Debt assistance

onthefencepost

Hi there,

Thank for the above info.
I'll have a read on it.

On a separate note ive calculated i'll need 4 months of grace period to build up a emergency fund.
This might be a bit of challenge i'm seeking some avoidance advice. I'm consisting getting calls for missed payments - some creditors have given me a 30 day grace period to set up a DMP. Can i delay the DMP payment?

Thanks

Willing2Learn

onthefencepost wrote: »

On a separate note ive calculated i'll need 4 months of grace period to build up a emergency fund.
This might be a bit of challenge i'm seeking some avoidance advice. I'm consisting getting calls for missed payments - some creditors have given me a 30 day grace period to set up a DMP. Can i delay the DMP payment?

Yes, of course you can delay the start date of the DMP. You would need to write to all your creditors advising them of the date you will be able commence payments. As long as you keep them notified, then nothing bad will happen. Your creditors may try to pressurise you into making payments, but at the end of the day they will have no choice but to accept your written notification.


As far as SC are concerned, they do not have the flexibility to allow a delayed start date. This would mean you also having to delay the date that SC start managing your debts for you. You could get back to them in three months time and tell them you are ready.

EssexHebridean

onthefencepost wrote: »

In a nut shell cards are for emergency's I like to have a plan b/c/d if required.
In reference to extra cash its simple - helping to pay parents house in the coming years ultimately its my roof in years to come.

No - the Emergency Fund you are going to build is for emergencies. that is your plan B, C, and indeed D, E, F & G until such time as your DMP is complete and you have cleared your debts. DMP's and taking further credit don't mix.

Willing2Learn

EssexHebridean wrote: »

No - the Emergency Fund you are going to build is for emergencies. that is your plan B, C, and indeed D, E, F & G until such time as your DMP is complete and you have cleared your debts. DMP's and taking further credit don't mix.

^^^This x 100!! ^^^

onthefencepost

Thanks for the input guys. There maybe some light at the end of the tunnel!

fatbelly

I want to say thank you for the pms and it sounds like you have a plan!

Perhaps we'll hear from you later when you are a debt-free homeowner!

onthefencepost

your welcome Fatbelly.
Confirmed I have a 20K (after tax) lump sump coming within 14 days.

I have decided to clear the toxic debts. Marbles, Aqua, Amazon and Tesco to start with.
howver im willing to accept any input from the forum in general.

I have 20K no more.
I know i wont be 100% straight but i feel dealing with the high APR credit cards first - this way I can have around 4/5K in the saver.

What your thoughts?

onthefencepost

Hi,

Any input payments are due on Friday.

fatbelly

Unsecured Debts
Description....................Debt......Monthly.. .APR
Nationwide Over Draft Ac 1 2000 22 Unsure of APR
Nationwide Over Draft Ac 1 1000 15 Unsure of APR
Amex Charge Card...............600.......600.......N/A ( I pay this off monthly includes fuel and little entertainment and food shopping)
Aqua CC............................3600......190....... 42.9
Tesco Bank CC..................1200......40........29.9
Marbles CC........................4600......189.......34.9
Amazon CC........................4000......125.......27.0
Creation CC........................4000......40.......0% – Till Jan 20
Asda CC.............................3100......35....... .0% – Till MAR 20
Credit Union Load .............5100......275.......11
Shawbrook Loan 1.............3900......175.......15.9
Shawbrook Loan 2.............4300......175.......15.9
Restons (tomlin order) Unsure 10

Aqua, Tesco, Marbles and Amazon seems to be the way to go... unless the overdrafts are expensive, which they may well be

onthefencepost

Thanks Fatbelly.

My thoughts exactly I’ll start paying tonight.
I could squeeze and clear my 2nd accounts overdraft of 1K.

Some further food news my employer will give me a pay rise at the end of the year -
Should add around £200 to pay packet a month.