DMP & Mutual Support Thread - Part 11

SpamTomorrow

Hello All,

I'd really like some help please. I apologies if this has been discussed elsewhere; I've not spotted it if it has.

I started my self managed DMP journey this summer. I've had my head down busily working over the last few months and have made some good progress. I'm quiet organised, I know my exact position with all the creditors and have agreements in place with all but 2 of my 15 gems. My question the is in relation to a PDL. This particular crowd and have been unbelievably slow in responding and they are now saying that their 'policy' is not to accept financial statements and want me to complete there review process which requires me to send them copies of my bank statements. Does anybody have any advice on how to respond to this? I really don't want to give them any more information than the financial statement they have already had.

Thank you!

Fitz

Sazzie23

Hey SpamT

Sounds like you are doing a great job at self managed. Perhaps you should write to them and say it's your policy not to send bank statements ! See what they say, probably be worth it for a laugh - although I know it's really not funny when you are on the end of folk like these, so apologies for such flippancy on my part.

Since PDls have taken rather a lot of stick lately in their treatment of customers in difficulty, maybe write to them and say all my other creditors have accepted my financial position, why should I treat you any differently?

Or perhaps just do a SC and tell them they'll get what they are given and like it. General consensus is that you don't have to send bank statements, but I don't know where this is written.

Please let us know how you get on with whatever you decide to, it all helps guide others through.

SpamTomorrow

Sazzie23 wrote: »

Hey SpamT

Sounds like you are doing a great job at self managed. Perhaps you should write to them and say it's your policy not to send bank statements ! See what they say, probably be worth it for a laugh - although I know it's really not funny when you are on the end of folk like these, so apologies for such flippancy on my part.

Since PDls have taken rather a lot of stick lately in their treatment of customers in difficulty, maybe write to them and say all my other creditors have accepted my financial position, why should I treat you any differently?

Or perhaps just do a SC and tell them they'll get what they are given and like it. General consensus is that you don't have to send bank statements, but I don't know where this is written.

Please let us know how you get on with whatever you decide to, it all helps guide others through.

Thank you Sazzie, really appreciated. I went back to them and politely said I was not in s position to re-review the offer. We'll see, I will give an update.

Brogden

SpamTomorrow wrote: »

Thank you Sazzie, really appreciated. I went back to them and politely said I was not in s position to re-review the offer. We'll see, I will give an update.

I have previously been asked for bank statements. Like everybody else I hate this :mad:.

They are only asking for these for the sake of it. Do they really need them? I agree it is a great idea to say it is not your policy to share your bank statements You can give them your own I&E and they must be happy with that.

The thing is we have broken agreements and they could escalate things but will sending them bank statements make any difference? Almost certainly not! A PDL will almost certainly not escalate matters !

Insist you just need an agreed payment arrangement and accuse them of being obstructive. Complain if necessary and if really necessary take them to the FOS if their final response is anything other than you would want .

Brogden

Karen777

hi - it's up to you but no you don't 'have' to send bank statements. depends how you want it to play out with them. some creditors just want things their own way - I have h£ll of a job with mbna accepting my i and e (from nedcab site) and they kept sending me their form (all the same information just different format) in the end I filled it in and now am interest free so swings and roundabouts.... just had two arrears letters this morning so hopefully bcard going to sell me on soon and other than that all is going well. if more slowly than I would like.
Am working away so no regular internet but am keeping an eye on you all and wishing you well on your df journeys.

stupid-fool

tequilabird wrote: »

Creation Finance have said no to 0% interest - what can I do (if anything) about this?
Haven't heard back from a lot of the creditors so I guess they have just accepted the plan?!

Me too - I took them to FOS and they stopped interest for a 12 month period but didn't re-introduce it afterwards.

stupid-fool

I haven't been on the forum for quite some time, but wanted to share my story in case it helps others.

We had our lightbulb moment in late 2012 and started a DMP with Step Change. I can't praise Step Change highly enough and for anyone considering a self managed DMP I can only say that they gave us a sounding board and someone to lean on, as well as managing much of the communication with the creditors.

So we ran our DMP and were able to stick to our budget every month having been realistic about our outgoings. Our creditors all stopped interest with the exception of Creation Finance who needed a complaint with FOS to get them to co-operate with our difficulty.

In August 2014 my wife decided that she couldn't face another 3-4 years of DMP life as the stress was taking its toll so we put our home on the market. We were lucky to have more collateral in the house than our total debts, and so could raise a deposit for a new home with the proceeds.

In April 2015 we moved house - downsizing in the process - using the proceeds to clear our DMP in full, cover the moving costs and paying a sizeable deposit for a new home. We had been worried about getting a mortgage but Step Change Financial Services managed to help us and we got a mortgage via a specialist lender which isn't as expensive as some of the more widely advertised lenders.

For us, releasing collateral from our home his been a really good way of clearing out debts quicker, but we did have many sleepless nights worrying if we would be given a mortgage. You can be equally proud if you stick to a DMP to the bitter end.

We are now renovating a house at our own pace as and when we have the money in the bank to do things - we will not be borrowing a penny for this, but instead use our budgeting skills acquired as part of the DMP process.

Now we are debt free and much more relaxed, we actually have money available every month as we no longer have to pay the DMP. In fact we also learned how to live within our means so this has been a great lesson for us. I just got approved for a credit card - on a very poor interest rate but we will never carry a balance forward, just use it to rebuild our credit score which is shot to pieces at the moment.

Our only problem is that our cars are both now getting old and unreliable. This is a particular issue as I need mine for work and having looked I can't get any kind of finance, PCP or Lease deal on a replacement even though we can now easily afford it.

The shot credit file, and lack of savings in the bank will hurt us for a few years, but it will be worth it in the long run.

For anyone contemplating their options, I urge you deal with your debts today as tomorrow is always too late. Read the advice on here such as opening a new bank somewhere independent and having a month of £1 offers to creditors to build an emergency fund at the start of the DMP cycle before sending up the flares as you will be destroying your credit score. I would also highly recommend Step Change who have been brilliant throughout - I was highly skeptical of anyone offering to help with my debts, and in particular someone who said they didn't charge for their services.

Lastly, don't bury your head - speak to your creditors. I remember bursting into tears after calling one lender at the start. They were so understanding, not judgemental, and helpful that it took me by total surprise.

charmed1318

This maybe a stupid question, but if it wasn't I wouldn't have anything to talk about! And I know after 6 years it is unenforceable (though is it the same if it is a mobile contract debt)

If a debt is passed to a DCA after falling off of your credit file, will it then go on your credit file as a debt from the DCA?
Sorry if it's been asked before, the thought only just came to me

TIA

Triangle

Hi all, hope everyone is well.

Been away for a week (family holiday, already paid for and saved up spending money - so proud of my budgeting) and returned home to a default notice from BC. I couldnt believe it, from reading lots of here I thought they were notoriously hard to get a default out of! DH was a little concerned but I explained it was better in the long run - so happy that this thread exists :T

Need to get cracking on with that diary ASAP!

Tx

January2015

stupid-fool wrote: »

I haven't been on the forum for quite some time, but wanted to share my story in case it helps others.

We had our lightbulb moment in late 2012 and started a DMP with Step Change. I can't praise Step Change highly enough and for anyone considering a self managed DMP I can only say that they gave us a sounding board and someone to lean on, as well as managing much of the communication with the creditors.

So we ran our DMP and were able to stick to our budget every month having been realistic about our outgoings. Our creditors all stopped interest with the exception of Creation Finance who needed a complaint with FOS to get them to co-operate with our difficulty.

In August 2014 my wife decided that she couldn't face another 3-4 years of DMP life as the stress was taking its toll so we put our home on the market. We were lucky to have more collateral in the house than our total debts, and so could raise a deposit for a new home with the proceeds.

In April 2015 we moved house - downsizing in the process - using the proceeds to clear our DMP in full, cover the moving costs and paying a sizeable deposit for a new home. We had been worried about getting a mortgage but Step Change Financial Services managed to help us and we got a mortgage via a specialist lender which isn't as expensive as some of the more widely advertised lenders.

For us, releasing collateral from our home his been a really good way of clearing out debts quicker, but we did have many sleepless nights worrying if we would be given a mortgage. You can be equally proud if you stick to a DMP to the bitter end.

We are now renovating a house at our own pace as and when we have the money in the bank to do things - we will not be borrowing a penny for this, but instead use our budgeting skills acquired as part of the DMP process.

Now we are debt free and much more relaxed, we actually have money available every month as we no longer have to pay the DMP. In fact we also learned how to live within our means so this has been a great lesson for us. I just got approved for a credit card - on a very poor interest rate but we will never carry a balance forward, just use it to rebuild our credit score which is shot to pieces at the moment.

Wow - well done:beer: I know selling the house to clear the debts is not what everyone would recommend, but I totally admire you for struggling through 2 years of DMP (and learning valuable lessons) and making the difficult decision to downsize and release the equity to clear the debts.

Strangely enough my DH and I talked about this very thing tonight. We have a four bedroom home in a fairly affluent area and could downsize to a 1 bed house (or flat). We are just 6 months into our DMP and I think I want to plod on a bit longer before making a decision like this.

Once again - well done and enjoy the new home and being debt free:T