DMP mutual support thread part 13 !!

Nottsman_3

Yes, my Mum & my Sister have both said they'd act as guarantors if needed, so I'll go down that route.

BooBoo77

Nottsman_3 said:

Yes, my Mum & my Sister have both said they'd act as guarantors if needed, so I'll go down that route.

That’s good to hear. Definitely takes the stress out of it. 

dreamer83

Thinking of getting a dmp through stepchange. In 12k credit card debt. Have a current mortgage with halifax. Deal expires april 2023. How hard wud it b for me to get a new mortgage deal then if I had a dmp? 

KimbullDF

Hi dreamer, I think this has just been discussed a few messages prior. Normally when fixing with the same provider they don't credit check.

dreamer83

O really?? Ok thanx... as for an actual DMP. are they a good idea?

KimbullDF

dreamer83 said:

O really?? Ok thanx... as for an actual DMP. are they a good idea?

Hey, I'm not really qualified to say as I've only just started myself. First payment is due this September.

It's completely personal to you, but personally I've been left with so little a month I've been paying minimum payments which is essentially paying interest only. So unless I came into money or got a significant pay rise I'd be in the same position forever. Now interest will be frozen, I'm paying one lump sum a month and left with actual money a month to live without getting myself in worse debt, was a no brainer for me personally.  Yes your credit history will look bad for a while but it's notgnot having huge increasing debts either. I will be debt free in 4 years if all goes to plan. 

dreamer83

KimbullDF said:

dreamer83 said:

O really?? Ok thanx... as for an actual DMP. are they a good idea?

Hey, I'm not really qualified to say as I've only just started myself. First payment is due this September.

It's completely personal to you, but personally I've been left with so little a month I've been paying minimum payments which is essentially paying interest only. So unless I came into money or got a significant pay rise I'd be in the same position forever. Now interest will be frozen, I'm paying one lump sum a month and left with actual money a month to live without getting myself in worse debt, was a no brainer for me personally.  Yes your credit history will look bad for a while but it's notgnot having huge increasing debts either. I will be debt free in 4 years if all goes to plan. 

Yeah I'm in the same boat. Paying minimum every month and its leaving me in the minus near enough every month

Suseka97

dreamer83 said:

KimbullDF said:

dreamer83 said:

O really?? Ok thanx... as for an actual DMP. are they a good idea?

Hey, I'm not really qualified to say as I've only just started myself. First payment is due this September.

It's completely personal to you, but personally I've been left with so little a month I've been paying minimum payments which is essentially paying interest only. So unless I came into money or got a significant pay rise I'd be in the same position forever. Now interest will be frozen, I'm paying one lump sum a month and left with actual money a month to live without getting myself in worse debt, was a no brainer for me personally.  Yes your credit history will look bad for a while but it's notgnot having huge increasing debts either. I will be debt free in 4 years if all goes to plan. 

Yeah I'm in the same boat. Paying minimum every month and its leaving me in the minus near enough every month

I'd suggest you speak with one of the debt charities and follow their advice.  DMPs are a good option for most folks who want to avoid a more formal arrangement such as bankruptcy or IVA.   But also with your debt being sub £20k you might be more suited to a DRO.  It all depends on your circumstances.  So why not give National Debtline or StepChange a call and go from there.
Also, to answer the question about mortgage renewals.. if in a DMP as long as you stay with the same provider you shouldn't have any issues.  I switched deals twice during my DMP with no problems.

sunshinevicky

Hi all ... me again!
Things with the SM DMP seem to be going ok as in have stopped all payments and informed creditors of situation... what I’m trying to do is build my EF (going ok at the moment even after a car problem) and get creditors to default me ASAP. Prettt much all creditors Have written to say they want an I&E form and offer if payment sent in... most have given me breathing space again until end of August (stopped paying June). So my question is now that time is coming do I send in the I&E form and offer of payment but explain I won’t be making payments until November (when my EF will be built up) or simply just not send anything until I want to start?
I’m just worried as all have agreed to written communication as long as I keep them updated so I don’t want to push them into ringing home phone or sending a debt collector to the home as I’ve not updated them but also really want to push for defaults! 🙈🙈🙈 AGHHHH what time do???? 

Thanks in advance all xx

ditty1234

Update. It looks like the HS8C has taken the DMP marker off defaulted loan, I am hoping it's a sign they are about to default it. Nothing happening with old current account w over daft though. Can't wait till both are defaulted so I can start paying it off. 
Can I start the loan if defaulted if the current account / overdraft is not defaulted, or should I wait to pay anything after both are defaulted?