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My own dmp
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Marie678
Posts: 10 Forumite
Hi guys, so after losing my job I’m currently not working, I have put through for Benifits. I have contacted my creditors. I have had a letter from vanquish already to say notice of default am I best letting it go to default an sort out a affordable payment with that? Hsbc I’m on payment break and marbles credit card? I can’t afford the monthly payments an have missed payments too. What a mess!!
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No income, no payments, its that simple, what are they going to do?
Let them go through there collection routines, that will take them 6/9 months or so, eventually the debts will probably be sold, a year from now your situation may well have changed for the better.
Debt collection is a very long, dreary process.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-letter2 -
So Vanquis and Marble are CCs and HSBC is a loan? So nothing of priority. So as sourcrates says, stop paying them all. Keep on top of the priority stuff - rent/mortgage and council tax.
Once you have your benefit stuff sorted contact the council to see what discount they may give you. Likewise all your utilities and things like phone, broadband. Ask to be put on a social tariff.
To get a break on some of this stuff people might want to see what your household budget looks like. Look on sourcrates' signature and you'll see a link to an SOA which will help you provide this. Also there's some great organisations listed (plus Community Money Advisers, CMA) all of whom will help you organise setting up a DMP if that's what is right for you. CMA allows you to run it yourself but the others will possibly want you to pay them a lump sum to distribute on your behalf. Go with whatever works best for you as long as it's not going to cost you money - never go with a debt management business that charges for their services.
Stay strong and the mess will get sorted in time.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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If I let my M&S card default along side my other debt is this gonna cause me issues after the 6 years ?0
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