DMP Mutual Support Thread (Part Three)

newlywed

loopylu, if your store card is GE money, I have had no problems with them. They did take about 3 months to stop interest but after that they passed it onto a debt collection agency who just said carry on paying what you have been, and have been really very quiet (I had 8k on my Debenhams credit card :eek:)

pinksparkle_2

Morning Everyone,

I am new at all this and to be honest a little scared..!!!

I am in the process of starting a DMP with Payplan, They seem really helpful and have made me feel so much better about all my debt problems. My partner doesnt have a clue about how much i owe, and he can never find out...We have a mortgage with Northern rock and will be remortgaging in 3 years when our fixed rate ends, although im over the moon about starting a DMP im worried sick that defaults etc are going to affect me remortgaging, we will have a hefty deposit fir the next house but my credit rating will be poor...Not sure if i will be able to remortgage...My DMP should be finished in just under 6 years, Iv heard defaults last 6 years...

Does anyone have any advice???

Love

Pinksparkle

loopylu36

pinksparkle wrote: »

Morning Everyone,

I am new at all this and to be honest a little scared..!!!

I am in the process of starting a DMP with Payplan, They seem really helpful and have made me feel so much better about all my debt problems. My partner doesnt have a clue about how much i owe, and he can never find out...We have a mortgage with Northern rock and will be remortgaging in 3 years when our fixed rate ends, although im over the moon about starting a DMP im worried sick that defaults etc are going to affect me remortgaging, we will have a hefty deposit fir the next house but my credit rating will be poor...Not sure if i will be able to remortgage...My DMP should be finished in just under 6 years, Iv heard defaults last 6 years...

Does anyone have any advice???

Love

Pinksparkle

Hi Pinksparkle

I really think you need to tell your OH. It is likely that you will get defaults (best case scenario is late payments will be noted which will still make getting a main stream mortgage difficult). He will find out at this point and may be more upset that by then you will have kept him in the dark for 3 years. Also you may well find that he is much more supportive than you think and you will need plenty of support. It will be very difficult to keep this from him anyway with the phone calls and letters. You've done really well and been brave to start the process of admitting your debts and taking steps to sort them out, so you just need to be a little bit braver and come clean to OH.

Hope this helps a little bit x

loopylu36

newlywed wrote: »

loopylu, if your store card is GE money, I have had no problems with them. They did take about 3 months to stop interest but after that they passed it onto a debt collection agency who just said carry on paying what you have been, and have been really very quiet (I had 8k on my Debenhams credit card :eek:)

Actually it's IKANO (Oasis card). GE Capital have now sold DH's debt on - not entirely sure about mine tbh, but both cards had quite small balances (less than £500) on them. The oasis card interest was about £4.50 on a £450 balance so I guess about 10% APR which does sound like a reduction now I've worked it out, cos I'm sure that the original APR must have been 25 - 30% with it being a store card. I'm paying them £10 ish a month, but hopefully these smaller debts will be the first to go.

pinksparkle_2

Hi Loopylu36

There is no way i can tell him, there must be a way, I have read that once you are in DMP and its been accepted that i may not get a default???

I thought it would look better on my credit file that if im in a DMP im being resposible...!!!...Im having hot flushes now...!!!

Surely he doesnt have to know, once all the letters stop, not that he opens my post anyway, and im always contacted on my mobile...

Is it true you can have defaults removed from credit file?

Please help...!!!

Love

Pinksparkle
x

bowz25

hi all
not posted for a while as not been feeling too good in myself of late.
hi to any new members as well and good luck with your dmps.
Have had dmp running 1 year now but last month had to reduce payments by about £60 due to costs mortgage etc. Anyway one of creditors has starting sending letter again asking for the differing amount to what we have been paying them for last 10 months. cccs are going to send details again to them for about the 5th time. Also some creditors still charging interest more then the payment. I can cope with all the letters and calls now,anyway it just gets annoying more then anything.

This month i am late paying cccs, but i rang them and they said,if i like a can pay creditors myself this month and continue with dmp direct debt for next month. I am a bit worried about this has anyone else ever done this before or missed a payment at all. ?
Our boiler is on its last legs and no amount has been saved for something as expensive as this. Already managing with a second hand cooker when ours went, and my car is 13 years old.(at least i have one though) Also tumble dryer went dishwasher went i have not had these repaired just left them as not essentials we can manage for now. My car was sorned for months until i could afford a new petrol tank.
sorry to go on but being on dmp for a year has been a positive step but it is so hard sometimes. We never go out anywhere the children are so good they know they can not have a lot of things. I take them to kids club cinema etc and free cinema sometimes.
sometimes i just think is it worth it (we have paid of £5,000 towards our debt this year that is what keeps me going.)
We have a long dmp but when our mortgage is paid we can shorten the term of dmp but that is a few years off yet. 10+ years.
I have thought about iva but we dont have enough at moment for the monthly fee. I think i am going to stick with dmp for now.
sorry to bring anyone down dmp is still the best way of being in control.
take care all
bye for nowx

newlywed

pinksparkle wrote: »

I have read that once you are in DMP and its been accepted that i may not get a default??? ...

Is it true you can have defaults removed from credit file?

Hi pink - not everyone has issued me with a default (and I'm one year into it). Two have, but 3 haven't. I don't think there is any way to actually stop them doing this though as you are not paying the full contractual amount so therefore are in default of the original arrangement. In any case, lots of banks seem to only stop interest after sending a default notice

The defaults stay on there for 6 years from the date of issue (not the date the debt is settled), so the sooner into the DMP they default you, the quicker they will "drop off" the report.

As for claiming you can get them removed from your credit file - I wouldn't believe every advert - if it was that easy, Martin would have a guide for us and we'd all have immaculate credit reports even though on a DMP :rolleyes:

newlywed

Hi bowz, I made a reduced payment last month on my DMP and had letters from FD requesting the rest of the payment. I had rung them to notify them beforehand and so they said the message wasn't passed on and on this occasion would let it go.

No-one else has complained at all.

I haven't missed any payments completely though, but think if you let the creditors know what is happening in advance and that it will be back to the DMP next month, then hopefully they will be ok.


Yes I'm finding it hard sometimes too with no money to go out etc. But have been selling some bits on ebay to buy extra things and treats etc. Have also been spending my clothes budget in charity shops which means much more clothes for the cash .

Marru

pinksparkle wrote: »

Hi Loopylu36

There is no way i can tell him, there must be a way, I have read that once you are in DMP and its been accepted that i may not get a default???

I thought it would look better on my credit file that if im in a DMP im being resposible...!!!...Im having hot flushes now...!!!

Surely he doesnt have to know, once all the letters stop, not that he opens my post anyway, and im always contacted on my mobile...

Is it true you can have defaults removed from credit file?

Please help...!!!

Love

Pinksparkle
x

Hi,

I have five debts and all of them got defaulted as soon as I sent them my SOA and offer for DMP payments. Due to this two of them stopped interest and accepted DMP and the rest three have passed it to another department in their organisations and I am yet to hear from them. As Rayday said it is better to get them as then it is more likely to get frozen interest and also the sooner they come the sooner they clear from the credit file. Not that after all this mess I am interested in getting new credit anyway (except perhaps for some stoozing to keep me occupied during my retirement )

Marru

pinksparkle_2

Hiya,

As my Dmp hasnt actuallt started payplan have tol me to make token payments so at least i am paying something, How much is a token payment???

I feel so much better since i have found this forum, I didnt realise there were so many people out their like me...!!!!

Do you think we will ever have a decent credit file ever again???

Pinksparkle