DMP & Mutual Support Thread - Part 11

sourcrates · 15 February 2017 at 9:51PM

ramblehan wrote: »

Hello folks.
So I received a warning of a default letter from V1rgin - and then today a letter for "termination of my credit agreement" requiring the balance to be paid in full. It says that if not received "we may sell your account to a third party who will take responsibility for recovering the money owed."
So this all sounds good...I had written to them at the end of Jan to advise I needed a further 3 months of token payments do I keep paying these to V1rgin until I hear from someone else? Then when I hear from someone else do I set up a payment arrangement immediately?

Really don't want anyone knocking on my door!

Thanks Hannah

Only a few companies use doorstep collectors, mainly in big cities, where it makes financial sense to do so.

But it's a costly way of recovering debts, and these people have no special powers, there just ordinary folk like you and me.

You will be advised when your account is sold, make sure you get that default also.

Once sold on, that's the endgame, start your normal payments then, but don't be suprised if it gets sold on again at some point.

sourcrates · 15 February 2017 at 9:53PM

A_Mc wrote: »

Hello, I was wondering whether anyone could give me so advise. I'm recently separated and currently have a mortgage & DMP in joint names but I am maintaining the payments for both. Ideally I'd like to remortgage in my own name & clear the debt. I have a gaurentor; but haven't a clue where to start looking, or even if such a lender exists. Any advise would be greatly appreciated.

You might be better posting on the mortgage board actually.

You'll get more responses.

System · 15 February 2017 at 9:57PM

Thanks Sourcrates. Does this happen fairly quickly after the default notice usually?

I am still feeling wretched with all of this really - it's the unknowns that I am worrying about - what if we need credit? what if my mum and dad expect us to buy a house and we can't / etc etc (they go on and on.)

I think I will feel better when I start paying something off again. and I just have to hope we can make things work out.

Thanks for your quick response - much appreciated

sourcrates · 15 February 2017 at 10:19PM

ramblehan wrote: »

Thanks Sourcrates. Does this happen fairly quickly after the default notice usually?

I am still feeling wretched with all of this really - it's the unknowns that I am worrying about - what if we need credit? what if my mum and dad expect us to buy a house and we can't / etc etc (they go on and on.)

I think I will feel better when I start paying something off again. and I just have to hope we can make things work out.

Thanks for your quick response - much appreciated

Debts are sold on in bulk, a few thousand accounts at a time.

It's all down to there timescales, and can be impossible to predict.

Don't worry about it, it's a well trodden path.

Puzzcat · 15 February 2017 at 10:58PM

ramblehan wrote: »

Thanks Sourcrates. Does this happen fairly quickly after the default notice usually?

I am still feeling wretched with all of this really - it's the unknowns that I am worrying about - what if we need credit? what if my mum and dad expect us to buy a house and we can't / etc etc (they go on and on.)

I think I will feel better when I start paying something off again. and I just have to hope we can make things work out.

Thanks for your quick response - much appreciated

Hi,
Sorry got to ask what do you mean about parents wanting you to buy a House?
Puzz

sourcrates · 15 February 2017 at 11:56PM

neiljmuk wrote: »

Thank you. Appreciated. Any thoughts on Lynk Financial marking my payments of zero each month as settled?

I don't know sorry.

Sometimes creditors can be a law unto themselves.

January2015 · 16 February 2017 at 12:28AM

motivated wrote: »

Hi all

Update of situation so far

Had a phone call from SC this morning saying they have received our paperwork etc. I have just had to email across CC long numbers and Loan numbers.

The gentleman said that once they receive these details we should be up and running. 1st payment to go out 1st April :j

Just waiting for email confirmation that all is ok

Wanting to breathe a huge sigh of relief but will wait until I here from them.

Everything so far has been easy. Please let the last hurdle be a doddle too
M

{cough} {cough}......don't want to say we told you so.....but

What did we say !! :rotfl:

The minute you admit to yourselves and your creditors you cannot afford to continue as you have been and you put something in place to start a DMP the weight lifts off your shoulders. Nothing bad happens, creditors are mostly okay and those that aren't cannot do anything anyway. Your DMP start is April, but in all honesty SC and creditors wouldn't have cared if it was a couple of months later. As long as they are kept in the loop with what's happening they are fine. Well done you for sorting this and well done for giving yourself a bit of breathing space to put some money aside for emergencies.

That last hurdle is not a hurdle - it's not even a bump in the road. It's just a chore to deal with to get the the next step. Chores are a nuisance, somewhat irritating sometimes but they are definitely not hurdles.

I'm loving reading the change in your posts. The enthusiasm for getting started and the belief that it will be okay is now coming across loud and clear. Such a change from the first nervous, worried posts.

:beer:

Sazzie23 · 16 February 2017 at 4:24AM

ramblehan wrote: »

Hello folks.
So I received a warning of a default letter from V1rgin - and then today a letter for "termination of my credit agreement" requiring the balance to be paid in full. It says that if not received "we may sell your account to a third party who will take responsibility for recovering the money owed."
So this all sounds good...I had written to them at the end of Jan to advise I needed a further 3 months of token payments do I keep paying these to V1rgin until I hear from someone else? Then when I hear from someone else do I set up a payment arrangement immediately?

Really don't want anyone knocking on my door!

Thanks Hannah

Hi Ramble,

Most likely an automated pre-default letter. Some creditors send them out several times (BC :mad:) before you actually get a default. Then follows a period of exchange where the debt moves over to the DCA. And at some point, someone will let you know.

I don't expect anyone to come knocking on your door, if you are maintaining any sort of payment schedule, albeit reduced. I fully understand the worry, when you watch TV docuhorrors about debtors it does make you think that will happen. Of course creditors do send baliffs, but only after a CCJ and they are rare in a DMP, since most DMPers have nothing to pay the debts with, there's no point taking someone to court.
For your peace of mind, I'd probably keep paying token payments to Virgin until the debt gets moved, but in reality I don't expect it to make much difference. Just keep your records up to date so the payments do double check payments get allocated correctly.

Saz

Sazzie23 · 16 February 2017 at 4:30AM

A_Mc wrote: »

Hello, I was wondering whether anyone could give me so advise. I'm recently separated and currently have a mortgage & DMP in joint names but I am maintaining the payments for both. Ideally I'd like to remortgage in my own name & clear the debt. I have a gaurentor; but haven't a clue where to start looking, or even if such a lender exists. Any advise would be greatly appreciated.

Hi

Just wanted to check, are you think of remortgaging to clear the whole debt and mortgage, I.e. Increasing your secured debt?

I'd have to advise against that as it'd be like consolidation which in my experience is never a good idea, it just increases your debt load long term.

In terms of remortgaging on DMP, it's very awkward but existing lenders are often the way to go as you have a history with them. The new mortgage rules though can be difficult to get through on DMP. As Sourcrates says, maybe the mortgage board will get you more replies. Just a cautionary note though, they can be a full-on for some threads and come across as a bit judgemental. It's only to help and they are not always used to the fragile ego of a DMPer.

Saz

motivated · 16 February 2017 at 9:53AM

January2015 wrote: »

{cough} {cough}......don't want to say we told you so.....but

What did we say !! :rotfl:

The minute you admit to yourselves and your creditors you cannot afford to continue as you have been and you put something in place to start a DMP the weight lifts off your shoulders. Nothing bad happens, creditors are mostly okay and those that aren't cannot do anything anyway. Your DMP start is April, but in all honesty SC and creditors wouldn't have cared if it was a couple of months later. As long as they are kept in the loop with what's happening they are fine. Well done you for sorting this and well done for giving yourself a bit of breathing space to put some money aside for emergencies.

That last hurdle is not a hurdle - it's not even a bump in the road. It's just a chore to deal with to get the the next step. Chores are a nuisance, somewhat irritating sometimes but they are definitely not hurdles.

I'm loving reading the change in your posts. The enthusiasm for getting started and the belief that it will be okay is now coming across loud and clear. Such a change from the first nervous, worried posts.

:beer:

January2015

What can I say. Your were definitely right. The weight has slowly lifted off my shoulders. I have had another CC statement come in today and as sourcrates basically said so what ! For once in my life I actually feel in control and not the finances controlling me. I even plan on opening a second savings account today. One to be used for big expenses like car insurance and car tax the other to be used for a general savings account for household items etc. The good thing about our new account is that we have 2 cards. One is a general cash card and the other is a top up debit card. This helps as we only put on the top up card what we can afford and this is used for shopping. The other is for withdrawing cash so we are able to keep things separate. If there's no money on the top up card we can't buy it simples

I need a few bits of shopping today but am holding off until tomorrow when DHs wages go in then I can work from my budget and not the money we have saved up. My mindset has changed so much over the past couple of weeks and just need DH to catch me up

I hope my wages next month will go into our new account but I plan to cancel DDs for loans before then anyway. I keep thinking if I do it now Halifax will think :eek: and if my wages does somehow make it the the old account they will take it all. Should I wait to cancel them a few days before they're due again in March or do it now ? Mind you SC should have already contacted them by then anyway.

Hoping to receive an email from SC today

Thank you all again so much
M

DMP & Mutual Support Thread - Part 11

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