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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 12,471Posts
    • 11,863Thanks
    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 63
    • carbootcrazy
    • By carbootcrazy 11th Jul 17, 9:54 AM
    • 4,143 Posts
    • 23,269 Thanks
    carbootcrazy
    However, if you're in a DMP until 2030 at least, I'd be looking at other ways of looking at this debt. an IVA, DRO or Bankruptcy would have you clear of debt along with your credit history in 6 years, rather than 23.
    Originally posted by StopIt
    Don't make it longer than it is, StopIt. The time remaining on the DMP is 13 years not 23. Still a long time to be on one though, I always believed that companies like SC like them done and dusted in well under 10 years, otherwise they suggest another solution.

    I agree with you that it would be advisable for the OP to look at alternatives to a DMP though.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there. Balance so out of date, must update asap!
    • StopIt
    • By StopIt 11th Jul 17, 10:04 AM
    • 1,392 Posts
    • 1,184 Thanks
    StopIt
    Don't make it longer than it is, StopIt. The time remaining on the DMP is 13 years not 23. Still a long time to be on one though, I always believed that companies like SC like them done and dusted in well under 10 years, otherwise they suggest another solution.

    I agree with you that it would be advisable for the OP to look at alternatives to a DMP though.
    Originally posted by carbootcrazy

    Haha yes, 13, not 23.


    Thanks for pointing out the fact that I'm clearly not awake this morning.


    The point stands although 13 years isn't half as bad as my horrific maths made it out to be.


    Now, can someone get me some very strong coffee?
    • sourcrates
    • By sourcrates 11th Jul 17, 11:11 AM
    • 12,471 Posts
    • 11,863 Thanks
    sourcrates
    I believe this is the notice they have to send you before they can issue a default, so not defaulted yet but in theory you should be after the date in the letter if you don't pay the requested amount. I'm sure someone will correct me if that's wrong!
    Originally posted by leanne12345
    That's correct yes.

    Although they don't always go through with there threats, best to check your credit file in a couple of months to confirm the account has been defaulted or contact the creditor after the 28th for confirmation.
    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/
    • vaper
    • By vaper 11th Jul 17, 12:01 PM
    • 100 Posts
    • 86 Thanks
    vaper
    Hi folks.
    Sorry, stupid morbid question coming up.
    Am I right in thinking if anything happened to me my CC debts would automatically pass to my husband?
    THank's
    Vaper
    • StopIt
    • By StopIt 11th Jul 17, 12:35 PM
    • 1,392 Posts
    • 1,184 Thanks
    StopIt
    Hi folks.
    Sorry, stupid morbid question coming up.
    Am I right in thinking if anything happened to me my CC debts would automatically pass to my husband?
    THank's
    Vaper
    Originally posted by vaper

    No, not at all.


    Unsecured debts end with the person who has them, unless if they're in joint names.


    Any assets however could be claimable but that's for the wills lot here at MSE really!
    • sourcrates
    • By sourcrates 11th Jul 17, 12:58 PM
    • 12,471 Posts
    • 11,863 Thanks
    sourcrates
    Hi folks.
    Sorry, stupid morbid question coming up.
    Am I right in thinking if anything happened to me my CC debts would automatically pass to my husband?
    THank's
    Vaper
    Originally posted by vaper
    Debt in your own name dies with you.

    Debt does not transfer to anyone else, even though some unscrupulous companies would have you believe so.

    Only the debtor named on the agreement is liable.
    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/
    • Suseka97
    • By Suseka97 11th Jul 17, 1:17 PM
    • 146 Posts
    • 219 Thanks
    Suseka97
    Hi all
    Quick question from me. After writing to Halifax (again) telling them that I will be paying token payments etc. Today I received 2 letters regarding 2 loans. My question is, have I now been defaulted? The letters read.........M
    Originally posted by motivated
    I believe this is the notice they have to send you before they can issue a default, so not defaulted yet but in theory you should be after the date in the letter if you don't pay the requested amount. I'm sure someone will correct me if that's wrong!
    Originally posted by leanne12345
    That's correct yes.
    Although they don't always go through with there threats, best to check your credit file in a couple of months to confirm the account has been defaulted or contact the creditor after the 28th for confirmation.
    Originally posted by sourcrates
    Hi motivated Leanne is correct, that's exactly what I got from Halifax back in 2013 a few months in to the DMP and do take Sourcrates advice to check back to confirm the account has indeed been defaulted. I had real trouble with Halifax, they sent the 'Default' warning more than once but didn't actually default the account. That only happened when they sold my debt on to Wescott DCA over a year later! It was only recently -having cleared the balance -that I decided to go back and fight for a backdated default, which I did get. So do stay on top of this.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 6 Creditors / £11,994
    • Suseka97
    • By Suseka97 11th Jul 17, 1:23 PM
    • 146 Posts
    • 219 Thanks
    Suseka97
    A quick update on my CCA requests -sent about a week ago.

    PRA Group have responded with the standard 'we will investigate and the accounts will be put on hold until further notice...' type letter. They also returned the £1 postal orders. I guess they are getting quite used to these types of requests now, to have responded with a first stage letter so quickly.

    Waiting now to hear from Link Financial -but from what I've read from others is that their responses vary - so watch this space!

    No response from Stepchange so far re my letter saying we are going self-managed, but I have cancelled the direct debit now anyway.

    Hope everyone is having a good day - it's dreary and grey around these parts.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 6 Creditors / £11,994
    • heavenlyharry01
    • By heavenlyharry01 11th Jul 17, 2:10 PM
    • 109 Posts
    • 133 Thanks
    heavenlyharry01
    Hi
    Sorry to post this again but keen to send off letters



    Also I have another question regarding making settlement offers. I have an amount of money which I have split fairly between my creditors, using the calculator on the NEDCAB website.
    Should I include the other offers I am making, and the full amount I am splitting between the creditors or just the offer to that creditor? Is it better that they see the full amount of money I have to offer and how it is being split or not?

    Many thanks
    • sourcrates
    • By sourcrates 11th Jul 17, 2:46 PM
    • 12,471 Posts
    • 11,863 Thanks
    sourcrates
    Hi
    Sorry to post this again but keen to send off letters



    Also I have another question regarding making settlement offers. I have an amount of money which I have split fairly between my creditors, using the calculator on the NEDCAB website.
    Should I include the other offers I am making, and the full amount I am splitting between the creditors or just the offer to that creditor? Is it better that they see the full amount of money I have to offer and how it is being split or not?

    Many thanks
    Originally posted by heavenlyharry01
    Keep your cards close to your chest Harry lad !!!
    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/
    • Suseka97
    • By Suseka97 11th Jul 17, 9:38 PM
    • 146 Posts
    • 219 Thanks
    Suseka97
    Keep your cards close to your chest Harry lad !!!
    Originally posted by sourcrates
    I'm with sourcrates - don't share more than you need to. The NEDCAB calculator is for your benefit and can help you decide the best allocation, but you can choose to split your money any which way you choose.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 6 Creditors / £11,994
    • Leanneglos1
    • By Leanneglos1 12th Jul 17, 12:56 PM
    • 72 Posts
    • 21 Thanks
    Leanneglos1
    Hi guys, so I've sent off my letters explaining I will be entering a DMP, my original letters to my creditors did state it would be with SC but I've since decided to do it alone, my letters stated of my financial difficulty and that I would be making £1 payments for a 6 month period, I've had some responses (hitachi giving me 30 days and first direct 60 days to sort things out)
    Question 1. A loan I had with ratesetter- sent letter they responded asking me to complete I&E and provide 2 months bank statements, I replied via letter with my own I&E info bit did not provide bank statements, since that I've received further letter asking for bank statements and if they don't receive them they will follow their normal collections process, what do you think I should do? Just leave it, respond??
    Question 2- letters were sent approx 2 weeks ago, not yet had a response from 4 creditors, should I chase this and if so how, or do I just leave it?
    Feeling a bit uneasy and unsure so any advice would be great
    • sourcrates
    • By sourcrates 12th Jul 17, 1:13 PM
    • 12,471 Posts
    • 11,863 Thanks
    sourcrates
    Hi guys, so I've sent off my letters explaining I will be entering a DMP, my original letters to my creditors did state it would be with SC but I've since decided to do it alone, my letters stated of my financial difficulty and that I would be making £1 payments for a 6 month period, I've had some responses (hitachi giving me 30 days and first direct 60 days to sort things out)
    Question 1. A loan I had with ratesetter- sent letter they responded asking me to complete I&E and provide 2 months bank statements, I replied via letter with my own I&E info bit did not provide bank statements, since that I've received further letter asking for bank statements and if they don't receive them they will follow their normal collections process, what do you think I should do? Just leave it, respond??
    Question 2- letters were sent approx 2 weeks ago, not yet had a response from 4 creditors, should I chase this and if so how, or do I just leave it?
    Feeling a bit uneasy and unsure so any advice would be great
    Originally posted by Leanneglos1
    Creditors arnt always in a hurry to respond, some may not even bother acknowledging your letter.

    Just make your payment every month and don't worry about if they will accept it or not.

    Dont bother filling in there paperwork either.

    As I've said before if they don't like it, they will sell on the debt, it makes no difference to you at all.

    Just pay what you have proposed regardless.
    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/
    • Leanneglos1
    • By Leanneglos1 12th Jul 17, 2:51 PM
    • 72 Posts
    • 21 Thanks
    Leanneglos1
    Thank you, at what point do you think I should second a follow up letter to confirm I will now be going self managed, either with proposed payment or explaining I will still only be able to make payments of £1, I just want to keep all creditors in the loop
    • The_Analyst
    • By The_Analyst 12th Jul 17, 2:54 PM
    • 23 Posts
    • 18 Thanks
    The_Analyst
    I wish I'd signed up to this board years ago! I started a DMP 6 years ago when, like many on here, it felt as though we were drowning in outgoings despite both having reasonably well paid jobs. Our DMP ran for 5 years until the company administering it ceased their DMP activities. It was a worrying time as StepChange wouldn't help us (based on our income v offer of payment) and we had to negotiate directly with our creditors.....it turned out to be the best thing we could have done. Whilst the monthly payment is twice what we were paying (I should have upped it ages ago in reality) our debts are now scheduled to be gone by 1st Jan 2019. It took us 6 years to pay off the first half, and (once completed) it will have been 2.5 years to pay the 2nd half. Again, I wish I'd been a member of this forum 6 years ago(!)
    • 100kdeep
    • By 100kdeep 13th Jul 17, 12:33 PM
    • 11 Posts
    • 11 Thanks
    100kdeep
    step 1 and 2 complete. ive told the wife!!! that was the big one!(she hasnt left me) ive now opened a new bank account with a bank not connected to any of my debt (resisted an overdraft).

    think i might skip the token payment bit and start straight with sc . ive got an i and e that suits me and will have a bit of an emergency fund in a month(3k) so i reckon ive a better chance of interest been frozen quicker if sc set it all up.

    oddly hoping for a bad month at work so i can show a low wage bankstatement lol
    can any one with experience with the following companies say weather they normally freeze interest?
    barclays mbna tesco rbs hsbc nationwide
    Last edited by 100kdeep; 13-07-2017 at 12:38 PM. Reason: added text
    • kram
    • By kram 13th Jul 17, 1:47 PM
    • 72 Posts
    • 64 Thanks
    kram
    Kram
    Barclays froze mine from the begining & defaulted very quickly & I had the same from Tesco as well.

    Good luck with it all

    K
    Last edited by kram; 13-07-2017 at 1:49 PM.
    • leanne12345
    • By leanne12345 13th Jul 17, 1:56 PM
    • 70 Posts
    • 41 Thanks
    leanne12345
    Hi everyone, just wondering how you all manage without a credit card at times when one is needed such as hiring a car etc.? Is there normally a way around it?
    Thanks
    • leanne12345
    • By leanne12345 13th Jul 17, 2:02 PM
    • 70 Posts
    • 41 Thanks
    leanne12345
    can any one with experience with the following companies say weather they normally freeze interest?
    barclays mbna tesco rbs hsbc nationwide
    Originally posted by 100kdeep
    Barclays and tesco stopped interest and defaulted straight away for us, mbna have also frozen interest and charges but not defaulted yet. I don't have experience of the others.. Good luck!
    • vaper
    • By vaper 13th Jul 17, 2:03 PM
    • 100 Posts
    • 86 Thanks
    vaper
    Hi everyone, just wondering how you all manage without a credit card at times when one is needed such as hiring a car etc.? Is there normally a way around it?
    Thanks
    Originally posted by leanne12345
    I just used my debit card with the money I had saved by not paying the monthly instalment.
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