DMP & Mutual Support Thread - Part 11

BeingDebtFreeStartsHere

Just wanted to say hello and welcome to all those just starting out on their DMP journey. I can honestly say that deciding to start our DMP in Oct 2014 was the best decision we ever made. Although it is hard at times having to watch every penny we spend and analyzing our bank account daily, it is so nice knowing that what we actually do buy on a day to day basis, even the basics such as the weekly shop or fuel costs, are paid for with money we actually have, not on credit

We have a long way to go - DFD 12 years away :eek: but we are so proud of ourselves for facing up to our debts and tackling them head on. We've paid off over £9000 since starting our DMP - if we had stuck to our old credit ways we would have definitely added that onto our debt instead!!

It is a scary thing to start out on, but every creditor we have spoken to has been understanding, and if you continue paying your agreed monthly payments you are unlikely to get any hassle. If you do, we are all here to help and advise you.

This thread was my lifeline when I started out, so many amazing and helpful folk on here in exactly the same position as you

Good luck - in a couple of months you will be feeling so much more relaxed and wishing you had set up a DMP sooner!!

Take care,

BDFSH x

Little_Miss_Sunshine

I'd really appreciate advise and thoughts please. So, the panic that intially set in when I realised that we could not meet our minimum payments without taking out more credit/debt has subsided. I've done lots of research and I'm not sure that beginning our DMP with sc so quickly ( first dd due to go out the 1st Feb) is such a good idea.
I've cca'd all our debts - just waiting to hear back now. I 'think' that our biggest debts ( Mbna over 2 cards £21k and £7k) may be unenforceable. I took these cards out in the early to mid 1990's.
Possibly another £5k may be unenforceable.
That would take our debt down to £20k. We will be in a position to offer !!!!!! in 3 years time ( our mortgage will be paid off) and ideally I'd like to do this before ( maybe in 2 years time). So I need all our accounts to default quickly.
I'm wondering if the best thing to do would be to change to self managed - would that be ok?? We haven't really got started with sc. just make token payments for a few months - to allow us to save and to force the defaults.
I'm ok with self managing. In fact I'd prefer it.
Also this would give time for the cca paperwork to come through ( especially the Mbna ).
What do you think?? Is this a good plan?? I'm not sure

[Deleted User]

Little_Miss_Sunshine wrote: »

I've cca'd all our debts - just waiting to hear back now. I 'think' that our biggest debts ( Mbna over 2 cards £21k and £7k) may be unenforceable. I took these cards out in the early to mid 1990's.
Possibly another £5k may be unenforceable.
Also this would give time for the cca paperwork to come through ( especially the Mbna ).
What do you think?? Is this a good plan?? I'm not sure

I was very interested to read your post, Little Miss_Sunshine and wish you good luck with your plans:T

I'm confused a bit (no, make that 'a lot':o) about why/when debts become unenforceable. Please could you or anyone else who has had any success with it please post a short explanation?

Thanks for your patience:A

Jon81

Long time absent, just wanted to pop back and say hi, hope all members new and old are getting on ok with their journeys.

I have a couple of questions but wanted to say hi before jumping in

Little_Miss_Sunshine

As I understand it for debts pre 2007 they may be unenforceable if the original agreement can't be produced. There is quite a lot of case law around it ( check out the legal beagles site). It is quite complicated but the process begins by sending a letter to the creditor asking for the agreement to be produced within 12 days ( plus 2 for posting) or a letter saying that they are looking for it.

Jon81

Is it odd for an account on my credit file to show defaulted before having had a default notice from the company concerned or are they different in so much as the credit file shows default after a certain number of late missed payments where as the default notice is the official recognition that the account is closed

sourcrates

Jon81 wrote: »

Is it odd for an account on my credit file to show defaulted before having had a default notice from the company concerned or are they different in so much as the credit file shows default after a certain number of late missed payments where as the default notice is the official recognition that the account is closed

Hi,


It will be marked as late payment until approx. 3/4 payments have been missed, the creditor can then issue a default notice, and mark your credit file as such.


If you did not receive a default notice, then the creditor has failed in its obligations to you, however, in practice, it makes very little difference.
If its the only default you have, then complaining that the creditor has not followed due process, may or may not result in its removal, however, the breach is easily remedied by them sending you the correct paperwork.

sourcrates

carbootcrazy wrote: »

I'm confused a bit (no, make that 'a lot':o) about why/when debts become unenforceable. Please could you or anyone else who has had any success with it please post a short explanation?

Thanks for your patience:A

Hi,


The debt does not have to be an old one necessarily.


You can make a CCA request to any running credit account, regulated by the consumer credit act, where an agreement was signed, either on paper, or online.


If, the creditor cant provide you with a copy of your agreement, original, reconstituted, or screenshot, then the account, no matter its age, will still be unenforceable, until such time as they do comply, whether that be a matter of days, weeks, months, or years.


Of course for newer accounts, they should have no trouble producing the relevant paperwork, but on older ones, specifically pre-2007 agreements, and any others older than 6 years (most only keep records 6 years) creditors do struggle sometimes.

KID77

Message for January2015 :-)


One of my MBNA debts is showing as zero on the online account, I remember you saying this happened to you but I don't recall you saying if a DCA then contacted you about it?
Or do MBNA still have it but just access to online account gone???


Thanks
KID x

January2015

KID77 wrote: »

Message for January2015 :-)


One of my MBNA debts is showing as zero on the online account, I remember you saying this happened to you but I don't recall you saying if a DCA then contacted you about it?
Or do MBNA still have it but just access to online account gone???


Thanks
KID x

Hi
Yes this is exactly what happened to me. Wait a couple of weeks and you will get a letter from the predator (MBNA) advising Notice of Assignment. This means they have sold it to a DCA.

Our debts went (originally) to Arrow Global - who then work with 'partner' agencies to find a suitable collection route. That's the waffle they spouted down the phone to me anyway

Both our accounts are now with Moorcroft DCA. The whole process to about 5-6 weeks.
:beer: