DMP & Mutual Support Thread - Part 11

Sazzie23

Boldhoof wrote: »

Hi all,

Had a response from SC regarding the F&F we did with one of our creditors. They have said we should talk to them if we have any spare money as the creditors may end the DMP and ask for more money as we are prioritising one debt. We did write to them all and only one accepted, plus the person offering to help is on the grounds we clear a debt, not spread it over everyone. Just wondering if anyone has had such a response from SC. We are looking at writing to the others as the family have offered more help solely on the same grounds above, not the way SC want us to proceed. Any advise gratefully received.

Thanks

Think it's a standard SC response, and some of their DMP advisors are more realistic than others. I'd carry on dealing with creditors direct and if SC chuck you out then defo go self managed if you don't decide to do so anyway.

Sazzie23

blisteringblue wrote: »

Very sweeping statement there sourcrates, sorry if I am not DMP enough for you?



Look, a DCA gets all it deserves, I'm not saying that. But a debt with the original company, who have not even slightly hassled you, defaulted and don't charge any interest, why should they not get their money back?

I guess it all depends on your moral compass these days? I borrowed it, I spent it, I am paying it back. Those with DCA's will eventually get F&F and will likely make money out of me, but they will get it.

I think my own moral compass points in about the same direction BB, and I'd hate for anyone to read the thread thinking a DMP is an easy way to get out of paying debts, but it is a way to managed the debts (clues in the name).
OCs don't always ply the game thou and keep charging interest (which they are entitled to do) but what narks me is they offer 'good' customers 0% deals but for customers who look like they are getting in trouble, they up the interest to 30+%. (That's what happens to me), so I'm prepared to look for a little discount to make up for being treated poorly.

DCAs absolutely are less likely to get back the full amount, and are quite happy to negotiate a reduced payment, the price we pay for that is default which will last for 6 or more years depending when they got their act together.

I just wanted to add as well ALL are welcome here, a small debt you can't pay due to a small income is just as important here as a large to massive debt where people are able to make ££££ payments. Your concerns are just as important and it could be that your DMP will be even longer than most. Everyone is here to get to a DFD however they choose to make that journey. :T

BelleBelles19

Thank you for the advice of paying £1 token payments to build up an emergency fund.

Right on cue my car broke down this morning. Spoke to SC, as they hadn't yet processed my paperwork their advice was limited but logical. I think I'm left with 3 options:
- beg and borrow from family for a really expensive repair to our 13 year old car
- take out HP on a newer car, reliable one, then include in our SC budget
- make token payments for a few extra months to get a cheap run around.

I'm not really sure what to do for the best and I could really use some sensible advice?!

I will add that public transport is currently not an option as I do a 40 mile round trip to work, plus travelling across the county to different places with little to no notice as part of my job.

gawebb99

BelleBelles19 wrote: »

Thank you for the advice of paying £1 token payments to build up an emergency fund.

Right on cue my car broke down this morning. Spoke to SC, as they hadn't yet processed my paperwork their advice was limited but logical. I think I'm left with 3 options:
- beg and borrow from family for a really expensive repair to our 13 year old car
- take out HP on a newer car, reliable one, then include in our SC budget
- make token payments for a few extra months to get a cheap run around.

I'm not really sure what to do for the best and I could really use some sensible advice?!

I will add that public transport is currently not an option as I do a 40 mile round trip to work, plus travelling across the county to different places with little to no notice as part of my job.

same thing happened to us. our 13 year old car is on its last legs. my grandparents have bought me a new one luckily, still second hand and i;ll pay them back as and when out of my budget . i appreciate im lucky

BelleBelles19

Gaweb99, I wish we had someone to help us out. Feels like I'm in a catch 22. Obviously reluctant to take out more credit but I need to be able to get to work to pay the debt. ��

sourcrates

BelleBelles19 wrote: »

Thank you for the advice of paying £1 token payments to build up an emergency fund.

Right on cue my car broke down this morning. Spoke to SC, as they hadn't yet processed my paperwork their advice was limited but logical. I think I'm left with 3 options:
- beg and borrow from family for a really expensive repair to our 13 year old car
- take out HP on a newer car, reliable one, then include in our SC budget
- make token payments for a few extra months to get a cheap run around.

I'm not really sure what to do for the best and I could really use some sensible advice?!

I will add that public transport is currently not an option as I do a 40 mile round trip to work, plus travelling across the county to different places with little to no notice as part of my job.

Is it economically repairable or not ?

If not, is your credit still good ? If so you get something cheap on hp.

If you don't want more debt do the token payments.

BelleBelles19

Thanks Sourcrates, we've had to spend out on this car every month for the last 3 months and this fault appears to be the same fault that was fixed at the beginning of February. I have a friend who is a mechanic who has been trying to keep it going to us, but I think that logically it has come to the end of its life unfortunately.

Yes my credit at the moment is still ok.

2spicy

Sazzie23 wrote: »

Think it's a standard SC response, and some of their DMP advisors are more realistic than others. I'd carry on dealing with creditors direct and if SC chuck you out then defo go self managed if you don't decide to do so anyway.

Boldhoof wrote: »

Hi all,

Had a response from SC regarding the F&F we did with one of our creditors. They have said we should talk to them if we have any spare money as the creditors may end the DMP and ask for more money as we are prioritising one debt. We did write to them all and only one accepted, plus the person offering to help is on the grounds we clear a debt, not spread it over everyone. Just wondering if anyone has had such a response from SC. We are looking at writing to the others as the family have offered more help solely on the same grounds above, not the way SC want us to proceed. Any advise gratefully received.

Thanks

Lets turn this around .. "if" one of your creditors contacted you and said "We will accept £XYZ to settle your account early" ... and you are able to "source a family loan" to cover the F&F, then that is done between the creditor and yourself. SC cannot argue with you, only state that all creditors must be treated equally.
Now .. "if" you were to contact all your creditors and ask if they are willing to settle F&F & if no one accepts, there is nothing to say you cannot pay off the creditor that said they would accept a reduced payment. You have up to that point treated all cfreditors fairly.

"if it were me", then I would (as I have done) speak to the creditor that has agreed to accept a F&F, settle the account and simply advise SC that they had accepted a F&F and request they be taken off the DMP.;);)

Remember, SC are administering the DMP for you. You still have the final say.

Puzzcat

BelleBelles19 wrote: »

Thank you for the advice of paying £1 token payments to build up an emergency fund.

Right on cue my car broke down this morning. Spoke to SC, as they hadn't yet processed my paperwork their advice was limited but logical. I think I'm left with 3 options:
- beg and borrow from family for a really expensive repair to our 13 year old car
- take out HP on a newer car, reliable one, then include in our SC budget
- make token payments for a few extra months to get a cheap run around.

I'm not really sure what to do for the best and I could really use some sensible advice?!

I will add that public transport is currently not an option as I do a 40 mile round trip to work, plus travelling across the county to different places with little to no notice as part of my job.

Hi,

The one regret I have is that I hadn't spent any of the 60K on a car prior to going into a dmp. My only word of caution about taking out hp at this stage and then jumping into a dmp is that creditor may not take it so well being new credit. The last cc I took out that was still 2 years old was the hardest creditor to deal with when it came to freezing interest. But if SC say its okay then I guess that's the best option.

If you do token payments to save for a car then you will still need to do more to save your emergency fund..

My little car is 15 this year and I am still sticking her back together... not sure she will outlive the dmp though..

Good Luck whatever you choose to do..

Puzz. x

BelleBelles19

Thanks puzz. SC said that it would be included in my budget as a priority secured debt. I'm confused and stressed, went out to my car 3 times today in the hope it will have miraculously fixed itself and work - no surprise it didn't!