Forum Home» Debt-Free Wannabe

DMP mutual support thread part 13 !! - Page 81

New Post Advanced Search

DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.1K replies 454.6K views
17879818384308

Replies

  • January2015January2015 Forumite
    2.4K posts
    Fifth Anniversary Combo Breaker
    ✭✭✭✭
    motivated wrote: »
    Hi all

    Quick question. Our old banger car has died and we need to buy a reliable used car. Nothing expensive DH needs it and cannot work without it. We are SM our DMP and reduced our payments for a few months a while back to pay for repairs on it then. It's now costing more than it's worth.

    Our creditors were fine then and we soon put our payments back up. However I'm thinking we need to reduce again for a few months. Are our creditors likely to play ball again?

    Good start to the new year this is
    M

    Hi Motivated

    My DMP payments have gone up and down and down again since we've been SM. All our creditors have been brilliant and supportive.

    Just explain the problem and give them a time period that you will drop to token payments. Literally - drop to £1 per month until you sort the vehicle issue out. Write and tell them - don't ask them if it's okay.... just tell them this is what the problem is, and this is what will be happening. Assure them of your commitment to clear your debts, thank them for their support and understanding whilst you get through this difficult period, and remind them you will only correspond with them in writing and you do not give them permission to telephone you.

    I've been paying token payments for over two years now. All my creditors are fine. Life interrupts and circumstances change. Creditors know that and I have found they will support you as long as you keep in touch and communicate the issues with them.

    Good luck with the vehicle hunt :)
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • Girl_unknownGirl_unknown Forumite
    10 posts
    First Post First Anniversary
    Question, as my credit score is messed for the next 6+ years should I make the debt repayment last at least as long as that as I just rushed into my DMP and have no emergency fund? I'm really not sure what to do for the best.... But currently I have nothing to fall back on
  • Hi, can you please help me. My husband is really struggling also and i may have talked him round to a dmp, but as am on one will that go against him in anyway? Will we have to do a joint plan? Are debts are not in joint names, other than the mortgage which is up to date? Thanks
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • Question, as my credit score is messed for the next 6+ years should I make the debt repayment last at least as long as that as I just rushed into my DMP and have no emergency fund? I'm really not sure what to do for the best.... But currently I have nothing to fall back on

    I would rather have 6 comfortable years than a couple of hard years. As you said you wont be in a position to take out any credit for 6 years so you need to have some pennies stashed away. Good luck
    learning to live again, slowly but determined £30k in debt, but dealing with it and proud
  • Willing2LearnWilling2Learn Forumite
    6.3K posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Question, as my credit score is messed for the next 6+ years should I make the debt repayment last at least as long as that as I just rushed into my DMP and have no emergency fund? I'm really not sure what to do for the best.... But currently I have nothing to fall back on
    Hi,

    Just put the first few month's payments on hold until you have 3-6 months EF saved up. Keep your creditors in the loop though.

    Have a look at the thread linked below for further guidance.
    https://forums.moneysavingexpert.com/showthread.php?t=5889160
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • January2015January2015 Forumite
    2.4K posts
    Fifth Anniversary Combo Breaker
    ✭✭✭✭
    Hi, can you please help me. My husband is really struggling also and i may have talked him round to a dmp, but as am on one will that go against him in anyway? Will we have to do a joint plan? Are debts are not in joint names, other than the mortgage which is up to date? Thanks

    You can choose to do a DMP on your own, as can you husband - ie. 2 separate DMPs. Or you could choose to do a joint DMP.

    You have a financial link through the mortgage. It doesn't matter if it is up to date or not - that will link you both financially and therefore if you do a DMP and he does not, it would still impact his credit reference files because of your financial link.

    Hope this helps.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • motivatedmotivated Forumite
    3K posts
    Eighth Anniversary 1,000 Posts Photogenic PPI Party Pooper
    ✭✭✭✭
    Hi Motivated

    My DMP payments have gone up and down and down again since we've been SM. All our creditors have been brilliant and supportive.

    Just explain the problem and give them a time period that you will drop to token payments. Literally - drop to £1 per month until you sort the vehicle issue out. Write and tell them - don't ask them if it's okay.... just tell them this is what the problem is, and this is what will be happening. Assure them of your commitment to clear your debts, thank them for their support and understanding whilst you get through this difficult period, and remind them you will only correspond with them in writing and you do not give them permission to telephone you.

    I've been paying token payments for over two years now. All my creditors are fine. Life interrupts and circumstances change. Creditors know that and I have found they will support you as long as you keep in touch and communicate the issues with them.

    Good luck with the vehicle hunt :)

    Hi January2015 and well done on your latest F&F :beer:

    I did lower my payments to pay for the car before. Mended it and resumed original agreed repayments. Until now.

    I sent letters today and added all the info you mentioned.ie: telling them our payments for x amount of months, all corespondance in writing,will resume payments on such and such a date, thanking them for their continued support etc etc. I'm so glad I went SM and stuck with it (I had a slight wobble a while back). It gives us the freedom to be more in control.

    Thanks again. What would I do without this thread :D
    M
    Emptying my lake with a teaspoon :)
  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    ✭✭✭✭✭✭
    :eek:Anybody got an ideas on why this has happened.... Just been on to check mine and OH's Noddle report and the debts we had with H/f*x, now sold to C*b*t but still managed by W*sc*t, have disappeared completely from our reports. They don't even show up in closed accounts....confused!
  • edited 4 January 2019 at 9:04PM
    Girl_unknownGirl_unknown Forumite
    10 posts
    First Post First Anniversary
    edited 4 January 2019 at 9:04PM
    Hi Willing2learn..

    Unfortunately I've already started a DMP with step change and I would like to continue to pay something, I'm going to have to reduce how much I pay
  • Willing2LearnWilling2Learn Forumite
    6.3K posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Hi Willing2learn..

    Unfortunately I've already started a DMP with step change and I would like to continue to pay something, I'm going to have to reduce how much I pay
    Hi,


    In that case, since the DMP has already started, you will need to reduce your DMP repayments to just token payments for a few months. Do it in consultation with StepChange and make sure you have told your creditors that your finances only allow token payments for 3-6 months. :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support