DMP for 38 yrs or keep struggling please help

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  • sourcrates
    sourcrates Posts: 28,723
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    So once I write and request a cca does that put me in a bad place with cc companies? Because I haven't missed any payments as yet and don't want to stir up trouble too soon as I'm not totally sure which way we're going yet, my head is spinning with it all.

    No, not at all, under the terms of the consumer credit act, you can ask for a copy agreement at any time, and they must comply.

    Just as you are bound by those terms, so are they, you can make the request, and still carry on as you wish, regardless of the outcome of the CCA request, its just another string to your bow, so to speak.
    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
  • patman99
    patman99 Posts: 8,532
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    15 years is nothing. I'm on a DMP which will take me 37 years to pay-off. However, over this time, my wages will rise and there will be other chnaces to earn some cash on the side.
    The good thing about a DMP is that you can make adjustments as your situation changes. Thus, you will pay the DMP off earlier than you think.
    Never Knowingly Understood.

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  • patman99 wrote: »
    15 years is nothing. I'm on a DMP which will take me 37 years to pay-off. However, over this time, my wages will rise and there will be other chnaces to earn some cash on the side.
    The good thing about a DMP is that you can make adjustments as your situation changes. Thus, you will pay the DMP off earlier than you think.

    Thank you, you sound quite positive about things, hope I can manage to be the same :)
  • sourcrates
    sourcrates Posts: 28,723
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    Thank you, you sound quite positive about things, hope I can manage to be the same :)

    I would still check if they all have correct paperwork before doing anything else.
    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
  • So....having spoken to my hubby the plan tomorrow is to apply to open another bank account as we currently have credit cards with our bank. Tomorrow I will be printing off the template letters to write for copies of the cca's and get the original agreements, this is goin to take a couple of weeks for them to respond, then we will have to decide what is next step for us but at the moment it looks like it may be the dmp route, at least we have spoke about it and now recognise there are serious issues which we can't ignore any more, I am feeling slightly more positive than first thing this morning. I am hoping that cca's don't all have copies of our agreements, if not I will be asking advice about what to do next............... Thanks for all the help and advice.
  • sourcrates
    sourcrates Posts: 28,723
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    It may take longer than 14 days to get the paperwork, but they will tell you how long it will be.
    I will subscribe to this thread, so any more advice you need, feel free to ask.
    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
  • Thank you :)
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    what did step change advise that you do?
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • what did step change advise that you do?

    Hi there
    I only did the online form but they recommend the dmp, or even sell our home - that would be the VERY last resort!
    I am going to do as I stated in my earlier post tomorrow re new bank account, letters etc, then we will have to wait and see what the responses are, in the meantime I will carry on making minimum repayments on all the cards until........ Well, whatever happens next. To be honest, just facing up to things and chatting on here has helped, I may even manage some sleep tonight ;)
  • patman99
    patman99 Posts: 8,532
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    Stepchange have to cover all possibilities. They suggested to me that I sell my home and downsize. I then informed them that I live in a 1 bed flat, so downsizing is not an option.

    They also suggested selling my car. Again, this is not an option I would consider as I have to pick my son up each weekend as he cannot drive and there is no public transport where he lives. I also need to use the car to get to work. I can use public transport, but this involves 2 buses each way at a daily cost of £6 for an Essex rover so the car is cheaper.

    Now you have started the process of openning a new bank account and sending out the template letters, you need to cancel any direct debits set up to pay the credit cards and instead pay each of them £1 per month.

    Once you have your DMP sorted, you may well find that you can pay them more than the £1 per month minimum.
    Never Knowingly Understood.

    Member #1 of £1,000 challenge - £13.74/ £1000 (that's 1.374%)

    3-6 month EF £0/£3600 (that's 0 days worth)

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