DMP Mutual Support Thread - Part 7

tranceaddict

Hey Guys, thanks for the support (had a lovely birhday btw)

This is only the second letter received from Link, the first back in Feb was to advise the "Sale of My Debt" from GE Money, under the "what to do now" it advised that my debt was now owed to them, my agrement had been terminated and payment of full balance should be made immdiately. I contacted CCCS and told them of the change, they said tha it was not a problem and they had dealt with them before and they would send all my details to them, I also wrote to them explaining my situation and that CCCS would be in touch, I then though no more of it untill the letter arrived saying the had attemted to recove the outstanding balance without success and County Court Proceddings would now be issues without further notice, unless full payment is received within 14 days (which it won' be).

I'm going to contact CCCS later to se what they say.

Regards

R

tranceaddict

tranceaddict wrote: »

Hey Guys, thanks for the support (had a lovely birhday btw)

This is only the second letter received from Link, the first back in Feb was to advise the "Sale of My Debt" from GE Money, under the "what to do now" it advised that my debt was now owed to them, my agrement had been terminated and payment of full balance should be made immdiately. I contacted CCCS and told them of the change, they said tha it was not a problem and they had dealt with them before and they would send all my details to them, I also wrote to them explaining my situation and that CCCS would be in touch, I then though no more of it untill the letter arrived saying the had attemted to recove the outstanding balance without success and County Court Proceddings would now be issues without further notice, unless full payment is received within 14 days (which it won' be).

I'm going to contact CCCS later to se what they say.

Regards

R

Well Just spoke to CCCS and they have put my mind at rest a bit, I haven't received a default notice from Link (Just the two letters as mentioned above) Or from GE Money (which I may not do as Link have now bought the debt). They have advised doing nothing, as Link can't take court proceddings untill they issue a default notice, so I guess it's just a waiting game.

CCCS also said that "many" of these letters had gone out over the weekend, so not to worry, and she wished me a happy birthday for yesterday, now thats service.

Any other advice more than welocome

R

bones65

Hi
Been on DMP now since January to clear 25k of unsecured debts.
fairly newby to all this. Firstly i have 4 creditors to payoff (credit cards only)
Have been trying to save money since xmas ie switch utilities, reduce spending and cancelling phone contract in July to pay as you go. Even been able to set up a slush fund for rainy day. Two of my creditors have stopped interest on payments the other 2 havent and i am incurring more charges than payments now. Have wrote to them but nothing back as yet. Any advise.

also what does
DCA, PPI, F&F AND UE all stand for sounds like some kind of dating termonology

MissPriss

Hello again folks!
When you first send the letter to the preditors to say "please freeze this account, I'm arranging a DMP", does it make any difference, do you think, to send a "token payment"? It's just that I don't see that they will then think "oh, she's alright really, let's do as she asks, she has sent us a £1 after all" Any thoughts?
MissPriss

OhdearOhdear_2

Thanks for responding hoplessly hopeful, yes the NR mortgage and the unsecured loan were in both our names but I am the only one struggling with finances.

I guess I am just wondering if my partners credit rating will take a hit if she defaults on the loan as they are both being paid from her account.

I just thought that by doing this DMP I could get my finances in order-didnt think it would affect her at all. At the moment she will not default on the loan so I think my options are 0 for now.

Not sure what the next move is, seems unfair we both have to be affected.

Edit: Just noticed hoplessly hopeful, you say credit rating shot for 6 years AFTER the dmp is completed? Not 6 years from the first default?

Thanks in advance

OhdearOhdear_2

MissPriss wrote: »

Hello again folks!
When you first send the letter to the preditors to say "please freeze this account, I'm arranging a DMP", does it make any difference, do you think, to send a "token payment"? It's just that I don't see that they will then think "oh, she's alright really, let's do as she asks, she has sent us a £1 after all" Any thoughts?
MissPriss

Hi not sure if this is any use to you but I spoke to my advisor (payplan) and he said not to worry too much about sending token payments and if I wish send nothing. He seemed to think it made little difference (in my circumstances anyway)

I was having trouble finding an appropriate address to send them to as I have paperless statements etc so asked about it. I have 6k across 3 CC's and a 4.5K OD fwiw.

bones65

sorry to say that if the loans are in jojnt names you will both me hit with bad credit, now ay round im afraid other than try to pay them off without defaulting.
I had to persuade my partner when i took out a DMP it would not affect her except when moving house as i wouldnt get another mortgage thankfully my debts were in my name ONLY....

OhdearOhdear_2

Oh dear, that doesnt sound good! We live in a one bedroom cottage bought 2007 for 80k, prob worth 65K now. We have an 18 month year old with one on the way so one bedroom just isnt going to cut it.

Looks like I'm going to have to cancel the dmp but I've started defaulting on all my debt now!

Ill have to work three jobs forever! No way my partner will put her credit rating in jeopardy.

/rant

bones65

seek advise fom the CAB there are always options open ALWAYS dont give up or do anything rash, speak to them first.

MissPriss

Thank you OdOd (not sure how to shorten your name!) - I thought as much. Sadly my pile to clear is more substantial than yours, but I don't do things by halves! Will ponder the "to token or not to token" overnight, I have 2 versions of each letter waiting to be sent out, one with the sentence about a token payment, one without...... (would still need to get the postal orders, but that shouldn't take too long). I'm leaning towards "not to token" at the moment.

MissPriss