DMP & Mutual Support Thread - Part 11

grant1wish

Triangle wrote: »

Hi
Do you do the extra payments direct to them? And when the balance is zero how will you tell Stepchane to remove it? Presume they won't be happy about it?

Many thanks
Tx

Hi,


Yes I ring them up and do extra payments to them. Then I go on to stepchange and alter the balance figure (I don't do this everytime). SC won't be bothered, if Argos had stopped applying interest the balance will be almost gone anyway by now. When I make the last payment I will ring SC and inform them, then that money can go towards my other debts.


G1W

2spicy

ramblehan wrote: »

Hello lovely people.

So a 'What would you do' question now!
Our 3 accounts are interest and charge free and a payment plan is in place, when I last looked at noddle we had late payment markers on 2 of the accounts. Am i right to think that this situation could continue as is, with no major changes - so late payment charges / payment plans markers could stay on the account until debt is paid off (13 yrs at current rate) and then a further 6 years until it drops off file. Or will they wait a period of time and default me when they feel like it?


Thanks Ramble x

Personal opinion here ... Defaults are you friend. If your in for over 6 years, get them issued as soon as possible.
Them make the repayments as agreed on the DMP.

Contactact your creditors, ask if they will issue a default. If they wont, then the chances are they will not issue the default at all (but there is a possibility).

We had 4 of our creditors issue defaults within the first 90 days of our DMP, then, we just went on our debt repayment journey, and, 7 years later, they were gone. The rest of our creditors didnt issue defaults.
At the time of us finishing our DMP, our Experian credit scores had gone from low 300's to 997 & 998 respectively (999 being the absolute best).
We had one issue with BarclayCard who issued a default on an agreed settlement payment (but after a few swift letters of complaint), not only was the default removed, but they also removed the entry for the "Partial Settlement" and marked the account "Settled / Closed".

Sidney_31

Hi everyone, I am new to this forum but have been reading as much as I can and have gained so much useful information, so thanks to everyone.

I have spent years with my head in the sand and the result of that stupid behaviour means I have ended up with debits of around £42,000. I contacted Step Change earlier this year and they suggested a DMP. Yet again though I managed to ignore it for a few months before I decided to set up and run a DMP myself. I have to say so far all my creditors have been very responsive and all have agreed to stop all charges and interest and all agreed to my offers of payment. The only creditor I am struggling with slightly is American Express. They keep just sending me letters asking me to call them, despite me sending my letter and financial statement twice and asking for all correspondence in writing. Does anyone else have any experience of AmEx? Are they likely to agree to my offer and freeze interest at some point?
I am really sorry if this has already been covered, I am trying to read as many pages as I can but the DMP thread is very long!

Have a good day everyone.

Sid

sourcrates

Sidney_31 wrote: »

Hi everyone, I am new to this forum but have been reading as much as I can and have gained so much useful information, so thanks to everyone.

I have spent years with my head in the sand and the result of that stupid behaviour means I have ended up with debits of around £42,000. I contacted Step Change earlier this year and they suggested a DMP. Yet again though I managed to ignore it for a few months before I decided to set up and run a DMP myself. I have to say so far all my creditors have been very responsive and all have agreed to stop all charges and interest and all agreed to my offers of payment. The only creditor I am struggling with slightly is American Express. They keep just sending me letters asking me to call them, despite me sending my letter and financial statement twice and asking for all correspondence in writing. Does anyone else have any experience of AmEx? Are they likely to agree to my offer and freeze interest at some point?
I am really sorry if this has already been covered, I am trying to read as many pages as I can but the DMP thread is very long!

Have a good day everyone.

Sid

Hi,

Specific info here on how to deal with Amex :

http://getoutofdebt.org/29430/how-to-settle-american-express-credit-card-debt

This is one of the rare cases I would say you should not be adverse to arranging something over the phone.

make_the_change

Hi,

How do I know if I have been defaulted (I have signed up to noddle)? Also, how do I go about getting creditors to default me?

Thank you!

make_the_change

make_the_change wrote: »

Hi,

How do I know if I have been defaulted (I have signed up to noddle)? Also, how do I go about getting creditors to default me?

Thank you!

I just checked noddle and for one of my debts the status says 'default' - does this mean its officially been defaulted and should drop off after 6 years?

Also, how do you get Argos and BC to default?

Can you be defaulted on an overdraft and Next account and is this what I also want to happen?

Thanks

sourcrates

make_the_change wrote: »

Hi,

How do I know if I have been defaulted (I have signed up to noddle)? Also, how do I go about getting creditors to default me?

Thank you!

make_the_change wrote: »

I just checked noddle and for one of my debts the status says 'default' - does this mean its officially been defaulted and should drop off after 6 years?

Also, how do you get Argos and BC to default?

Can you be defaulted on an overdraft and Next account and is this what I also want to happen?

Thanks

Usual way to get a creditor to default you is very simple indeed, stop paying them.

Usually after 6/8 months, they will issue a default notice.

Six years from date of default, the entry will vanish, paid or not.
Barclaycard you have to play hardball with, Argos similar, either pay nothing, or £1 a month, till they default you.

make_the_change

sourcrates wrote: »

Usual way to get a creditor to default you is very simple indeed, stop paying them.

Usually after 6/8 months, they will issue a default notice.

Six years from date of default, the entry will vanish, paid or not.
Barclaycard you have to play hardball with, Argos similar, either pay nothing, or £1 a month, till they default you.

Thanks for that. I guess then I will have to accept interest being added?

Also, do you get defaulted on an overdraft and Next account?

Thanks

sourcrates

make_the_change wrote: »

Thanks for that. I guess then I will have to accept interest being added?

Also, do you get defaulted on an overdraft and Next account?

Thanks

Same advice applies to any debt.

You mention them adding interest, that has nothing to do with the account defaulting, can you just explain what you are trying to achieve here ?

If your goal is to be defaulted, then my previous advice applies, if however all you want is the creditor to stop interest, write and complain to them.

make_the_change

sourcrates wrote: »

Same advice applies to any debt.

You mention them adding interest, that has nothing to do with the account defaulting, can you just explain what you are trying to achieve here ?

If your goal is to be defaulted, then my previous advice applies, if however all you want is the creditor to stop interest, write and complain to them.

My main aim is to be defaulted.

Also, I know I keep asking but can you be defaulted on an overdraft or Next account? I haven't paid anything towards my overdraft for over a year and received no default.