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  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,034Posts
    • 46,820Thanks
    fermi
    DMP & Mutual Support Thread - Part 11
    • #1
    • 10th Jul 15, 7:32 AM
    DMP & Mutual Support Thread - Part 11 10th Jul 15 at 7:32 AM
    Welcome to the DMP mutual support thread.

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here. There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be. We are a non judgemental and all questions welcome.
    Originally posted by Sazzie23
    Once again the old thread was getting a bit large, so here is a fresh thread.

    The previous thread can be found here: Click ---> DMP & Mutual Support Thread - Part 10

    Or click here for the last page of posts on the old thread. ---> Last Page

    Sazzie23's fantastic post of the month winning post from the previous thread is repeated below.

    Best wishes with the DMPs everyone.
    Last edited by fermi; 12-07-2015 at 9:50 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
Page 183
    • make_the_change
    • By make_the_change 20th Sep 16, 1:19 PM
    • 337 Posts
    • 2,184 Thanks
    make_the_change
    If you receive a default notice, does this mean your account will be defaulted? Thanks!
    DMP Started June 2016
    • blisteringblue
    • By blisteringblue 20th Sep 16, 1:45 PM
    • 971 Posts
    • 1,761 Thanks
    blisteringblue
    If you receive a default notice, does this mean your account will be defaulted? Thanks!
    Originally posted by make_the_change
    Who knows, while it should do a lot of letters are titled default to get your attention.

    We had what we thought was a default notice for Mrs BB's Barclaycard in Sept 2015, only to not get any other correspondence and then we get a similar letter Sept 2016 saying exactly the same thing but a different DCA in charge this time. Until we get our first letter from said DCA saying who to pay they remain on token payments.
    Debt is not a crime
    Estimated DFD - OCT 2018
    Self-Managed DMP 45.93% Paid
    • make_the_change
    • By make_the_change 20th Sep 16, 2:24 PM
    • 337 Posts
    • 2,184 Thanks
    make_the_change
    Who knows, while it should do a lot of letters are titled default to get your attention.

    We had what we thought was a default notice for Mrs BB's Barclaycard in Sept 2015, only to not get any other correspondence and then we get a similar letter Sept 2016 saying exactly the same thing but a different DCA in charge this time. Until we get our first letter from said DCA saying who to pay they remain on token payments.
    Originally posted by blisteringblue
    Ive refused to pay BC or Argos as I am trying to force a default.
    DMP Started June 2016
    • blisteringblue
    • By blisteringblue 20th Sep 16, 2:55 PM
    • 971 Posts
    • 1,761 Thanks
    blisteringblue
    Ive refused to pay BC or Argos as I am trying to force a default.
    Originally posted by make_the_change
    Don't worry, I'm a long stayer who went self managed a long time ago for this very reason

    However them saying they will default and actually getting it is another matter.
    Debt is not a crime
    Estimated DFD - OCT 2018
    Self-Managed DMP 45.93% Paid
    • make_the_change
    • By make_the_change 20th Sep 16, 2:58 PM
    • 337 Posts
    • 2,184 Thanks
    make_the_change
    Don't worry, I'm a long stayer who went self managed a long time ago for this very reason

    However them saying they will default and actually getting it is another matter.
    Originally posted by blisteringblue
    So sit tight and play the waiting game? x
    DMP Started June 2016
    • blisteringblue
    • By blisteringblue 20th Sep 16, 3:02 PM
    • 971 Posts
    • 1,761 Thanks
    blisteringblue
    So sit tight and play the waiting game? x
    Originally posted by make_the_change
    Yep, Barclaycard should make you interest free anyway this way, the default will eventually come.

    I got mine after 6 months of token payments, but our other Barclaycard is still there, sort of defaulted (it now shows as closed on Clearscore) and just waiting for Link Financial to issue payment instructions.
    Debt is not a crime
    Estimated DFD - OCT 2018
    Self-Managed DMP 45.93% Paid
    • Tiggerlou
    • By Tiggerlou 20th Sep 16, 8:20 PM
    • 45 Posts
    • 94 Thanks
    Tiggerlou
    Hello.... has anyone any experience of Allied International? They seem to be in control of my amex debt now although haven't heard off them just noticed it had changed when I logged into my dmp xx thanks
    • JMU-95
    • By JMU-95 20th Sep 16, 8:51 PM
    • 175 Posts
    • 43 Thanks
    JMU-95
    what happens now?
    Hi. I rang tonight to get up to date balances and have been informed that 4 of my accounts have been defaulted and sold on.

    Barclaycard Account 1 > Link Financial
    Barclaycard Account 2 > Defaulted but still with inhouse collections
    Virgin > Arrow Global
    Santander > Westcot


    Are there any of these new companies I need to be wary of? What are they like to deal with? and
    What happens now? It's a bit scary knowing the accounts are with debt collectors.

    Thanks for any advice
    • sourcrates
    • By sourcrates 20th Sep 16, 8:59 PM
    • 7,548 Posts
    • 7,482 Thanks
    sourcrates
    Hi. I rang tonight to get up to date balances and have been informed that 4 of my accounts have been defaulted and sold on.

    Barclaycard Account 1 > Link Financial
    Barclaycard Account 2 > Defaulted but still with inhouse collections
    Virgin > Arrow Global
    Santander > Westcot


    Are there any of these new companies I need to be wary of? What are they like to deal with? and
    What happens now? It's a bit scary knowing the accounts are with debt collectors.

    Thanks for any advice
    Originally posted by JMU-95
    Nothing at all to get scared of, a debt collector has no more rights than the original creditor had.

    If they step out of line or ask for more money than you are able to pay, or harras you in any other way, you complain using the companies complaints procedure, if that dosent resolve it, you go to the ombudsman.

    Most DCA's are fairly soft these days, as they have to comply more with FCA regulation or face been investigated and fined.

    Your DMP should continue the same as before.
    Last edited by sourcrates; 20-09-2016 at 9:02 PM.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • JMU-95
    • By JMU-95 20th Sep 16, 9:06 PM
    • 175 Posts
    • 43 Thanks
    JMU-95
    Nothing at all to get scared of, a debt collector has no more rights than the original creditor had.

    If they step out of line or ask for more money than you are able to pay, or harras you in any other way, you complain using the companies complaints procedure, if that dosent resolve it, you go to the ombudsman.

    Most DCA's are fairly soft these days, as they have to comply more with FCA regulation or face been investigated and fined.

    Your DMP should continue the same as before.
    Originally posted by sourcrates
    Thanks for the reassurance Sourcrates. So do I just wait to they get in contact and then they go over my I&E and agree a payment plan? So if I agree to what they're asking me to repay they won't take me to court? I'm still with Stepchange.
    • Triangle
    • By Triangle 20th Sep 16, 9:34 PM
    • 1,025 Posts
    • 4,659 Thanks
    Triangle
    Good news - I am now self-managed DMP cancelled today with SC and letters written to send to creditors. Feeling a little apprehensive but generally very positive - the only way is up!
    DMP Mutual Support Member 435
    Start date: September 2015 Self-managed start date: September 2016
    Paid so far: 9.57%
    Orginal DFD: May 2024
    • sourcrates
    • By sourcrates 20th Sep 16, 9:38 PM
    • 7,548 Posts
    • 7,482 Thanks
    sourcrates
    Thanks for the reassurance Sourcrates. So do I just wait to they get in contact and then they go over my I&E and agree a payment plan? So if I agree to what they're asking me to repay they won't take me to court? I'm still with Stepchange.
    Originally posted by JMU-95
    Less than 10% of debts end up in court action, so more than 90% of defaulted debts never see the inside of a court room, however the amount of county court judgements is rising.

    They have your SOA, your repaying through a DMP, I doubt they will contact you, Stepchange will deal with your creditors on your behalf, that's what they are there for.

    But even if they did get legal with you, your already paying what you can afford, the court would not make you pay any more, so legal action is pointless, as it has no benefit to the creditor.

    Also, all you people who have not yet been defaulted, a creditor can’t take you to court unless a formal Default Notice has been issued. A Default Notice is a formal letter from your creditor informing you that unless you bring your account up to date within 14 days a Default will be made. A Default Notice won’t be issued immediately you miss a payment – creditors usually wait 3-6 months.
    Last edited by sourcrates; 20-09-2016 at 11:23 PM.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • Sazzie23
    • By Sazzie23 21st Sep 16, 6:30 AM
    • 2,451 Posts
    • 10,161 Thanks
    Sazzie23
    Hi. I rang tonight to get up to date balances and have been informed that 4 of my accounts have been defaulted and sold on.

    Barclaycard Account 1 > Link Financial
    Barclaycard Account 2 > Defaulted but still with inhouse collections
    Virgin > Arrow Global
    Santander > Westcot


    Are there any of these new companies I need to be wary of? What are they like to deal with? and
    What happens now? It's a bit scary knowing the accounts are with debt collectors.

    Thanks for any advice
    Originally posted by JMU-95
    Hi,

    My MBNA has been with link for about 2 years, don't give me any trouble, they did offer to negotiate an f&f if I was interested. They send me a statement every 6 months and noddle is kept up to date about every 2 months.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Perpetual_Miser
    • By Perpetual_Miser 21st Sep 16, 8:25 AM
    • 27 Posts
    • 28 Thanks
    Perpetual_Miser
    So StepChange are holding one of my DMP payments for a HSBC loan as apparently HSBC returned it as the account no longer exists.

    I've received no communication from HSBC to explain.

    What should I do?
    DMP:

    Starting Total: £10,254.47
    /
    Remaining: £9397.47 = (8.36% CLEARED)
    • carbootcrazy
    • By carbootcrazy 21st Sep 16, 8:44 AM
    • 2,822 Posts
    • 16,651 Thanks
    carbootcrazy
    So StepChange are holding one of my DMP payments for a HSBC loan as apparently HSBC returned it as the account no longer exists.

    I've received no communication from HSBC to explain.

    What should I do?
    Originally posted by Perpetual_Miser
    This happened to me with my Tesco Bank credit card debt. Apparently it had been sold on but neither Tesco or the new owners of the debt bothered to inform me about it. The payment SC made to the normal Tesco Bank account was returned to them as unaccepted.

    I phoned Tesco who told me who had bought it (Westcot) and that I would be hearing from them direct. Eventually Westcot did contact me and although SC had asked me to inform them when I had any details of the new creditor it wasn't really necessary as Westcot had by then contacted SC themselves with the payment details etc.

    It all got sorted within a couple of months and the money that SC had not been able to pay them earlier was paid. Nothing else happened.

    I wouldn't worry if I were you. These companies just do things in their own time, some are more efficient than others. I suggest you phone HSBC to find out what's happening, they're the only ones that will know what's going on until you receive some info from the new buyer of the debt.

    Good Luck
    Make £10 A Day Challenge 2016: Jan-Sept:£2268.23: Oct:£89.85
    £1000 Emergency Fund Challenge #43: £1000.00/£1000

    Original Debt: £56804 (@ LBM 02/13). Paid (on DMP): £28557. Balance: £28247
    Just over halfway
    • Lyntonsbird
    • By Lyntonsbird 21st Sep 16, 8:33 PM
    • 2 Posts
    • 2 Thanks
    Lyntonsbird
    My DMP with SC
    Just got a letter from MBNA and they have accepted the SC payment and interest is 0% also will not charge. BOS have refused What does that mean? BC nothing yet
    MBNA cheered me up big time don't care about default just stopping interest will be great for now

    • sourcrates
    • By sourcrates 21st Sep 16, 8:38 PM
    • 7,548 Posts
    • 7,482 Thanks
    sourcrates
    BOS have refused What does that mean?
    Originally posted by Lyntonsbird
    Hi,

    Dosent mean anything really.

    Stepchange will continue to pay them, they will still accept the payment, either they will eventually accept the arrangement or common practice is to sell on the debt.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • Triangle
    • By Triangle 21st Sep 16, 10:43 PM
    • 1,025 Posts
    • 4,659 Thanks
    Triangle
    Just got a letter from MBNA and they have accepted the SC payment and interest is 0% also will not charge. BOS have refused What does that mean? BC nothing yet
    MBNA cheered me up big time don't care about default just stopping interest will be great for now

    Originally posted by Lyntonsbird
    When we started with SC last year, they sent a letter to say BOS had 'refused' the DMP but they would make payments anyway. And that's exactly what happened - nothing to worry about In fact BOS were the first to default after just three months
    DMP Mutual Support Member 435
    Start date: September 2015 Self-managed start date: September 2016
    Paid so far: 9.57%
    Orginal DFD: May 2024
    • Triangle
    • By Triangle 22nd Sep 16, 2:03 PM
    • 1,025 Posts
    • 4,659 Thanks
    Triangle
    Quick question for self-managed DMP-ers

    Is it acceptable to send my most recent Stepchange expenditure sheet to show outgoings and incomings or should I start afresh e.g. with the NEDCAB site? I've started the process but was wondering if I could take a short cut?

    Many thanks
    DMP Mutual Support Member 435
    Start date: September 2015 Self-managed start date: September 2016
    Paid so far: 9.57%
    Orginal DFD: May 2024
    • January2015
    • By January2015 22nd Sep 16, 4:32 PM
    • 1,055 Posts
    • 3,292 Thanks
    January2015
    Quick question for self-managed DMP-ers

    Is it acceptable to send my most recent Stepchange expenditure sheet to show outgoings and incomings or should I start afresh e.g. with the NEDCAB site? I've started the process but was wondering if I could take a short cut?

    Many thanks
    Originally posted by Triangle
    We used the NEBCAB one, and we adjusted it quite significantly to give us more room to a) live, and b) save for full and final settlement offers. Only one out of 11 creditors queried the change in amounts...and they were only paid a few pounds a month anyway (even when we were on SC DMP).

    I suppose you could use the SC one, just depends if you want to adjust your figures or stick with what you had set up already.
    LBM 07/01/15 DMP SC 01/03/15 self-managed 01/02/16 Debt now £94,156 £81,379 (13.57% paid) £11k unenforceable (not yet subtracted from debt balance) 12 11 predators Estimated DFD Feb 2024 Dec 2023
    £1k emergency fund (member #84) £1,000/£1k
    DFW Nerd No.
    1484 Xmas 2016 £1 p/day challenge No. 87 - £588/£732
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