DMP mutual support thread part 13 !!

sourcrates

Newmum92 said:

sourcrates said:

Newmum92 said:

Hi everyone 

Just a quick question. NatWest are offering £175 switch fee for a basic bank account so I’m tempted to take advantage… but I had a credit card with Lloyds and they agreed to write off my balance. Are these two banks linked and could they use the right to offset? Thanks 😊 

Google is your friend Newmum 

sourcrates said:

Newmum92 said:

Hi everyone 

Just a quick question. NatWest are offering £175 switch fee for a basic bank account so I’m tempted to take advantage… but I had a credit card with Lloyds and they agreed to write off my balance. Are these two banks linked and could they use the right to offset? Thanks 😊 

Google is your friend Newmum 

I have looked and it’s hard to tell some sites say they are but the NatWest website doesn’t say they are! 😵‍💫

OK, Lloyds Banking group, are an entirely separate entity to Nat West Banking group.

Hols2021

Hi, 

I have completed an I&E online with Wescot but they are now asking me to list my creditors and what I’m paying them. This is the 2nd account to Default and so I have set aside what I will be offering them one they all default. I wasn’t sure if I have to give them the names of all my creditors? Can anyone help with advice please? 

dynan

Hi all, 

Quick (hopefully anyway!) question.

I'm coming towards the end of the DMP in that my first debt will be paid off in November. 

After that, I want to go self managed. How does this work in practice? Will the repayments agreed with SC remain as they are or will I need to redo my budget and propose payments again?

All being well, I'll be debt free by October at the latest and June the earliest having started my journey January 2019!

Thanks in advance! 

sourcrates

Hols2021 said:

Hi, 

I have completed an I&E online with Wescot but they are now asking me to list my creditors and what I’m paying them. This is the 2nd account to Default and so I have set aside what I will be offering them one they all default. I wasn’t sure if I have to give them the names of all my creditors? Can anyone help with advice please? 

Entirely up to you, they can ask, you can just as easily say no.

The information you give to a debt collector doesn't need to be, ahem, all that accurate yes.......

debtfreegirluk

Hey all
When the defaults reach six years, will these accounts still be visible on a credit report and the outstanding amounts visible, or do they completely disappear from the report? 
I'm self managed and would still have a portion of the debt remaining in 18 months.
Thanks

sourcrates

debtfreegirluk said:

Hey all
When the defaults reach six years, will these accounts still be visible on a credit report and the outstanding amounts visible, or do they completely disappear from the report? 
I'm self managed and would still have a portion of the debt remaining in 18 months.
Thanks

The whole entry will vanish at the six-year mark, regardless of anything you do.

That has no bearing on the enforceability of the debts though, they will still be live and collectable, all it means is no further reporting of that account's status will happen.

debtfreegirluk

Great thankyou - so i could keep paying them off but also move house (as lots of equity) and they wouldn't hold me back?

jak669

Hi sourcrates, you have been really helpful to me when I was setting up my DMP 5 years ago. I need your help again as I need to remortgage as my ex partner wants me to buy him out. I have actually paid the mortgage on my own for the last 5 years but wondering if you think I could remortgage for £50k - I still owe £46k on my dmp but have paid off £46k in the last 5 years. I am worried that the bank won’t let me remortgage due to my poor credit history 

sourcrates

jak669 said:

Hi sourcrates, you have been really helpful to me when I was setting up my DMP 5 years ago. I need your help again as I need to remortgage as my ex partner wants me to buy him out. I have actually paid the mortgage on my own for the last 5 years but wondering if you think I could remortgage for £50k - I still owe £46k on my dmp but have paid off £46k in the last 5 years. I am worried that the bank won’t let me remortgage due to my poor credit history 

Usually, a re-mortgage with your existing lender does not require a credit check, but would be subject to affordability checks etc.

Well done on clearing so much of your debt, hopefully this won`t be a hurdle to you.

If all else fails, then a good subprime broker is worth their salt.

natlie

Hi @dynan

If you stay with SC the payment will remain the same and will be split over your remaining creditors 

If you go self managed you will have to start from scratch with your available/proposed budget, though you can choose how much you pay each of them 

Well done! 

Nat