DMP Mutual Support Thread - Part 12

[Deleted User] · 6 May 2017 at 8:58AM

henrryyyy wrote: »

Just woke up to some great news(I work night shifts)
One Payday loan company has offered me a full refund of interest paid + 8% simple interest, which total just over 3k.

Well done!:T It's so good to read of people's successes:j. Here's to your other complaints being upheld:beer:

motivated · 6 May 2017 at 9:05AM

carbootcrazy wrote: »

motivated, massive congratulations on your decision and the way you are tackling your debts head-on:T. Respect:beer:

January, I expected it would be you who answered motivated's query about the Postal Orders etc. Thanks as always for the tireless help and advice that you give to us all on this thread:A

Just a query from me to both of you if you don't mind. I too bit the bullet (eventually:o) and am now self-managing:j. Like motivated I pitched my payments at slightly less than I was paying via Stepchange. I didn't go down the token payments route at the outset but, 2 months in, I want to start doing so now to get a F&F fund together;). How much information do you have to give to creditors about why you want to drop to token payments please? I can understand that they would accept this arrangement without quibble if it's for the first month or so whilst things are being set up at the start of self-managing (as with motivated) but to mention at the outset the likelihood that it will at least 4 months seems a bit problematic to me. Do they just tend to accept a creditor stating 'I will be paying £1 a month for x months' without knowing why this should be?

Sorry about this probably dumb question but the slightest variation from the tried and tested path sends me into a tizzy:o

I definitely second what you said about January2015. It's mainly because of her that I have discovered a new me

I don't know even if I've done the right thing

. I added to the NEDCAB letter that I have unexpected car repairs and vet bills so I need time to review and organise our finances etc. To be honest I just told them I never asked.

My plan is to get them to sell me on and default so I will be able to negotiate F&Fs with DCAs. ( I hope). I aim to carry on with token payments as long as I need to

Am I ok with this January 2015.
And as Sourcrates said " if you want results you have to play hard ball"
M

zenshi · 6 May 2017 at 9:21AM

I started off self managed with token payments in 2013. Out of my 7 debtors, all defaulted me within the first year but only 3 have sold my debt

Just stick to your game plan of what you're comfortable with. I'm not increasing my payment but squirrelling away for EF then F and F

motivated · 6 May 2017 at 9:25AM

zenshi wrote: »

I started off self managed with token payments in 2013. Out of my 7 debtors, all defaulted me within the first year but only 3 have sold my debt

Just stick to your game plan of what you're comfortable with. I'm not increasing my payment but squirrelling away for EF then F and F

Hi Zenshi and thank you

Are you still paying token payments?
We have 3 creditors each with 2 x debt. Halifax Barclaycard and MBNA.
M

[Deleted User] · 6 May 2017 at 9:29AM

motivated wrote: »

I definitely second what you said about January2015. It's mainly because of her that I have discovered a new me

I don't know even if I've done the right thing . I added to the NEDCAB letter that I have unexpected car repairs and vet bills so I need time to review and organise our finances etc. To be honest I just told them I never asked.

My plan is to get them to sell me on and default so I will be able to negotiate F&Fs with DCAs. ( I hope). I aim to carry on with token payments as long as I need to

Am I ok with this January 2015.
And as Sourcrates said " if you want results you have to play hard ball"
M

Of my 6 debts, 5 were defaulted in 2013:j but so far only 4 have been sold on, with one of these only last month. I'm now hoping to pick them off one by one by F&Fs and see the end of this debt millstone. Unfortunately my long term sold-on ones are my biggest debts so getting a F&F fund together is my aim this year. I'm keeping my fingers well and truly crossed for some unenforceability confirmation.

January2015 · 6 May 2017 at 9:30AM

carbootcrazy wrote: »

January, I expected it would be you who answered motivated's query about the Postal Orders etc. Thanks as always for the tireless help and advice that you give to us all on this thread:A

Just a query from me to both of you if you don't mind. I too bit the bullet (eventually:o) and am now self-managing:j. Like motivated I pitched my payments at slightly less than I was paying via Stepchange. I didn't go down the token payments route at the outset but, 2 months in, I want to start doing so now to get a F&F fund together;). How much information do you have to give to creditors about why you want to drop to token payments please? I can understand that they would accept this arrangement without quibble if it's for the first month or so whilst things are being set up at the start of self-managing (as with motivated) but to mention at the outset the likelihood that it will at least 4 months seems a bit problematic to me. Do they just tend to accept a creditor stating 'I will be paying £1 a month for x months' without knowing why this should be?

Sorry about this probably dumb question but the slightest variation from the tried and tested path sends me into a tizzy:o

Hi CBC

I never gave a reason when I went self-managed. I literally just told them I would be paying £1 per months for x months. I can see your worry about changing a few months in from self managed but, honestly, don't worry. If you feel you need to give them a reason then do as motivated did and say car repairs, boiler repairs or something similar. Tell them 4 or 6 months. They will not bat an eyelid. Remember you are telling them....not asking their permission.

The thing is you are an account that is not a problem. You communicate with them. You make regular payments. You've hit a blip and need to drop those payments. They will be fine. You are worrying about it and over thinking the potential repercussions. There will be none. :beer:

Thank you (and motivated) for the lovely comments. I am so happy to be able to help others. For me, I think the people that got me well on the DMP road to happiness (because that really is what it means for us) were Sourcrates, Puzzcat, Fatbelly, Brogen (sadly absent from the forum for the last few months:() and not forgetting Sazzie of course. However, I think everyone on the forum is amazing. The non-judgemental support is overwhelming. I love this place :j

zenshi · 6 May 2017 at 9:30AM

Yep, still plodding away with my fiver a month.

MBNA, Barclay and Halifax are the ones I have that have been sold on. Tesco, post office and Santander are still with themselves. My other is tax credit overpayment which will never get discounted

With all of them, I get maybe one letter a year asking if I can up my payment or not. Never get calls from them, so Na hassle at all

January2015 · 6 May 2017 at 9:33AM

Sourcrates is right. If you want defaults and debts sold on, then play hardball with the creditors and either don't pay, or pay token payments until you get the results you want.

Well done Zenshi. Great progress on the defaults - I'm looking forward to seeing those F&Fs when you save enough to start chasing them down

motivated · 6 May 2017 at 9:36AM

zenshi wrote: »

Yep, still plodding away with my fiver a month.

MBNA, Barclay and Halifax are the ones I have that have been sold on. Tesco, post office and Santander are still with themselves. My other is tax credit overpayment which will never get discounted

Thanks again
We are also paying back a tax thingy, I'm not even sure what it is. It's from years ago that has caught up with my OH. It's £1,723 outstanding and we pay this monthly. It's not included in our DMP with SC as they advised us to carry on with it because it is a PAYE something or other.

Whilst paying our token payments I will be clearing this ASAP and ticking this one off our list.
M

sourcrates · 6 May 2017 at 11:12AM

Twins wrote: »

Sourcrates, January.... hello again

I just spoke to NCO and was discussing defaults on my account. The lady advises me that they haven't defaulted me. When I look on my credit report I see that Arrow Global defaulted me in 2011 but NCO was adamant that there were no defaults. She said she'd write to Arrow to confirm what was correct.

What do I do and who is correct?

Thanks

If you have a default registered on your credit file for this debt, then its defaulted, check the date.

You really should not ring up these companies and take advice from there call handlers, most of whom probably dont even know what a default is, let alone the reasons for registering one.

Always write with questions, that way the letters are usually read by people who have a modicum of knowledge about the industry they work in, normally in compliance or other such departments.

Never, ever trust what a call handler tells you, they read from a predefined script, and most of the answers you seek wont be on that script.

DMP Mutual Support Thread - Part 12

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