DMP & Mutual Support Thread - Part 11

bertman

Not posted for quite a long time now, I still lurk around though and try and keep up to speed with everything. We are three years now into our DMP and are getting on with our lives, we live on cash and find it hard at times like everyone else but the debts are still coming down each month. We have one more payment with one of the cards and that will be paid off, that payment will then go against one of the others.
The only change which I think Is good is that Barclaycard have now transferred the debts to the PRA group which I guess means that they have paid for it. Not before Barclaycard tried adding interest and defaulting us on the four debts we have with them. I hope that in a few years time can offer full and finals to them for less than Barclaycard would have wanted. Out of all the debts we have now only two are now with the original companies, all the rest have been sold on.
Anyone who is just starting out, best of luck. This site helped us through some very dark times a few years ago. But we now get on with life, money is tight but it's ours!!!!

KID77

Flumpybutton wrote: »

Hi everyone looking for some advice about whether to stay with SC or go self managed as for the second time Barclaycard haven't received payment from them and it is showing as late on Noodle.
Does anyone know if this is down to SC or Barclays? I have done some research on self managed but just wondered what other peoples thoughts were.

Hello
I only just started my DMP so not the most experienced but my Barclays payment for overdratfs and loans has gone missing too. All other creditors received their payments on 6th July but Stepchange are investigating the Barclays payments.
If this continues to be an issue then I think I would rather just go self managed as I am the one speaking to my creditors anyway, my main reason for going with Stepchange is their name and that creditors more likely to play ball going through a charity. I would prefer to stick with them but I will see what happens with these payments over next few months.
x

blisteringblue

Barclaycard have sold my debt :beer::j:rotfl:

So only taken 4 months from going back to token payments. Seriously better than the £109 a month interest they thought was "fair" because my payment was not far off the contract minimum.

The funniest thing is the company that take it on PRA Group (never heard of them?) will accept my current £5 token for 6 months before they do a review.

They will be in for a nice surprise when I dump £700 of back payments on them that I wasn't giving Barclaycard because of their stupid sliding scale of interest.

Although I'm half temped to do what I am doing keeping the BC money banked (in a YNAB pot) paying their 6 months of tokens and then doing the review. Then sometime along the line come in with a F&F from the YNAB pot. Just need to find out how much they "buy" these debts for?

You have SO MUCH CONTROL going self managed folks, really do not be scared by the thought. Stepchange do provide a great service but it is totally inflexible. They would have had me losing over 1/2 my monthly payment to Barclaycard as interest where a little common sense says pay less, get them defaulted and you save money. They do seem to work a little in favour of the creditors it would seem.

You do have all the same clout being self managed as you do under the Stepchange umbrella.

sourcrates

patch22 wrote: »

The card was taken out sometime between 2005 and 2008. Isn't there a magic date for CCA requests? Thanks again for your advice, do appreciate it. I'm so new to all this and it confuses me so much!

Yes, and No.


A creditor still has to be able to prove you owe the debt, so would still have to provide you with something.


If you want to continue paying the debt down as quickly as possible, then that is fine, however, if you were looking for a little breathing space, then it could be many months before Cabot decide to chase you up for this debt, or they may write to you this week, depends how much work they have on there books at the present time, they always chase the more lucrative accounts first, so may side-line yours for the time being.


You would generally need a reference number in order for them to trace your account, if it were me, id just wait until you get the letter from them, but its up to you how you play it.

sourcrates

blisteringblue wrote: »

You have SO MUCH CONTROL going self managed folks, really do not be scared by the thought. Stepchange do provide a great service but it is totally inflexible. They would have had me losing over 1/2 my monthly payment to Barclaycard as interest where a little common sense says pay less, get them defaulted and you save money. They do seem to work a little in favour of the creditors it would seem.

You do have all the same clout being self managed as you do under the Stepchange umbrella.

Brilliant post !!!!!


Its really great to see someone actually taking back control and going self managed, I try to get this point over to people that its so easy to do, that there is nothing any 3rd party can do for you, that you cant also do for yourself, with a little bit of common sense, and a bit of spare time.


Yes they do a good job, but it is a "one size fits all" approach, and not right for everyone.


Once again, well done.

Puzzcat

blisteringblue wrote: »

Barclaycard have sold my debt :beer::j:rotfl:

So only taken 4 months from going back to token payments. Seriously better than the £109 a month interest they thought was "fair" because my payment was not far off the contract minimum.

The funniest thing is the company that take it on PRA Group (never heard of them?) will accept my current £5 token for 6 months before they do a review.

They will be in for a nice surprise when I dump £700 of back payments on them that I wasn't giving Barclaycard because of their stupid sliding scale of interest.

Although I'm half temped to do what I am doing keeping the BC money banked (in a YNAB pot) paying their 6 months of tokens and then doing the review. Then sometime along the line come in with a F&F from the YNAB pot. Just need to find out how much they "buy" these debts for?

You have SO MUCH CONTROL going self managed folks, really do not be scared by the thought. Stepchange do provide a great service but it is totally inflexible. They would have had me losing over 1/2 my monthly payment to Barclaycard as interest where a little common sense says pay less, get them defaulted and you save money. They do seem to work a little in favour of the creditors it would seem.

You do have all the same clout being self managed as you do under the Stepchange umbrella.

Hi bb,
I think BC have sold everybody's debts!!! Last month I got yet another we will default you if you do not pay in full letter, followed by we have put you on a plan and will charge you tiny interest and then yesterday another formal demand and a letter saying off to PRA. If I were you I would definitely hold on to the back payments for a f&f...let us know if a big D finally appears on your credit file, I will be checking mine at month end....
Puzz.x

tequilabird

I need someone to help me get my head straight.

OK, so contacted SC and have been told that i can go on a low start DMP. I've already received default notices from all but one of my creditors and my overdraft. Barclaycard (2 of my biggest debts) have been sold to PRA group. What does that mean? I can't check Noddle from over here for some reason so I can't see if the defaults have been registered on my credit file.

So now SC are going to take over with my payments after 4 months of £1 token payments. Am I doing the right thing or should I be managing this myself?

Flumpybutton

I am really going to look into going self managed as I am off work for next few weeks so it seems like a good time to get things sorted. SC really helped me at the start of my debt free journey over 2 years ago but now I feel I want to have some control over it . If I change to self managed would there be a period of change where my creditors don't get paid on time? That is my main worry, that I miss a payment whilst changing over .
So not just me with missing payments to Barclaycard then Kid77!!

sourcrates

tequilabird wrote: »

I've already received default notices from all but one of my creditors and my overdraft. Barclaycard (2 of my biggest debts) have been sold to PRA group. What does that mean?

So now SC are going to take over with my payments after 4 months of £1 token payments. Am I doing the right thing or should I be managing this myself?

PRA Group is the new name for Aktiv Kapital, there an American debt purchasing company, it just means your debt has been sold to them, and they will be in contact with you at some point no doubt.
If your confident enough to go self managed, then do so, although if you are unsure if it would be right for you just now, stick with SC for the time being, and see how it goes.

blisteringblue

tequilabird wrote: »

So now SC are going to take over with my payments after 4 months of £1 token payments. Am I doing the right thing or should I be managing this myself?

As you say all bar one have already defaulted I would stick with Stepchange. I only left them for my fight with Barclaycard and the interest they were charging. Stepchange could not do what I wanted in order to stop interest so I took control.

My post was only to say if you ever do need to go self managed for any reason then it's not as daunting as it sounds.