DMP & Mutual Support Thread - Part 11

BeingDebtFreeStartsHere

Sazzie23 wrote: »

Nearly forgot to say, I have a shiny new default from BC at last !
Just waiting to see if the debt shifts to a DCA next.

Yay Sazzie!! :j

I want one!! If we decide to go self managed may reduce payment to BC and try to force a default - ready for a battle tho!!

BDFSH x

sourcrates

BeingDebtFreeStartsHere wrote: »

Yay Sazzie!! :j

I want one!! If we decide to go self managed may reduce payment to BC and try to force a default - ready for a battle tho!!

BDFSH x

If you want BC to default you, Just don't pay them at all.

They will take up to six months, but they will default you in the end.

Little_Miss_Sunshine

Just thought I'd update you lovely people. I log on everyday and this thread is sooo supportive. So, we've decided to go it alone and self manage. We need to really since SC don't want us to remove our non enforceable debts (all £22k of them)
With regards to the CCA requests - BC and BOS havent replied so I've sent a reminder letter (recorded delivery).
At the moment our debts are £25K (BC and BOS could add £15K to that if they produce the correct paperwork).
I'm aiming to get defaults as quick as possible - not that I ever credit again but its the principle really - line in the sand and all that - so we're not in a hurry to start paying!
Thanks - youre all fab!

creed92

Hi all, just wanted to post here to ask a couple of questions.

Around October time I had my lightbulb moment and realised that I could no longer afford to pay my bills (mainly credit card debt). I'm a student who had been overspending and trying to finance 5 years of university living costs which lead to me running up around £11k on credit cards. Luckily I wasn't totally stupid and the majority of this debt was on 0% balance/money transfer deals which weren't due to expire until well after I had graduated and started work. I decided to get the ball rolling with StepChange and filled in the online income/expenditure tool which told me the best way forward was a TPP.
Somewhat foolishly i decided I din't want the expected bombardment of phone calls and letters to come over christmas so put off doing anything about it and paid up all my bills until last month.
I sent out my TPP notifications to my creditors as requested by StepChange, and let them do the rest. Out of the 5 credit cards I have (had) only MBNA were responsible enough to immediately reply notifying me they have closed my account and will give me 30 days to fill in income/expenditure forms. From the others I heard nothing, presumably because at this point I hadn't missed any payments and they didn't care?
Getting StepChange to start my TPP took around a month as there were some issues that needed clearing up. Around a fortnight ago they emailed me to say they had contacted the creditors and the payments will begin from March.
At the start of this week I was still anxious, I'd not heard anything from any of the creditors (the 5 cc and one Barclays loan for around £400).
Then on Wednesday I had a letter again from MBNA informing me they are happy to accept the token payments of £1.00 for 12 months, will freeze all interest and charges and will be defaulting me immediately (which I gather is a good thing?).
Yesterday I received a letter from Vanquis (I know I know...), a company I had been dreading dealing with after reading about them on here. So you can imagine my relief when again it was a letter saying they will accept my £1.00 payments for 12 months and freeze all interest and charges. However, no mention of a default. So I assume they will be reverting back to normal interest rates when I start working, which is a negative, but I'll cross that bridge when i come to it.
Then today I had a letter from Tesco saying that they will also accept the offer, freeze all interest and will default me immediately.
Now, the one company that I have read nothing but negative things about on here is Barclaycard, and so I am hoping and praying that in the next few days I hear from them saying they will also accept my offer. Does anyone have any recent similar stories involving BC and the likelihood of them accepting without putting up a fight?
My other creditors I've not heard from are Capital One for around £450 and that small Barclays loan I mentioned.

This weeks letters has really motivated me into looking forward to the next stage of my debt-free journey. Instead of discarding letters and hiding them in drawers I've bought myself a nice binder and filing everything away nicely. I'll be starting work in August and from then on will be able to make real progress with paying off what I owe.

Thanks for any help or advice.

sourcrates

OP,

What's a TPP ?

January2015

sourcrates wrote: »

OP,

What's a TPP ?

Token payment plan

Sazzie23

sourcrates wrote: »

If you want BC to default you, Just don't pay them at all.

They will take up to six months, but they will default you in the end.

It was 3 months tokens + 6 months reduced payments to get here, one of the few good things that came out of last years traumas.

Sazzie23

sourcrates wrote: »

OP,

What's a TPP ?

And I though you had all the answers Sourcrates

(Actually I thought exactly the same, just proves none of us is above asking questions).

Thanks Jan

BeingDebtFreeStartsHere

sourcrates wrote: »

If you want BC to default you, Just don't pay them at all.

They will take up to six months, but they will default you in the end.

Thanks Sourcrates - good to know

BDFSH x

BeingDebtFreeStartsHere

Sazzie23 wrote: »

It was 3 months tokens + 6 months reduced payments to get here, one of the few good things that came out of last years traumas.

Hope you don't mind me asking Sazzie - what % of your total balance owed were your reduced payments. With SC we'll be coming up to that 1% of the total balance by mid 2016 and the risk of interest being readded. Did they accept the reduced payments with no quibbles??

BDFSH x