DPP proposal issued - just one query for folk!
Options
AdviceSought
Posts: 205 Forumite
Well, it's now been issued, so just waiting on responses from creditors.
Assuming all goes well, despite it being hard, it should see everything cleared well before I'd have managed the way I was going.
Just one thing I'm unsure on, and I know every case is different, but they obviously have 21 days to respond to the proposal, is this normally a quick process, or do most drag on towards the end of that timeframe?
Assuming all goes well, despite it being hard, it should see everything cleared well before I'd have managed the way I was going.
Just one thing I'm unsure on, and I know every case is different, but they obviously have 21 days to respond to the proposal, is this normally a quick process, or do most drag on towards the end of that timeframe?
0
Comments
-
Hi
I don’t have personal experience of administering a DAS but I think the timeframe will vary depending on who your creditors are, so it’s difficult to say.
If a creditor hasn’t responded by the 21 day limit your DAS Administrator will treat them as if they have agreed the payment proposal and they will be bound by it.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Slightly different I know, but as an example, one of my creditors in my IVA failed to respond to the IP's letter, so therefore lost out on there claim of over 10k !!!!
Bizarre is not the word !!!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 -
Well, it seems one of the creditors are rejecting the proposal as it was taken out relatively shortly before I started this process.
I guess that at best, slows things down, or at worst, sees the whole thing fall apart and me back to square one and in real trouble.
Anyone had any experience of this kind of thing happening?0 -
Well, guess I'll know soon.
Today is the final day for creditors to accept or reject the proposals StepChange issued.
Still only the one rejection, which, annoyingly is a tiny % of the total debts involved in this.
Really hope the DAS administrator approves it as it will get me out of this mess I've been struggling with for ages a lot quicker than if things continued as they had done.0 -
Fingers crossed. Let us know how you get on.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
I will do.
Will be pretty gutted if a rejection from a creditor owed £174 (out of approx 11.7k) sees it fail, as the proposal is for it to be 16 months, which gets me sorted and back of my feet much quicker than I'd have though.0 -
DAS administrator has ruled in my favour!0
-
0
-
Glad to hear it. Now you can relax.
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
AdviceSought wrote: »Well, it's now been issued, so just waiting on responses from creditors.
Assuming all goes well, despite it being hard, it should see everything cleared well before I'd have managed the way I was going.
Just one thing I'm unsure on, and I know every case is different, but they obviously have 21 days to respond to the proposal, is this normally a quick process, or do most drag on towards the end of that timeframe?
How have you found the process? We contacted stpe change on teh 30th September and had progressed to starting off a DPP during the call. They emailed through all the info and we got the wheels in motion getting a basic bank account (applied on the 1st October and STILL have not got the terms signed as the building society forgot to send them out - so we wont have a bank account for another week : ( ). We sent back the Mandate of Authority and the Moratorium form, which their info states starts off the process, but they have contacted us saying they need ALL the information and the deirect debate manadate before they can submit anything. SO now I am freaking out as that has been coming up 2 weeks. We have done what they asked re cancelling Direct debits and contacting creditors, but if we are not protected as they state, what can they do? I am worried now.
Did they put in your moratorium before you had to provide all debt and outgoings?0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards