We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

DMP & Mutual Support Thread - Part 11

Options
12930323435507

Comments

  • blisteringblue
    blisteringblue Posts: 1,140 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 5 September 2015 at 1:01PM
    Well I have done it, Ive cancelled my payplan DMP and im going self managed. I rang all my creditors and they were briliant (phew big weight of my mind) except for capital one who have said they need proof of my income and my bank statement. I don't think they have to have that do they? as long as I fill in their income and expenditure form

    Nope you really don't have to. What can they do? Not agree to your DMP? Tough basically. Any creditor that plays hard ball, do exactly the same back. Paying them £1 a month will work wonders believe me.

    I even refused to fill in a new income and expenditure form because I could pay more but chose not to until they stopped the interest. Told them this in a phone call.

    What I did was make sure my first self managed DMP just carried on the same payments that Stepchange had agreed anyway, with one big anomaly. All those charging me interest I sent them a letter saying this is the payment you should be getting but I am only paying you £1 until you default me. There were 3 of them.

    Funnily enough they are all now interest free and on the way to default, took 4 monthly payments of £1.

    Even when they rang up it was easy, I asked if they were recording the call because if they wanted to take it further they can use it, but I would not pay the higher amount until they stopped charging interest.
  • Growurown
    Growurown Posts: 5,498 Forumite
    Debt-free and Proud!
    Well I have done it, Ive cancelled my payplan DMP and im going self managed. I rang all my creditors and they were briliant (phew big weight of my mind) except for capital one who have said they need proof of my income and my bank statement. I don't think they have to have that do they? as long as I fill in their income and expenditure form
    I dont want to hand over my wageslips as ive had a bit of overtime that ive managed to pay off a few small debts with now im self managed....

    When I went self managed about this time last year actually, Capital One asked me for I&E. I didn't do one and all they did was pass my debt over to a DCA. Most of my creditors were happy to just go through stuff over the phone and didn't ask for paperwork. I kept the same payments as they were having when I was with SC, told them nothing had changed and they seemed happy enough with that.
    DMP Mutual Support Thread No. 421

    Debt free date 25/11/2015 - Made It!
  • Growurown wrote: »
    When I went self managed about this time last year actually, Capital One asked me for I&E. I didn't do one and all they did was pass my debt over to a DCA. Most of my creditors were happy to just go through stuff over the phone and didn't ask for paperwork. I kept the same payments as they were having when I was with SC, told them nothing had changed and they seemed happy enough with that.
    yeah all my other creditors were brilliant and accepted the same payments, was just capital one
    LBM 18/10/2013
    Debt at 24/10/2013 [STRIKE]£10900[/STRIKE] :eek: 11/05/2014 [STRIKE]£9800 [/STRIKE]:T 04/09/2015 £7103.00 going in the right direction 27/12/2017 £1300 nearly there:j 12/07/2018 finally debt free :T:T
  • So today a letter arrived in the post - not read it fully yet due to time but looks like they have closed by BC account, and it now is with PRA. StepChange are aware and are now paying them. Guess i have to do nothing LOL
    Used to be LivingInDreamLand
    Started DMP with Stepchange March 2014
  • Puzzcat
    Puzzcat Posts: 4,200 Forumite
    Amerylis wrote: »
    So today a letter arrived in the post - not read it fully yet due to time but looks like they have closed by BC account, and it now is with PRA. StepChange are aware and are now paying them. Guess i have to do nothing LOL

    HI,
    No you don't need to do anything.... if you read some of the previous posts you will see some of us have also been sold on..

    Puzz. x
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
  • Puzzcat
    Puzzcat Posts: 4,200 Forumite
    Get self managed Puzz and £1 them !! :p
    Brogden wrote: »
    Puzz,

    If you are being a feisty Puzz, making complaints and taking people to the FOS you are effectively self-managing anyway because that's what I do :).

    Everything must be what you are comfortable with though......we all went through a major trauma and probably had a horrible period of self doubt which for me lingers a little so it's different strokes for different Puzzies I suppose :rotfl:!!

    As time goes on Puzz it may be woth thinking about SM....self management that is :o !!

    Brog xx

    Hi bb and Brogs,

    I don't currently feel there is any benefit in going self managed for me, not whilst everything is pootling along just grand..! I am a lazy feline and paying out just one debt payment a month is exhausting enough.. If life changes then I might, but I don't cost SC much time as I haven't had to change anything and have only spoken to them once in the early days.. someone has to contribute to pay the guys wages and for now I'm happy to stay where I am. If I change my mind at a later date, I sure know who to come too for advice...

    Much Love.. and furry purrs...

    Puzz. x
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
  • Puzzcat
    Puzzcat Posts: 4,200 Forumite
    :j A happy hump day bump for the thread in case anyone is looking for us....
    Puzz.x
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
  • Hi all,

    DMP going well. Due to a mix up one debt of approx 4k with MBNA is being paid off with just £5.90 a month. (SC mixed up the 2 MBNA accounts). MBNA have now sold this debt. First time its happened! Presumably due to the such low payment.

    I know I need to contact SC to update the creditor details so payments go to this other company. Can I ask if I should just let things be until my review in December or proactively get SC to correct the original mistake so that the debt company gets a higher payment (approx £50) straight away?

    Do you think the company who had had the debt sold will just allow things to carry on or start being a nuicance, typically speaking this is?

    Finally, this months payment will be sent to MBNA tomorrow. Will they forward it? Should I write to the new company to clarify this months payment will still hit MBNA?

    Thanks in advance all.
    LBM October 2014 :idea: DMP with StepChange as of March 2015
    Debt at Start of DMP 01/03/15: [STRIKE]£36,282.69[/STRIKE] :eek:
    Debt Now: £33,993.48 :j
  • Growurown
    Growurown Posts: 5,498 Forumite
    Debt-free and Proud!
    edited 9 September 2015 at 10:56AM
    neiljmuk wrote: »
    I know I need to contact SC to update the creditor details so payments go to this other company. Can I ask if I should just let things be until my review in December or proactively get SC to correct the original mistake so that the debt company gets a higher payment (approx £50) straight away?

    Well the choice is yours, depends how quickly you want to pay off the debt. You can do your review early if you want to and put it all right that way. I did mine all online and it's really easy to do, you just need all the correct info in front of you though.
    neiljmuk wrote: »
    Do you think the company who had had the debt sold will just allow things to carry on or start being a nuicance, typically speaking this is?

    I've never had any problems from companies when my debts were sold on. I phone them occasionally and they have always been very reasonable and helpful and accepted the same payments that were sent to the original creditor.
    neiljmuk wrote: »
    Finally, this months payment will be sent to MBNA tomorrow. Will they forward it? Should I write to the new company to clarify this months payment will still hit MBNA?

    I've had payments go to the old creditor rather than the DCA due to cross over in timings and the money always ended up where it should have. I think it is worth giving them a call and letting them know as they could get a bit narked I guess. As long as they know what's happening then that should keep them happy.
    DMP Mutual Support Thread No. 421

    Debt free date 25/11/2015 - Made It!
  • Growurown wrote: »
    Well the choice is yours, depends how quickly you want to pay off the debt. You can do your review early if you want to and put it all right that way. I did mine all online and it's really easy to do, you just need all the correct info in front of you though.



    I've never had any problems from companies when my debts were sold on. I phone them occasionally and they have always been very reasonable and helpful and accepted the same payments that were sent to the original creditor.



    I've had payments go to the old creditor rather than the DCA due to cross over in timings and the money always ended up where it should have. I think it is worth giving them a call and letting them know as they could get a bit narked I guess. As long as they know what's happening then that should keep them happy.

    Thank you. I think that covers all :) I'll write the new lot a quick acknowledgement letter and reminder that direct payment might be from next month due to crossover, as it's my Wifes debt this, that I'm managing for her. That should do it.
    LBM October 2014 :idea: DMP with StepChange as of March 2015
    Debt at Start of DMP 01/03/15: [STRIKE]£36,282.69[/STRIKE] :eek:
    Debt Now: £33,993.48 :j
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.