DMP Mutual Support Thread (Part 4)

SerenaGoode

claireyfairy31 wrote: »

Hi everyone

Been lurking again for a bit as have been feeling very down due to ongoing battles with HSBC. They are my biggest creditor- loan, credit card and overdraft (I don't do things by half!) and have twice tried to get me to sign a managed loan agreement. This time I have been sorely tempted even though I know that this goes against the CCCS agreement and advice. My debt with HSBC is about £18K and I am terrified that they will take me to court as this would have a great impact on my employment- I'm a trainee legal exec and can't have any CCJ's against me.

CF xx

Hi Clairey,

Haven't gone down the DMP plan yet, so can 't advise on how difficult they'll be. But I'm damn sure that managed loans are a massive rip-off. And they don't look great on your credit file anyhow, so may as well stick to your guns. You'll only end up giving them money you can't afford.

For what it's worth I can trump you. HSBC are my bank, and I have about £25K outstanding debt with them. Should be fun chatting to them about that when it comes to telling them I want to stop paying interest...

Good luck, and just remember they can't get blood out of a stone. :rotfl:

rayday2

All I would assume it means is that they got your letter! I have never known a company to return them but it does not mean that they have accepted a DMP either!

Kudox

Hi everyone, I am in process of setting up a DMP with cccs and am just trying to keep my head down with creditors (i.e. not answer the phone!) at the moment. I dont post very often but am always lurking around cos it makes me feel better knowing i'm in good company.
Cheers to all for absolutely invaluable help, don't know what i'd have done without it, and can i have a number please?
Thanks again

milliejon

Thanks all. I'll do nothing (except pay them of course).

Thanks again.

bauctu

I got a letter from GE Money saying they will not accept my offer of reduced payment as I have used the card recently. I was using it right up until going for the DMP but not since. It was the only way of buying anything I had left! Has anyone else had this problem?

Kudox

I have had nothing but bad responses from all my creditors after I sent my token payments,in fact none apart from egg have even acknowledged I have contacted them! I guess it's all just pot luck what they will or won't accept?

Althea

Hi all ... Newbie poster here, but been reading/lurking for quite some months now. Just tentatively dipping my toe into the DMP waters ... have filled in the online Debt Remedy questionnaire with CCCS *and* will be talking with Payplan tomorrow (no clue which would be better to me, I don't have any connections with NR so that isn't an issue).

I have to say the Debt Remedy booklet that CCCS then give you scares the living daylights out of me, with all the information about debt collectors and court proceedings. It worries me to death that I'd be taken to court; I'm not sure at all how my employer would view that (major US-based IT outsourcing provider, not known for their interest in their staff!) and as a single mother to a 20 month old toddler I can NOT afford to lose my job!

Also, I'd just like to query something. I've read all of the posts in this thread (took me a loooooooong time! ) and I've seen - or at least I *think* I've seen - the general opinion that your credit rating is only wrecked for 6 years from the time the defaults get put onto your credit report. Is that right, do I remember reading that info correctly? Only I've just read in that CCCS Debt Remedy booklet thingy the following:

<quote>
When you are making reduced payments to your creditors it is almost certain that your credit file will be adversely affected. This information is held for 6 years after the debt has been repaid so it is unlikely you will be able to obtain more credit and it may be some time before your rating will improve.
<end quote>

Which says to me that your credit rating is shafted for 6 years AFTER the DMP is completed ... so even when you're fully back in the black, that means still no getting credit of any kind, difficulties with mortgages, etc. And that scares me almost as much as the court proceedings warnings ... !

*sigh* I wish I didn't have to go this DMP route, but with credit payments due each month of £1600 and only £968 left to actually *pay* these payments, I don't see that I have a choice. In fact I'm astounded that I've managed to go this long (long, long time of robbing Peter to pay Paul) without my credit rating been severely b*ggered, with those kinds of figures!

Not feeling terribly optimistic right now ... anyone any thoughts about the extra 6 years bad credit rating??

Rabbit-in-headlights

Althea wrote: »

<quote>
When you are making reduced payments to your creditors it is almost certain that your credit file will be adversely affected. This information is held for 6 years after the debt has been repaid so it is unlikely you will be able to obtain more credit and it may be some time before your rating will improve.
<end quote>

Which says to me that your credit rating is shafted for 6 years AFTER the DMP is completed ... so even when you're fully back in the black, that means still no getting credit of any kind, difficulties with mortgages, etc. And that scares me almost as much as the court proceedings warnings ... !
Not feeling terribly optimistic right now ... anyone any thoughts about the extra 6 years bad credit rating??

Hi, in similar situation as you, starting DMP in October.... this credt rating thing worries me, too - ok, so we are not meant to want to get credit again after a DMP, but a mortgage is a different matter.... iva and bankruptcy stay on credit files for 6 years from when they START - so why is it that those who are on a DMP are penalised this way? Something ought to be done about this!!!!!!:eek: :eek:

sarriep

I have to say from my experiences I never want credit again! But to be fair I have a mortgage (and am hanging on for dear life!!!) so I'm not too sure how the 6 years would affect getting a 'new' one.
I do actually feel quite glad we won't be able to get credit and am hoping the DMP payments will actually eventually be the money we can save! I can hardly IMAGINE having that much left over but one day.... in about nine years....

MurrayMint

symesd wrote: »

I too have a claim pending with the Abbey, I am going to try to contact Abbey today about this so will let you know how I get on.

Ooh, good luck!! I'll be very interested to hear whether the accept the hardship status and unsuspended the claim. Are you at the court stage?