DMP & Mutual Support Thread - Part 11

January2015

carbootcrazy wrote: »

The only thing I dislike about SC is the fact that they frown on us making additional payments to creditors outside the payment plan.
I'm assuming from what you say that PP are much more amenable to it:T. Might check out their website.

I've never had a problem with this. I cleared one creditor in full to avoid buy now pay later interest. I just kept paying additional payments directly to the creditor and then monthly updated the SC online account for that creditor with the revised balance. This took place every month over about 8 months, so it must have been clearly obvious to SC what I was doing.

SC never said a word to me.

January2015

crispycornflake wrote: »

Hi, not been on here for a while. Currently on a dmp with stepchange, debt started off at a massive £115,000 :shocked:!! Been on dmp for nearly 6 years & debt is now down to approx £74,000, still huge I know but a least it's going in the right direction. We recently received an e mail from step change regarding changes to their terms & conditions, they seem to be getting a lot stricter with their rules & also mention something about accessing & recording dmp's with credit reference agencies. I'm not really clear what it means tbh. Anyway in a nutshell we are now thinking of self managing our dmp but our joint list of creditors is about 19. I would like some advise from other dmp'ers who have gone down this route e.g do creditors still freeze interest, do they ask for proof of income & expenditure or is a statement ok? We would like more freedom to pay some debts more money, do f&f settlements on the lower amounts and have more control of our own money. Thanks in advance.

Hi

Well done on your debt reduction to date:T

Lovely to see another user with debts up at my level - makes me feel I'm not the only only in the world who took so long to deal with the ever growing debt balance

I am just in the process of planning to move from Stepchange DMP to self-managed DMP. I am just waiting on an answer from MBNA regarding enforceability of our debt with them (my fingers are tightly crossed it is unenforceable).

With that in mind, have you CCA'd your debts to find out whether or not the lenders have the required documentation? It's worth doing because even if you feel morally obliged to clear any debts which prove to be unenforceable, what this knowledge does is give you the power to put payments to that lender on hold so you can target other enforceable debts and then at a later point you could, if you really wanted to, make a very low full and final settlement offer to the unenforceable debt(s).

Me....if it's unenforceable I won't be paying any more to them. I never used to think like that, but needs must and the law/regulations are there for the creditors the debtors. The creditors wouldn't hesitate to use any laws they can to add interest/chase debts etc. so why should'nt debtors use available laws in a way that assists them for once rather than the creditors

Dandytf

January2015 wrote: »

I've never had a problem with this. I cleared one creditor in full to avoid buy now pay later interest. I just kept paying additional payments directly to the creditor and then monthly updated the SC online account for that creditor with the revised balance. This took place every month over about 8 months, so it must have been clearly obvious to SC what I was doing.

SC never said a word to me.

Thats very interesting ,I thought if additional payments were made, they would be split evenly among creditors. I'm moving into low 1000's and 100's, I could probably start paying maybe 3+ debts off during 20016 if a take your approach with additional payments.

January2015

Dandytf wrote: »

Thats very interesting ,I thought if additional payments were made, they would be split evenly among creditors. I'm moving into low 1000's and 100's, I could probably start paying maybe 3+ debts off during 20016 if a take your approach with additional payments.

I just paid extra directly and didn't formally let SC know, other than to update monthly my DMP online account for that creditor.

I'd go for it if I was you :beer:

Growurown

crispycornflake wrote: »

Anyway in a nutshell we are now thinking of self managing our dmp but our joint list of creditors is about 19. I would like some advise from other dmp'ers who have gone down this route

We went self managed in the last year of our DMP to give us more freedom around the amounts we paid. The only real difference I noticed was more paperwork and admin. Creditors didn't change anything, we still paid the same amounts, no increase in interest or charges etc. However with SC you do one I&E and they do all the rest, but self managed you will have to deal with all your creditors individually and with 19 of them that could be a lot more work. If you are OK with that I would say go for it, it gives you a lot more flexibility and could save you money.

Sazzie23

lucielou5 wrote: »

My ex partner and I have a DMP with PP which expires in February after 7 years of consistent payment.
He left in December.
Ironically, over the last year I have been hit with even more creditors chasing me up and am still, personally, in debt for another £12k.
I feel, at this point, I need to point out that I have mental health problems. Having read through everyone's posts I believe my best plan of action is to start a new DMP. There's no way I could cope with a self managed plan.
I did look at SC but am wondering if I should just go with PP again. We've had no issues with them but I feel so embarrassed and stupid.
Also, I'm on IS and have been advised that (as a full time carer for my disabled son) that I wont be expected to seek work for three years. I'd really like to use the time to go back into education and re-train and pay as much debt off in this time but it seems like a massive battle.
I estimated that I would need to be paying £83pw to do this (I may be wrong, maths is not my strong point).
Sorry for the long post, I guess I'm just looking for reassurance and happy endings.

Didn't want to read and run, buts it's late so I'll try to be brief (shut up you lot I can hear the laughter from here:D).

Anyway IMO don't think it matters if you go with PP or SC, just need to get it started and get the creditors off your back. Are you sure you want a DMP though, perhaps a DRO might be more suitable in your situation, I think you should perhaps talk it over with national debt line. No need to feel embarrassed or stupid, you had a relationship you had debt, neither worked out like you thought it would, life happens, they'll have heard stories like your before, if they judge you, go elsewhere!


Anyway, whatever you decide, best of luck with it, don't be afraid to ask for help, stuff anyone that doesn't respect that.

Sazzie23

crispycornflake wrote: »

Hi, not been on here for a while. Currently on a dmp with stepchange, debt started off at a massive £115,000 :shocked:!! Been on dmp for nearly 6 years & debt is now down to approx £74,000, still huge I know but a least it's going in the right direction. We recently received an e mail from step change regarding changes to their terms & conditions, they seem to be getting a lot stricter with their rules & also mention something about accessing & recording dmp's with credit reference agencies. I'm not really clear what it means tbh. Anyway in a nutshell we are now thinking of self managing our dmp but our joint list of creditors is about 19. I would like some advise from other dmp'ers who have gone down this route e.g do creditors still freeze interest, do they ask for proof of income & expenditure or is a statement ok? We would like more freedom to pay some debts more money, do f&f settlements on the lower amounts and have more control of our own money. Thanks in advance.

Did SC send that to everyone, did I miss it again, I must learn to read my emails.

Self managed seems a great idea, I can't do it as I can't be trusted to make the payments. I'd like to but I know I don't have the disciple. One day I hope I will but until then I have to stick to SC.

crispycornflake

January2015 wrote: »

Hi

Well done on your debt reduction to date:T

Lovely to see another user with debts up at my level - makes me feel I'm not the only only in the world who took so long to deal with the ever growing debt balance

I am just in the process of planning to move from Stepchange DMP to self-managed DMP. I am just waiting on an answer from MBNA regarding enforceability of our debt with them (my fingers are tightly crossed it is unenforceable).

With that in mind, have you CCA'd your debts to find out whether or not the lenders have the required documentation? It's worth doing because even if you feel morally obliged to clear any debts which prove to be unenforceable, what this knowledge does is give you the power to put payments to that lender on hold so you can target other enforceable debts and then at a later point you could, if you really wanted to, make a very low full and final settlement offer to the unenforceable debt(s).

Me....if it's unenforceable I won't be paying any more to them. I never used to think like that, but needs must and the law/regulations are there for the creditors the debtors. The creditors wouldn't hesitate to use any laws they can to add interest/chase debts etc. so why should'nt debtors use available laws in a way that assists them for once rather than the creditors

Thanks for your advise, we have never requested the cca's but I keep seeing posts in relation to this subject so will give it a go. Are there template letters on here? Most of the debts are over 8 years old so we may have several which cannot supply the cca's with any luck! I think we need to get busy!!

crispycornflake

Sazzie23 wrote: »

Did SC send that to everyone, did I miss it again, I must learn to read my emails.

Self managed seems a great idea, I can't do it as I can't be trusted to make the payments. I'd like to but I know I don't have the disciple. One day I hope I will but until then I have to stick to SC.

Hi, not sure if they sent it to everyone but I'm assuming they will do if their terms & conditions are changing. I don't like the sound of it tbh, sounds too controlling when it's supposed to be an informal agreement.

KID77

Hi Sazzie
I didn't receive an email on this and was a bit panicked when I read this on here....
I've had a look on their website and can't see anything so will wait and see.
Xx