Hope everyone is well as i haven't been on here for a while but need some advice...
We currently pay £260 on our DMP which is made up of (approx) 90% managed loan hsbc and 10% mbna. I am currently 34 weeks pregnant and due to start maternity leave in febuary. Our payments will be covered until the end of April (smp at highter rate) but after that our income will drop drmaticaly (smp lower rate) until the end of august when i return to work.
We have a mortgage too which we are trying to lower but with LTV rate not being below 80% this is looking unlikley.
My question is if we spoke to our DMP compnay and asked about a break in payments for four months, how likley are hsbc and mbna to agree?
This is suppose to the time when im trying to take things easy but just cant stop worrying to be honest..
You can but try to ask for a payment break. If you can't afford to pay them they won't get anything anyway and if they've been amenable so far there's no reason why it shouldn't continue.
You may find that both have since sold the debts on. This often happens.
Speak to your companhy.
Hope everything goes well with the birth and enjoy your time at home with the little one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I am sure if the DMP company thoroughly explain your circumstances, the creditor will be sympathetic and allow the break - after all your reasons for needing this are good ones.
Thanks evreyone, i have just spoken to our DMP company and they seem reasurring that if i were to make token payments then for the sake of four months they will be ok. I will need to contact them myself tho, which is a little daunting, but DMP company have said to call them when i am on maternity leave and they will give me advice on what to say and direct numbers of people to call etc...which is pretty helpfull so im sure i will be fine. Its just the waiting now.
I hope you can get it sorted Julie. I don't know why the company can't contact your creditors for you though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
They say its because the amount of token payment is less than their management fee or something. In terms of token payment tho i dont think it will be much at all somewhere between £25 - £30. We could maybe pay more but i wont know until the time of that payment to be honest.
I just am fed up of worrying to be honest. I know this situation must ofcome up sevral times before with other people but its just one of those wait and see's. I mean we will still try and reduce our mortage to intrest only but will still need most of the DMP money for that to be honest.
That's possible I suppose, and I'm sure things will be ok. You could do without worrying about it though.
As long as you are able to pay them something for a short period hopefully they will be understanding.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Let us know how things are going and especially when the little one arrives (if you have time of course!!!!).
Someone will always be around to help if you do have any problems.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Still struggling as to why the DMP company can't tie up all the loose ends for you now - it seems a bit rich to take the management fee each month and then shrug their shoulders when there's a problem to be resolved. Glad it can all be sorted, but it's not a pressure you need. Again, congrats on the bambino xx
Surely a DMP company that has been happy to take fees from you for an extended period should be prepared to waive their fees for a few months to help you during this period of temporary change.
Strange how attitudes vary so much from one operator to another.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
