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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.4K replies 470.9K views
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  • jojay75jojay75 Forumite
    8 posts
    First Post
    Suseka97 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
  • sourcratessourcrates Forumite, Board Guide
    21.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    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.


    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • jojay75jojay75 Forumite
    8 posts
    First Post
    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. 

  • kelslayerkelslayer Forumite
    13 posts
    10 Posts
    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.
  • sourcratessourcrates Forumite, Board Guide
    21.5K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    jojay75 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.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • jojay75jojay75 Forumite
    8 posts
    First Post
    jojay75 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. 
  • KimbullDFKimbullDF Forumite
    16 posts
    10 Posts Name Dropper
    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! 
  • HalfwaythereHalfwaythere Forumite
    66 posts
    10 Posts First Anniversary Photogenic
    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 
  • KimbullDFKimbullDF Forumite
    16 posts
    10 Posts Name Dropper
    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 
    Was it as terrifying setting it all up as it feels right now? Just have images of coming home to stacks of letters and constant phonecalls. 
    Also does know of a decent template letter that I can send to creditors to advice SC will be in touch and I will not be paying anything in the mean time, or do I literally just stop paying, feels incredibly wrong but what do I owe know, I'm in a s**t ton of debt !
  • ditty1234ditty1234 Forumite
    968 posts
    500 Posts Name Dropper First Anniversary
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    Hi just want to say I finally posted my cca letters, got a letter from HS8C that I will get an answer to my complaint about non default within 8 weeks(taking their time) so have now addressed all aspects of my DMP, and even though I have lost a year in terms of defaults lots of positive things have happened in the mean time. And in November when I am looking to start my payments again (associate work hours is not paid out until then) I will hopefully know more where I'm at - paying the 2 bank defaults will be a priority and any enforceable credit card debts. I won't be doing F and F as will not have any lump sums for the foreseeable future. Anyways if you're out there just starting out @KimbullDF just hang in their, quote the old car breakdown to Stepchange and get your defaults sorted. The credit club is a good place to check for defaults. And get your EF up and running, the pence multiply once you get into the habit. As always thanks to @sourcrates and the other board guides and forumites on there for excellent advice.
    LBM Jan 2019 - £25.928/-£23.683 8.6% paid off - On hold, EF 2020 - July £100/1000
    Housing fund 2020-2022 £240/6000 : Citizenship £1350/£1350 : Weight -8/12 kg
    Run 10k in 1h 10m 1h 07m 16.7.2020: £10 a day Sept £0/300
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