DMP advice please

Matt138600

Hi Burgervanman, thanks for linking your thread.

Very similar situation to myself to be honest.

Just waiting for the end of the month to come and go now without paying the bills and take it from there 👍

sourcrates

You may very well be "under whelmed" by the effect your non payment has on your lenders, at least to begin with.

Collection activity tends to ramp up after a couple of months, goes on for a bit, comes to a crescendo, then all may go quiet for a while, and you may get dribs and drabs, calls letters etc after that.

Plenty of information on self managed DMP`s in these recent threads, anything you don`t understand, ask.

Expect non payment to have a very negative effect on your credit file, missed payments and defaults will become the norm, and it will stay that way for 6 years at least, so no further credit, just want to make that clear so that there are no surprises.

Matt138600

https://forums.moneysavingexpert.com/discussion/comment/81973815#Comment_81973815

Evening Sourcrates.

Thank you for your input and the information.

No surprises with the 6 years, I’m aware of that and also the negative effect it’s going to have.

I’ll keep reading the threads and sure I’ll be back with more questions before long 😂

Thank you

Matt

Matt138600

Morning all. Hope you are well.

Well it’s been 6 weeks or so now since I stopped making any payments.

Not heard much apart from the odd phone call which I’ve ignored.

I’ve had a letter this morning from one of them which is a ‘ sum of arrears notice ‘

I’m guessing I ignore this also ?

Thanks very much

Have a good day all 👍

Grumpelstiltskin

Yes ignore that letter, file it if you want.

Things move slowly it debt collection, as long as you keep checking any letters you receive and ignore texts, E Mails and phone calls and most importantly save as much as you can no problem.

RAS

How much have you been able to save as an emergency fund?

Matt138600

Afternoon all.

I hope you are all well.

I have a quick question if you don’t mind.

One of my debts has now defaulted on my credit file.

I have also received a letter from moorcroft who have advised the debt has been passed to them.

Do I now set up a payment plan online with moorcroft and offer to pay what I can afford ?

Thanks very much for your help.

sourcrates

If that is your plan, then yes my friend.

Matt138600

https://forums.moneysavingexpert.com/discussion/comment/82164398#Comment_82164398

https://forums.moneysavingexpert.com/discussion/comment/82164398#Comment_82164398

Thank you Sourcrates.

I wasn’t sure if that was the best way to go but I’m guessing it is 😂

thank you

RAS

Start with maybe 80% of what you think you can afford. Save the rest in a different account. You can always increase once you've lived with your budget for a year.