DMP mutual support thread part 13 !!

Billy_Dandy

Good day to all.
I have been following this thread with interest and picked up some very useful tips and information.
Albeit I am not in any arrears, never missed a payment, I am paying minimum payments and have had the 'Persistent Debt' notifications from some of my creditors.
One debt in particular is crippling me. A mail order catalogue JD Williams. Balance £2000. Minimum payment £80.
Paid minimum payment. Balance is now more than £2000. It beggars belief.
The DMP will be mine alone. There are no joint debts.
I have debts in my name to amounting to a sum of £34,000
We are in social housing and we have a vehicle that is leased via the Motability scheme. So, no assets.
My wife has about £5,000 of debt but she has a state pension and PIP (personal independence payment).
She will carry on making her payments from her benefits.
In relation to a debt management plan, are there any guidelines to completing the SOA?
I wouldn't wish to understand estimate my situation, nor inflate the figures too much.

Thank you 

sourcrates

Hi Billy,

Debt management (DMP) is an informal solution, your budget is your budget essentially, its only in insolvency, for example in DRO/IVA/Bankruptcy, where limits on spending will apply.

If you plan to go with a debt charity, they may question anything they perceive to be excessive, but no one can force you to change it.

If you go on a self managed basis, its really up to you how you spend your own money.

Billy_Dandy

Thank you Sourcrates. 

ellak0pella72

Hi folks, just a quick sense check.

I've been patiently waiting for my debts (credit card x4 and a loan) to default. Barclaycard were the first after nearly 6mths and I also had a message from PRA today. 

On checking today, my credit report for BC now says 'Your account is in default'- am I right to read this as the confirmed default for this card and I can crack on with making payment arrangements with PRA?

Thanks so much

sourcrates

The date of default will be clearly displayed on your credit report.

It it isn`t, it hasn`t yet defaulted.

jimmy2024

Good Morning All,

Just joined the forum and picked up some great pieces of info and tips so far so thank you all for that.

I'm in a difficult position atm financially, have toyed with idea of a DMP or similar for quite a while and have this week used the Stepchange website to look at my budget etc.

I'm in £70k+ debt across loans, credit cards and overdrafts. Stepchange is showing that instead of paying over £2k monthly in payments, I could potentially get that down to a c£750 monthly payment. I have around 12 debts across 6 creditors.

I have a few questions:

1) Does anyone know the likelihood of this DMP or similar being accepted by creditors? If they don't accept, should I offer a bit more (which I could probably manage)?
2) I have never missed a payment on any of the debts but I've read here that I should definitely default before entering a DMP - is this correct? Or should I engage with creditors/Stepchange on a DMP before missing anyh payments? As I say, I am up to date and next payments aren't due until this time next month.
3) A lot of my debt has been down to gambling, for which I have sought help and have now completely stopped. Should I share this info with creditors/DMP? Would it help at all?
4) I expect my situation to change quite significantly with a promotion at work early next year - is it worth perhaps dealing with creditors personally and trying to find an agreeable payment plan without a Stepchange DMP? I have seen others mentioning letters to creditors to inform them of my situation, would this be the best approach and, if so, could anyone share a template?

I will of course seek advice elsewhere too but this forum looks like a great place to start so any help would be massively appreciated.

Many Thanks!
Jimmy 

jimmy2024

The other thing I should add is that I've worked in financial services/banks for most of my career......I'm not currently working in FS but plan to return at some point, does anyone know how that may be affected with a DMP/defaults etc.?

Thanks 

sourcrates

@jimmy2024

You are better off posting in the general DFW forum, this is the DMP support group.

jimmy2024

sourcrates said:

@jimmy2024

You are better off posting in the general DFW forum, this is the DMP support group.

Thanks but what's DFW? And my post is about a DMP so I don't really understand why this isn't the place to post.......

sourcrates

jimmy2024 said:

sourcrates said:

@jimmy2024

You are better off posting in the general DFW forum, this is the DMP support group.

Thanks but what's DFW? And my post is about a DMP so I don't really understand why this isn't the place to post.......

Only a few odd people check this thread, hundreds/thousands check the general thread.