DMP Mutual Support Thread (Part 4)

Ex-Spendaholic

Hi Carlos

Yes my creditors all accepted. I've been on the DMP from March/April 2007.

These are hard times and I don't know a single person who isn't having it hard with escalating costs. it is definitely worth a try. At the end of the day you gotta eat.

Dumb Luck, it will get easier. Things look bad now but they do improve. Stick at it. I know its easy for me to say but don't let it take over your life.

rayday2

Hi Dumb Luck

I know its easier to say than do but try not to worry about interest etc initially the most important thing is to get your DMP up and running. You will be aiming for 0% once your DMP is set up so for now worries about interest rates and charges etc should be put to one side.

Once you have your DMP accepted and charges have stopped then you can try and reclaim some charges or interest added on.

Carlos you are right the whole point of a DMP is to stop struggling so what is the point damaging your credit history etc and still not getting any peace of mind. Lets be realistic course they are not going to like it, but its kinda tough they can't have what you don't have and you really need to stop living hand to mouth as you should be building up some savings as a comfort zone. Give them a bell and go through a review with them.

rayday2

tinkerbell12 wrote: »

Can anyone help with this??

We are trying to downsize (a bit) to help with our finances and have been on a DMP for 6 months. Have made initial contact with our mortgage provider about moving our fixed rate BUT the bloke couldn't say whether we would need to be re-credit checked or not. Didn't mention the DMP cos I reckon they would run a mile or would they as we are trying to do this to help our finances.

ANY help/advice would be really appreciated!

Yes you will have to be checked I had a remortgage a few months ago and we were checked and classed as near prime which is only a step away from what high street lenders would touch. We went with the chelsea who said if we pay our mortgage on time for the next 2 years they will remortgage again (if we want to) and ignore our credit history and put us on a high street deal. So that sounds like even staying with the same company they check you, but saying that they will have your payment history in front of them so if that is pretty good they could take it into consideration.

I find it better to tell them be honest up front otherwise they will be just as embarassed as you when they have to tell you, you failed. If you prepare them they may put you through to the right person to begin with or stop you having the embarassment. Unless its Halifax grrr! But don't get me started there

dumb_luck

"I know its easier to say than do but try not to worry about interest etc initially the most important thing is to get your DMP up and running. You will be aiming for 0% once your DMP is set up so for now worries about interest rates and charges etc should be put to one side.

Once you have your DMP accepted and charges have stopped then you can try and reclaim some charges or interest added on."

Rayday2 You managed to make me feel a littl moe posiive before calling PayPlan this morning :-) I shall let ye know how it goes!
Thanks

rayday2

Also payday loans are in the press at the moment and MPs are holding talks about it, so you could always put pressure on that way but for now get your DMP up and running.

Good luck!

tinkerbell12

rayday2 wrote: »

Yes you will have to be checked I had a remortgage a few months ago and we were checked and classed as near prime which is only a step away from what high street lenders would touch. We went with the chelsea who said if we pay our mortgage on time for the next 2 years they will remortgage again (if we want to) and ignore our credit history and put us on a high street deal. So that sounds like even staying with the same company they check you, but saying that they will have your payment history in front of them so if that is pretty good they could take it into consideration.

I find it better to tell them be honest up front otherwise they will be just as embarassed as you when they have to tell you, you failed. If you prepare them they may put you through to the right person to begin with or stop you having the embarassment. Unless its Halifax grrr! But don't get me started there

Thanks Rayday this is really useful. I rang them again this morning and went through an affordability with them which came out OK and the next step would be to credit score they said. Rubbish.... Hoping we could get away with that one lol!! Didn't do that today as house isn't even on market yet and credit score is only valid for 3 months anyway.

I still didn't mention the DMP to them - just gave them the amounts we pay per month to credit cards etc. I think when the house is valued and we are happy that we can downsize, I will ring them back for the credit scoring. CCCS said that it won't say we are on a DMP on the credit score, just that we are making reduced payments so may still not need to mention it.

BUT as you say Rayday, may be best to be up front and just keep fingers crossed. I do find it frustrating that we are trying to do something to help our debt and they may turn around and say 'no' we cannot lend you this even though they are currently lending us £30,000 more!!

Other worry is, they can't take our current mortgage away if we fail the credit scoring can they?? Bit worried about that now....

rayday2

They can't withdraw a product after giving you the formal offer so a mortgage you have been paying and servicing is quite alright.

What I would say is if you really love your house and it looks like too much of a fiddle or you don't find a smaller house you love then seriously consider staying put. That was the point of your DMP to enable you to live. I do understand that feeling of wanting to owe less in the world but its only worth it if its going to be straight forward if you find it stressful don't bother!

dumb_luck

Hi All

Just got off the phone to PayPlan... they say they haven't sent a proposal for SDC to have rejected it. Not sure hat that means in the long run... are SDC saying that they won't consider my DMP?

I also get the feeling that my DMP won't be in place by August 23rd- is this because I have so many creditors? How long does it take normally? (I think I must be very impatient)

Ossireo

Mine got set up last week and took about 10 days in total. The 1st payment is due on 1st September, so I am just going to make payments to my creditors based off the amount that CCCS have arranged on 1st August so I feel I am 'in the plan' already

GhostHunter_3

Morning all!

Sorry I know this may not be the right place but I am really wanting to get these reclaiming letters ready to post, the sooner I do the sooner I may be able to clear some of my debts!

Does anybody know the addresses for requesting Data on Credit Card charges for Aqua Credit Card and Sky Credit Card?

I have looked everywhere and not found them, although reading the smallprint I have just noticed that Aqua Credit Card are issued by Halifax PLC and Sky Card are part of Barclaycard, so do I just write to Halifax and Barclays??

Also trying to find out the address to send away for PPI reclaims again for Aqua card and Sky Card if anybody knows where I should write to get this info?

I am still waiting for National Debtline pack in post, although todays mail not arrived so fingers crossed it arrives today (normaly due around 2:30pm!)

Also not heared back from 3rd party collections at local Benefits office reguarding my gas & electric debt!

Off to chase them up in a bit and then to go to local branch to open new basic account (they were closed by the time I got there yesterday ) then to finish my calculations for Lloyds reclaim!

Oh and that darn Barclays Partner Finance (formerly Clydesdale Financial Services) I got to chase again as I still havent received anything (assuming it doesnt arrive in todays delivery) to prove I owe them money!

Busy bee am I today :T

Catch up later have a good afternoon everybody. :beer: