DMP mutual support thread part 13 !!

sourcrates

Knitqueen wrote: »

Good Morning everyone
I’ve been stressing for a while now over my finances which seem to have got into a mess fairly quickly following some changes of job/marriage/income over the last few years. I have been on a DMP in the past and was just getting back to normal - good credit file etc when all of this happened and very quickly I’ve got into a mess again. I’m so upset with myself.
At the moment, I can just about scrape by making payments but the tiniest thing (car service, Christmas, unexpected expense) will tip me over the edge. I already struggle for the last week to 10 days each month with very little money and using credit to cover expenses.
I have used the step change tool and they recommend a DMP which they think would take me 3 years to clear my debts. This seems reasonable to me and involves paying just a bit less than currently, but with (hopefully) interest frozen.

But I am worried. I have a senior job in a school and I worry about whether they would know about this. I have a company credit card and really worry that this alone would become an issue and therefore they would know.
I can just about live with the wrecked credit file for 6 years although I’d rather not, but the job situation is really bothering me. Does anyone know if this would have an effect on a company credit card?
Also - it’s been some time since I was in this situation before. Are companies more likely to accept a DMP now or will they still tend to try for CCJ or sell the debt on.

I really am unsure what to do and any advice would be gratefully received.
Thanks!

Hi,

DMP’s are informal arrangements, no one will know about it.

It won’t affect your work.

I assume the work credit card is in the company name, so will have no effect whatsoever, debt does not transfer and there is no black list, your worrying about something that cannot happen.

I see you have also posted on the debt advisors thread, they are from the stepchange debt charity.

Sylvester6

Hi Knitqueen
My hubby was given a company credit card about 12 months in to our DMP and I was worried to death it would flag up somewhere about his credit rating, especially at renewal but as Sourcrates pointed out, as the card was in his company's name, it was fine and nothing came up about it.

Knitqueen

Thanks Sylvester and Sourcrates (sorry I can’t work out how to quote your posts!). This really eases my worries a lot.

Willing2Learn

Sylvester6 wrote: »

… Anyway my question is Link have sent us an up to date statement for all of our 3 accounts with them stating 'if you do not have a repayment plan in place please ring us'. I just wanted to double check that we have done all we need to do sending them the NEDCAB letter and I&E? I will ring them if necessary but would rather not.

Hi,

I would never ring a creditor or answer the phone to them. You need to let all creditors know that the only method of communication consented, is written via Royal Mail. So, I would suggest writing to Link, same as other creditors, with your repayment plan. They have to accept what you can afford and not a penny more!

Moveslikeagger

Hi, a quick question. I am doing a self managed DMP through Nedcab. It asks me to state my partners income. Shall I leave this blank despite the fact she is in work? All debts under my name? She is pregnant and will drop to statutory maternity pay soon. She contributes to household food etc and when I put in the share I contribute it says the food bill is low for 2 people. This is because I havent put her wages in and it doesnt account for her contributions. How shall I carry on with this?

Willing2Learn

Hi Moveslikeagger,

You need to include your partner in both income and expenses. I suppose you could enter in her income expected when on maternity leave. The expenses side needs to include things for the baby as that is not cheap. Indeed, you will need a whole budget category just for the baby lol

Moveslikeagger

Hi thanks for the reply, Problem is when i include her income the offers generated are higher as they include her income. The debts are only in my name so she should not have to pay towards them right?

Moveslikeagger

Anyone have any advice for this?

Loobylou07

Hi,

A quick update from me.
We are a couple of weeks into our sm DMP.
So far all 'holding' letters sent. I've been really impressed so far with the Nedcab website. It's like having a virtual assistant!!
So far only Hubby's cap1 have replied. A surprisingly pleasant letter advising they will be freezing interest and charges on his account for 3 months. They continue to send me standard emails and texts reminding me that my monthly payment is overdue. I find this a bit odd, as identical letters were sent for both accounts? Maybe my pleasant letter is on its way??
Heard nothing from anyone else, all Oct payments are now officially overdue so I'm expecting some responses over the next few weeks.
In the meantime, my budget planning is going really well. I have a lovely spreadsheet running nicely with frugal but realistic figures in each category. So far we are on track to have a decent EF in place for February. For the very first time in our lives we know what we have available for what.
Having our budget in black and white (and some boxes in yellow, pink, blue and green!!) has really focused us. I would even say, we're quite enjoying it, we're having a bit of a competition on the nsd's and it's a score draw at the minute with 3 weeks of our month left. We both want to win so this spurs us on!
A slight worry is that I start a new job in November, with a different pay date. And apparently I will owe my current employer 20 hours of annual leave which will be deducted from my final salary, so we might be a bit short, we have accepted a super frugal month will be needed and if we have to dip into the EF for a couple of weeks we accept that too. It will work itself out come December hopefully.

Thank you again for all the advice and support given on this board, I couldn't/wouldn't have had the courage to self manage without it.

❤️❤️

Loobylou.

Suseka97

Moveslikeagger wrote: »

Hi thanks for the reply, Problem is when i include her income the offers generated are higher as they include her income. The debts are only in my name so she should not have to pay towards them right?

The offers will be higher because of her contributions to the household bills - try to increase your expenses to the maximums allowable and even add a few 'extras' in for good measure. Especially to cover the cost of the impending new arrival until you get to the repayment figure you are happy with.