DMP Mutual Support Thread (Part 5)

thenightporter

Morning, hope you all had a peaceful weekend!

Well we got a deafault from NatWest on Saturday (after one token payment) - how's that for quick! Has anyone had a default & not had it go to court? In their letter the said unless we paid the arreas by March whenever it was they would 'require payment of the full amount if necessary by court action'.

We would really like to avoid going to court - the loan is in my wife's name (it is in its final year) & she has no income other than child benefit (& the house is just in my name so it wouldn't be a charging order situation).

We're not really sure what do it - should be ask for a CCA? I'm pretty sure they have one, paying under the DMP it is not an issue but they seem to be incredibly aggressive :eek:

dlb

Nightpoter Natwest is the only creditor that defaulted me and never took me to court...they just said standard process and have been my best creditor for agreeing to dmp.

Regards bank charges i claimed back from my bank and credit card that were on my dmp about 7 months into dmp...all refunded no problem and it has not effected the dmp...i didnt get the `cash` as the refund was knocked off what i owed them but this knocked over 6 months off my debt free date!!!

Im currently looking into claiming back my ppi on my bank loan thats with the dmp...will let you all know how i get on.

Please remember those of you just starting out it could take many months for creditors to come onside...just stick to the dmp payments on time and soon the crediotrs will see you are serious about clearing the debt and start to stop interest and be happy with your payments...in the mean time stay strong stick to your guns..every phone call say the same thing refer them to you dmp company and dont give into any scare tactics.

Regards credit rating...yes a dmp will runin you credit rating but my view on this is so what...i will never have another credit card ever, ill be a cash only girly from now on, yes i would like to buy my house but this will be many years down the line and defaults ect only stay on your credit rating for 6 years, so we have a master plan of getting debt free, then start saving for a deposit on the house within 6-10 years after the dmp finishes...i would like to do it sooner but would rather stay rented until i have saved up cash for a good sized deposite and know i will have no other debts apart from a morgage.

Have a great day everyone
Donna
xx

salstar_2

dlb you seem very experienced in dmps, just spoke to cccs about my dmp and reducing it again. They were helpful, but also discussed doing my owm dmp, have you done this or are you with a company?

newlywed

Hi,
Mint defaulted me on a loan AND a credit card - and never took me to court That's more than 18 months ago too

Think the fact that I don't own a house made a difference to the fact that the others didn't even bother with a default (one of them asked me if I was a home owner every time they spoke to me!).

Sometimes they have to issue a default notice to be able to stop the interest (due to their systems/procedures etc).

geoffmr1

Hi all,

Defaults are standard issue because without doing that they cannot close the account. Most creditors will sell on the debt, maybe not immediately some leave it a year & even longer but eventually most of them do sell it on. It's nothing to worry about & it certainly doesn't mean the DCA they sell it to will come after you & be aggressive. I have actually found pretty much all the DCA's I've had to deal with better than the original creditors just so long as you inform your DMP company & update the details.

With regards to claiming back unfair charges it's obviously an independant choice but don't forget you can only claim back upto 6 years, so do it immediately if it means by waiting you are going to miss out on money. If you're in a position to wait so that the DMP gets set up then thats fine but don't worry about upsetting these firms too much, mostly it's different departments that deal with this stuff & I personally have never had a problem by reclaiming, it's never stopped them accepting a DMP so far.

Finally I have just had some good news, I put in a claim for mis-sold PPI against MBNA from a loan in 2002. They gave their standard 'Not Interested' reply so I went to the Financial Ombudsman & they have found in my favour. They have told MBNA to refund me £789 insurance fee which includes interest & also awarded me a further £200 compensation.

dlb

salstar wrote: »

dlb you seem very experienced in dmps, just spoke to cccs about my dmp and reducing it again. They were helpful, but also discussed doing my owm dmp, have you done this or are you with a company?

Hiya salstar..im an old timer !!lol iv been on a dmp for just over 3 years now, originally went with a fee paying firm as hadnt hear of payplan or cccs, but have swapped over to payplan now.
I did consider doing my own dmp before swapping over to payplan but thought why bother doing your own when companys such as payplan and cccs are out there to do it for free and take alot of the hassle away ie contacting creditors ect for you.

I would know how to do a self managed dmp now through my experience but unless you have to, id go with payplan or cccs.

Geoff only 1 default after 3 years and one 1 sold on after about a year on dmp all other creditor account are open and are still onside with dmp...they dont always close or sell the debt on. I had 12 creditors originally now down to 6, and only 2 did this.
Well done on the ppi claim too!!

geoffmr1

Hi dlb,

It depends on the circumstances, everyone is different & as such are treated differently by creditors. Clearly you was able to afford enough to satisfy the creditors on monthly payments, a bigger percentage of people aren't lucky enough to be able to do that. I was warned immediately by CCCS to expect defaults & I've had 6 to date, although I don't expect this to rise now as I'm pretty well settled & the majority of them were 2 years ago.

I'm more just letting people know why they issue defaults & not to let it worry them.

salstar_2

Hi,

Still not sure if i want to go on my own with DMP could i go with payplan if dont stay with cccs? are they much the same? Have read reviews on here and some people say payplan allow more for your budget, do you know?

debrag

contact payplan each company works out budgets differently

50broke

Hi massivedebts
Im really terrified that my debts are bigger than yours!! 83K unsecured 690 available for creditors... long long time on this board unless I can sell house and make F & F and then what, is it best to rent as it will be unlikely to get another mortgage....All due to massive reduction in wages due to recent credit crunch!

Feel quite sick!