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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 12,468Posts
    • 11,860Thanks
    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 66
    • carbootcrazy
    • By carbootcrazy 15th Jul 17, 8:34 AM
    • 4,143 Posts
    • 23,256 Thanks
    carbootcrazy
    I've just logged in to my barclaycard account ( first time for weeks as I didn't dare to log on) anyway it says

    Failure to make the payment requested could result in the issue of a default notice under section 87(1) of the consumer credit act 1974 and /or a reduction in your credit limit.

    So is this telling me I am about to be defaulted? It seems pretty quick as I have only missed two months payments and I thought barclaycard were one of the bad guys at issuing defaults.
    Mind you, it also says if I pay £944 immediately followed by £288 by 17th July we may be able to be friends again ( I'll just give the money tree a quick shake) lol
    Anyone know?
    Thanks
    V
    Originally posted by vaper
    In my experience creditors start sending out the 'we may default you' type letters pretty soon after a missed payment or once you start a DMP. It means absolutely nothing in many cases and, although the length of time different creditors take to default can vary very widely, some creditors take many, many months to default. I've had no dealings with Barclays but several of mine actually defaulted around the same time, about 4 months in to my DMP. The others were a bit slower and one eventually defaulted after about 4 years despite similar letters to yours coming regularly. I'm working on that though and have written to ask them to backdate the default to the same date as the others. I live in hope that they can get their act together and actually do it. I certainly don't want it on my credit file for years after all the others have gone
    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!
    • vaper
    • By vaper 15th Jul 17, 8:44 AM
    • 100 Posts
    • 86 Thanks
    vaper
    Thanks folks.
    I won't hold my breath then.
    • leanne12345
    • By leanne12345 15th Jul 17, 10:37 AM
    • 70 Posts
    • 41 Thanks
    leanne12345
    I think I know the answer to this but I am confusing myself for a change. Accounts that are reporting 'up to date' and green but with apr markers, is it still better for these to default? I presume it is so they will fall off after the 6 years but seeing the green on my credit reports has made me wonder.
    Thanks
    • sourcrates
    • By sourcrates 15th Jul 17, 1:29 PM
    • 12,468 Posts
    • 11,860 Thanks
    sourcrates
    I think I know the answer to this but I am confusing myself for a change. Accounts that are reporting 'up to date' and green but with apr markers, is it still better for these to default? I presume it is so they will fall off after the 6 years but seeing the green on my credit reports has made me wonder.
    Thanks
    Originally posted by leanne12345
    The problem with AP markers is that they stay on your file for 6 years after you have repaid the debt, so your credit can be screwed up for 12 years instead of 6.

    I would always take defaults over AP markers.
    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/
    • leanne12345
    • By leanne12345 15th Jul 17, 2:43 PM
    • 70 Posts
    • 41 Thanks
    leanne12345
    The problem with AP markers is that they stay on your file for 6 years after you have repaid the debt, so your credit can be screwed up for 12 years instead of 6.

    I would always take defaults over AP markers.
    Originally posted by sourcrates
    I thought so, thank you. The green just looks so nice!!
    • spiffyiffy
    • By spiffyiffy 16th Jul 17, 12:21 PM
    • 76 Posts
    • 299 Thanks
    spiffyiffy
    Update on my letters that I sent to some of my creditors asking to back date my defaults:

    PRA Group got back to me and will default me actually to when I started my DMP with SC rather than months into which was a bonus to me

    Santander on the other hand wont budge so i'll be taking that further with FO

    Key thing for anyone else doing this is to put the word Complaint in there; usually solves a lot of the problems.
    LBM Sometime in 2014: 9 Creditors / £32K+ owed
    Current Status: 9 Creditors / Currently £32,000+
    DFD: Aiming for end of 2025
    Actual DFD: Some time in 2040’s
    Self-managed 01Jul17: CCA’s to commence Sep on wards
    (Sig copied from Suseka97 )
    • carbootcrazy
    • By carbootcrazy 16th Jul 17, 12:43 PM
    • 4,143 Posts
    • 23,256 Thanks
    carbootcrazy
    Update on my letters that I sent to some of my creditors asking to back date my defaults:

    PRA Group got back to me and will default me actually to when I started my DMP with SC rather than months into which was a bonus to me

    Santander on the other hand wont budge so i'll be taking that further with FO

    Key thing for anyone else doing this is to put the word Complaint in there; usually solves a lot of the problems.
    Originally posted by spiffyiffy
    Well done on the PRA result and good luck with Santander


    Great idea about the 'complaint' mention. Did you address your letters to any specific department, such as Complaints (if there is such a thing) or just the usual contact addresses? I'm wanting to get my Lloyds default sorted asap but they are not amenable to anything as a rule
    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!
    • sourcrates
    • By sourcrates 16th Jul 17, 1:05 PM
    • 12,468 Posts
    • 11,860 Thanks
    sourcrates
    Key thing for anyone else doing this is to put the word Complaint in there; usually solves a lot of the problems.
    Originally posted by spiffyiffy
    This is true, you MUST add the word "COMPLAINT" otherwise you tend to be ignored.

    Some companies i can think of ignore you anyway, but your chances of a resolution dramatically improve.
    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 16th Jul 17, 2:22 PM
    • 72 Posts
    • 21 Thanks
    Leanneglos1
    Couldn't agree more, I work in a bank and as soon as a customer says complaint things get taken seriously, complaints team always have more authority and power than the normal phone staff you may speak to!
    • GM2004
    • By GM2004 16th Jul 17, 3:33 PM
    • 7 Posts
    • 2 Thanks
    GM2004
    Dmp
    We are considering a dmp with step change.
    All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.
    • sourcrates
    • By sourcrates 16th Jul 17, 3:39 PM
    • 12,468 Posts
    • 11,860 Thanks
    sourcrates
    We are considering a dmp with step change.
    All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.
    Originally posted by Gaylej79
    Hi there,

    Welcome to the thread.

    It really depends what kind of income you have, and how much you can afford to throw at the debts, that determines how long your arrangement will last.

    You should include a monthly amount for an emergency fund yes, that is essential.
    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/
    • GM2004
    • By GM2004 16th Jul 17, 5:00 PM
    • 7 Posts
    • 2 Thanks
    GM2004
    Ok that's good to know. I was thinking 500 per mnth. With the hope that when our financial situation improves with pay increases etc we can put more to it and get rid quicker. Do you think that a dmp is less damaging long term that an IVA? X
    • Puzzcat
    • By Puzzcat 16th Jul 17, 5:38 PM
    • 3,144 Posts
    • 16,242 Thanks
    Puzzcat
    We are considering a dmp with step change.
    All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.
    Originally posted by Gaylej79
    Ok that's good to know. I was thinking 500 per mnth. With the hope that when our financial situation improves with pay increases etc we can put more to it and get rid quicker. Do you think that a dmp is less damaging long term that an IVA? X
    Originally posted by Gaylej79
    A dmp is an informal arrangement, an iva is formal.
    If you go on the stepchange website you can do the debt remedy online, input your incoming and outgoings and it will tell you the amount and how long it will take.
    Don't scrimp on the categories you still need to live.
    Also delay starting for at least 3 months to save an emergency fund as you will have no access to credit!
    Try and read back this and the previous thread you will learn so much!
    Good luck.
    Puzz
    Christmas 2017 £550 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 41% paid £4k UE
    Going Self Managed March 2016
    Pot Of Gold - £460.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • sourcrates
    • By sourcrates 16th Jul 17, 6:05 PM
    • 12,468 Posts
    • 11,860 Thanks
    sourcrates
    Do you think that a dmp is less damaging long term that an IVA? X
    Originally posted by Gaylej79
    Neither option should affect you for longer than 6 years.

    Each have there own good and bad points.

    A DMP is more flexible as its an unregulated agreement, wear as an IVA is more formal, gives you legal protection from your creditors, and is a good option if you have a lot of debt and are a homeowner.

    DMP`s allow you to pay off debts as you choose, and there are no formal restrictions imposed on you.
    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 16th Jul 17, 7:43 PM
    • 13 Posts
    • 5 Thanks
    torheb
    Lucky you. I have had constant phone calls, texts and letters (all ignored by me) even though in the letter I sent to everyone I asked to be contacted in writing only. There doesn't seem to be any particular way that any of the CC company's work as everyone on here has a different experience with each one of them.
    Anyway I shall keep on playing the ignorant game just as they appear to be doing
    Originally posted by vaper
    We've had reems and reems of letters just no phone calls - a couple of unknown numbers which I ignored, I hope they don't start now - we didn't know enough re an emergency fund so our creditors went from full payment to step change payment - I think if we had token paymented them we'd have had calls - wish we had so we had an emergency fund but I allowed a bit more than needed on our I&e to allow for saving an emergency fund so we'll get there I'm sure!
    • Sazzie23
    • By Sazzie23 17th Jul 17, 12:49 AM
    • 2,612 Posts
    • 10,485 Thanks
    Sazzie23
    Ok that's good to know. I was thinking 500 per mnth. With the hope that when our financial situation improves with pay increases etc we can put more to it and get rid quicker. Do you think that a dmp is less damaging long term that an IVA? X
    Originally posted by GM2004

    Hi

    Try to change your mindset from what you think is reasonable to pay, to what you actually can afford to pay, taking into account that you need to pay all your bills, buy stuff you need, save for insurances etc.


    Don't be tempted to cut your budget so tightly you can't breathe, when a longish DMP is likely, it's much better to start low, get your defaults and interest cut then increase your payments gradually as you get better at budgeting and can see your emergency fund surviving or being used and act accordingly.

    Committing, even informally in a DMP, to a high repayment does you no favours and will often make things worse for you - mad I know, but that's how it is.

    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 17th Jul 17, 12:50 AM
    • 2,612 Posts
    • 10,485 Thanks
    Sazzie23
    We've had reems and reems of letters just no phone calls - a couple of unknown numbers which I ignored, I hope they don't start now - we didn't know enough re an emergency fund so our creditors went from full payment to step change payment - I think if we had token paymented them we'd have had calls - wish we had so we had an emergency fund but I allowed a bit more than needed on our I&e to allow for saving an emergency fund so we'll get there I'm sure!
    Originally posted by torheb
    Hi there,

    Remember a lot of the letters are automatically generated guff and of no consequence. If you are in contact with your creditor, directly or via SC etc, just file the letters and ignore.

    Don't let it stress you out,

    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.
    • Suseka97
    • By Suseka97 17th Jul 17, 10:25 AM
    • 146 Posts
    • 219 Thanks
    Suseka97
    Good Morning All,

    Today's mail brought the first (of 3) letters I'm expecting from Link Financial in response to the CCA request. Unlike PRA - they kept the £1 fee (fair enough) and their letter makes no mention of suspending the account whilst they investigate. So it'll be interesting to see what happens, if anything, when they don't get the August payment.

    Looking back at the PRA response, they definitely appear a lot more professional and 'switched on' about these requests. They included a leaflet outlining what they should provide, what it means if they can and what it means if they can't. Under the 'What we should provide' section it says that if they are unable to provide the original credit agreement they should provide a reconstituted copy (which I was aware of), but it goes on to say that it doesn't have to include your signature, or the date you signed it. Surely that means they can just cobble any paperwork together and prove the debt enforceable. Does anyone else have that experience of PRA?

    Am going going to 'redo' my I&E -which will be more favourable to me, ready for when I need to set up payment arrangements. I intend to half my current payments and even if I have to pay all that is currently owed, I'll still be on track to clear my debts by the end of 2018.
    • StopIt
    • By StopIt 17th Jul 17, 10:30 AM
    • 1,391 Posts
    • 1,184 Thanks
    StopIt
    Good Morning All,

    Today's mail brought the first (of 3) letters I'm expecting from Link Financial in response to the CCA request. Unlike PRA - they kept the £1 fee (fair enough) and their letter makes no mention of suspending the account whilst they investigate. So it'll be interesting to see what happens, if anything, when they don't get the August payment.

    Looking back at the PRA response, they definitely appear a lot more professional and 'switched on' about these requests. They included a leaflet outlining what they should provide, what it means if they can and what it means if they can't. Under the 'What we should provide' section it says that if they are unable to provide the original credit agreement they should provide a reconstituted copy (which I was aware of), but it goes on to say that it doesn't have to include your signature, or the date you signed it. Surely that means they can just cobble any paperwork together and prove the debt enforceable. Does anyone else have that experience of PRA?

    Am going going to 'redo' my I&E -which will be more favourable to me, ready for when I need to set up payment arrangements. I intend to half my current payments and even if I have to pay all that is currently owed, I'll still be on track to clear my debts by the end of 2018.
    Originally posted by Suseka97

    To be fair, a payback rate of less than 18 months is still very good going, so I suspect your creditors wont mind too much. As you say, that's if every CCA request gets fulfilled.


    As for the DCAs, it's clear someone at PRA has enacted some decent policies, as they appear to be very responsive and clear with their communications too. Maybe a good model for others to follow and may encourage actual communication between debtors and DCA, which would have positive results for both sides.


    And yes, they're (Well, not them, the original creditor, remember they hold none of the original paperwork) allowed to re-constitute the paperwork as long as the details are correct.
    • sourcrates
    • By sourcrates 17th Jul 17, 10:39 AM
    • 12,468 Posts
    • 11,860 Thanks
    sourcrates
    Under the 'What we should provide' section it says that if they are unable to provide the original credit agreement they should provide a reconstituted copy (which I was aware of), but it goes on to say that it doesn't have to include your signature, or the date you signed it. Surely that means they can just cobble any paperwork together and prove the debt enforceable.
    Originally posted by Suseka97
    Hi,

    They are correct, there is no requirement under sec 77/79 to provide a copy agreement with a signature.

    A signature has no bearing on an agreements enforcability.

    They can use any information they currently hold on file about you to reconstitute the agreement, however, they cannot make things up if they dont hold sufficient info on you.

    If your account pre-dates April 2007, then whatever they send you must include the "prescribed terms" of the agreement, if its after that date, then a basic recon will suffice.
    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/
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