DMP start up in progress - "odd" letters received

Kate_fixing_it

Hi everyone,

once again a huge thank you for all the help and support so far.

I'm in the "limbo" stage of starting out with my DMP. Almost everything has missed the full minimum payment now (token payments made and letters sent with step change details). Until now I've not missed any minimums. As of today I've heard from 3 of my creditors. I previously paid by DD. Not one has made demands - they've all just sent me new DD mandates.Not even a request for a payment. Is this normal?

Don't get me wrong, I'm grateful to not have the phone ringing 24/7 and threatening letters but it's not what I expected.

Would my best option be to send a second copy of the letter informing them of the imminent DMP? I was thinking of emailing a copy over today and sending a hard copy in the post too.

I'm just a little confused by this unexpected turn of events. I've had no response to my initial letters yet.

Kate x

Tixy

How long since you sent the token payments and letters out?

If its been less than a month then I wouldn't do anything at the moment.

Informing a creditor that you are seeking advice from a debt advice charity means they should give you 28days and take no further action at all.

Your creditors will be experienced in people entering DMPs and may just be waiting for stepchange to write to them rather than sending you any letter in the meantime.

Kate_fixing_it

Thanks Tixy, yes, it's less than a month so the light has clicked in my brain and I've realised these are probably automated letters (sorry for the dim moment )

I'll hold fire on things for now, I'm obviously just a bit to eager to get started.

Kate x

LMJ10

I am due to make my first DMP payment 2moro before that I had never missed a payment I'm now 2 months behind.

I had a few calls when I missed my first payment but when I told each creditor I was going on a DMP they did not bother me again.

Got a few statements thru this morning with the fact sheets in and telling me about arrears but that's all!! Going smoothly for me - well for now!!!!

FireWyrm

Yes, this is all becoming very common for creditors. You are not the first and certainly wont be the last to enter a DMP and so the procedure is now pretty well defined for most companies. They know they cant get blood out of a stone, and likewise, they know they can just sell this onwards and make a few pennies out of it. I suspect that they essentially write it all off from the second you mention DMP and put you into another pile marked "pursue as and when". It is fruitless wasting collection efforts on those who cannot pay and are entering formal arrangements so they dont even bother these days.

Kate_fixing_it

Thank you both for putting my mind at rest. I guess we have to thank those who went before us and paved the way as well as those who offer such excellent advice.

Hopefully this means they have taken on board the information I've given and it will all run smoothly for me too.

Thanks again,
Kate x

youknowthis123

I must admit, when I started my DMP I was so worried at the back lash from creditors after payday. I was surprised, but also concerned, that the backlash was no where near what I was expecting.

I actually found my creditor's silence more worrying than any threatening emails!

Things are going well for me now, about 6 months in, and am now speaking regularly with creditors. 12 of which have frozen interest and charges, and one who is still charging interest (but I'm working on this one). They have also all accepted the DMP offers, thats 13 creditors accepted offers!

My advice to anyone starting a DMP would be: Don't think that your creditor spends every minute of the day huffing and puffing over YOUR debt. As a previous poster said, they are hugely experienced with DMP's (comes with the territory), and there will always be someone on their list of debtors who is in a worse situation!

YKT

Kate_fixing_it

Thanks YKT, you've taken the words out of my mouth! I suppose the fact that none of my individual debts are over 3k also says a lot. I guess in their situation I'd go after the bigger and older amounts first - although my debt is huge to me it's not really a major priority to them if I'm in contact plus as you say I'm (sadly) one of many.

Kate x