DMP & Mutual Support Thread - Part 11

Brogden

muppetscotland wrote: »

Good morning all. Have written to all our many creditors to explain we're in difficulties and asking for 30 days to sort with CashFlow (sort of semi DIY DMP) and as yet no replies
End of the month coming up so direct debits will all bounce as have moved bank account so presumably things will start to move soon.

Just so terrified that our biggest creditor, RBOS to whom we owe 19000 cc and loans totalling around 30000 will force bankruptcy. They are not doing well themselves and are under pressure to pay back the govt for their bale out. It seems to me they are unlikely to be kind. The equity in our house would cover their debt but not much else. My husband is a self employed contractor in the oil industry and by sheer good luck has kept working through the worst downturn in oil industry history. But his rate has been cut several times and again just this week. ...we are living off half what we had less than a year ago. We are both nearly 50 and this is not where we thought we would be this late in life (but with 8 year old twins to boot!).

Has anyone got words of wisdom or comfort for me this scary morning? In prticular has anyone owed a similarly huge amout to one creditor and survived? Thank you

RBoS is officially the biggest corporate failure in the entire history of the UK economy. That's not me being silly.....it is true....they lost more £££'s than any UK company of any type ever :eek: !!

Right......do not even think about that except to have a wry smile to yourself. It is not good they had to be bailed out but they were and the consequences of them not being bailed out were too dire to even think about. Be very proud to be British !!

Whilst that is a fair amount of debt to have with any bank it is less than a speck of dust to them and the fact they have performed woefully will not affect the relationship they have with you at all !!

Treat them like any other - keep in touch (letter or phone,) give them I&E details and pay them something, no matter how small in accordance with an agreed payment arrangement.

This may be huge to you but they are hardly even noticing you are there - keep in touch and pay something each month.....that's it !!

Sazzie23

muppetscotland wrote: »

Good morning all. Have written to all our many creditors to explain we're in difficulties and asking for 30 days to sort with CashFlow (sort of semi DIY DMP) and as yet no replies
End of the month coming up so direct debits will all bounce as have moved bank account so presumably things will start to move soon.

Just so terrified that our biggest creditor, RBOS to whom we owe 19000 cc and loans totalling around 30000 will force bankruptcy. They are not doing well themselves and are under pressure to pay back the govt for their bale out. It seems to me they are unlikely to be kind. The equity in our house would cover their debt but not much else. My husband is a self employed contractor in the oil industry and by sheer good luck has kept working through the worst downturn in oil industry history. But his rate has been cut several times and again just this week. ...we are living off half what we had less than a year ago. We are both nearly 50 and this is not where we thought we would be this late in life (but with 8 year old twins to boot!).

Has anyone got words of wisdom or comfort for me this scary morning? In prticular has anyone owed a similarly huge amout to one creditor and survived? Thank you

CCJ or charging order an unlikely possibility, bankruptcy even less so, and would require a fair amount of effort on their part. Just put it to the back of your mind and keep moving with the debt busting. Remember how things have changed this year, they could go to being better than before in another year, lottery wins, new jobs, inheritances have all been featured here by DMPers.

You are one of many semi-centurions on here at the moment. It seems to be a theme currently, and I don't suppose any of us expected to be in this position at this time in our lives, but we are going to survive and it will make our lives better for future retirement.
Keep positive and keep calm😉 the worst we fear rarely happens.

Sazzie23

sourcrates wrote: »

Don't get me wrong, if you have a lot of debt, 30-60k plus, then an IVA may work well for you, did for me.
But with smaller debts, the fees associated with the plans are crippling, that's why these companies try to push them, for the IP, they are very profitable.

Buts is rarely the right solution if it's likely to cause unemployment or even just preventing you extending your career, like sitting on some committees etc,

If it doesn't feel right, don't do it. :eek:

Sazzie23

NewYorkJetsFan1 wrote: »

Hi, I know I don't post very often but I have to have a little rant somewhere.....


I contacted SC a couple of days ago, my car had failed its MOT and had cost £350 to get it back on the road and my washing machine decided it was no more.


The lady at SC made me feel like a criminal because I wanted to pay just less than half of my regular payment for 2 months to enable me to sort out both of these problems. I have been with them 18 months and paid 38% of my debt back. I am thinking it might be time to go self managed and if anything like this crops up again I can definitely handle it myself. She made me feel quite worthless and kept calling me by first name "Now NYJF1" this isn't normal procedure and we do have the right to close your plan down if something like this happens again, "You do understand that don't you NYJF1?"


Sorry rant over. I couldn't do this without the help and advice given on here - I didn't even know I could drop my payments, it felt like they were written in stone....


Thank you.

Patronising call centre 'advisors' should be advised where to stick it! perhaps she'd have preferred you took out more credit from somewhere. It's that sort of attitude that defeats people when it comes to fixing their debt problem.

Glad you got it sorted though. Stick to guns. If I get someone I don't like I just agree with what they say, say I'll think about it (don't like conflict) and then call back and talk to someone else :rotfl:

make_the_change

URGENT HELP!!!

Received a letter from the one creditor who keeps hassling me saying they are going to visit my property within the next 28 days with or without notice to review circumstances and agree a resolution. Also, if I don't pay they will issue a default notice and send account to recoveries.

I am now in a major panic about the line saying they will visit. I have sent two letters stating I am working with SC, both they seem to ignore and want their own I&E.

Please help!

Brogden

Sazzie23 wrote: »

Buts is rarely the right solution if it's likely to cause unemployment or even just preventing you extending your career, like sitting on some committees etc,

If it doesn't feel right, don't do it. :eek:

Precisely......the decision on an IVA is not to be taken lightly. It is formal, it is public information (like bankruptcy) and it can quite simply end your career or make it almost impossible to get a job.

Without mentioning names, if some providers are pushing IVA's as a good earner for themselves we are heading for a major scandal :eek:

Puzzcat

make_the_change wrote: »

URGENT HELP!!!

Received a letter from the one creditor who keeps hassling me saying they are going to visit my property within the next 28 days with or without notice to review circumstances and agree a resolution. Also, if I don't pay they will issue a default notice and send account to recoveries.

I am now in a major panic about the line saying they will visit. I have sent two letters stating I am working with SC, both they seem to ignore and want their own I&E.

Please help!

Hi,

Which creditor is it and have you spoken to them?

Puzz

make_the_change

Puzzcat wrote: »

Hi,

Which creditor is it and have you spoken to them?

Puzz

Nationwide. I sent the initial letter about token payments and working with SC. They replied asking me to complete their I&E. I replied reiterating the above. They replied the same again about their I&E. Then another letter saying they hadn't heard and then this. I did post the other day about calls and someone advised writing a letter reiterating working with SC and communication to be via writing only but haven't had a chance to send this letter as have to use my local library's computer. The letter about the visit arrived today.

Puzzcat

make_the_change wrote: »

Nationwide. I sent the initial letter about token payments and working with SC. They replied asking me to complete their I&E. I replied reiterating the above. They replied the same again about their I&E. Then another letter saying they hadn't heard and then this. I did post the other day about calls and someone advised writing a letter reiterating working with SC and communication to be via writing only but haven't had a chance to send this letter as have to use my local library's computer. The letter about the visit arrived today.

Hi,

I do agree communication in writing is very important to keep a paper trail etc but in your case where you are offering token payments for 6 months they may be more worried than usual and a phone call may sort it all out.

Communication between the different departments of the creditors is sadly lacking and letters don't necessarily get to the right place or at the right time.

I have spoken to all my creditors and dca's apart from my newest one and all have been fine. By speaking to them you can reiterate you are starting a dmp with SC and quote your reference number and that's it.

I have not heard of anyone previously being threatened by a visit by an original creditor and can't really imagine it happening, or even if they would be allowed to do it (assuming they are sending a member of NW staff round...?).

Hope it gets sorted soon, do let us know how you proceed as it is very helpful for others who are embarking on the delights of the dmp journey.

Puzz. x

make_the_change

Puzzcat wrote: »

Hi,

I do agree communication in writing is very important to keep a paper trail etc but in your case where you are offering token payments for 6 months they may be more worried than usual and a phone call may sort it all out.

Communication between the different departments of the creditors is sadly lacking and letters don't necessarily get to the right place or at the right time.

I have spoken to all my creditors and dca's apart from my newest one and all have been fine. By speaking to them you can reiterate you are starting a dmp with SC and quote your reference number and that's it.

I have not heard of anyone previously being threatened by a visit by an original creditor and can't really imagine it happening, or even if they would be allowed to do it (assuming they are sending a member of NW staff round...?).

Hope it gets sorted soon, do let us know how you proceed as it is very helpful for others who are embarking on the delights of the dmp journey.

Puzz. x

Thanks so much Puzz.

I just called them and it seems you were correct, departments don't seem to be communicating with each other. He was very nice, asked if I was working with SC and said yes. Asked if it was just advice or setting up DMP and I said I am just sorting my I&E with them but am offering token payments as per my two previous letters I have sent. He said that was fine, he will update notes on my account and put on hold for another 30 days to allow time for SC to be in contact.

I guess if I want extra time after 30 days are lapsed, I will need to find a way to stall?

Seems the scary letter :eek: wasn't so bad after all and I explained my shock when it said about visiting my home despite my two letters to them and he was very nice x