DMP Mutual Support Thread - Part 12

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  • sourcrates
    sourcrates Posts: 28,711
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    manue1970 wrote: »
    I am about to embark on a Debt management program but I am worried about few things and need clarification.
    1 Who to use : Stepchange of National Debt relief ?
    2 Do I need to write to all my creditors or will they do it for me ?
    3 Do I need to open a new bank account before starting the proceedings
    4 My debt amounts to 23k and will be paying 772 a month, when would you think I will be debt free?
    5 Will I received Bailiff letters
    6 Which bank can I use? I have my debt with Barclay and NatWest and my mortgage with NatWest.
    7 My mortgage is due for renewal in December 2019 so will I have problem to get good rates?

    Many Thanks
    Emmanuelle

    I see "stop it" has already replied to your post, but just to add, only the debt charities offer fee free debt management plans, do not sign up to a commercial debt management company, as you have to pay for there so called service by means of a monthly fee, plus a percentage of your debt in the form of a service charge, so you pay twice.

    These commercial companies can and do go bust on a regular basis, and they usually take all there clients money down with them, so there use is not recommended on MSE.

    Always go to a free debt charity such as Stepchange for advice first.
    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-letter
  • alana171
    alana171 Posts: 71
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    Thanks for the replies everyone! Feel much better knowing it’s normal!
  • :T Thank you everyone for your words of wisdom and support :T
  • I am thinking of setting up and managing my own DMP and I would really value any advice from anyone who has done this.

    The situation is that we have talked to CAP (Christians Against Poverty) a charity helping people get debt free like Stepchange. They have been through our debts with us and they have suggested that my husband goes through bankruptcy as he is now too ill to work. We have agreed that is the right thing to do. However the debt in my name is a smaller amount (£14000 approx) and CAP recommended a DMP which they would run. My concern is with the budget they have given us. It seems very tight and about a quarter of our income (which is made up of benefits) is going to the DMP after we pay the bankruptcy fees. I think it is too tight to be doable for the three years the think it will take. Firstly because as my husband is quite poorly we need his PIP money to help him now, he may not live the three years to benefit from when the DMP is proposed to finish.

    The second reason is that the amount CAP want to take for the DMP is over £100 more than I was paying in repayments before we came unstuck.

    So my questions are do we stick with CAP? Quite a few people have recommended them to us. Will Stepchange be any different?

    Are there any pros and cons to managing your own dmp?

    Is it cheeky to go along with CAP while they sort husbands bankruptcy and then pull out of the agreement?


    I've been thinking it over and I am really not sure what to do for the best.
  • Hi penalty charge

    Would it not be best for both of you to go bankrupt? Do you own your house ?
    I hope your husband feels better soon

    Max
  • sourcrates
    sourcrates Posts: 28,711
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    I would say the same as above, whey not both go bankrupt and solve the whole problem in one fell swoop.

    One going bankrupt and the other going on a DMP makes no sense to me.

    Are there any reasons why you can’t both do it ?
    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-letter
  • piper89
    piper89 Posts: 12
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    Hi Folks
    So last week I decided I needed to sort my life out as I was sinking in unsecure debts mostly PD loans due to gambling I had a look at Stepchange and went thru the online process and they recommended a DMP 2 years 4 months £211pm I noticed I forgot to add a guarantor loan (I know) I called them and they added it as debt owed to family/friends but on this action plan it recommended BR which isn't and option for me.


    So after searching online I came upon debt advisory service give them a call and went thru the debt action plan which came back as £2- per month yet I was spending £280 PM on smokes i decided to stop smoking (which i have done so far) and throw this at the DMP £278 pm over 4 years 7 months double what Stepchange was this is due to the monthly fee of £57.I have been back on stepchange and tried to re do the plan minus the smoking but it keeps thrown out the BR on the action plan is there any other way I can work around this??...or use another company...
    FAUGH-A-BALLAGH
  • DJB343
    DJB343 Posts: 54
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    Hey guys,

    Just want to check in. I'm 3 months into my DMP, and feeling so much better about it - I appreciate all the help and replies the regulars have written. I've also just moved in with the girlfriend, and she has been very supportive about the matter - and we have a glass of wine or 2 every month the SC DD comes out.

    A long way to go (sum is in the sig), and still waiting on 2-3 to default, but it's SUCH a enormous feeling to know I am now eating away at the debt. For anyone struggling with debt, believe me when I say there is always a way out regardless of the amount.

    Thanks again guys, onwards and upwards
    DEBT - £34,469 | £6,224.01 REMAINING - 81% PAID OFF. GETTING THERE
  • No reason not to go bankrupt - we rent and have no assets. The dmp for me and bankruptcy for hubbie was recommended by CAP. Before I went to CAP I had done some reading myself and thought this was the best solution for us both to go bankrupt. CAP went through our debts and recommended the DMP.
  • Sorry, that reply was to Sourcrates!
    I'm still finding my way around the forum.
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