Anyone organising their own DMP?

debrag

so is the first step asking for balances & interest that's been added? then the next step to send them a I&E form detailing payments etc?

My Payplan DMP doesn't include any interest since the start of the plan but if I go alone it will include this wont it? Can I ask them to remove this claiming I've been in a DMP since 2006 etc I have the balances from when I started.

Jinx

boo80 wrote: »

Cap1 have threatened to default me today but I'm figuring it's going to take me at least 5 years to pay off these debts, and then I'll have a year and have a clear credit file (thats the plan anyway!) I'm pretty sure you'd still get the same if you went through an agency. Good luck Debrag!

I agree with that Boo... My defaults are all listed in 2004 so by the time I pay off my creditors (aiming for next year) I will have a clear credit record. And I must admit the time taken to pay back the debts has well and truly hammered home the need to be money-wise! :rolleyes:

With regard to some other comments:-
I changed my phone number to avoid calls from creditors. While I know you can tell them not to harass you and report them if they do, I just felt it the easy option and it meant my child couldn't pick up a stroppy/abusive call. I deal in writing only - no avoiding the phone and proof of all correspondence should they decide to take me to court.....

Also started paying the reduced amounts before the companies actually agreed. If you send a SOA saying I can afford x, then surely that is true immediately, not when they agree this is true IYSWIM....

Debrag - my agreements are interest free. Hopefully it will stay that way, but I don't think it can be guaranteed. HTH

Good luck all.... :j:j:j

boo80

Thanks for that Jinx, wish I'd thought about not paying the extra yesterday, Cap1 said they are more likely to agree to my payments if my account is up to date, so now I'm going to really struggle to pay staff wages at the weekend. Grr!

Debrag, I'm still waiting to hear about 2 of my debts, but so far 2 are interest free and 1 isn't, but from what I've read it's not a given that they'll freeze interest if you go with CCCS/Payplan either, so if your creditors have been kind so far they may well continue to hold the interest

boo80

debrag wrote: »

so is the first step asking for balances & interest that's been added? then the next step to send them a I&E form detailing payments etc?

My Payplan DMP doesn't include any interest since the start of the plan but if I go alone it will include this wont it? Can I ask them to remove this claiming I've been in a DMP since 2006 etc I have the balances from when I started.

If you're not sure what the balances on the accounts are the 1st thing you should do is call the creditors to check, otherwise it makes working out your payments almost impossible, then work out your pro-rata payments and send your offer letters along with a copy of you I&E. You may also want to check if the companies want any extra info as Cap1 said they can't start mine until they have proof of income etc...

debrag

well I'm taking them on thinking they accepted it before they should do now.

A few are now adding interest and I'm thinking that as some I am now paying over the min each month they won't stop interest.

I'm thinking of sending them the pro-rata letter stating that I'm taking over from Payplan & I've been in a DMP since March 2006, so could interest please stop and any that has been added please be removed.

Lois_and_CK

It's now been ten days since I wrote to all my creditors with my SOA and requesting reduced payments/frozen interest. I've not heard anything off them, and now I've started getting phone calls from one of them because this month's minimum payment has been missed. That's because I cancelled all the direct debits to my creditors as they were just causing me to get loads of bank charges.

Today I've written cheques to the creditors whose payments are due now, but have made them for the amount I've suggested in my SOA rather than the actual minimum payment they want. Like Jinx says, they have my SOA already that says how much I can afford, and that is my situation right now, not when they eventually agree it is.

I also enclosed my original letters/SOA from ten days ago and a new letter explaining I'm sending what I can afford as detailed in my SOA. I've also requested they immediately cease all phone calls and only communicate by letter in future.

When they cash the cheques they can't deny not receiving my letters and SOA :rolleyes:

I have a feeling this is going to be a long, tedious road!

Jinx

"I have a feeling this is going to be a long, tedious road!"

It is.... but it's all steps in the right direction :j

I think the support and understanding of someone close helps a BIG BIG BIG amount, someone to confide in who is non-judgemental.

Since being more open (to some people) about my situation I realise that I am certainly not alone and I recommend MSE to everyone!!!:T

Jinx x

boo80

I sent my letters at the end of last month Lois and got 1 response really quickly, one last week and two yesterday. I have, however, had many letters and phone calls about the fact that my account is now in arrears and why haven't I made the full payment. (because I can't afford it, as I've written to tell you - duh!) Once this is done I'm NEVER getting credit again!!!

Jinx

boo80 wrote: »

I sent my letters at the end of last month Lois and got 1 response really quickly, one last week and two yesterday. I have, however, had many letters and phone calls about the fact that my account is now in arrears and why haven't I made the full payment. (because I can't afford it, as I've written to tell you - duh!) Once this is done I'm NEVER getting credit again!!!

Totally agree. And they do keep sending the letters, at least one per month, usually two and the odd... 'if you have the cash we can give you a reduced redemption...' If only!:rolleyes:

You do get to the point where you get quite blase and just file them, but they do at least show the balance each time.

Jinx

Lois_and_CK

Thanks Jinx and boo for your comments/support. This thread is proving very useful :T

Anyway, I had my first agreement today! They've agreed to my reduced amount and that "no further debt recovery action will be taken", but interest is still going to be charged. I'm not that bothered about that as it's a very low interest anyway and only a small debt. Nevertheless, I'm thrilled that I've made a small progress already.

The letter also said:

"Any arrears will continue to be recorded on your credit file held by Experian, although we will advise that a payment arrangement is now in place."

Am I right in thinking that any 'defaults' with this creditor end now, and that from now on (so long as I carry on making the agreed payments) I will have started to clear my credit file? (Six years from now?) What I'm getting at is, is it better to have this note about a payment arrangement on my file rather than me continuing missing payments and defaulting?