DMP & Mutual Support Thread - Part 11

2spicy

afooksy wrote: »

Thanks 2spicy. I assumed SC would know that my car was paid off as its part of my budget plan, so I thought I would have to let them know it was paid so that they could up my monthly repayments.


Sometimes I have moments where I want it all gone and want to pay it off in large chunks while other times I am happy with it slowly reducing.


I will def look at the savings idea though and pay it off in a lump sum.

SC wont know about your car unless you tell them. You dont have to live like a church mouse (unless you want to that is !)

You only really need to submit your I&E to SC once a year during your review (at least thats what it is like with PayPlan).

afooksy

2spicy wrote: »

SC wont know about your car unless you tell them. You dont have to live like a church mouse (unless you want to that is !)

You only really need to submit your I&E to SC once a year during your review (at least thats what it is like with PayPlan).

Great thanks. To be honest I could probably up my payments now, but myself & partner have been saving for a deposit so I've been keeping it at £90 and plan to until next year where I will have some disposable income.


I keep seeing about self-managed...what is this? is there a thread that explains what self-managed is?


x

2spicy

gawebb99 wrote: »

Just today posted off our forms to stepcjange to start a dmp.

This is the right thing to do yes.... We have 33k almost and wouldn't clear it as we were . Husband is worry about bailiffs coming round . Tell me it'll be ok ....

The only way your going to get a Bailiff visit is if you have arrears for Council Tax / Parking fines / debts against private individuals that have gone to small claims or high court.

First of all, dont worry.
You might get letters or threats, but no one will call.
You might get phone calls saying "you must pay £XXX" amount .. Just be polite and tell them your starting a DMP, you dont have the money, and they will be notified by SC in due course.

Have you written to your creditors yet ? If you havent, then just write to them advising your starting a DMP, and ask them not to contact you only via letter or through SC.

If your starting a DMP, and all your creditors accept the DMP, then thats the end of it, sit tight, settle down and plod on.

gawebb99

2spicy wrote: »

The only way your going to get a Bailiff visit is if you have arrears for Council Tax / Parking fines / debts against private individuals that have gone to small claims or high court.

First of all, dont worry.
You might get letters or threats, but no one will call.
You might get phone calls saying "you must pay £XXX" amount .. Just be polite and tell them your starting a DMP, you dont have the money, and they will be notified by SC in due course.

Have you written to your creditors yet ? If you havent, then just write to them advising your starting a DMP, and ask them not to contact you only via letter or through SC.

If your starting a DMP, and all your creditors accept the DMP, then thats the end of it, sit tight, settle down and plod on.

we dont have arrears for any of those you mentioned, infact have never had arrears for anything until now when we've missed a payment from a few of the creditors due to starting the dmp.

we havent written to them , ive spoken to some on the phone already but not all.

we have too many to write too and i cant print at home. if i get any letters in the next few weeks i'll ring and say we are starting a dmp with stepchange?
thank you

2spicy

gawebb99 wrote: »

we dont have arrears for any of those you mentioned, infact have never had arrears for anything until now when we've missed a payment from a few of the creditors due to starting the dmp.

we havent written to them , ive spoken to some on the phone already but not all.

we have too many to write too and i cant print at home. if i get any letters in the next few weeks i'll ring and say we are starting a dmp with stepchange?
thank you

Your story sounds exactly the same as ours. You will be chased for a few months, which is why I said about writing to them (and keeping copies) asking them not to contact you.

And a little gem ive learnt the hard way though, if your in for the "long haul", get your defaults on your debts as soon as you can. weve been stung by BarclayCard and only have a few months left to finish, meaning the default will be around for another 6 years (our DMP was 7 years, so all early defaults have expired).
As others have said recently, with some creditors who refuse to default, the only way is to withhold payments and only make token payments until defaults are registered.

gawebb99

2spicy wrote: »

Your story sounds exactly the same as ours. You will be chased for a few months, which is why I said about writing to them (and keeping copies) asking them not to contact you.

And a little gem ive learnt the hard way though, if your in for the "long haul", get your defaults on your debts as soon as you can. weve been stung by BarclayCard and only have a few months left to finish, meaning the default will be around for another 6 years (our DMP was 7 years, so all early defaults have expired).
As others have said recently, with some creditors who refuse to default, the only way is to withhold payments and only make token payments until defaults are registered.

What is a default and why do people want them ? Sorry really not sure what it means !

Puzzcat

afooksy wrote: »

Great thanks. To be honest I could probably up my payments now, but myself & partner have been saving for a deposit so I've been keeping it at £90 and plan to until next year where I will have some disposable income.


I keep seeing about self-managed...what is this? is there a thread that explains what self-managed is?


x

Hi,
Self managed is exactly what it is, managing your own dmp. Google nedcab lots of information available and try read back this thread from the beginning should answer many of your questions.
Puzz.x

2spicy

gawebb99 wrote: »

What is a default and why do people want them ? Sorry really not sure what it means !

A default means you have defaulted against your credit agreement and essentially its been terminated. Credit wise, it is bad ( unless your credit score is so bad, in which case its good, it means once its gone, its gone).
Lenders will register a default against you for failing to make repayments on a loan. this tells other lenders that you failed to meet the financial obligations you signed up for when you borrowed the money in the first place.
You can only be defaulted once against each single credit arrangement, so once its been done and gone (6 year footprint on your credit file), its gone for good.



for reference, here is a better description

https://www.payplan.com/advice/collection-of-debts/creditors/default-notices/

Coinmachine

Puzzcat wrote: »

Hi Coinmachine,

If you read back the last 2 pages there is quite a chat about our lovely defaults..! Unfortunately some creditors are very mean and won't give them to us, whilst others default very quickly. I am unsure about being able to get the default backdated if it hasn't been applied yet?

Noddle show green up to date on the 2 of my undefaulted debts but unfortunately when you open the details they are marking the file dmp/ap which will stay on file for 6 years from when the debt is settled hence why we love a default as this disappears 6 years from placed on the file.

Love puzz. x

Well I have heard back from Halifax today, as an apology for not replying to my earlier correspondence they have reduced my outstanding debt by £75 and have confirmed they will issue a default as at January 2015 - result, thats defaults for all debts now.

Puzzcat

Coinmachine wrote: »

Well I have heard back from Halifax today, as an apology for not replying to my earlier correspondence they have reduced my outstanding debt by £75 and have confirmed they will issue a default as at January 2015 - result, thats defaults for all debts now.

Well done Coinmachine, a lovely result. x :T