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DMP mutual support thread part 13 !!

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Comments

  • ForQP
    ForQP Posts: 30 Forumite
    Fourth Anniversary 10 Posts Name Dropper

    Hi

    I have been self managing my own DMP for the last 4 years. I have 3 debts that are no longer on my credit file after they defaulted back in 2017.

    PRA - £9000

    Wescot (on behalf of HSBC) - £2100

    Wescot (on behalf of HSBC) - £900

    I have been paying £25 to each account but I may have to significantly reduce these payments due to a change in my circumstances. I was wondering if anyone has any experience of having to reduce their payments during a DMP and how creditors tend to react?

    Thank you

  • Makingabobor2
    Makingabobor2 Posts: 4,659 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    https://forums.moneysavingexpert.com/discussion/comment/81887478#Comment_81887478

    We found both of those to be very accomodating with any changes. As long as you keep them informed of your intentions. At the end of the day, they can't have what you don't have.

    Making the debt go down and savings go up

    LBM 2015 - debt £57K / Now £27,204....its going down

     Mortgage Free December 9th 2024!      18mths ahead of schedule.  

    Challenges

    EF  £1420/£3000
    .

    Studies/surveys March.....£84.43

    Decluttering items 1402/    2025.  125/2026
    Books read    23 in 2025.  2026- 6 (target is 52)  
    Jigsaws done  20 in 2025.  3 this year. 

    My debt free diary...https://forums.moneysavingexpert.com/discussion/6396218/we-will-get-this-debt-d£own-the-savings-up


  • gerrard88
    gerrard88 Posts: 155 Forumite
    Eighth Anniversary 100 Posts Combo Breaker

    i am still going well on my run dmp

    Pay 4 creditors. £100 in total between them


    i have still not had anything from my Tesco one. Been over a year since was defaulted

  • AgentBigBoss
    AgentBigBoss Posts: 28 Forumite
    10 Posts First Anniversary Name Dropper

    Hello. Lendable defaulted my account and stopped adding interest. Should I wait for them to sell this debt to collection company or just write to them and agree payment plan ,in the house’?

    Regards.

  • sourcrates
    sourcrates Posts: 32,449 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    https://forums.moneysavingexpert.com/discussion/comment/81907728#Comment_81907728

    Wait and see what they do with the debt first, whatever they decide, you will be written too.

    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Brave_Up
    Brave_Up Posts: 12 Forumite
    Sixth Anniversary 10 Posts

    Good morning,

    I am currently in a self managed dmp with 4 creditors to the sum of 20k and I am looking for some guidance. This has been coming down slowly. I have been renting for 10+ years and now I am looking for a new home due to house being sold. The rent has become so high although a decent salary, poor financial management and im not in a position to buy, even through coownership as I have payment plans ongoing. Just wondering if I was to look to buy once I get my debt sorted what is the best way to go about it? 1. Pay the debts off in full as quickly as I can, which will take at least 5+ years 2. try to get reduced full and final. Im just worried if I go down the 2nd route I will be rejected on account of not paying the full debt. I have never missed my rent, 4 accounts are defaulted for approx 4 years and I have had no missed payments in 4 years. All missed payments are before that when I was trying to get accounts defaulted.

    All advice much appreciated

    Thank you

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