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DMP & Mutual Support Thread - Part 9
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Quick question for those more experienced than me!
I've noticed one of my creditors (one of those nasty PDL companies) entry on my credit reference is over £1,000.
In November it was less than £300.
Is this something I need to take direct to the company, or speak to StepChange about?0 -
Some advice please - again....
I've had my figures rejigged again via stepchange due to change of income/ hours from work and breaking up with partner so no help coming from him anymore - they now recommend that I go bankrupt which I really do not want to do - due mainly to the time it will take for a DMP to be finished (like 14 years or something as things stand at the moment).
They have said they cannot administer a DMP for me over such a long period of time, so I went to Payplan and had the self same conversation with them. So my only option as I see it is self managed which I've read up on and I'm sure I can manage.
Thing is now I've stopped and taken a long hard think about it - am I being totally unrealistic and should just bite the bullett and do as they say and go bankrupt? I know 14 years is a heck of a long time but my situation is sure to change in that time again - more hours at work or even 2 jobs worked around each other or something (anything!).
Do you think its too long and as such is likely to be refused by my creditors? Really dont want to go bankrupt but if the companies refuse my DMP offers to them I wont have any choice will I?0 -
debtfree77 wrote: »Hi All,
All quiet here on the DMP front
. I know its only been 2 weeks since i mailed my creditors and Stepchange activated my DMP, but i have not heard anything ! no calls, no mail etc etc, is this normal , i thought i would have had something to say whether the DMP has been accepted etc etc. I know it probably down to being up to date with all my repayments for this month 
thats gonna change in just over a weeks time. It would just be nice to know where i stand and whats going on.
How is everybody else experience with the initial contact from the creditors? and the acceptance of their DMP?
Pleased things have been quiet for you.
Very few let you know accepted or not. It's a case of watching the statement like a hawk!
HHx0 -
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Hi, glad to hear it is all quiet so far! We started ours this month, although we delayed starting it so we could get the emergency fund going. This means that our creditors have actually known about it since Feb, and we have been pleasantly surprised at the lack of contact! We have never received a single phonecall, and all the letters have been pretty understanding. I kept waiting for this earth-shattering fallout, which never came. Most have stopped or vastly reduced interested from our initial letter, and so we've not had to spend much time at all stressing/panicking/not sleeping. It's been so much better than expected. Just to add, we only had two letters accepting the dmp, from MBNA and NRAM. The rest we only knew about from the lack of charges and interest on our statements, so don't expect to hear much on that front. Hope your continues to be smooth sailing too!
We had a lovely letter from Blair, Oliver and Scott about our joint loan, stating that they require immediate payment on behalf of their 'clients', BOS. Makes me laugh when it says directly on the letter that they are wholly owned by BOS! OH is now panicking that someone is going to turn up on the doorstep to take all our worldly possessions, despite me telling him they can't actually do that. The letter says they 'may' do this or that, but I'm fairly certain they will actually do none of it once the money starts coming in. I am slightly concerned about this one though, as the fact that we have been defaulted and passed on barely two months in tells me they probably don't know about the DMP. Was going to write to BO&S just reminding them of everything I sent in my original letter to BOS, does that sound like the right thing to do?
Hope you're all ticking along nicely, we are getting there!!
Glad things are going in the right direct and you can see the stunts they try to pull!
HHx0 -
murph_avfc wrote: »Quick question for those more experienced than me!
I've noticed one of my creditors (one of those nasty PDL companies) entry on my credit reference is over £1,000.
In November it was less than £300.
Is this something I need to take direct to the company, or speak to StepChange about?
That must have been a bit of a shock
When you say it was £300 - was that information from the CRA report or the statement?
This is why some of us insist on statements and keep our own records, no surprises etc.
Please let us know how you get on
HHx0 -
Some advice please - again....
I've had my figures rejigged again via stepchange due to change of income/ hours from work and breaking up with partner so no help coming from him anymore - they now recommend that I go bankrupt which I really do not want to do - due mainly to the time it will take for a DMP to be finished (like 14 years or something as things stand at the moment).
They have said they cannot administer a DMP for me over such a long period of time, so I went to Payplan and had the self same conversation with them. So my only option as I see it is self managed which I've read up on and I'm sure I can manage.
Thing is now I've stopped and taken a long hard think about it - am I being totally unrealistic and should just bite the bullett and do as they say and go bankrupt? I know 14 years is a heck of a long time but my situation is sure to change in that time again - more hours at work or even 2 jobs worked around each other or something (anything!).
Do you think its too long and as such is likely to be refused by my creditors? Really dont want to go bankrupt but if the companies refuse my DMP offers to them I wont have any choice will I?
Sorry to hear about your woes. Advice can be inconsistent, you will see from signatures lots of people had long DFDs.
Do you have equity in your home?
HHx0 -
Sorry to hear about your woes. Advice can be inconsistent, you will see from signatures lots of people had long DFDs.
Do you have equity in your home?
HHx
no i rent and the car i drive isnt even mine - lent to me by my parents so i can get myself sorted out so that wouldnt be taken either.
My gut instinct is to go for the DMP, make my offers and pay them as promised and hope that things pick up work wise. the companies i owe are hardly likely to return the payments I make are they and the only alternative they have is to make me bankrupt which means they get zip so unlikely for them to do that either. Can they turn an offer I make to them down?0 -
Sorry to hear about your woes. Advice can be inconsistent, you will see from signatures lots of people had long DFDs.
Do you have equity in your home?
HHx
no i rent and the car i drive isnt even mine - lent to me by my parents so i can get myself sorted out so that wouldnt be taken either.
My gut instinct is to go for the DMP, make my offers and pay them as promised and hope that things pick up work wise. the companies i owe are hardly likely to return the payments I make are they and the only alternative they have is to make me bankrupt which means they get zip so unlikely for them to do that either. Can they turn an offer I make to them down?
They can't refuse to accept the money.
If you don't want to say here it may be worth you talking to someone about the pros and cons of bankruptcy so you can make an informed decision.
HHx0
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