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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 13,097Posts
    • 12,398Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

    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 non judgmental and all questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
Page 123
    • sourcrates
    • By sourcrates 4th Jan 18, 10:03 PM
    • 13,097 Posts
    • 12,398 Thanks
    sourcrates
    CCA stands for consumer credit agreement - the agreement signed when opening a credit account.

    I&E stands for Income and Expenditure. Creditors and Debt Collection Agencies (DCAs) ask for one when clients enter DMPs or other debt solution options. Once on a DMP creditors often ask for regular updates - once settled into a DMP this becomes a yearly thing.
    Originally posted by January2015
    Nice to see you back jan !!!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • torheb
    • By torheb 5th Jan 18, 8:13 AM
    • 14 Posts
    • 5 Thanks
    torheb
    Hi just after a bit of reassurance we started our dmp with sc in May last year it has ran pretty smoothly just a few hiccups with wescot which got finally sorted last week - now this week next have sent a letter saying we have finished our 6 month reduced payment plan and terms resume back to normal - they have added interest again and I’m getting emails and texts about paying them the full minimum payment - I think sc have recently sent a letter to everyone reaffrirming our situation should I wait a week and see what happens or should I search for an email address for next and contact them directly - I thought things were finally all settled and going well then another spanner is thrown in the works!
    • leanne12345
    • By leanne12345 5th Jan 18, 10:56 AM
    • 78 Posts
    • 44 Thanks
    leanne12345
    Hi, haven't posted on here for a while but wondering if anyone has any experience with Very/NCO. I've read a lot of people saying they are rubbish for defaulting etc.
    I have been paying token payments for 6 months but received a letter saying they wanted to review it so I replied saying circumstances haven't changed so I will continue to pay £1.
    They have now started again with the phone calls (which I've blocked) and adding interest on again. My plan was just to ignore them completely until they default now as these are my only creditor not to default but just want to check I'm doing the right thing?
    Thanks
    • January2015
    • By January2015 5th Jan 18, 2:36 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Hi

    Well I've sat down and really hammered my budget (the actual budget and not the one I send through to creditors ).

    I reckon we can live off food in the freezer for at least two months. So grocery budget is just £60 p/mth for January and February. That's for basics like bread and milk etc. I was going to try for £50 p/mth but I think I will need the extra tenner for the fruit and veg. I will be pleased if I achieve that target

    Unfortunately our gas and electric has gone up. We renewed through the MSE energy club just before Christmas, but I guess energy costs are increasing and I will just have to live with that.

    Other increases include house insurance and car insurance. So frustrating. It would be nice if they came down in cost after yet another year of not making a claim (well house insurance did cover the boiler replacement last summer so I guess I accept that one would increase).

    We changed vehicles last summer and the new (er.... not new but replacement) car is only £20 a year on vehicle tax - *R*E*S*U*L*T* - so that's a lovely saving (which I haven't told creditors about )

    Overall we are doing okay and have long since learnt to live within our budget - why, oh why couldn't I have learnt this 30 years ago
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • January2015
    • By January2015 5th Jan 18, 2:39 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Hi, haven't posted on here for a while but wondering if anyone has any experience with Very/NCO. I've read a lot of people saying they are rubbish for defaulting etc.
    I have been paying token payments for 6 months but received a letter saying they wanted to review it so I replied saying circumstances haven't changed so I will continue to pay £1.
    They have now started again with the phone calls (which I've blocked) and adding interest on again. My plan was just to ignore them completely until they default now as these are my only creditor not to default but just want to check I'm doing the right thing?
    Thanks
    Originally posted by leanne12345
    Write to them again. Advise them your circumstances have not changed since you last sent them an income and expenditure statement. Send the same I&E statement again and confirm it is a current reflection of your financial situation. Tell them in the letter you do not give them permission to telephone you. Advise you will respond to written communication and will keep them updated of any changes in your circumstances. Advise you do not anticipate a change for the next year, but will contact them should anything change. Re-iterate you do not give them permission to contact you by phone and request they delete your telephone contact information.

    They are proverbial pain in the rears.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • January2015
    • By January2015 5th Jan 18, 2:45 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Hi just after a bit of reassurance we started our dmp with sc in May last year it has ran pretty smoothly just a few hiccups with wescot which got finally sorted last week - now this week next have sent a letter saying we have finished our 6 month reduced payment plan and terms resume back to normal - they have added interest again and Iím getting emails and texts about paying them the full minimum payment - I think sc have recently sent a letter to everyone reaffrirming our situation should I wait a week and see what happens or should I search for an email address for next and contact them directly - I thought things were finally all settled and going well then another spanner is thrown in the works!
    Originally posted by torheb
    I would write to Wescot now. There correspondence address is

    PO Box 137
    Jarratt Street
    Hull
    HU2 8HF

    Write and advise you are being supported by SC to deal with your debts - which they are already aware of. Write that the only way you will be able to do this is if creditors support you by zeroing interest. Formally request the account be defaulted as quickly as possible. Wescot are just the monkeys chasing the debt. If interest is still being added it is still owned by the original creditor - so I would CC the original creditor in on the letter.

    Don't stress too much. I had interest added and chased down creditors and DCAs when I first started my DMP. All interest was refunded eventually. BC were the worst and my battle with them took almost 2 years. They still hold the debts and haven't moved them to DCAs but have defaulted and backdated the defaults right to the beginning of my DMP - which is fine with me.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • Billy12345
    • By Billy12345 5th Jan 18, 2:56 PM
    • 57 Posts
    • 85 Thanks
    Billy12345
    Afternoon all


    Just been completing my annual review with SC updating the I&E and slightly reducing it (only by £20). SC went through the usual "we will see if this is the best plan for you", which I suppose they have to and after 15 minutes decided the DMP was still the best way forwards. I told them this at the outset but they have their job to do I suppose.


    Anywhoo, SC said they will write to the creditors asking them to freeze interest. The majority of my creditors have defaulted so I said that interest can't be added once the account is defaulted. SC said I was wrong and they could still add interest even on a defaulted account.


    Surely that can't be right. Anyone else had this from SC ?


    I don't think it will be a problem however and if it is I'll go self managed and reduce to token payments for a few months to increase my F&F fund but I really don't want to do this until we have moved house (in the process of selling and managed to obtain the services of a good broker who has found me a lender without stupidly high interest rates, received offer in principle and just awaiting formal mortgage offer but don't yet know who it is...was so excited to have found a company willing to take me I forgot to ask).


    Anyway waffle on pause for now.....has anyone else heard of creditors defaulting then adding interest onto accounts.
    LBM August 2016 = £59k Getting there slowly but surely
    Aug - Dec 16 = £2,153.25 paid
    Jan - Dec 17 = £6,381.89 paid TOTAL PAID £8,535.14

    £50k remaining
    • January2015
    • By January2015 5th Jan 18, 4:08 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015

    Anyway waffle on pause for now.....has anyone else heard of creditors defaulting then adding interest onto accounts.
    Originally posted by Billy12345
    My understanding is creditors and DCAs can only continue to charge interest after default if the original credit agreement allows for this to happen.

    In reality it rarely happens - once defaulted interest and charges generally stop. I wouldn't worry about it too much.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • leanne12345
    • By leanne12345 5th Jan 18, 5:21 PM
    • 78 Posts
    • 44 Thanks
    leanne12345
    Write to them again. Advise them your circumstances have not changed since you last sent them an income and expenditure statement. Send the same I&E statement again and confirm it is a current reflection of your financial situation. Tell them in the letter you do not give them permission to telephone you. Advise you will respond to written communication and will keep them updated of any changes in your circumstances. Advise you do not anticipate a change for the next year, but will contact them should anything change. Re-iterate you do not give them permission to contact you by phone and request they delete your telephone contact information.

    They are proverbial pain in the rears.
    Originally posted by January2015
    Thanks for that January 😊
    The reason I was reluctant to send them another I&E was that I thought if they accept my payment they will be less likely to default me and just mark my credit files as having an arrangement to pay. I'm not sure if I'm thinking about that wrong now though?
    • January2015
    • By January2015 5th Jan 18, 5:38 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Thanks for that January 😊
    The reason I was reluctant to send them another I&E was that I thought if they accept my payment they will be less likely to default me and just mark my credit files as having an arrangement to pay. I'm not sure if I'm thinking about that wrong now though?
    Originally posted by leanne12345
    When you write to them explain you have not taken the decision to enter a DMP lightly. You realise the long term impact it will have on your credit reference files. Formally request they default the account as soon as possible. I wrote and asked my creditors to back date defaults to the date of the start of the DMP. Some did, some didn't - but all my accounts are now defaulted and all defaults registered within six months of start date of DMP. I'm ok with that However, I kept formally requesting, and pointing out the credit relationship had broken down. Keep on at them, don't be afraid of them.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • motivated
    • By motivated 5th Jan 18, 5:40 PM
    • 2,510 Posts
    • 4,099 Thanks
    motivated
    Hi all, me again

    Today I recieved 2 letters from PRA Group. They state that they have purchased our MBNA accounts and we now have to pay them not the original creditor. ( this is good right?) There is also a letter in there from MBNA saying they have sold the debt to PRA and have transferred ownership and any rights to collect the outstanding debt etc etc.

    I have currently been paying them token payments and want to continue for a while to build up a decent F & F fund which I hope I will be able to do now the accounts are sold on. Do I just change payment details etc and carry on?

    Both accounts are defaulted so I’m guessing no more interest will go on


    Edit: just looked on the PRA site and it says to set up a payment plan I have to complete a financial assessment on there. I’m thinking I just copy my current I&E that I’ve been using.
    M
    Last edited by motivated; 05-01-2018 at 5:48 PM.
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • leanne12345
    • By leanne12345 5th Jan 18, 5:49 PM
    • 78 Posts
    • 44 Thanks
    leanne12345
    When you write to them explain you have not taken the decision to enter a DMP lightly. You realise the long term impact it will have on your credit reference files. Formally request they default the account as soon as possible. I wrote and asked my creditors to back date defaults to the date of the start of the DMP. Some did, some didn't - but all my accounts are now defaulted and all defaults registered within six months of start date of DMP. I'm ok with that However, I kept formally requesting, and pointing out the credit relationship had broken down. Keep on at them, don't be afraid of them.
    Originally posted by January2015
    I shall do that this weekend then, thank you again. If I can get these to default within the next 6 months then I will be happy with that as I know they are not the most sympathetic of creditors. I will try to channel you when writing my letters
    • January2015
    • By January2015 5th Jan 18, 5:50 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Hi all, me again

    Today I recieved 2 letters from PRA Group. They state that they have purchased our MBNA accounts and we now have to pay them not the original creditor. ( this is good right?) There is also a letter in there from MBNA saying they have sold the debt to PRA and have transferred ownership and any rights to collect the outstanding debt etc etc.

    I have currently been paying them token payments and want to continue for a while to build up a decent F & F fund which I hope I will be able to do now the accounts are sold on. Do I just change payment details etc and carry on?

    Both accounts are defaulted so Iím guessing no more interest will go on


    Edit: just looked on the PRA site and it says to set up a payment plan I have to complete a financial assessment on there. Iím thinking I just copy my current I&E that Iíve been using.
    M
    Originally posted by motivated
    How old are your MBNA accounts???
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • motivated
    • By motivated 5th Jan 18, 5:58 PM
    • 2,510 Posts
    • 4,099 Thanks
    motivated
    How old are your MBNA accounts???
    Originally posted by January2015
    Hi January

    The biggest of the two was March 2013 and the smaller of the two was July 2015

    Just having a slight wobble here On PRAís site itís got a section about litigation and itís worried me. ďWe have a team of customer agents who are trained to investigate customer financial circumstancesĒ

    I donít know if I should fill in their I&E they have on there as it wonít let me into the site to set up payments until I do.
    M
    Last edited by motivated; 05-01-2018 at 7:13 PM.
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • leanne12345
    • By leanne12345 5th Jan 18, 8:32 PM
    • 78 Posts
    • 44 Thanks
    leanne12345
    Hi January

    The biggest of the two was March 2013 and the smaller of the two was July 2015

    Just having a slight wobble here On PRAís site itís got a section about litigation and itís worried me. ďWe have a team of customer agents who are trained to investigate customer financial circumstancesĒ

    I donít know if I should fill in their I&E they have on there as it wonít let me into the site to set up payments until I do.
    M
    Originally posted by motivated
    Hi,

    My Barclaycard debt has just been sold to PRA and the letter said if I already had a payment plan in place this would continue for at least 6 months or until a review is due if after 6 months, does your letter say anything like that?
    I didn't have an arrangement in place with Barclaycard so just sent PRA my standard I&E with my letter explaining circumstances and offer of payment. I didn't bother doing it on their website as I wanted to make sure my I&E was the same for all my creditors ( some creditors seem to have different categories on an I&E and this confuses me ).
    • motivated
    • By motivated 5th Jan 18, 8:53 PM
    • 2,510 Posts
    • 4,099 Thanks
    motivated
    Hi,

    My Barclaycard debt has just been sold to PRA and the letter said if I already had a payment plan in place this would continue for at least 6 months or until a review is due if after 6 months, does your letter say anything like that?
    I didn't have an arrangement in place with Barclaycard so just sent PRA my standard I&E with my letter explaining circumstances and offer of payment. I didn't bother doing it on their website as I wanted to make sure my I&E was the same for all my creditors ( some creditors seem to have different categories on an I&E and this confuses me ).
    Originally posted by leanne12345

    Hi Leanne

    My letters just say that PRA now own the debt and I need to contact them to pay off my our outstanding balance as soon as possible

    Iíve tried doing things on their site and everything just keeps disappearing again. I will write and send them my I&E and offer of payment etc.

    We have 2 Barclaycard debts too that have defaulted I wonder if they will go to PRA aswell. Can I ask how long yours have been defaulted. Our are since March as they backdated the defaults for us
    M
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • January2015
    • By January2015 5th Jan 18, 9:18 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Hi January

    The biggest of the two was March 2013 and the smaller of the two was July 2015

    Just having a slight wobble here On PRAís site itís got a section about litigation and itís worried me. ďWe have a team of customer agents who are trained to investigate customer financial circumstancesĒ

    I donít know if I should fill in their I&E they have on there as it wonít let me into the site to set up payments until I do.
    M
    Originally posted by motivated
    Hi Motivated

    A shame the MBNA debts are so recent - this was the once CCA we had success with - but our account dated back to 2000 ish.

    Anyway - back to your query. I would ignore PRAs website and just write to them and request details to set up a standing order. Don't panic and just keep paying token payments.

    We're not with PRA but I've pushed token payments for 2 years now. Creditors/DCAs are only just starting to get a bit antsy/irritated.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • January2015
    • By January2015 5th Jan 18, 9:20 PM
    • 1,817 Posts
    • 4,843 Thanks
    January2015
    Hi Leanne



    We have 2 Barclaycard debts too that have defaulted I wonder if they will go to PRA aswell. Can I ask how long yours have been defaulted. Our are since March as they backdated the defaults for us
    M
    Originally posted by motivated
    My BC debts defaults are almost 2 years ago now..... debts still with BC and showing no signs of going anywhere. However, they may just write to me out of the blue and tell me they've sold them - you never can tell is what I am trying to say. BC definitely treat each case individually and do not seem to follow any set procedure or timescales for these things
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • motivated
    • By motivated 5th Jan 18, 9:24 PM
    • 2,510 Posts
    • 4,099 Thanks
    motivated
    Thanks for the replies guys.

    I have just put letters from my NEDCAB DMP in envelopes with I&Es and will post them off to PRA tomorrow. I have put my offers to them and hopefully all will be ok.

    Wow things are really moving along now .
    M
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
    • motivated
    • By motivated 5th Jan 18, 9:25 PM
    • 2,510 Posts
    • 4,099 Thanks
    motivated
    My BC debts defaults are almost 2 years ago now..... debts still with BC and showing no signs of going anywhere. However, they may just write to me out of the blue and tell me they've sold them - you never can tell is what I am trying to say. BC definitely treat each case individually and do not seem to follow any set procedure or timescales for these things
    Originally posted by January2015
    Oh I wonít hold my breath then
    M
    LBM £82,590 Jan 17/£79,148 Jan 18
    Short term goal £1021/£1796 / PDBX 18 # 31 - £910.43/£5,000
    52 week challenge VSP # 8 - £80.00
    SPC # 91
    / Save a penny a day 2018 # 02 - £15.00
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