DMP & Mutual Support Thread - Part 10

Rooster01

SquirrelNuts wrote: »

Hey Rooster

Glad it's all going well so far for you!

Out of curiosity how did you find out which creditors accepted - did they all send letters to you?

Most of mine have gone quiet on me, so I'm assuming acceptance as nothing from them to the contrary!

I ended up phoning Very again today as had an odd letter from Stepchange saying that their details didn't match Very's so they couldn't progress this account any further until I had phoned Very to sort out the mismatch.

Eventually I ended up being given the number for RMA Resolve who apparently administer Stepchange DMPs on behalf of Very / Shop Direct group (I remember you writing that you were passed to them too)

They had the details from Stephange so said they would review the file and talk to Stepchange directly to sort out any misunderstanding. It appears RMA use a different reference number to Very so maybe that was the difference! Anyway, hopefully all sorted now and that will be another one in the accepted pile...

Squiz

Hi, I received letters from Halifax, Barclaycard and Nationwide who all stated they had accepted plan. As for Very and Littlewoods these were passed over to RMA Resolve. I received letter so rang them. They were very friendly and extremely professional. They informed me whatever Stepchange offer they will accept. As for Aqua and Sunny I rang them and they informed me dmp was accepted. Not heard from Quickquid but I'm aware they have received documents from Stepchange and Stepchange have said they have not protested payment plan. Only other creditor is Springcoin who dispite been written too and informed via telephone still state no documentation received by Stepchange?

Rooster01

SquirrelNuts wrote: »

Hi MW89

I didn't have any defaults when I took action to go onto a DMP, in fact I hadn't even had a single late payment at that point.

I've been doing £1 payments since Nov and still no defaults. I've had varying responses from creditors to the DMP - a couple have accepted, one hasn't accepted but Stepchange will just pay them anyway, and most have simply kept quiet.

cheers,

Squiz

Which creditor refused offer from Stepchange?

Puzzcat

moneyworrier89 wrote: »

I would also like to ask whether companies will agree to a DMP if you haven't defaulted much. The whole reason I am taking the DMP out is that I am not paying anything off only ever the bare minimum and it is getting to a point now where I am starting to default slowly but surely. Thanks

Same here, all up to date with payments at the time of entering dmp. 8 out of 9 of my creditors froze interest and all agreed to it.
Puzz.x

SquirrelNuts

Rooster01 wrote: »

Which creditor refused offer from Stepchange?

Lloyds Bank credit card has rejected according to the letter from Stepchange.

I have four accounts with Lloyds group in the DMP - Lloyds CC, Lloyds Overdraft, Lloyds Personal Loan and a Sainsburys Bank CC.

I had a letter from Lloyds on the Overdraft accepting the payment plan and freezing interest and charges. The other two nothing.

Growurown

moneyworrier89 wrote: »

My main concern is one of my creditors Zopa loans. I owe around 3500 with them and I am particularly worried as it is Peer to Peer lending. I have heard lenders can arrange their own debt collectors. I completely appreciate why they would as it is their own money, however the thought of this is now making me ill and affecting other aspects of my life.

any advice given would be greatly appreciated.

Hi MW89,

Having looked at their website it says: -

'At Zopa, if a borrower misses a repayment, a collections team chases on your behalf.'

Here's the link if you want to have a look

http://www.zopa.com/lending/peer-to-peer-experts

I don't think the fact that it is peer to peer lending makes any difference. The company are legally bound to treat defaulters the same as any other financial institution. Plus the lenders just put their money into a big pot (don't they?) so how can they chase individual borrowers? Plus as long as you make an offer to repay the money through SC then there's no reason to chase you for the money because you can't pay what you haven't got.

Sazzie23

moneyworrier89 wrote: »

I would also like to ask whether companies will agree to a DMP if you haven't defaulted much. The whole reason I am taking the DMP out is that I am not paying anything off only ever the bare minimum and it is getting to a point now where I am starting to default slowly but surely. Thanks

moneyworrier89 wrote: »

Hello there,

I am looking for advice please. I am 24 years old and feel like some sort of failure. I am around 10,000 in debt after being silly when in University but I am now resolving to face up to my issues.

I am now in the process of applying for a DMP with Step Change who seem to have a good reputation. My main concern is one of my creditors Zopa loans. I owe around 3500 with them and I am particularly worried as it is Peer to Peer lending. I have heard lenders can arrange their own debt collectors. I completely appreciate why they would as it is their own money, however the thought of this is now making me ill and affecting other aspects of my life.

any advice given would be greatly appreciated.

Hi MW

Well done at facing your debts and starting to deal with them, it is an awful realisation that you can't carry on, however in time you will start to feel better and that burden you carry every day will start to lift a bit.

I think many on this thread felt pretty poorly at the start, but with the help of SC, PP or NEDCAB most get through it relatively unscathed.

If you read back through this thread, I'd probably go back a couple of months if you can, you'll see that not everyone uses a management group like SC, you can do it yourself, but I have found SC have been a great starting point, and I wouldn't have got to this point without them. DO NOT USE A FEE PAYING DMP. StepChange & PayPal are fee free and it has been proven they achieve at least as good an arrangement as fee paying managers.

Like Puzz, Squizzer and many others I had not missed a payment prior to finally running out of options and admitting to HBOS that I could not make the full minimum payment. The collections man kindly suggested I contacted SC and the rest is history.

Regarding Zopa, (I am a lender on Zopa) each loan is split into individual packets of risk, for example a loan of £2000 will be divided into £20 packets for each lender or something like that, so the risk is spread. I have had one or 2 late payers but no non-payers so I have never looked at taking action, but I wouldn't worry as I think most lenders may not even look at their accounts to see who is late paying etc. I'm sure zopa will not give you an easy time, but they are an unsecured lender like everyone else and will have to wait for their money just like the rest. That's the risk you take when you lend with them, so it's tough luck.

hopeful1983happy wrote: »

Hi everyone,

It has been a couple of years since I have typed on here. DMP is ticking along nicely, and it even seems to have gone well when I had to reduce payments due to the (surprise) arrival of baby #2.

I just have a couple of questions that I wonder if anyone is able to help with please.

Firstly, how does one go about re-mortgaging while on a DMP? Our mortgage was originally with northern rock, now NRAM. We have never missed a payment but our fixed rate period has ended and we would like to try and get another fixed rate deal, purely so that we know the exact cost per month. I am sure the low rates wont last - they have to go up sometime! I am scared that if they do then we will suddenly be in trouble .

Secondly - one of my creditors still hasnt defulted me, nearly 3 years after everyone else started too. I dont know what to do to get them too! It was originally an Egg loan but we are now on our 3rd DCA, and it is now showing on my credit score that we have missed 8+ months payments, whereas all the others either say arrangement to pay or defaults. Anyone got any ideas?

Thank you all in advance, happy new year x

Hi Hopeful, congrats on baby 2, a true DMP baby:D. Pleased to hear it's all going well.

I remortgaged for different reasons, but was only able to get a remortgage with my existing lender, which was surprisingly straightforward once I fessed up to the, about the DMP. They gave me a better rate than I had been on so I wished I'd done it before:rotfl:

Regarding defaults, might be useful to say which creditor as someone else my have relevant experience, and have you complained either to them FOS or both?

Have a good debtbusting day everyone.

Sazzie23

SquirrelNuts wrote: »

Lloyds Bank credit card has rejected according to the letter from Stepchange.

I have four accounts with Lloyds group in the DMP - Lloyds CC, Lloyds Overdraft, Lloyds Personal Loan and a Sainsburys Bank CC.

I had a letter from Lloyds on the Overdraft accepting the payment plan and freezing interest and charges. The other two nothing.

Squizzer, that's just nuts isn't it, one accepting one rejecting and others nothing. As I've previously said to another OP how can one lender agree you are in financial difficultly for one account and not for another. Like SC have told you, just ignore it and SC will keep paying them, they won't get anything else by taking action.

SquirrelNuts

Sazzie23 wrote: »

Squizzer, that's just nuts isn't it, one accepting one rejecting and others nothing. As I've previously said to another OP how can one lender agree you are in financial difficultly for one account and not for another. Like SC have told you, just ignore it and SC will keep paying them, they won't get anything else by taking action.

It is pretty nuts, just shows there isn't a joined up approach from some creditors.

Ah well, I'm sure it'll all work itself out eventually!

Growurown

Growurown wrote: »

Plus the lenders just put their money into a big pot (don't they?) so how can they chase individual borrowers?

Sazzie23 wrote: »

Regarding Zopa, (I am a lender on Zopa) each loan is split into individual packets of risk, for example a loan of £2000 will be divided into £20 packets for each lender or something like that, so the risk is spread.

Well that answers that question!:rotfl::rotfl:

neiljmuk

Hi all, I'm currently making a round of token payments. This is the first time of doing so for my Lloyds Loan. I can't make this online as the account is now over the overdraft limit. Two questions for anyone with Lloyds debt as can't find this info anywhere.

Who do I make the cheque payable to for Lloyds Loans token payments?

Does anyone have an address for the heads up letter to be sent to or should I just send to the branch?


Any advice appreciated.