DMP & Mutual Support Thread - Part 11

BeingDebtFreeStartsHere

Just a quick note to say hurrah for the mortgage interest rate cut!!

Although it's only a small amount saved it is still money in my pocket and not my mortgage company's

Happy Thursday everyone!!

BDFSH x

sourcrates

If you want them to default you simply don't pay them.

They can't take further action against you until a default notice is issued.

The "further action" would only be the involvement of a DCA anyway, so nothing to lose.

Don't know why everyone dosent do this with creditors such as Barclaycard.

bsclp118

Speaking of barclaycard, last month I received a notice of arrears, this month I have a default notice saying I will be defaulted if I don't pay by the 24th August. They have also closed my online banking facility....

Trying not to get too excited but if it follows how things have gone with other creditors they should default me this month! Trying not to get my hopes up though....

January2015

neiljmuk wrote: »

Anyone know if it's advisable to ask Stepchange for the BACS details they use for all my creditors, as opposed to asking each creditor, with a view to going self managed, or will they get funny about it given you are advising them of your intention to go self managed.

Stepchange wont give you bank / BACs details for creditors. The information they have for each bank is for accounts for them (Stepchange). I tried asking when we went self managed - big NO back from SC.

I had to write to each creditor and request the information. That's fine - it just delayed making payments to the creditors a bit longer - not my fault - therefore more money in my emergency fund :rotfl:

blisteringblue

neiljmuk wrote: »

Another Q. Why is it that when you go self managed you can basically do what you want within reason and the creditors don't care, but when you talk to SC they make like the creditor will be stressed out to the max over the reduced payments I've agreed to 2 months?

SC at the end of the day are funded by the banks and have to be seen to act fairly. However its all a little too rigid for me. They simply work out what you can afford and split equally by ratio of debt.

Most creditors at the end of the day are not really bothered as long as you are paying something. When I was forcing my Barclaycard default I did speak to them on the phone and the lady actually said I can't tell you this officially but they only way we will stop interest is if you pay us a lot less. So I did just that for 6 months and it went over to PRA Group and a default. I'm now back paying them what SC would have paid, but without the hassle of the interest which because of the amount was back up at 12%.

You will soon learn if you do go self managed that at the end of the day the creditors simply don't care about you. As long as the debt will be paid off in 5 years then you will just be left to get on with it.

I have great fun winding up the DCAs that end up with my debts, mainly because I know I can and they can do Sweet Fanny Adam about it :rotfl: I simply refuse to discuss anything with them, my standard line is "accept my payment or not, I don't care" They soon crawl back under their rocks.

blisteringblue

bsclp118 wrote: »

Speaking of barclaycard, last month I received a notice of arrears, this month I have a default notice saying I will be defaulted if I don't pay by the 24th August. They have also closed my online banking facility....

Trying not to get too excited but if it follows how things have gone with other creditors they should default me this month! Trying not to get my hopes up though....

Standard letters, keep to a token payment and it will default, will still be another few months mind you, I got that letter in June last year and the default didn't happen until Sept.

bsclp118

Well I'm not quite doing token payments, but I am under there magical 1% (for the time being) so we'll see what happens.... by your predictions it should be November/December....

blisteringblue wrote: »

Standard letters, keep to a token payment and it will default, will still be another few months mind you, I got that letter in June last year and the default didn't happen until Sept.

neiljmuk

January2015 wrote: »

Stepchange wont give you bank / BACs details for creditors. The information they have for each bank is for accounts for them (Stepchange). I tried asking when we went self managed - big NO back from SC.

I had to write to each creditor and request the information. That's fine - it just delayed making payments to the creditors a bit longer - not my fault - therefore more money in my emergency fund :rotfl:

blisteringblue wrote: »

SC at the end of the day are funded by the banks and have to be seen to act fairly. However its all a little too rigid for me. They simply work out what you can afford and split equally by ratio of debt.

Most creditors at the end of the day are not really bothered as long as you are paying something. When I was forcing my Barclaycard default I did speak to them on the phone and the lady actually said I can't tell you this officially but they only way we will stop interest is if you pay us a lot less. So I did just that for 6 months and it went over to PRA Group and a default. I'm now back paying them what SC would have paid, but without the hassle of the interest which because of the amount was back up at 12%.

You will soon learn if you do go self managed that at the end of the day the creditors simply don't care about you. As long as the debt will be paid off in 5 years then you will just be left to get on with it.

I have great fun winding up the DCAs that end up with my debts, mainly because I know I can and they can do Sweet Fanny Adam about it :rotfl: I simply refuse to discuss anything with them, my standard line is "accept my payment or not, I don't care" They soon crawl back under their rocks.

Thanks guys!

What were SC like with you, when you told them you were going self managed? Did you phone / email them? Worried about telling them that I'd rather do this than give then a new SOA which they want right now (to invoke after the token payments this and next month).

You mention as long as they will be paid off in 5 years. My DMP is likely to exceed another 10. Was there anything specific in stating 5 years?

Appreciated all. Good to be back in the thick of it. Need to stick around this time and be more pro-active with all of this....

bsclp118

I am thinking of going self managed Neil, and if I do I'll just email them saying I've decided I want more control over my finances (or something) and I'm cancelling your direct debit.

They are there to help, but its your debt so you can do what you want. If you feel confident enough to handle it on your own I'm sure they have a lot of people who don't that they need to help - you're not really letting them down in any way or anything...

blisteringblue

neiljmuk wrote: »

Thanks guys!

What were SC like with you, when you told them you were going self managed? Did you phone / email them? Worried about telling them that I'd rather do this than give then a new SOA which they want right now (to invoke after the token payments this and next month).

I didn't even speak to them, I used the CAB Self managed template and part of this is a letter to Stepchange. I just sent this, cancelled my Standing Order and contacted all my creditors for their payment details. All in writing. SC then sent all my papers back to me. Link for NEDCAB DMP : https://nedcab.cabmoney.org.uk/dmp.asp

neiljmuk wrote: »

You mention as long as they will be paid off in 5 years. My DMP is likely to exceed another 10. Was there anything specific in stating 5 years?

Appreciated all. Good to be back in the thick of it. Need to stick around this time and be more pro-active with all of this....

5 years seems to be how long creditors like a DMP to last. 30% of our debts are with MBNA and at the very start of the process I got a letter saying DMP will be fine and as long as we made the agreed payments they would stop interest for the whole of the DMP because it was under 5 years in total. OK means I am being marked as up to date on my credit file for the whole of the DMP but I'm done with credit so it doesn't matter.