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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 11,180Posts
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    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 34
    • sourcrates
    • By sourcrates 17th May 17, 2:05 PM
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    • 10,845 Thanks
    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
    Originally posted by make_the_change
    Sometimes creditors go quiet for years, then all of a sudden it will get sold on in a batch with other accounts, and the new owner will start working there way through them.

    They buy cheap, so can afford good discounts, usually they offer them after the usual "pay up or else" letters.
    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, 2:26 PM
    • 392 Posts
    • 2,214 Thanks
    make_the_change
    Sometimes creditors go quiet for years, then all of a sudden it will get sold on in a batch with other accounts, and the new owner will start working there way through them.

    They buy cheap, so can afford good discounts, usually they offer them after the usual "pay up or else" letters.
    Originally posted by sourcrates
    Ok, so I should filter that money into a fund instead of paying the companies that are just managing the account, wait for the account to be sold and then work from there?
    DMP Started June 2016
    • Julie67
    • By Julie67 17th May 17, 6:23 PM
    • 2,323 Posts
    • 21,212 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 August 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
    Originally posted by Julie67
    Sorry to be a pain, can anyone help with this? We actually wrote to them in August last year with the CCA request and this is the first we have heard
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • sourcrates
    • By sourcrates 17th May 17, 8:50 PM
    • 11,180 Posts
    • 10,845 Thanks
    sourcrates
    Sorry to be a pain, can anyone help with this? We actually wrote to them in August last year with the CCA request and this is the first we have heard
    Originally posted by Julie67
    Write and remind them that your CCA request remains outstanding.

    The full debt is currently unenforceable until they do respond.
    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/
    • Julie67
    • By Julie67 18th May 17, 7:47 AM
    • 2,323 Posts
    • 21,212 Thanks
    Julie67
    Thank you Sourcrates
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • DMP_Newbie_91
    • By DMP_Newbie_91 18th May 17, 7:59 AM
    • 3 Posts
    • 0 Thanks
    DMP_Newbie_91
    Hey Everyone -- Newbie here!

    Looking for some advice on my DMP of anyone would be so kind to help!

    Entered into a DMP with StepChange back in Jan/Feb time. Total debts around £27,000 and currently paying back £716 each month. So far so good!

    In order to get rid of this debt ASAP I've picked up some extra work part time and am able to save along side my regular incomings.

    My question is - am I better giving this money to StepChange on a monthly basis? Or would I be better saving up till the end of the year and pay a bigger sum? Or shall I wait till I'm almost near the end of my DMP and use the money to settle earlier?

    Not really sure what is the best option and just want to do what will be more beneficial and get the debt paid off quicker!

    Thanks in advance!
    • January2015
    • By January2015 18th May 17, 8:11 AM
    • 1,723 Posts
    • 4,650 Thanks
    January2015
    Hey Everyone -- Newbie here!

    Looking for some advice on my DMP of anyone would be so kind to help!

    Entered into a DMP with StepChange back in Jan/Feb time. Total debts around £27,000 and currently paying back £716 each month. So far so good!

    In order to get rid of this debt ASAP I've picked up some extra work part time and am able to save along side my regular incomings.

    My question is - am I better giving this money to StepChange on a monthly basis? Or would I be better saving up till the end of the year and pay a bigger sum? Or shall I wait till I'm almost near the end of my DMP and use the money to settle earlier?

    Not really sure what is the best option and just want to do what will be more beneficial and get the debt paid off quicker!

    Thanks in advance!
    Originally posted by DMP_Newbie_91
    Hi and welcome

    I can see you've already asked this question here

    Sourcrate has given you the perfect answer already, but just to clarify - don't pay more than you need to each month to your DMP, save all extra money you are able to, use the extra money either for an emergency fund (you will need one), or use it to offer full and final settlements directly to creditors as and when you can (don't go through stepchange for these offers because they will want to 'share' fairly amongst your creditors whereas by going directly to creditors you can pick them off one by one as you can afford it.
    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
    • SilliSaug
    • By SilliSaug 18th May 17, 12:20 PM
    • 8 Posts
    • 11 Thanks
    SilliSaug
    I know my husbands credit rating will be damaged by my dmp but just how bad?? DH mentioned car insurance last night and what would happen if the engine in the car blew? I never thought about this. Bad, I know. What have your experiences been? OH still able to get car insurance, car finance.

    Just when I was starting to relax a bit, I'm back to a nervous wreck
    • carbootcrazy
    • By carbootcrazy 18th May 17, 12:49 PM
    • 3,736 Posts
    • 20,996 Thanks
    carbootcrazy
    I know my husbands credit rating will be damaged by my dmp but just how bad?? DH mentioned car insurance last night and what would happen if the engine in the car blew? I never thought about this. Bad, I know. What have your experiences been? OH still able to get car insurance, car finance.

    Just when I was starting to relax a bit, I'm back to a nervous wreck
    Originally posted by SilliSaug
    Is it your personal DMP just in your name? If your husband isn't involved via debts in joint names I wouldn't imagine his credit rating would be affected in any way by your personal debts.

    I might be totally wrong on this as have no experience of joint debts, if that's what you and your husband have. I hope sourcrates or January will be along to put you right. What I do know is that my DMP is my own as are all my debts. OH's credit score is perfect and always has been throughout my DMP
    Make £10 A Day Challenge 2017. Jan-June: £1811.59 July: £311.02
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    . These figures are completely out of date, must get them organised.
    • SilliSaug
    • By SilliSaug 18th May 17, 12:57 PM
    • 8 Posts
    • 11 Thanks
    SilliSaug
    The debt is in my name along with the dmp but we do have a joint mortgage and a joint current account which is rarely used. We have our own separate accounts which our pays goes into. Mine is a basic account which I opened before the dmp was set up.
    • carbootcrazy
    • By carbootcrazy 18th May 17, 1:12 PM
    • 3,736 Posts
    • 20,996 Thanks
    carbootcrazy
    The debt is in my name along with the dmp but we do have a joint mortgage and a joint current account which is rarely used. We have our own separate accounts which our pays goes into. Mine is a basic account which I opened before the dmp was set up.
    Originally posted by SilliSaug
    Sorry, I'm not really sure of the answer to your original question after what you've added here. I'm sure one of the 'regulars' who are so knowledgeable about all things DMP will be able to help you
    Make £10 A Day Challenge 2017. Jan-June: £1811.59 July: £311.02
    3-6 Months Emergency Fund Challenge #12: £1900.00/£3000. This is such hard going but I will do it.

    Original Debt: £56804 (@ LBM 02/13). Paid : £32316. Balance: £24488
    . These figures are completely out of date, must get them organised.
    • unicorndeva
    • By unicorndeva 18th May 17, 1:41 PM
    • 35 Posts
    • 97 Thanks
    unicorndeva
    Does anyone know if Experian is reliable with dates? We've lost a lot of paperwork so I went on Experian to see if they hold 'start' dates for debts. They don't hold actual dates but do say how many years you've held the account for. Some of mine seem older by their standards but I may be wrong!
    • sourcrates
    • By sourcrates 18th May 17, 1:45 PM
    • 11,180 Posts
    • 10,845 Thanks
    sourcrates
    The debt is in my name along with the dmp but we do have a joint mortgage and a joint current account which is rarely used. We have our own separate accounts which our pays goes into. Mine is a basic account which I opened before the dmp was set up.
    Originally posted by SilliSaug
    Only if you have joint debts included in the DMP will it affect him.

    If you don't have joint debts, it won't affect his credit file at all.
    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/
    • Julie67
    • By Julie67 18th May 17, 1:55 PM
    • 2,323 Posts
    • 21,212 Thanks
    Julie67
    Afternoon all,

    First letter back from PRA , as other have said they have returned the £1 cheque as a gesture of goodwill, so just a waiting game to see if they can come up with the CCA
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
    • DMP_Newbie_91
    • By DMP_Newbie_91 18th May 17, 1:59 PM
    • 3 Posts
    • 0 Thanks
    DMP_Newbie_91

    Sourcrate has given you the perfect answer already, but just to clarify - don't pay more than you need to each month to your DMP, save all extra money you are able to, use the extra money either for an emergency fund (you will need one), or use it to offer full and final settlements directly to creditors as and when you can (don't go through stepchange for these offers because they will want to 'share' fairly amongst your creditors whereas by going directly to creditors you can pick them off one by one as you can afford it.
    Originally posted by January2015
    Thanks so much!!

    I already save each month for an 'Emergancy Fund' just in case my car breaks down etc etc.

    So am I right in thinking that I'm best picking off the creditors one by one as and when I can? And this won't affect my DMP in a negative way? So if my overdraft with Halifax is £2500, once I've saved that amount I should ring Halifax and pay it off with them directly? And so on and so on. I've heard you should pay creditors fair amounts otherwise they could come asking you for more money if they can see your overpaying another creditor?!

    Thanks again!
    • sourcrates
    • By sourcrates 18th May 17, 2:13 PM
    • 11,180 Posts
    • 10,845 Thanks
    sourcrates
    I've heard you should pay creditors fair amounts otherwise they could come asking you for more money if they can see your overpaying another creditor?!

    Thanks again!
    Originally posted by DMP_Newbie_91
    The aim would be to settle each debt for as little as possible.

    When you make a settlement offer to a creditor, you do so in writing, and in return you will receive written conformation if they accept it.

    You then get them to agree that the amount you will pay will settle your account with them, and that you will not be chased by them or their agents, for the remaining balance.

    This part is essential to avoid future problems, as without it, they can sell on the balance of the debt, and the new owner can chase you for it.

    To be legally binding the agreement letter MUST contain the above sentence.

    Your creditors will not be aware of, or interested in, any other deals you do with other creditors.
    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/
    • Twins
    • By Twins 18th May 17, 2:49 PM
    • 254 Posts
    • 1,067 Thanks
    Twins
    Update
    Little update from me. I heard back from PRA Group today regarding the complaint I raised with them for not adding a default to my account. They agreed that I was correct and that they would backdate the defaults to 1st August 2011 for both account I hold with them

    I'm so happy about this as this means that after August this year those debts will drop off my file. Also, a bonus as both of these accounts are unenforceable and one of them is the biggest debt I owe at £3,415

    Now I've just got to tackle Hoist and Arrow Global in the same manner. Hoist added a very late default date in Oct 2016 and Arrow haven't added one at all!

    Also, I heard back from Link regarding copy of my CCA which they sent. Now its back from 2008 but it isn't signed. The form has a box which is the electronic tick in it (I don't remember if I signed or ticked electronically) and there is text to say: I confirm that the tick in this box is a valid means of establishing the authenticity and integrity of my signature of this credit agreement. I understand MBNA will hold this acceptance data on their files.

    I guess that means that all is above board then? Is there anything else I need to check?

    Thanks
    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
    • make_the_change
    • By make_the_change 18th May 17, 2:51 PM
    • 392 Posts
    • 2,214 Thanks
    make_the_change
    Is it only debts that are sold on that you will be able to make F&Fs to? Or can you make them to the managing company / original creditor?
    DMP Started June 2016
    • Weakmoments
    • By Weakmoments 18th May 17, 4:10 PM
    • 32 Posts
    • 26 Thanks
    Weakmoments
    Hi guys I've received my credit agreement from Halifax and they have said it's enforceable. Is there any way I can check this
    They have enclosed reconstructed version of original executed agreement. Reconstructed version of current terms and conditions. And statement of current balance.
    They've also said they will not enter any further correspondence with me regarding requirements relating to the provision of copy agreement. Thanks x
    • January2015
    • By January2015 18th May 17, 4:11 PM
    • 1,723 Posts
    • 4,650 Thanks
    January2015
    Is it only debts that are sold on that you will be able to make F&Fs to? Or can you make them to the managing company / original creditor?
    Originally posted by make_the_change

    You can make a F&F offer anytime to either original creditor or the managing company - or if sold on to the owning DCA.

    If you make it through the managing DCA they are obliged to pass the offer back to the original creditor.

    It really doesn't matter what the status/ownership of a debt is - you can always make a F&F offer. From reading others experiences on here you are more likely to be able to bargain for a lower settlement once the debt has been sold. However, I've settled with original creditor - liasing through managing company - for 35% of outstanding debts.
    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
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