DMP Mutual Support Thread - Part 12

Suseka97 · 9 August 2018 at 12:44PM

nbdrums1 wrote: »

Hi Guys,
This is my first post!!
I have for one reason or another (illness ect) ended up with £35K on credit cards 3 Lenders (MBNA, Barclaycard, Halifax).
I have run them all up twice before and paid them off is remortgaging but I am at the point where I can!!!8217;t do this anymore.
The interest free offers have all finished and I dont have anywhere to move the money too. The minimum payments are too much for me to handle (over 1K a month). The last few months I have used one card to pay the other, but having found this forums I want to go on a DMP!! And put an end to this as I cant live with the stress!
I have another MBNA minimum payment due next week and I havent got the money to cover it, I am so stressed!!
Wheres the best place to go to help me do this?
I dont want to make any mistakes!!
Any advice would be greatly appreciated.
I am scared that as I am self employed they are going to come after me big time!!
Thanks!!

Now you've had your LBM (Lightbulb Moment) as we like to call it - congratulations

I'm not versed in how DMPs work for those who are self-employed - but I don't think its that much different from those (like me) who are not. I imagine the only 'complicated bit', if there is one -will be working out your income if it has a tendency to fluctuate depending on your workstreams.

With that said, no-one will be coming after you 'big time' because you're self-employed -but to put your mind at rest, why not call one of the 'free' debt charities. StepChange or Payplan are the two most used by folks on here.

That aside - stop paying your non-priority debts now. Your priority has to be keeping a roof over your head and food on the table. I could say a lot more about the process -but I really think it'll help you to call and speak with someone who can reassure you verbally and then you can come back on here for more advice.

So, go grab a coffee and make that call

Red_Athena · 9 August 2018 at 5:30PM

Writing my holding letters to creditors now :eek:

Does anyone know, for a Barclayloan is the account number the one that shows on the online banking? I can see a sort code and an account number. Or will there be a loan agreement number or something on some long hidden away paperwork? Thanks!

Wow, nobody make it easy to find addresses these days do they? Feel like I should send them all to Santa and he can forward them on!

Red_Athena · 9 August 2018 at 5:32PM

nbdrums1 wrote: »

Hi Guys,

This is my first post!!

I have for one reason or another (illness ect) ended up with £35K on credit cards 3 Lenders (MBNA, Barclaycard, Halifax).

I have run them all up twice before and paid them off is remortgaging but I am at the point where I can!!!8217;t do this anymore.

The interest free offers have all finished and I don!!!8217;t have anywhere to move the money too. The minimum payments are too much for me to handle (over 1K a month). The last few months I have used one card to pay the other, but having found this forums I want to go on a DMP!! And put an end to this as I can!!!8217;t live with the stress!

I have another MBNA minimum payment due next week and I haven!!!8217;t got the money to cover it, I am so stressed!!

Where!!!8217;s the best place to go to help me do this?

I don!!!8217;t want to make any mistakes!!

Any advice would be greatly appreciated.

I am scared that as I am self employed they are going to come after me big time!!

Thanks!!

Hi nbdrums1,

I'm in almost the exact same situation (minus the mortgage). I've decided to set up a DMP via StepChange. Take a look at their website and run through the debt remedy tool, it talks you through a few options. Good luck!

DMP_Tiger · 9 August 2018 at 6:25PM

Red Athena - yes your Barclayloan reference is the 6 digit sort code plus the 8 digit account number. No spaces so that gives you a 14 digit account number.

Red_Athena · 9 August 2018 at 7:11PM

DMP_Tiger wrote: »

Red Athena - yes your Barclayloan reference us the 6 digit sort code plus the 8 digit account number. No spaces so that gives you a 14 digit account number.

Fab, thank you.

Letters all done, envelope writing session to follow. Need to take out a loan to pay for stamps for these :rotfl:

booksandbacon · 10 August 2018 at 8:38AM

Moooorning!

Received my first response to self-managed DMP from Nationwide, but I’m not quite sure what to make of it...

A reduced payment plan has been arranged for £1 to be received for 3 months...
...I need to advise you that any arrears or repayment plans that are agreed on your account will be recorded on your credit file with the Credit Reference Agencies...
I hope this clarifies the situation.

When I sent the DMP letters out I said the £1 token payment was for 6 months at which point I would review and send another I&E, they’ve made no reference to this.

I’m wondering if their wording means that after their stipulated 3 months they will begin the default process? Although no mention of defaults on the letter...

B&B

Scammie · 10 August 2018 at 10:30AM

I have hit a wobble and would appreciate your advice. SC wrote to tell me that Halifax refused my budget. When I rang them the girl said that everything on the budget looked as they would expect, except the credit union payment which comes straight out of my husbands pay and £100 for my sons school fees. My son goes to a grammar school and these fees are not voluntary.

SC are fine with both these payments and all my other creditors have accepted the budget. I am due to start paying in October, having taken the first four months to get an EF saved. I am still paying token £10 to Halifax and other creditors.

Halifax have now texted me asking me to call them. SC have said to just explain re the the fact that my husbands credit union is from his work and we my son in case they think it’s a private school . Has anyone else had experience of this? I would prefer to write to Halifax but if I’m going to ring would like to be prepared.

sourcrates · 10 August 2018 at 1:03PM

Scammie wrote: »

I have hit a wobble and would appreciate your advice. SC wrote to tell me that Halifax refused my budget. When I rang them the girl said that everything on the budget looked as they would expect, except the credit union payment which comes straight out of my husbands pay and £100 for my sons school fees. My son goes to a grammar school and these fees are not voluntary.

SC are fine with both these payments and all my other creditors have accepted the budget. I am due to start paying in October, having taken the first four months to get an EF saved. I am still paying token £10 to Halifax and other creditors.

Halifax have now texted me asking me to call them. SC have said to just explain re the the fact that my husbands credit union is from his work and we my son in case they think it!!!8217;s a private school . Has anyone else had experience of this? I would prefer to write to Halifax but if I!!!8217;m going to ring would like to be prepared.

Hi,

Ignore the Halifax, continue to make your stepchange payments.

You can write and explain by all means.

The Halifax will do one of three things, either accept eventually, pass the debt to a DCA to mange, or sell the debt on,

Either way, it makes no difference to you, keep making payments, ignore there rhetoric.

jubilee14 · 10 August 2018 at 1:33PM

As per Sourcrates just keep doing what your doing. i had similar issue with HBOS loan, but not with Hfx cc. They didnt recognise account no, didnt accept etc etc. but payment went to them every month. SC said do nothing different. In the end after about 6 months of them applying interest they defaulted me and payments continued with no interest applied. They turned out to be the first to default me. Hfx cc did a year later, my Hfx OD did another year later and BC never did. However i check my credit file via noddle /clear score etc to make sure no interest is applied to BC.

Dont fret it will turn out ok

LynseyB10 · 10 August 2018 at 3:36PM

Hi everyone,

i am really new to this but i would like some information if possible! i am on a DMP with SC which first payment comes out 1st September - they say it will take 3.5 years for me to be debt free. I have never missed a payment in my life and my repayment each month to SC is £770, does anyone know if the payment is just short off minimum payment that i wont be defaulted? ideally, i would rather be defaulted at the start as i know it stays on your record for 6 years. i still feel ultra stressed out about this all and i feel like it keeps me up at night and my anxiety is literally through the roof!

Any advice, good or bad i am here ready to listen.

thank you all

DMP Mutual Support Thread - Part 12

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