files, the status of each account will be clearly visable.

Where do I see my credit file? I've tried to check on stepchange and can't see it. Sorry for stupid question.

There are three CRAs in the UK: Experian, Equifax and TransUnion. These CRAs create and keep hold of your credit reports.

You can create an account on each of their respective websites, or you can get a free statutory report, again direct from their websites.

Thank you so much, I've managed to find the information. It does show up as all 3 as default, but different dates. I started my DMP in May 2018, so one account was the right default date. The other two show missed payments up to Jan or Jul 2019, then a default. Is this right? Can I change that so it's from the start of my DMP? I've made payments through stepchange all this time, so although not paid the minimum, I have made payments. 
So thankful for this link. I just want to get my credit file clear asap. 

KimbullDF

Hi Guys. Just starting my realisation of the awful situation I've put myself in and have just completed all the paperwork for my DMP through StepChange. In my anxious state I've been googling none stop for people going through a similar situation which has led me here! I've been going back through the pages for a few hours and can see some alarming advice I should have probably took on board before submitting my DMP. 
From what I understand i should have been building up an emergency fund, stopped paying everything and let it all default before starting my DMP? I currently have £27k debt via PayPal credit, Barclay card, MBNA, Virgin CC and a Halifax personal loan, I've been paying the minimum for an obscene amount of time and still am, works out around £750 a month, my SC plan is £380 which gives me more breathing space for day to day living. What's the best way for me going forward, do I ask SC to pause setting up the DMP and stop all my payments myself to allow them to default and build up some funds, or do I let SC carry on and sort my DMP. Id love to talk to anyone going through a similar situation, I'm 30 & married, expecting my first child and absolutely cacking myself. Had my head in the sand for far too long as completely hate myself for it. But no point for self loathing I guess, just need to get it sorted! 

Halfwaythere

Don’t worry a DMP is amazing. I started with 47k and now at 16k you can do it. Use these forums they are amazing, read and read and reach out for advice, there are some very learned, clever people on here willing to help, not judge and have been there themselves, good luck