DMP the right thing for me? Help!

BrighterDays15

Thanks, Superhoopza.  Yep - I have been thinking the same.  And 12 months is too long to wait with no guarantee.  

When you say a waiver, do you mean a payment holiday or interest free for 3 months?   Does that affect your credit rating?

Thanks again for the reply! 

BrighterDays15

freshstart2023 said:

Hey, I’m the same, had never missed a payment in my life but was treading water and constantly moving debts, 0% offers dried up and interest/payments became unmanageable. 

To be fair it’s been ok so far. I’m actually really surprised at the lack of calls I’ve had. I blocked a few in the beginning and pretty much haven’t had any since in the last 4 months. Initially Virgin bombarded me with mail, I had two cards with them and on occasions received 12 separate letters from them on the same day 😳 …all other creditors just sent what you would expect, nothing excessive. 

Barclaycard defaulted me first, that was super fast. Tesco and MBNA both stopped charging interest months ago. Tesco have just defaulted me after 6 missed payments. MBNA haven’t defaulted me yet (again 6 missed payments). Virgin are still charging interest, again I have missed 6 payments with them. 

12 letters?! Jeezo.  But will just be routine for them.  Sounds positive. Are you going to wait for them all to default before offering payments? I’ll keep you posted on how i get on.  Just organising switch over of accounts etc now. 

freshstart2023

I’m happy to start making payments on anything that has defaulted as soon as i know who will be dealing with the debt and I am asked to do so…I haven’t actually been asked to make a payment yet on anything that has defaulted 🤷‍♀️

freshstart2023

Remember not to use the switching service and manually set up your DD’s from the new account 👍

BrighterDays15

Yep exactly - I actually realised this after sending that reply 🤪 

Yes - thank you! defo will do it manually.  I’ll let you know how i get on in due course. 

Superhoopza

BrighterDays15 said:

Thanks, Superhoopza.  Yep - I have been thinking the same.  And 12 months is too long to wait with no guarantee.  

When you say a waiver, do you mean a payment holiday or interest free for 3 months?   Does that affect your credit rating?

Thanks again for the reply! 

They have cancelled interest for 3 months, no impact on my credit file, definitely no market on my credit report. It will save about £240. I'm hopeful they offer me 0% deal as I'll be clearing the card after the 3 month interest waiver finishes but I doubt they will, reducing my credit limit 10% straight after they agreed to the 3 months is probably a better indication of how I'm seen with them.

BrighterDays15

Superhoopza said:

BrighterDays15 said:

Thanks, Superhoopza.  Yep - I have been thinking the same.  And 12 months is too long to wait with no guarantee.  

When you say a waiver, do you mean a payment holiday or interest free for 3 months?   Does that affect your credit rating?

Thanks again for the reply! 

They have cancelled interest for 3 months, no impact on my credit file, definitely no market on my credit report. It will save about £240. I'm hopeful they offer me 0% deal as I'll be clearing the card after the 3 month interest waiver finishes but I doubt they will, reducing my credit limit 10% straight after they agreed to the 3 months is probably a better indication of how I'm seen with them.

That was really good that they did that.  I know lots of people have requested the same and been told no.  But, would agree - reducing your balance 10% indicates there may be a long wait for 0% transfer offer.  Had a read of your thread and admire your determination and mission.  Hoping those 0% make way to you very soon! 🤞🏼

Superhoopza

BrighterDays15 said:

Superhoopza said:

BrighterDays15 said:

Thanks, Superhoopza.  Yep - I have been thinking the same.  And 12 months is too long to wait with no guarantee.  

When you say a waiver, do you mean a payment holiday or interest free for 3 months?   Does that affect your credit rating?

Thanks again for the reply! 

They have cancelled interest for 3 months, no impact on my credit file, definitely no market on my credit report. It will save about £240. I'm hopeful they offer me 0% deal as I'll be clearing the card after the 3 month interest waiver finishes but I doubt they will, reducing my credit limit 10% straight after they agreed to the 3 months is probably a better indication of how I'm seen with them.

That was really good that they did that.  I know lots of people have requested the same and been told no.  But, would agree - reducing your balance 10% indicates there may be a long wait for 0% transfer offer.  Had a read of your thread and admire your determination and mission.  Hoping those 0% make way to you very soon! 🤞🏼

Thank you and good luck with your journey too.