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  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,076Posts
    • 46,880Thanks
    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 189
    • Ellieseleven
    • By Ellieseleven 17th Oct 16, 6:17 PM
    • 1,900 Posts
    • 5,622 Thanks
    Ellieseleven
    It could be Link are just managing the debt, but looking at there website it says they are "specialist debt purchasers", so it's likley it's been sold.

    If BC had sold the account, you should of been informed in writing, likewise in order to sell the account on, it must be defaulted first, so again, you should of received a default notice as well.

    May be worth putting these points to BC in a letter, see what they have to say.
    Originally posted by sourcrates
    I have just come off the phone to BC, they say they have sold on the debt to Link (along with approx. another 1,000 accounts).

    I explained that we have not been notified and asked why the account had not been defaulted. The guy on the phone said they wouldn't default us (as though he was doing us a favour) and that Link would offer us an opportunity to pay off the account at a reduced amount. I asked what the status would be then and he said "partially settled" (I don't want to partially settle as this account would be fully paid in 5 months time anyway).

    I asked if they would default the account and back date it but again the response was that AR is better on the account than a default.

    My conclusion to this call is that I know more than the operator and I will now put my query in writing and ask again if they will default us and back date it 6 years.

    I just thought this might be useful for anyone with BC who finds their account sold onto Link.

    I will keep you updated with any response from BC

    Ellie x
    Lightbulb Moment 16/07/2010
    DFD - Nov 2021 Apr 2020 Mar2017 Mar2017- 59/136 130101 62
    46,200 1,978 95.72% paid off @Dec 2016 3 months left
    DMP mutual support thread member:385
    Saving for Xmas 2017 #1 £6/ £732
    DFBXMAS 2016 #18 £7,956/9,376 84.85%EF #142 - 390/1000
    • Imtryingmybest
    • By Imtryingmybest 17th Oct 16, 7:39 PM
    • 2 Posts
    • 2 Thanks
    Imtryingmybest
    Whistletree Self-Managed DMP
    Hi all

    This is my first time as part of this forum, and I was hoping for some advice...my wife and I have been in a DMP with SC for some time now, and to give us more control (mainly to deal with BC) we are trying to go self managed - so far so good, but the only company who has been 'awkward' is Whistletree (the debt wing of good old Northern Rock)...having paid them myself today (rather than go through SC), they said that because they hadn't received payment on time from SC, I was now 'outside' of my agreement...the upshot is that they told me I had to either go back to SC and they would reinstate my agreement (frozen interest - I'm 5K in arrears on the unsecured part of my mortgage, but up to date on secured) or declare my intention to go self - managed, and go through new I&E with them. If I didn't, my unsecured loan payments would revert to 4.5%APR. Ok, I understand, but I asked if I could have a copy of their I&E form, and they refused, and wanted me to go through it over the phone. Naturally, I declined their offer, but I was wondering if anyone could advise on where to go now:
    a) go back to DMP with SC?
    b) declare intention to go SM, and go through I&E over the phone?
    If I do nothing, the chap told me that it would naturally revert to 4.5%APR and they would expect me to 'make a contribution' to the outstanding amount PCM - what does that mean??

    Any help much appreciated!
    • Sazzie23
    • By Sazzie23 18th Oct 16, 2:44 AM
    • 2,486 Posts
    • 10,243 Thanks
    Sazzie23
    Hi all

    This is my first time as part of this forum, and I was hoping for some advice...my wife and I have been in a DMP with SC for some time now, and to give us more control (mainly to deal with BC) we are trying to go self managed - so far so good, but the only company who has been 'awkward' is Whistletree (the debt wing of good old Northern Rock)...having paid them myself today (rather than go through SC), they said that because they hadn't received payment on time from SC, I was now 'outside' of my agreement...the upshot is that they told me I had to either go back to SC and they would reinstate my agreement (frozen interest - I'm 5K in arrears on the unsecured part of my mortgage, but up to date on secured) or declare my intention to go self - managed, and go through new I&E with them. If I didn't, my unsecured loan payments would revert to 4.5%APR. Ok, I understand, but I asked if I could have a copy of their I&E form, and they refused, and wanted me to go through it over the phone. Naturally, I declined their offer, but I was wondering if anyone could advise on where to go now:
    a) go back to DMP with SC?
    b) declare intention to go SM, and go through I&E over the phone?
    If I do nothing, the chap told me that it would naturally revert to 4.5%APR and they would expect me to 'make a contribution' to the outstanding amount PCM - what does that mean??

    Any help much appreciated!
    Originally posted by Imtryingmybest
    Hi Tryingmybest

    Welcome to the DMP thread. Seems like you have plenty of knowledge to share already.

    I think the contribution is that they expect you to pay something off the unsecured debt as well as the interest each month. The self-managed people be along soon but I think the general advice is to use an Ie from SC or NEDCAB and put your details in writing telling them what you will be paying.

    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.
    • Sazzie23
    • By Sazzie23 18th Oct 16, 2:49 AM
    • 2,486 Posts
    • 10,243 Thanks
    Sazzie23
    I have just come off the phone to BC, they say they have sold on the debt to Link (along with approx. another 1,000 accounts).

    I explained that we have not been notified and asked why the account had not been defaulted. The guy on the phone said they wouldn't default us (as though he was doing us a favour) and that Link would offer us an opportunity to pay off the account at a reduced amount. I asked what the status would be then and he said "partially settled" (I don't want to partially settle as this account would be fully paid in 5 months time anyway).

    I asked if they would default the account and back date it but again the response was that AR is better on the account than a default.

    My conclusion to this call is that I know more than the operator and I will now put my query in writing and ask again if they will default us and back date it 6 years.

    I just thought this might be useful for anyone with BC who finds their account sold onto Link.

    I will keep you updated with any response from BC

    Ellie x
    Originally posted by Ellieseleven
    Hi Ellie,

    Same old BC AR song, good luck with it, they are such pains.
    No help to you but have found Link ok to deal with.

    And of course you know more than them, you are informed
    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.
    • Imtryingmybest
    • By Imtryingmybest 18th Oct 16, 7:15 AM
    • 2 Posts
    • 2 Thanks
    Imtryingmybest
    Thank you
    Thanks,Saz - with more confidence from sharing ideas and seeing other posts, I will ring Whistletree back today...I'm not going to be pressured into doing something we don't want to do, and I might say that, whilst I appreciate that they want a decision on what I'm going to do, 2 days is a very short amount of time to decide! (Even BC stopped correspondence and held charges for a month!!!)
    I will also again ask for things in writing, as I do get flustered trying to do things over the phone...
    • Ellieseleven
    • By Ellieseleven 18th Oct 16, 8:00 AM
    • 1,900 Posts
    • 5,622 Thanks
    Ellieseleven
    Hi Ellie,

    Same old BC AR song, good luck with it, they are such pains.
    No help to you but have found Link ok to deal with.

    And of course you know more than them, you are informed
    Saz
    Originally posted by Sazzie23
    Thanks Saz,

    I felt quite proud of myself actually phoning up a creditor and putting my point across and correcting them when they tried to give mis-information. I've come a long way in the 6 years I have been on a DMP, there was a time I would have run for the hills rather than discuss my debt with a DCA or Creditor...and it's all thanks to MSE and the very knowledgeable people on here

    Ellie x
    Lightbulb Moment 16/07/2010
    DFD - Nov 2021 Apr 2020 Mar2017 Mar2017- 59/136 130101 62
    46,200 1,978 95.72% paid off @Dec 2016 3 months left
    DMP mutual support thread member:385
    Saving for Xmas 2017 #1 £6/ £732
    DFBXMAS 2016 #18 £7,956/9,376 84.85%EF #142 - 390/1000
    • sourcrates
    • By sourcrates 18th Oct 16, 10:31 AM
    • 8,335 Posts
    • 8,170 Thanks
    sourcrates
    Thanks Saz,

    I felt quite proud of myself actually phoning up a creditor and putting my point across and correcting them when they tried to give mis-information. I've come a long way in the 6 years I have been on a DMP, there was a time I would have run for the hills rather than discuss my debt with a DCA or Creditor...and it's all thanks to MSE and the very knowledgeable people on here

    Ellie x
    Originally posted by Ellieseleven
    BC are a law unto themselves.

    Under the consumer credit act, they cannot sell on a debt until the relationship between creditor and debtor has broken down, this is usually served in the form of a default notice, did they send you one ?

    If not, until they do so, Link has no legal right to ask you for payment.
    Last edited by sourcrates; 18-10-2016 at 11:22 AM.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • make_the_change
    • By make_the_change 18th Oct 16, 12:14 PM
    • 347 Posts
    • 2,195 Thanks
    make_the_change
    Hi All,

    Had a text from Argos saying my account has now been defaulted and that they may be able to offer me a reduction of my balance.

    Anyone else had this?
    DMP Started June 2016
    • Ellieseleven
    • By Ellieseleven 18th Oct 16, 5:20 PM
    • 1,900 Posts
    • 5,622 Thanks
    Ellieseleven
    BC are a law unto themselves.

    Under the consumer credit act, they cannot sell on a debt until the relationship between creditor and debtor has broken down, this is usually served in the form of a default notice, did they send you one ?

    If not, until they do so, Link has no legal right to ask you for payment.
    Originally posted by sourcrates

    No Sourcrates, they have not sent me a default notice nor any correspondence to say this was happening (I only know from checking my SC account). I asked the person on the phone at BC why they had sold on the debt but not defaulted me. His answer was that AR markers are better than defaults. When I explained the AR markers are damaging my credit file as they will remain there longer and a default would have been about to drop off, he still insisted an AR marker was better and tried to make out selling on the account is a good thing as we can settle at a reduced rate (I said I didn't want a partially settled marker on my credit file either).


    Basically, I was getting nowhere on the phone so will pursue in writing and see if that works.


    Thanks for your replies


    Ellie x
    Lightbulb Moment 16/07/2010
    DFD - Nov 2021 Apr 2020 Mar2017 Mar2017- 59/136 130101 62
    46,200 1,978 95.72% paid off @Dec 2016 3 months left
    DMP mutual support thread member:385
    Saving for Xmas 2017 #1 £6/ £732
    DFBXMAS 2016 #18 £7,956/9,376 84.85%EF #142 - 390/1000
    • make_the_change
    • By make_the_change 19th Oct 16, 9:39 AM
    • 347 Posts
    • 2,195 Thanks
    make_the_change
    Hi All,

    Had a text from Argos saying my account has now been defaulted and that they may be able to offer me a reduction of my balance.

    Anyone else had this?
    Originally posted by make_the_change
    Has anyone had this?

    Also had a voicemail from FRS on behalf of Argos. Never heard of them?!
    DMP Started June 2016
    • Triangle
    • By Triangle 19th Oct 16, 4:13 PM
    • 1,026 Posts
    • 4,660 Thanks
    Triangle
    Our BC has been sold to Link too.

    I checked our credit reports and BC have defaulted the account to the start of the DMP as promised (Sept 15) however as its been sold I don't think they applied the refund on interest charges we were promised.
    DMP Mutual Support Member 435
    Start date: September 2015 Self-managed start date: September 2016
    Paid so far: 9.57%
    Orginal DFD: May 2024
    • angela1976
    • By angela1976 19th Oct 16, 6:02 PM
    • 37 Posts
    • 46 Thanks
    angela1976
    Just checked our stepchange account and both our bc accounts are now showing with Link, not had any correspondence just keeping my fingers crossed they are OK to deal with. As everything has ran pretty smoothly for the last 2 years
    • ramblehan
    • By ramblehan 19th Oct 16, 9:03 PM
    • 342 Posts
    • 683 Thanks
    ramblehan
    Hi.
    Me here with many questions.
    Is there a template for reducing your payment for a short period? We've got some majoir stuff going on and reducing would help, as well as hopefully pushing through some defaults.
    Do I need to send an adjusted SOA with the letter and tell them why?
    Many thanks Ramble x
    LBM June 2015: £24025.75!
    The big bad three:£22,034 8.8% down 91.2% to go:
    Tax savings: £400/£1800
    'Very little is needed to make a happy life' Marcus Aurelius
    • Sazzie23
    • By Sazzie23 20th Oct 16, 5:17 AM
    • 2,486 Posts
    • 10,243 Thanks
    Sazzie23
    Hi.
    Me here with many questions.
    Is there a template for reducing your payment for a short period? We've got some majoir stuff going on and reducing would help, as well as hopefully pushing through some defaults.
    Do I need to send an adjusted SOA with the letter and tell them why?
    Many thanks Ramble x
    Originally posted by ramblehan
    Hi Ramble,

    If self-managed, just write to them saying you have whatever unexoeceted expenses and they'll only be getting x amount. If with SC, call them so they can adjust the DD.

    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.
    • Sazzie23
    • By Sazzie23 20th Oct 16, 5:20 AM
    • 2,486 Posts
    • 10,243 Thanks
    Sazzie23
    Just checked our stepchange account and both our bc accounts are now showing with Link, not had any correspondence just keeping my fingers crossed they are OK to deal with. As everything has ran pretty smoothly for the last 2 years
    Originally posted by angela1976
    Hi, one of my mbna went to link about 2 years ago, took about 8 weeks before. Got anything in writing, but the payments via SC all got credited. They send a statement every 6 months, that's all I hear from them. Think they asked me at the start if I wanted to stay with SC and offered to negotiate F&f if interested .

    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.
    • sourcrates
    • By sourcrates 20th Oct 16, 1:26 PM
    • 8,335 Posts
    • 8,170 Thanks
    sourcrates
    No Sourcrates, they have not sent me a default notice nor any correspondence to say this was happening (I only know from checking my SC account). I asked the person on the phone at BC why they had sold on the debt but not defaulted me. His answer was that AR markers are better than defaults. When I explained the AR markers are damaging my credit file as they will remain there longer and a default would have been about to drop off, he still insisted an AR marker was better and tried to make out selling on the account is a good thing as we can settle at a reduced rate (I said I didn't want a partially settled marker on my credit file either).


    Basically, I was getting nowhere on the phone so will pursue in writing and see if that works.


    Thanks for your replies


    Ellie x
    Originally posted by Ellieseleven
    You will find the call handlers at Barclaycard, or any other credit card company, will have little knowledge of the law surrounding such matters.
    It's the compliance depts job to make sure the company complies with legislation, but they don't always get it right, or they just make there own rules until someone takes them to task over it.

    You could refuse to pay Link, and also tell them why you refuse to pay, it could result in the return of the account to BC, or they could choose to make a comercial decision and write off the debt, that is not guaranteed of course, but makes for an interesting situation.

    The fact remains BC sold on a debt without first defaulting you, or providing you with written notice of the default or the sale.

    Well into the territory of schoolboy errors.

    This is what the law says :

    .................................................. .........................................
    S.87 (1) of the CCA1974

    S.87 Need for default notice
    (1) Service of a notice on the debtor or hirer in accordance with section 88 (a “default notice”) is necessary before the creditor or owner can become entitled, by reason of any breach by the debtor or hirer of a regulated agreement,—

    (a) to terminate the agreement, or

    (b) to demand earlier payment of any sum
    .................................................. ...........................................

    So, in order to sell on the debt, the original agreement must first be terminated.
    Last edited by sourcrates; 20-10-2016 at 3:17 PM.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
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  • StepChange_Rachael
    Hi there,

    I just noticed this post so thought I might be able to put your mind at rest.

    Quite often creditors pass debts on to collection agencies. If you’re on a plan with us then as long as we are aware who the debt is now with this shouldn’t cause any issues.

    Collections agencies are usually quite accepting of a payment plan.

    If you’ve any concerns you can always get in touch. Here are our contact details.

    Thanks
    Rachael



    Just checked our stepchange account and both our bc accounts are now showing with Link, not had any correspondence just keeping my fingers crossed they are OK to deal with. As everything has ran pretty smoothly for the last 2 years
    Originally posted by angela1976
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • deniseb90
    • By deniseb90 21st Oct 16, 12:25 PM
    • 36 Posts
    • 21 Thanks
    deniseb90
    Scared of calls!
    Hi,

    After years of swapping debt from one credit card to another, and finally not being able to gain a 0% card (or a loan) I have signed up with StepChange and a DMP. I have 4 creditors, BC, Virgin, Next catalogue and Very. I am just scared of receiving threatening letters and calls - I am quite prepared to pay off my debt, it's my debt after all, but can't afford the crippling interest. It's something that I've been worrying about for ages and it's all come to a head what with my divorce and not getting regular overtime anymore at work.

    I'm just very glad that I've found this thread as it has somewhat put my mind at rest - just hope I'm as strong as you guys!

    Dx
    • sourcrates
    • By sourcrates 21st Oct 16, 12:54 PM
    • 8,335 Posts
    • 8,170 Thanks
    sourcrates
    Hi,

    After years of swapping debt from one credit card to another, and finally not being able to gain a 0% card (or a loan) I have signed up with StepChange and a DMP. I have 4 creditors, BC, Virgin, Next catalogue and Very. I am just scared of receiving threatening letters and calls - I am quite prepared to pay off my debt, it's my debt after all, but can't afford the crippling interest. It's something that I've been worrying about for ages and it's all come to a head what with my divorce and not getting regular overtime anymore at work.

    I'm just very glad that I've found this thread as it has somewhat put my mind at rest - just hope I'm as strong as you guys!

    Dx
    Originally posted by deniseb90
    Hi,

    I would not worry about letters and phone calls, each can be easily dealt with.
    Your creditors will encourage you to seek advice from one of the debt charities, as you are doing, so any letters telling you to pay up, will be automated, and can be safely filed in the recycle bin.

    Any calls, you can either block there number, or just say your seeking advice from stepchange, and most call handlers will be happy with that.

    Debt management is a tried and trusted method, which tens of thousands of people resort to every year, you are no different to them, and your case will not be treated any differently from theirs, so dont panic !!!

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • deniseb90
    • By deniseb90 21st Oct 16, 2:07 PM
    • 36 Posts
    • 21 Thanks
    deniseb90
    Thanks Sourcrates! It's easy to become sucked in to the "oh I'll just swap it on to a 0% card" until the 0% cards run out and you get rejected a few times!

    Again, thanks for the reassurance. dx
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