DMP mutual support thread part 13 !!

debtfreeme2021

@funnybunny thank you . I was actually told by Tesco that the agreement I have would not affect my credit file. It was something that they can offer and might not be available via other creditors . I have cancelled my direct debits and intend to send letters to my creditors this weekend. With the exception of one , who also provide my bank account and mortgage I will try and maintain this one. Did you go via step change ?? Or self manage .

Cpfc1234

funny_bunny said:

Moveslikeagger said:

I found that I had lots of calls and letters etc until my accounts defaulted. Then when I set up my monthly payments I only hear from creditors every 6 months. Also if you request to only be contacted by post or email companies are much better these days in adhering to your requests. As long as you communicate with creditors once accounts are defaulted they are actually pretty understanding and easy to deal with. 

Thanks, that sounds a little different than how it used to be when I was student many moons ago.

Now I have a family, mortgage in OH's name but I've been paying that to her account, everything nice and smooth but the spiralling debt/interests is causing occasional sleepless nights hence I keep browsing MSE whenever I have a spare min.
OH knows I have some debt but doesn't how much!!!

I am dreading....

I am the same. Told the wife I have some debt and ill be sorting it. Good luck with it all bud. I'm at the start of my journey but my head is so much clearer now the holding letters are sent and the way out begun. 

funny_bunny

debtfreeme2021 said:

@funnybunny thank you . I was actually told by Tesco that the agreement I have would not affect my credit file. It was something that they can offer and might not be available via other creditors . I have cancelled my direct debits and intend to send letters to my creditors this weekend. With the exception of one , who also provide my bank account and mortgage I will try and maintain this one. Did you go via step change ?? Or self manage .

That's nice of them but personally, I would check credit file to verify what they said. I have only contacted my local CAB and waiting for an assessment, haven't done anything yet other than reading/interacting on MSE posts.

Two of my credit cards and an OD (HSBC/MBNA) are killing me on high-interest repayments, others are manageable so far; not really sure how to approach this.

My initial thought was to deal with them individually but I heard if they freeze interests, they will not leave my credit file untouched!!!

debtfreeme2021

@funnybunny sounds like we are at similar stages . I’m also drowning with the interest . Have managed minimum payments until now but really keen to get out of the credit cycle I’m living in. I had already engaged with step change but haven’t set anything up. Ive cancelled my direct debits after reading these pages and I’m going to write to them all next. With the exception of my bank cc the which I’m going to keep at as a bit worried on that one and any impact on my bank acc?  . Hoping I can clear them all in 4-5 years and finally be free . Will check my credit file and see if I can see anything. Who does everyone use for credit checks ? Do you pay for the full Experian report ? 

MrTall

Almost 2 years on. Didn't sort out self managed in the end - my workload picked up a bit and didn't get much time to really stop and think for myself. Thankfully the DMP just continued ticking along, and ~£15k has been paid so far.

Had a couple of F&F offers, which I wasn't in the position to be able to pay (and with the lack of time and only being a couple of years in didn't think they'd accept much lower than what they were asking anyway so didn't counter-offer), but that was nice to see.

One of the larger, older, debts has finally been sold on. Going to give them a couple of months before requesting the CCA.

funny_bunny

debtfreeme2021 said:

@funnybunny sounds like we are at similar stages . I’m also drowning with the interest . Have managed minimum payments until now but really keen to get out of the credit cycle I’m living in. I had already engaged with step change but haven’t set anything up. Ive cancelled my direct debits after reading these pages and I’m going to write to them all next. With the exception of my bank cc the which I’m going to keep at as a bit worried on that one and any impact on my bank acc?  . Hoping I can clear them all in 4-5 years and finally be free . Will check my credit file and see if I can see anything. Who does everyone use for credit checks ? Do you pay for the full Experian report ? 

I have an online subscription with Experian £14.99/month (experianidentityservice.co.uk/), will cancel next month to cut costs.
I think they have first month free for new customers, no obligation cancel anytime. Their report is self-explanatory, totally worth it.
Would be good to know how Tesco CC is marking your file as I've got one too.

HSBC's OD/CC are draining me but I've been with them many years so probably not going to touch until I have a better plan.

Banks can exercise 'Right of Offset' but it's conditional (stepchange.org/debt-info/debt-collection/right-of-offset.aspx)

funny_bunny

MrTall said:

Almost 2 years on. Didn't sort out self managed in the end - my workload picked up a bit and didn't get much time to really stop and think for myself. Thankfully the DMP just continued ticking along, and ~£15k has been paid so far.

Had a couple of F&F offers, which I wasn't in the position to be able to pay (and with the lack of time and only being a couple of years in didn't think they'd accept much lower than what they were asking anyway so didn't counter-offer), but that was nice to see.

One of the larger, older, debts has finally been sold on. Going to give them a couple of months before requesting the CCA.

If the debt is sold while on DMP, do you have to contact them again to get them in? How does it work? 

Moveslikeagger

debtfreeme2021 - If you go with stepchange you cant pick and choose who you pay less to and who you pay more to. You pay a proportion you can afford equally to all your creditors. Paying a certain creditor more is seen as being more favourable to them and stepchange wont allow it.

Funnybunny - I set the payments up through DCA's (wescot and moorcroft managing most my accounts, link have 1) all easy to deal with

funny_bunny

@Moveslikeagger  - thanks.

In my case, I need to keep at least two CC for work purposes. Would you opt to deal with them individually without SC in such scenario? 

I understand DMP is about including all debts and not borrowing during that time.

debtfreeme2021

@Moveslikeagger are you with step change?? Did you put all of your creditors into the plan ?? Are you saying it’s better to default all ??@funny bunny will read up on right of offset . Thanks both . Trying to get the hang of all the abbreviations what is a CCA ??