Self managed DMP? Need advice

SpireCaptain

https://forums.moneysavingexpert.com/discussion/comment/82105525#Comment_82105525

You guys on here are brilliant. You've seen it all before and help everyone.

@Sunnyseaside you're in the best place for the most helpful and informative brains in the business. I wish you all the luck going forward. My crippling anxiety for the last 8 years over my mounting debts have eased almost entirely just being on these forums. I'm hanging on for a month or 2 and then I'll be stopping payments.

(The funny thing is Pulse are still offering me loans even though I'm £100 away from maxing £7500 CC and Barclays have reviewed both overdrafts and won't reduce them as it'll cause me financial difficulties.)

Keep us updated and ask anything and one of the knowledgeable people on here will guide you. Good luck 👌

Sunnyseaside

I'm starting to see this my last loan that I took out 14 months ago was the killer . 300 a month 39% intrest. They didn't check my children's ages as to when my widowed parent allowance would end and I wish they had. My choice I get it but I thought I could consolidate. No idea what will happen next but I'm accepting that I could not go in as was and I need to get a grip of this mess

ArtyJ931

Hiya. I have refixed on a decent mortgage rate with my existing mortgage provider whilst in a DMP with no problems at all. They don’t re-credit check you for a new rate. I just did it online as I have before.

someone on here said that this loop of consumer debt where you can just about maintain your minimum payments but then need additional credit for emergencies (or even day to day living) so you are endlessly at the very maximum you can pay out of your salary towards consumer debt and never make a dint in it… this loop is their business model. This is where they want you to be for them to make the most money. As soon as I had that lightbulb moment I stopped feeling guilty and worried and anxious.

Rob5342

https://forums.moneysavingexpert.com/discussion/comment/82107550#Comment_82107550

It was the same for me. I have four defaults and Santander offered me the same fixed rate deals they offer to everyone else, it took me about two minutes to log in and chose one.

tigergambit

I have refixed this month with NatWest at their best rate. All online, no forms or questions.

Sunnyseaside

thanks all. I have just opened a current account with Santander but should have I have opened a basic one with nationwide as I'm going to transfer my salary and morgage etc I don't want Santander notice in a month or so that I have a dmp shall I go for basic right now or can I proceed with the current account

Sunnyseaside

I'm getting a bit nervous as fory missed payment letter arrived today

sourcrates

The Santander account is fine as long as you don`t have an overdraft on it, bank accounts are usually only frozen/closed in Bankruptcy, millions of people have defaults, again, try not to overthink everything.

"I'm getting a bit nervous as fory missed payment letter arrived today"

Best not to take much notice of such things, you can expect many more, during the collection process.

Try not to lose sight of your goal here, you are instigating a strategy of non payment in order to get defaults, that strategy is in direct conflict with the agreements you signed, so you will get letters, you will get phone calls, and you have been advised how to deal with both, best to focus on the job in hand.

Sunnyseaside

thanks sourcrates I am overthinking but such unfamiliar territory for me at 51. If I start changing all my income from barcleys how soon will they realise is it when they try to take the monthly intrest payment ?

Grumpelstiltskin

Yes you are overthinking, I know it isn't easy but please calm down and stop panicking.

You are doing the worse thing by rushing without understanding and checking what you are doing.

Nothing moves quickly in the world of debt collection, you are just one of any thousands of numbers on your creditor's computer. They are not just going to jump on you and do anything different to all the other thousands of their clients who are not paying.

Please ask us if you are not sure if you are doing the right thing you have all the time in the world and remember there are thousands of other people in the same position as you and panicking only cause you problems. You are in charge not your creditors.