DMP mutual support thread part 13 !!

swansea_lad

Had a letter today saying HSBC are going to default. Are there any benefits to having less defaults? Say for example if i cleared the HSBC card before it defaulted as the balance has come down quite a bit.

[Deleted User]

Hi, I am looking to start a DMP,
I want to add a family member as part of my expenditure form because they suffer from MH issues and I  support them financially such as buying their food,  travel cost and money to support them through the month. They do get universal credit which they have fines/debts coming out of, so the money is gone within the same day in which it is paid into their account. They haven't got around to sorting out their PIP due to depression and other reasons. I  usually use about £250 of my salary towards them on a good month,

I can see a section on the SC DMP  document that has a section called 'Adult Care'
How much do you pay?
How often?
Are you behind in payments?

Can I add this family member to this section or is this for something else? Or should I just add their cost within my own costs, which will look like I spend a lot of money on food and travel and other things? I need to ensure that I cover their cost because I am worried about their state of mind and I think my support in this way eases some of their pressure.

Thank you for any help.

sourcrates

Deleted_User said:

Hi, I am looking to start a DMP,
I want to add a family member as part of my expenditure form because they suffer from MH issues and I  support them financially such as buying their food,  travel cost and money to support them through the month. They do get universal credit which they have fines/debts coming out of, so the money is gone within the same day in which it is paid into their account. They haven't got around to sorting out their PIP due to depression and other reasons. I  usually use about £250 of my salary towards them on a good month,

I can see a section on the SC DMP  document that has a section called 'Adult Care'
How much do you pay?
How often?
Are you behind in payments?

Can I add this family member to this section or is this for something else? Or should I just add their cost within my own costs, which will look like I spend a lot of money on food and travel and other things? I need to ensure that I cover their cost because I am worried about their state of mind and I think my support in this way eases some of their pressure.

Thank you for any help.

Budget for it however best suits you.

A DMP is an informal debt solution, if asked, you can explain the situation should you wish too, but you are under no obligation to do so.

You only have  to justify expenditure under insolvency or Bankruptcy situations, as those are regulated arrangements.

Debt management is (currently) not regulated, so you are breaking no rules by doing your own thing.

If you go down the debt management route, then do so with either one of the free to use debt charities, or go self managed.

If your expenditure is queried, then you tell them its an essential expense, that you will be budgeting for, be nice obviously, but also be firm, you should not have any problems, but some debt advisors are better trained than others, but as its a legitimate expense, then you are entitled to budget for it.

sourcrates

swansea_lad said:

Had a letter today saying HSBC are going to default. Are there any benefits to having less defaults? Say for example if i cleared the HSBC card before it defaulted as the balance has come down quite a bit.

That would be benefiting one creditor over another, I have no problem with that, but your other creditors might do.

One default less, I suppose can be a positive, and if you can afford the payment, then there`s no reason not to do it.

[Deleted User]

sourcrates said:

Deleted_User said:

Hi, I am looking to start a DMP,
I want to add a family member as part of my expenditure form because they suffer from MH issues and I  support them financially such as buying their food,  travel cost and money to support them through the month. They do get universal credit which they have fines/debts coming out of, so the money is gone within the same day in which it is paid into their account. They haven't got around to sorting out their PIP due to depression and other reasons. I  usually use about £250 of my salary towards them on a good month,

I can see a section on the SC DMP  document that has a section called 'Adult Care'
How much do you pay?
How often?
Are you behind in payments?

Can I add this family member to this section or is this for something else? Or should I just add their cost within my own costs, which will look like I spend a lot of money on food and travel and other things? I need to ensure that I cover their cost because I am worried about their state of mind and I think my support in this way eases some of their pressure.

Thank you for any help.

Budget for it however best suits you.

A DMP is an informal debt solution, if asked, you can explain the situation should you wish too, but you are under no obligation to do so.

You only have  to justify expenditure under insolvency or Bankruptcy situations, as those are regulated arrangements.

Debt management is (currently) not regulated, so you are breaking no rules by doing your own thing.

If you go down the debt management route, then do so with either one of the free to use debt charities, or go self managed.

If your expenditure is queried, then you tell them its an essential expense, that you will be budgeting for, be nice obviously, but also be firm, you should not have any problems, but some debt advisors are better trained than others, but as its a legitimate expense, then you are entitled to budget for it.

Thanks sourcrates. I appreciate your time and advice.
I am going through Stepchange. If they do query it, then I am more than happy to tell them.

Have a lovely day.

aquafish_2

I'm currently in a plan with StepChange but today i've had a final demand notice on my loan from HSBC.  Is this normal?  They're demanding I pay the rest of my loan off by the 15th, really knocked me for six reading this.

sourcrates

aquafish_2 said:

I'm currently in a plan with StepChange but today i've had a final demand notice on my loan from HSBC.  Is this normal?  They're demanding I pay the rest of my loan off by the 15th, really knocked me for six reading this.

Hi,
All perfectly normal, there are standard letters a creditor must send you to comply with the consumer credit act, these will not take account of any other arrangement you have in place with stepchange for example.

Its just another step in the procedure to be defaulted.

You cannot comply obviously, so the account will go into default soon after that date, don`t be surprised if the debt then gets sold on, you will be informed in writing if this happens, just pass it on to stepchange to deal with.

No need to do anything else, expect all your accounts to go this way, just another step in the debt  management dance that's all.

aquafish_2

Thank you for setting my mind at ease, you're a wonderful person.

Azza7

Sorry could you tell me how to start a new thread/ask a question

sourcrates

Azza7 said:

Sorry could you tell me how to start a new thread/ask a question

You just have.