DMP & Mutual Support Thread - Part 11

sourcrates

zenshi wrote: »

Phoenix, I've been making token payments on self managed DMP to bcard since Nov 2013 and they STILL haven't defaulted me!

Only way is to not pay them anything folks, eventually they will default you.

phoenixx

zenshi wrote: »

Phoenix, I've been making token payments on self managed DMP to bcard since Nov 2013 and they STILL haven't defaulted me!

OMG Zenshi - what a pain! Seems to work for some people - wonder what we need to do to get the default...some sort of 'Raiders of the Lost Ark' escapade with caves and fire and hidden trapdoors no doubt!

phoenixx

sourcrates wrote: »

Only way is to not pay them anything folks, eventually they will default you.

Nothing at all it shall be then - thanks Sourcrates

phoenixx

Sorry to be ignorant about this but do we tell them we are not paying them anymore or just stop? I have just received another letter in the post from them - telling us they are increasing interest and charges because we 'broke our agreement'. I just can't work out what they are playing at...

sourcrates

phoenixx wrote: »

Sorry to be ignorant about this but do we tell them we are not paying them anymore or just stop? I have just received another letter in the post from them - telling us they are increasing interest and charges because we 'broke our agreement'. I just can't work out what they are playing at...

Well stopping payment to them, and ignoring correspondence will hasten default and sale of the debt.

Not recomended for all creditors, but BC are a law unto themselves, and in this situation it's about the only thing you can do.

Sometimes you gotta shake the tree a little, see what falls from it !!

BeingDebtFreeStartsHere

January2015 wrote: »

Consider using the NEDCAB site - it works it all out for you and generates creditor letters etc. You are managing but can say you've taken advice from NEDCAB.

We let our January direct debit be collected by SC and that meant we had all of January to organise self-managed and write to creditors etc. Immediately after DD was collected we wrote and told SC we were moving to self-managed.

We reset our monthly payment date to 16th of each month as that suits us best.

Thanks January

phoenixx

sourcrates wrote: »

Well stopping payment to them, and ignoring correspondence will hasten default and sale of the debt.

Not recomended for all creditors, but BC are a law unto themselves, and in this situation it's about the only thing you can do.

Sometimes you gotta shake the tree a little, see what falls from it !!

Thanks sourcrates - they really are a law unto themselves. One of our current accounts is with Barclays Bank. Are they related?

zenshi

Guess I've been a bit lucky as although they've no defaulted me yet...all interest and charges were stopped from day 1

gawebb99

So today we had confirmation from stepchange that our DMP is set up and will begin in March

We also received five letters from creditors today saying we had missed a payment blah blah blah . I assume within the next week they would've heard direct from stepchsnge but do I need to ring the creditors too and say we are starting a dmp?

BeingDebtFreeStartsHere

gawebb99 wrote: »

So today we had confirmation from stepchange that our DMP is set up and will begin in March

We also received five letters from creditors today saying we had missed a payment blah blah blah . I assume within the next week they would've heard direct from stepchsnge but do I need to ring the creditors too and say we are starting a dmp?

Don't worry about the letters - the majority of them are self generated and if you miss payments then the creditors still have to send out late payment/arrears/default letters anyway. If you feel happy to, you could just ring the creditors and confirm they are aware of the DMP with SC and quote your reference number again to them.

The letters will calm down - we hardly get any now. If I do get one through and I'm unsure what to do I either post on here and these lovely folk advise on what to do, or now I am more in control of our debts I feel happy to call the creditor and confirm all is still well with the DMP.

In all the calls I have made I have only ever had one person be a bit difficult and that was a lady at Natwest. The next person I spoke to there about the same issue was lovely and resolved it straight away. At the end of the day they are just doing a job and who knows they may be in a load of debt or on a DMP themselves!!!!

Good luck with the DMP - it's the best decision we ever made!!

BDFSH x