DMP & Mutual Support Thread - Part 11

Jon81

Three of my 12 creditors have accepted stepchange's proposal. One for 6 months and two for 12 months.

The two for 12 months are with the same bank, just waiting on the third with the same to respond.

In any case, payment went out yesterday.

One thing I did realise was that SC's minimum payment to creditors on a DMP is 5.

Hoping the other 9 will get on board and can slightly, but not fully of course relax a little

On the subject of SC and DMPs what's the view on clearing those smaller creditors quicker if they cut a deal

City1

Hi,


I was wondering if anybody had experience of this site get out debt free, and the 3 letters process that they advocate and use of copyrighting ones name.


I have had some reads of the advice and cannot get my head around it.


Cheers

2spicy

make_the_change wrote: »

Thanks for all the feedback, I haven't managed to get online over the weekend as been busy and worried about finances again and what will happen. I was starting to sleep better but now I just lay awake worried. How long have people done token payments for typically and what's happened in that time? I can feel my stress levels increasing and my anxiety coming back.

Right, first of all, stop panicking. Defaults are good, the sooner they happen, the sooner they disappear off your credit file.
Make token payments as long as you need to get yourself established and the DMP up and running. Make sure you donot have any debts on Council Tax / Mortgage or Rent. Everything else can wait.
Without knowing your income and expenditure, I would say you need 3-4 months of "buffer" put aside for unexpected bills / emergency (not a new TV!).
Just keep sending the token payments, be apologetic, and keep your creditors informed that you cannot make the repayment, so to show willing and commitment, you are making the token payments (if they cash the payment, that is a sign of acceptance).

Then, sit back and ride the wave. You will be chased by some. - Dont get stressed, this is just what they do..
Some may ask for extra payments. - Dont. You cannot afford it, hence why your starting a DMP.

sourcrates

City1 wrote: »

Hi,


I was wondering if anybody had experience of this site get out debt free, and the 3 letters process that they advocate and use of copyrighting ones name.


I have had some reads of the advice and cannot get my head around it.


Cheers

Oh that old chestnut !!

Been asked on here many times, it's all cobblers, relies entirely on wether the creditor can prove the debt is owed or not, and the rest of it has been proven wrong in court.

All you need to know is this.

if a creditor can prove a debt is owed and they have the legal right to collect it, then it's a valid debt.

If they can't, it's not valid, simple as that.

make_the_change

2spicy wrote: »

Right, first of all, stop panicking. Defaults are good, the sooner they happen, the sooner they disappear off your credit file.
Make token payments as long as you need to get yourself established and the DMP up and running. Make sure you donot have any debts on Council Tax / Mortgage or Rent. Everything else can wait.
Without knowing your income and expenditure, I would say you need 3-4 months of "buffer" put aside for unexpected bills / emergency (not a new TV!).
Just keep sending the token payments, be apologetic, and keep your creditors informed that you cannot make the repayment, so to show willing and commitment, you are making the token payments (if they cash the payment, that is a sign of acceptance).

Then, sit back and ride the wave. You will be chased by some. - Dont get stressed, this is just what they do..
Some may ask for extra payments. - Dont. You cannot afford it, hence why your starting a DMP.

Thank you!

City1

sourcrates wrote: »

Oh that old chestnut !!

Been asked on here many times, it's all cobblers, relies entirely on wether the creditor can prove the debt is owed or not, and the rest of it has been proven wrong in court.

All you need to know is this.

if a creditor can prove a debt is owed and they have the legal right to collect it, then it's a valid debt.

If they can't, it's not valid, simple as that.

That's what I thought, very spurious!


Think I am going to go down the old fashioned route and think the I/we made some 'costly' decisions. Send off my cca's, continue making token payments and hopefully negotiate some nice discounts.

Boldhoof

Evening everyone,

Well we have managed to pay the full and final offer from one of our creditors, so that's one down Had a call from another one who had written to say that they would not accept the offer, but would write with a counter offer of 60% of the total. So we shall see if the letter arrives in the next few days as they have said, then see where we go from there.

blisteringblue

Puzzcat wrote: »

Update time...

3. I am leaving Stepchange and branching out with another debt management company.. me ...! So self managed here I come.. I will report any ups or downs as I go....

Copy Puzzcat

It's great Puzz, best thing I did. I call every shot :rotfl:

[Deleted User]

blisteringblue wrote: »

Copy Puzzcat

It's great Puzz, best thing I did. I call every shot :rotfl:

Please could you explain what shots these are, blisteringblue?

blisteringblue

carbootcrazy wrote: »

Please could you explain what shots these are, blisteringblue?

Blueberry Vodka

No seriously, simply means my DMP is on my terms, Stepchange is too regimented for me. Sometimes paying a creditor less means they stop the interest. Stepchange will always split evenly.