DMP Mutual Support Thread - Part 12
Comments
-
All my accounts (bar one) have now defaulted *victory dance!*
I have two questions, though:
One of my overdrafts is now showing late payment. As this is still technically within its limits and they're offering me zero charges as a gesture of good will (the late payment is charges they shouldn't have made which have been refunded but this hasn't shown on the credit report yet). Should I be pursuing a default on this, or is it better staying in "up to date"?
The credit card I paid off (and am awaiting a £1 cheque for as it's in credit) still shows as default. They were really quick to default the account, which at the time I thought was great, but now I'm wondering if it was a little premature as I managed to pay it off so quickly. Will the default drop off when they mark the account as settled, or will it stay for 6 years regardless?
I suppose it doesn't really matter either way because I will have other defaults anyway, I just kind of want to know.LBM: October 2016: £20,130 / Current: May 2019: £12,576 37.53%DFD: [STRIKE]February 2024[/STRIKE] April 2022?0 -
Not had any contact from creditors all year and DMP ticking along nicely. This week though, link have left me two messages asking me to call.
Should I or shouldn't I? I feel it may be a review? But concerned they might be fed up with their measly fiver.....LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Not had any contact from creditors all year and DMP ticking along nicely. This week though, link have left me two messages asking me to call.
Should I or shouldn't I? I feel it may be a review? But concerned they might be fed up with their measly fiver.....
I would write to them and acknowledge you have received their message and remind them that all communication regarding your account needs to be in writing and you do not give them permission to contact them by phone.
That's what I do with all my creditors....they always write now:beer:DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
HI,
I have around 35000 in debt and paying around 700pm is quite frankly unsustainable I haven't missed any payments but doom is impending I am pretty much using cards for general things like petrol now. I have some questions I would like to ask before I begin the DMP process.
Will they take 100% of my disposable income after the budget is complete or do they leave me some sort of buffer?
Has anyone put car costs in relating to MOTS and services etc? I seen a guide that says 25pm but my service plan alone is 30pm and I drive around 15000 miles per year to get to work so naturally I believe there will be repair and replacement tyres etc
My concern is that these plans take all of your disposal income and leave little room for any financial shocks.
Can anyone give me an idea of what the structure of such plans are and what they allow?0 -
feelsbadman wrote: »HI,
I have around 35000 in debt and paying around 700pm is quite frankly unsustainable I haven't missed any payments but doom is impending I am pretty much using cards for general things like petrol now. I have some questions I would like to ask before I begin the DMP process.
Will they take 100% of my disposable income after the budget is complete or do they leave me some sort of buffer?
Has anyone put car costs in relating to MOTS and services etc? I seen a guide that says 25pm but my service plan alone is 30pm and I drive around 15000 miles per year to get to work so naturally I believe there will be repair and replacement tyres etc
My concern is that these plans take all of your disposal income and leave little room for any financial shocks.
Can anyone give me an idea of what the structure of such plans are and what they allow?
Hi,
Ok, how it works is this, you do a budget, you include everything you pay money for, plus you include an emergency fund.
Whatever is left forms the payment to your creditors, which will be distributed on a pro-rata basis.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi all,
Just wanted to check a few things. So I have been in my DMP with Payplan for 7 years now and will literally be debt free in another few months. I have 4 creditors and now each figure is only in the low hundreds (happy happy dance). So I contacted Payplan at the beginning of the year and they checked with each creditors that the final amount oweing was accurate....it now is.
My question is what do I do next? I have read some people doing Full and Final settlements but to be honest I am a bit unsure of this. To reiterate I want ALL these monies paid and cleared. No more worries or strange things turning up on my credit files, so no part payments.
What is the best way to go about this? How have others WRAPPED UP their DMP?
Many thanks!!0 -
Hi,
I understand this general principle I meant more do people budget for repairs for cars etc
so if your bills total 1100 and you earn 1500 they will want the full 400?0 -
Hi we've contacted SC this week to talk through our options and they think a DMP is or best way forward. We owe £40k and they said we could be debt free in 4 years if all our creditors freeze interest and charges - does I've read through a few of the forums and people seem to have had problems with NatWest and barclaycard but these are the 2 main sources of our debt so I'm worried that if neither freeze interest we'll never be debt free - does anyone have any experience with these companies? Also we have a car in lease purchase due to end next Feb - we will definitely owe excess mileage but what will happen with this charge? I'm really worried about starting the whole thing off it seems so daunting and the thought of all the letters from creditors is making me feel ill before we've even started - is it not as bad as I'm imagining? I know this is our only option really but just was hoping to be as prepared as possible for any negatives - thanks0
-
January2015 wrote: »I would write to them and acknowledge you have received their message and remind them that all communication regarding your account needs to be in writing and you do not give them permission to contact them by phone.
That's what I do with all my creditors....they always write now:beer:
Thanks Jan. Sometimes we need the obvious solution told to us. Why I didn't think of that, I don't know!LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
January2015 wrote: »Hi everyone :wave:
So - tonight, I've been sitting here playing the 'what if' game. What if those F&F's I sent off were accepted :rotfl:..... well..... if they were my debt would reduce to the £50k's. Highly unlikely, but it is soooooo nice to play 'what if' occassionally;)
Why not Jan - you never know
Keeping my fingers firmly crossed for you x0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.6K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards