DMP & Mutual Support Thread - Part 11

Redorangegate

Hello,
I'm on a dmp and have been on it for a little while. I want to pay off what I can but almost all of my debts have been sold off to debt collection companies and I'm paying them now through my payplan dmp and some of them are small debts put together in the pot of debt so if I don't have to pay all of them that would help.
What do you suggest please?

Little_Miss_Sunshine

aliavavodka wrote: »

Cca'd? No idea what this is, is it easy to do?

Ali

Definitely do it - it's just a letter. £22k of ours is unenforceable. Still waiting to hear back about another £16k

Little_Miss_Sunshine

I'm now the proud owner of a default - gnat west - first one!

January2015

Little_Miss_Sunshine wrote: »

I'm now the proud owner of a default - gnat west - first one!

Well done - funny how our view on markers on our credit file changes once we find DMPland :beer:

January2015

Little_Miss_Sunshine wrote: »

Definitely do it - it's just a letter. £22k of ours is unenforceable. Still waiting to hear back about another £16k

Little Miss Sunshine - did you see my CCA from MBNA came back as enforceable this morning Then, many thanks to Fermi, I got it checked on another forum site and their solicitor confirmed it is unenforceable :j

Happy days. I haven't reduced our debt total in my signature yet - will wait until I have confirmation in writing from whoever (MBNA / court etc).

Little_Miss_Sunshine

aliavavodka wrote: »

Cca'd? No idea what this is, is it easy to do?

Ali

January2015 wrote: »

Little Miss Sunshine - did you see my CCA from MBNA came back as enforceable this morning Then, many thanks to Fermi, I got it checked on another forum site and their solicitor confirmed it is unenforceable :j

Happy days. I haven't reduced our debt total in my signature yet - will wait until I have confirmation in writing from whoever (MBNA / court etc).

Just catching up Jan - I've got 2 Mbna accounts. With one I had the 'letter - sorry we can't find your paperwork but please pay' the other (£7k) have produced something with my signature on. How do you knows yours is unenforceable if you don't mind me asking

January2015

Little_Miss_Sunshine wrote: »

Just catching up Jan - I've got 2 Mbna accounts. With one I had the 'letter - sorry we can't find your paperwork but please pay' the other (£7k) have produced something with my signature on. How do you knows yours is unenforceable if you don't mind me asking

Will pm you

muppetscotland

Evening all

Still trying to get my head around all this having just begun a DIY DMP (literally on step 1).

I was wondering - it makes perfect sense to build up an emergency fund by making token payments for 3 months and also presumably prompting a few defaults to boot. However I am scared of doing so incase creditors take me to court and put a charging order on house.

Do many of you experienced DMP-ers own your house and have you had this happen? We have enough equity to clear debts but would be left with nothing at 50 years old. Can't let that happen....

sourcrates

muppetscotland wrote: »

Evening all

Still trying to get my head around all this having just begun a DIY DMP (literally on step 1).

I was wondering - it makes perfect sense to build up an emergency fund by making token payments for 3 months and also presumably prompting a few defaults to boot. However I am scared of doing so incase creditors take me to court and put a charging order on house.

Do many of you experienced DMP-ers own your house and have you had this happen? We have enough equity to clear debts but would be left with nothing at 50 years old. Can't let that happen....

Hi,

In 99% of cases creditors never take legal action on consumer debts.

They simply go to collections for a few months, then they may be passed to an external DCA, eventually they may be sold on to specialist debt collectors, who have the option of legal action.

And your right, it is a worry, as a creditor can now apply for a charging order when a CCJ. Is granted.

But as you are at the very start of this process, you are a world away from that senario just now.

The process I have described can take many months, years even, to get to that stage, missing a few months payments will not even produce a ripple on the pond !!

January2015

muppetscotland wrote: »

Evening all

Still trying to get my head around all this having just begun a DIY DMP (literally on step 1).

I was wondering - it makes perfect sense to build up an emergency fund by making token payments for 3 months and also presumably prompting a few defaults to boot. However I am scared of doing so incase creditors take me to court and put a charging order on house.

Do many of you experienced DMP-ers own your house and have you had this happen? We have enough equity to clear debts but would be left with nothing at 50 years old. Can't let that happen....

We own our house and have far more equity in the house than our debt total.

Write to your creditors (if you haven't already) and inform them you have assessed your financial situation and have taken advice (even if you haven't taken advice quote NEDCAB - which is online debt advice). Tell them you will be making token payments of £1 for x months (where x is however many you think you need - go for up to 6 if you think you need it). Don't offer token payments - tell them that's what they will be getting. Tell them what they will get when the token payments finish and from what date.

We've been on a DMP for a year now - originally with Stepchange and did token payments for 2 months. The issues that cropped up through the year totally wiped out our emergency funds (old cars will do that when MOT time comes round).

We have just moved to self-managed DMP and I just wrote to all predators and told them they were getting £1 a month for two months. No explanation of why I needed to do this. The financial statement I sent clearly showed I could (theoretically) afford more. All but one accepted with question. The one that didn't is paid less than a tenner a month anyway so I wasn't too bothered.

We've not had one threat of court action. House is fine.

Good luck with it all.