DMP mutual support thread part 13 !!

xcharlie87

So should I pay Halifax seperate? I know my credit score will be taking a hit with the DMP but don’t want to make it worse as we are due to remortgage next year 

sourcrates

xcharlie87 said:

So should I pay Halifax seperate? I know my credit score will be taking a hit with the DMP but don’t want to make it worse as we are due to remortgage next year 

Certainly not, you can make it worse by showing them favour, you just can’t do that in debt management.

It sounds to me like you’re unsure about what you’re doing, and that is concerning.

All the Halifax letter means is they will continue to chase the debt, all you have to do is continue with your DMP, as I said before, all they will do is sell the debt, and a company such as Lowell or Cabot will buy it, they will then accept whatever you care to offer via your DMP.

No need to panic, just let the wheels turn here.

Re-mortgage with your current lender will not result in a credit check, re-mortgage with a different lender will.

InAPickle76

InAPickle76 said:

Hi everyone

Hoping for a bit of advice. We are looking to remortgage as we are with The One Account and the interest seems to be going up every month!! We had a DMP back in October 2014 originally with StepChange then went self managed about 3 years ago which is all going really well.

My concern is that when the mortgage company asks for the past 3 months' bank statements it is going to show all the payments to the creditors (we have 8 in total paying £5 per month) even though the defaults have all dropped off our credit files and our credit scores are now excellent. 

Is there anything we can do?? I just feel that this DMP is still haunting us way down the line and will continue to affect our chance of securing a better interest rate with another mortgage provider.

Many thanks for reading

Hi - just wondering if anyone has any advice regarding my post above? Just wondering what to do for the best - thanks so much x

xcharlie87

sourcrates said:

xcharlie87 said:

So should I pay Halifax seperate? I know my credit score will be taking a hit with the DMP but don’t want to make it worse as we are due to remortgage next year 

Certainly not, you can make it worse by showing them favour, you just can’t do that in debt management.

It sounds to me like you’re unsure about what you’re doing, and that is concerning.

All the Halifax letter means is they will continue to chase the debt, all you have to do is continue with your DMP, as I said before, all they will do is sell the debt, and a company such as Lowell or Cabot will buy it, they will then accept whatever you care to offer via your DMP.

No need to panic, just let the wheels turn here.

Re-mortgage with your current lender will not result in a credit check, re-mortgage with a different lender will.

I’ve never done anything like this before and was always taught to pay the bills and not to default. Sorry if it sounds like I’m unsure. We’ve done a DMP because we’re at the point after having bought a house had a baby then pandemic where I was on maternity and hubby’s pay was reduced that we’ve almost got more going out than in. We’ve tried for the last year but we’re drowning 

sourcrates

InAPickle76 said:

InAPickle76 said:

Hi everyone

Hoping for a bit of advice. We are looking to remortgage as we are with The One Account and the interest seems to be going up every month!! We had a DMP back in October 2014 originally with StepChange then went self managed about 3 years ago which is all going really well.

My concern is that when the mortgage company asks for the past 3 months' bank statements it is going to show all the payments to the creditors (we have 8 in total paying £5 per month) even though the defaults have all dropped off our credit files and our credit scores are now excellent. 

Is there anything we can do?? I just feel that this DMP is still haunting us way down the line and will continue to affect our chance of securing a better interest rate with another mortgage provider.

Many thanks for reading

Hi - just wondering if anyone has any advice regarding my post above? Just wondering what to do for the best - thanks so much x

Try posting in the general DFW forum as not many people read this thread.

InAPickle76

sourcrates said:

InAPickle76 said:

InAPickle76 said:

Hi everyone

Hoping for a bit of advice. We are looking to remortgage as we are with The One Account and the interest seems to be going up every month!! We had a DMP back in October 2014 originally with StepChange then went self managed about 3 years ago which is all going really well.

My concern is that when the mortgage company asks for the past 3 months' bank statements it is going to show all the payments to the creditors (we have 8 in total paying £5 per month) even though the defaults have all dropped off our credit files and our credit scores are now excellent. 

Is there anything we can do?? I just feel that this DMP is still haunting us way down the line and will continue to affect our chance of securing a better interest rate with another mortgage provider.

Many thanks for reading

Hi - just wondering if anyone has any advice regarding my post above? Just wondering what to do for the best - thanks so much x

Try posting in the general DFW forum as not many people read this thread.

Thanks Sourcrates I posted in the DFW previously and was advised to post in the mortgage forums which I did but have not had much luck with responses! I also posted in the mortgage broker advice thread but maybe my post is getting lost somewhere!! Just after a bit of advice as to whether the mortgage lenders would be anxious seeing payments to creditors on our bank statements even though all defaults have dropped off and this would then prevent us getting any decent rates. Was thinking of opening a new bank account just to pay the creditors from for the next few months but then I guess opening a new bank account would show up on the credit files and they may want to see those bank statements too!! Just a bit stuck as to what to do for the best?? 

lillypoo

Hi all

I am just starting to get set up for managing my debt. I've bern accepted for a basic bank account  but haven't got the paperwork yet. 

I intend to just stop paying my four debts either may or June

Am I supposed  to tell my creditors that this is my plan? Or do I just stop?

Also .. saving for emergencies and having "pots" ...whete do you recommend I save and what's the strategy for organising various pots please?

swansea_lad

Hi all, i paid off my DMP with PayPlan in full on 3 April. To my surprise i have now received a letter dated 12 April from MBNA, saying The Plan we had in place hasn't worked out,  Balance £0.00  Amount Due £0.00.

Anyone else received mail after completing their DMP? 

sourcrates

swansea_lad said:

Hi all, i paid off my DMP with PayPlan in full on 3 April. To my surprise i have now received a letter dated 12 April from MBNA, saying The Plan we had in place hasn't worked out,  Balance £0.00  Amount Due £0.00.

Anyone else received mail after completing their DMP? 

Just computer generated rubbish, ignore it.

sourcrates

lillypoo said:

Hi all

I am just starting to get set up for managing my debt. I've bern accepted for a basic bank account  but haven't got the paperwork yet. 

I intend to just stop paying my four debts either may or June

Am I supposed  to tell my creditors that this is my plan? Or do I just stop?

Also .. saving for emergencies and having "pots" ...whete do you recommend I save and what's the strategy for organising various pots please?

Savings pots are usually for cash, jars, pot’s whatever, a savings account is just as good.

You just stop paying, chances are the people that own your debts now, won’t be the ones you eventually start a DMP with, as your accounts will likely have been sold.