Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 11,520Posts
    • 11,114Thanks
    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'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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 33
    • January2015
    • By January2015 17th May 17, 12:28 AM
    • 1,729 Posts
    • 4,671 Thanks
    January2015
    Thank you

    Just wondered if you have to send an amended I&E when telling them about token payments or is it OK to let the already agreed one stand and just send a letter telling them that you'll only be paying £1 for x months? I hate doing I&Es


    I really need to get on with it, I'm finding any excuse to put it off. My payments leave my account on 1st and I'd like to start the tokens from June and carry on to the end of the year
    Originally posted by carbootcrazy
    I sent an I&E when I went self managed and told them they were getting £1 payments for x many months - that was it

    I guess if you are already self managing and have been paying payments are per your I&E statement then creditors may want a reason / explanation. Personally I would just write and say that "My I&E has not changed since I last sent you this information and I am therefore not including an updated I&E at this time. However due to unexpected circumstances I need to drop to token payments for the period June to December inclusive. As you are aware I have been on a DMP for x years and I am sure you are aware I am committed to clearing my debts (as evidenced by my regular, agreed payments). Please be assured I will resume payments at the current level as soon as possible and certainly from January 2018."

    Or something like that

    Don't think you need to tell them what the unexpected circumstances are - you are allowed to have some privacy after all. Seriously - you have been paying your DMP good as gold for ages. Creditors expect blips and bumps along the way. You will be okay

    Jan -x-
    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
    • heavenlyharry01
    • By heavenlyharry01 17th May 17, 6:03 AM
    • 101 Posts
    • 126 Thanks
    heavenlyharry01
    Many have asked about dropping to £1 token payments.

    I started out my DMP with stepchange. Head first, no emergency fund....soon realising the payments were too high as our budget was tight.
    I then wentbself managed and currently paying £1 to all creditors. They didn't really bat an eyelid. Creation have been a pain, but we are finally getting somewhere with them by ignoring them!
    Strangely, the NEDCAB website suggested payments at £1...our budget left us with £100 split between 11 creditors, but the suggested payments were £1.
    We've already cleared one account at 50%!!
    Love being self managed
    • leanne12345
    • By leanne12345 17th May 17, 6:58 AM
    • 58 Posts
    • 34 Thanks
    leanne12345
    Thanks for everyone's info about dropping to token payments. Is it acceptable to email these letters and I&Es or do I need to do it by post?
    We have 20 creditors so I think I will add a line in the expenditure form for stamps if sending by post
    • Julie67
    • By Julie67 17th May 17, 7:50 AM
    • 2,342 Posts
    • 21,239 Thanks
    Julie67
    Thanks for this HeavenlyHarry I've been panicking for days whether we are doing the right thing. You've really put my mind at rest. Sent our self managed letters last week so still waiting for responses but cannot wait to start getting rid of the debt

    Leanne12345 Personally I would post them, I always deal with them this way so I don't encourage any phone calls or emails.
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • January2015
    • By January2015 17th May 17, 8:40 AM
    • 1,729 Posts
    • 4,671 Thanks
    January2015
    Thanks for everyone's info about dropping to token payments. Is it acceptable to email these letters and I&Es or do I need to do it by post?
    We have 20 creditors so I think I will add a line in the expenditure form for stamps if sending by post
    Originally posted by leanne12345
    It's best to send them by post. You don't need to send them recorded delivery - just bog standard post.

    As an example, if I ever emailed PRAT Group (using the email address they gave me!) I never got a response, but whenever I wrote to them they responded - although it often took a few weeks to get a response but at least I got one. Emails seemed to go into thin air and disappear with this particular DCA.
    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
    • make_the_change
    • By make_the_change 17th May 17, 10:02 AM
    • 393 Posts
    • 2,214 Thanks
    make_the_change
    I have an account with Next opened in April 2008. Currently defaulted.

    Can I CCA request Next?

    Thanks x
    DMP Started June 2016
    • carbootcrazy
    • By carbootcrazy 17th May 17, 10:11 AM
    • 3,897 Posts
    • 21,823 Thanks
    carbootcrazy
    I sent an I&E when I went self managed and told them they were getting £1 payments for x many months - that was it

    I guess if you are already self managing and have been paying payments are per your I&E statement then creditors may want a reason / explanation. Personally I would just write and say that "My I&E has not changed since I last sent you this information and I am therefore not including an updated I&E at this time. However due to unexpected circumstances I need to drop to token payments for the period June to December inclusive. As you are aware I have been on a DMP for x years and I am sure you are aware I am committed to clearing my debts (as evidenced by my regular, agreed payments). Please be assured I will resume payments at the current level as soon as possible and certainly from January 2018."

    Or something like that

    Don't think you need to tell them what the unexpected circumstances are - you are allowed to have some privacy after all. Seriously - you have been paying your DMP good as gold for ages. Creditors expect blips and bumps along the way. You will be okay

    Jan -x-
    Originally posted by January2015
    Thanks, January. That's absolutely perfect. Off to get the letters written and posted today without fail. Sorry to have made such a meal of this step You're a star
    Make £10 A Day Challenge 2017. Jan-July: £3687.51 Aug: £247.35
    3-6 Months Emergency Fund Challenge #12: £3358.00/£5000. This is so hard but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £21808
    . Getting there
    • sourcrates
    • By sourcrates 17th May 17, 10:15 AM
    • 11,520 Posts
    • 11,114 Thanks
    sourcrates
    I have an account with Next opened in April 2008. Currently defaulted.

    Can I CCA request Next?

    Thanks x
    Originally posted by make_the_change
    Why would you think you couldn't ?

    The ONLY criteria for making a CCA request, is that the debt must be covered by the consumer credit act, and a balance must remain outstanding, that's it.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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/
    • make_the_change
    • By make_the_change 17th May 17, 10:20 AM
    • 393 Posts
    • 2,214 Thanks
    make_the_change
    Thanks Sourcrates

    I'm still learning at the moment so wanting to make sure I am doing things correctly.

    So I guess it would be worth sending a CCA request?

    Cheers x
    DMP Started June 2016
    • Suseka97
    • By Suseka97 17th May 17, 10:24 AM
    • 110 Posts
    • 162 Thanks
    Suseka97
    vaper
    I so agree with the advice given here by Puzzcat
    Please get some sort of emergency fund together before starting your DMP as you'll have no lines of credit once you start and emergencies have a nasty habit of cropping up when they are the most problematic. There speaks the voice of sad experience
    I hadn't discovered this wonderful thread when I dived headlong into my DMP. Stepchange never raised the subject of an emergency cushion either. I found it such hard going for the first year or so as I had emergency after emergency and regretted the day I signed up to a DMP. I was existing rather than living as I'd committed to paying so much off my debts each month that I'd stupidly underestimated my other outgoings. I was blinkered, all I wanted was to get rid of the debts in the shortest possible time. I realised too late that there are much better ways of organising a DMP than I'd done.
    Good Luck
    Originally posted by carbootcrazy
    Wise words and I too strongly encourage those entering into a DMP to give yourself breathing space and follow the advice being given by many of those already well into, or on the other side of, their DMP. We too entered into our DMP too quickly and whilst SC helped us work through our situation - they were very restrictive with our household outgoings and it was cut to the bone. I was sold on the idea that we would clear what was a significant debt in 5 years and felt so guilty about being in such a dreadful financial mess at the time, so went with it.

    Over the years we managed to put a little away for emergencies but as with CBC I would say we've just 'existed' rather than 'lived' the last 4+ years. I got so depressed at one point and stopped coming onto this forum and just let the DMP plod along. It's only now that we've hit the 1 year countdown milestone that I came back to this forum. I really wish I had done so sooner because I think I would have followed in the footsteps of those who chose to go self-managed. I would have reduced my payments, saved for F&Fs and lived a little.

    But we are where we are -and so if you are like me from the outset you feel that you would prefer to have SC or Payplan handle things - don't rush in. Stop your payments to creditors, send those letters with or without token payments and give yourself timeout. Save the £s for that rainy day (which will come) and set up the DMP when you are on a stable footing. Don't worry about the letters you'll undoubtedly receive - read posts on this thread (go back and read the many others) and know that you've got things in hand and all will be well.
    LBM Apr13: 14 Creditors / £85k+ owed
    Current Status: 6 Creditors / £11,994
    DFD: Aiming for end of 2018
    Self-managed Aug17: CCAs pending
    • sourcrates
    • By sourcrates 17th May 17, 10:36 AM
    • 11,520 Posts
    • 11,114 Thanks
    sourcrates
    Thanks Sourcrates

    I'm still learning at the moment so wanting to make sure I am doing things correctly.

    So I guess it would be worth sending a CCA request?

    Cheers x
    Originally posted by make_the_change
    Ideally you should CCA all relevant accounts especially if the debts are old, sold on, or with debt collectors.

    It's the only way for you to determine the company asking you for money has the legal right to do so.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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/
    • make_the_change
    • By make_the_change 17th May 17, 10:51 AM
    • 393 Posts
    • 2,214 Thanks
    make_the_change
    Thanks again Sourcrates

    I have:
    Argos - managed by Moorcroft - around 3 years old
    Barclaycard - sold to Hoist - around 2 years old
    Capital One - has been returned back to them and not heard anything from them for weeks - around 2 years old
    Next - still with them - April 2008
    Nationwide Overdraft - managed by ArcEurope - had the account for years and years
    DMP Started June 2016
    • Suseka97
    • By Suseka97 17th May 17, 10:51 AM
    • 110 Posts
    • 162 Thanks
    Suseka97
    Good Morning All.

    Another month on and the 'good' news today is that following my complaint to Halifax about the date of the original default, which was placed on my file in July 2014 -I've just had a call from Hfx to tell me that they were upholding my request to backdate and will amend my records to show the default date as July 2013

    The guy I spoke to was actually very helpful and somewhat apologetic - he did explain that Hfx approach situations such as mine differently these days and therefore he felt my request to backdate was perfectly reasonable.

    So that means all our defaults are listed with a 2013 date and should fall off our credit file in 2019, a year after the DMP ends. Magic.
    LBM Apr13: 14 Creditors / £85k+ owed
    Current Status: 6 Creditors / £11,994
    DFD: Aiming for end of 2018
    Self-managed Aug17: CCAs pending
    • carbootcrazy
    • By carbootcrazy 17th May 17, 10:55 AM
    • 3,897 Posts
    • 21,823 Thanks
    carbootcrazy
    Wise words and I too strongly encourage those entering into a DMP to give yourself breathing space and follow the advice being given by many of those already well into, or on the other side of, their DMP. We too entered into our DMP too quickly and whilst SC helped us work through our situation - they were very restrictive with our household outgoings and it was cut to the bone. I was sold on the idea that we would clear what was a significant debt in 5 years and felt so guilty about being in such a dreadful financial mess at the time, so went with it.

    Over the years we managed to put a little away for emergencies but as with CBC I would say we've just 'existed' rather than 'lived' the last 4+ years. I got so depressed at one point and stopped coming onto this forum and just let the DMP plod along. It's only now that we've hit the 1 year countdown milestone that I came back to this forum. I really wish I had done so sooner because I think I would have followed in the footsteps of those who chose to go self-managed. I would have reduced my payments, saved for F&Fs and lived a little.

    But we are where we are -and so if you are like me from the outset you feel that you would prefer to have SC or Payplan handle things - don't rush in. Stop your payments to creditors, send those letters with or without token payments and give yourself timeout. Save the £s for that rainy day (which will come) and set up the DMP when you are on a stable footing. Don't worry about the letters you'll undoubtedly receive - read posts on this thread (go back and read the many others) and know that you've got things in hand and all will be well.
    Originally posted by Suseka97
    What a wonderfully heartfelt post, Suseka. Thanks so much for sharing your experiences with us. I empathise totally and am so happy for you that you can see the finish line


    I reduced my payments twice at review time during the 4 years I was with SC, just to cater for essential price-rises and to cope with genuine emergencies. I was still cutting my available money to the bone but marginally less so. Life became less stressful and I was happy that my debts were going down so quickly without me worrying about whether my money would end before the month did

    I'm now self managing with the intention of getting some F&Fs as soon as I manage to amass a bit of money to do so. I'm going to have to drop to token payments for a few months to do that but I'm excited at what lies ahead. It's all thanks to the wonderful people on this thread for turning the DMP journey into an adventure rather than a slog
    Make £10 A Day Challenge 2017. Jan-July: £3687.51 Aug: £247.35
    3-6 Months Emergency Fund Challenge #12: £3358.00/£5000. This is so hard but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £21808
    . Getting there
    • Twins
    • By Twins 17th May 17, 10:59 AM
    • 265 Posts
    • 1,160 Thanks
    Twins
    Good Morning All.

    Another month on and the 'good' news today is that following my complaint to Halifax about the date of the original default, which was placed on my file in July 2014 -I've just had a call from Hfx to tell me that they were upholding my request to backdate and will amend my records to show the default date as July 2013

    The guy I spoke to was actually very helpful and somewhat apologetic - he did explain that Hfx approach situations such as mine differently these days and therefore he felt my request to backdate was perfectly reasonable.

    So that means all our defaults are listed with a 2013 date and should fall off our credit file in 2019, a year after the DMP ends. Magic.
    Originally posted by Suseka97
    Well done Suseka97! That's fab news Can I ask what did say in your letter in order to get the date backdated? I too have requested this from PRA Group who have not defaulted me and so this information would be most useful in case I need to go back with different language.

    I saw that your DFD isn't really that far away. What a massive relief that will be when it comes around. I wish mine was so close. Onwards and upwards though
    LBM April 2011 Debt £30,800 now in DMP land
    Self Managing my DMP May 2017

    Slowly chipping away at my debts: April 17 £17,388 June 17 £11,268.06
    Debt free date: Jan 2023 Dec 2022. April 2019 I will be free
    £2 Savers club #39
    • SilliSaug
    • By SilliSaug 17th May 17, 11:00 AM
    • 8 Posts
    • 11 Thanks
    SilliSaug
    Well, I have heard back from 3 of my 4 creditors.
    Halifax finally on board. They have written to say that they agree and will be sending my account to collections. They are going to default me and it will take a couple of months then the collections people will contact me.

    Creation agree but in the letter they say that they have on froze interest and charges for a year. I'll cross that bridge when I come to it.

    Virgin money agree. They will talk to stepchange but will still send me statements.

    That just leaves Smile. Haven't heard from them at all.

    Roll on the 1st of June to get the ball rolling!
    • make_the_change
    • By make_the_change 17th May 17, 1:21 PM
    • 393 Posts
    • 2,214 Thanks
    make_the_change
    Quick question, again! Sorry!

    I have two debts with original creditors, two with companies managing on their behalf and one that's been sold.

    Are the ones being managed likely to be sold on? I'm currently in payment plans with them at present? Or should I stop paying, wait for it to be returned to the original creditor and hope it gets sold on next time?

    I know the final goal is to have your debt sold so you can eventually negotiate F&Fs. I just want to know the best route to getting them sold.

    X
    DMP Started June 2016
    • Julie67
    • By Julie67 17th May 17, 1:40 PM
    • 2,342 Posts
    • 21,239 Thanks
    Julie67
    Hi All,

    I wonder if anyone can answer a question for me.
    My husband had a debt with TSB sold onto DLC. They have been totally inconsistent and confusing in all their correspondence so we wrote to them on 12th April and requested the CCA. The cashed the £1 cheque more or less straight away but we have heard nothing since.
    This morning the have wrote to say
    Whilst managing your account , we've identified that you didn't receive all of the statements from us that you should have. During this time interest was applied to your account.
    As we didn't notify you that we applied interest, we're pleased to confirm that we have removed the interest applied during the period we didn't send you your statements.


    This has reduced the balance to £622.57. The original debt was £1500.

    They do not mention the request for CCA or refer to it in any way.
    Would we assume that they can't come up with it? and are just trying it on to see how much they can get?
    What would be your next step? Thanks for any help
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • sourcrates
    • By sourcrates 17th May 17, 1:43 PM
    • 11,520 Posts
    • 11,114 Thanks
    sourcrates
    Quick question, again! Sorry!

    I have two debts with original creditors, two with companies managing on their behalf and one that's been sold.

    Are the ones being managed likely to be sold on? I'm currently in payment plans with them at present? Or should I stop paying, wait for it to be returned to the original creditor and hope it gets sold on next time?

    I know the final goal is to have your debt sold so you can eventually negotiate F&Fs. I just want to know the best route to getting them sold.

    X
    Originally posted by make_the_change
    You can ignore the collection companies who are just managing your debt, they don't own the debt, so are an irrelevance to be honest.

    Nothing gets a debt sold on quicker than no payment or just token payment.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    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/
    • make_the_change
    • By make_the_change 17th May 17, 1:47 PM
    • 393 Posts
    • 2,214 Thanks
    make_the_change
    You can ignore the collection companies who are just managing your debt, they don't own the debt, so are an irrelevance to be honest.

    Nothing gets a debt sold on quicker than no payment or just token payment.
    Originally posted by sourcrates
    Ok, I thought I was doing the right thing paying these people but as I say, the goal is to get it sold! I shall stop paying them. I assume the account will be passed back to the original creditor eventually for them to decide what to do next?

    My Capital One account was ignored and has been returned and Capital One have gone very quiet, I havent heard anything in a long time! x
    DMP Started June 2016
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

103Posts Today

2,571Users online

Martin's Twitter