DMP & Mutual Support Thread - Part 11

make_the_change

Should I write to Barclaycard and Argos saying I will stop paying / offer £1? I'm getting so many calls despite asking for writing only. I really want a default.

System

sourcrates wrote: »

I would certainly do a CCA request for the egg card.

They were notorious in the day for not getting credit agreement signed.

I also got PPI payment back on Egg, might be worth a go?

System

2spicy wrote: »

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".

Thanks 2Spicy - really helpful. Did you contact them by letter or phone?

System

sourcrates wrote: »

Hi,

As things stand your accounts will show the AP markers for a full 6 years after you Finnish repaying the debts.

They may never default you, there is no set time for this to happen, if you've come to an agreement, which essentially you have, they have no reason to default you.

It depends what's more important to you, having accounts defaulted quickly, or a smooth DMP.

You see the best way to do it, is to with hold payment right at the start, until you are defaulted, usually 6/8 months, then start your DMP with a file full of defaults, at least then you have a 6 year time frame when you know the defaults will be gone, AP markers can be a real nightmare.

I always advise people to do this at first before starting any payment plans, people rush in and start repaying, thinking it's the right thing to do, but there is an order and a sequence things should be done in, in order to avoid AP markers altogether.

Thanks Sourcrates....looks like I rushed in then, oh well. I think we'll contact everyone and ask to be defaulted and reduce payments if we have to.

System

Sazzie23 wrote: »

Hi Ramble,

I think AP markers are best avoided if you can, since you never know what life might throw at you in the future.

Of my 6 accounts, 2 defaulted in the first year, 3 in the year I went to tokens (2 years into DMP) and the other one is shown as up to date (I dunno why but as it is I just let it go over me).

Some people on here have requested a default from their creditor, probably worth a try if you haven't already, or the path of reducing payments is well trodden if you want to speed things up. :T

Saz

Thanks Sazzie. Good to know some of yours defaulted very quickly - were you making very low payments?

Sazzie23

ramblehan wrote: »

Thanks Sazzie. Good to know some of yours defaulted very quickly - were you making very low payments?

Hi Ramble


First 2 defaulted when I was paying £400ish off £35k other 3 when I went to £30 (now paying £130).

Saz

Sazzie23

make_the_change wrote: »

Should I write to Barclaycard and Argos saying I will stop paying / offer £1? I'm getting so many calls despite asking for writing only. I really want a default.

Hi MTC

I'd write to them again, saying I will only discuss this in writing and the calls will now be classed as harassment.

In terms of what to do about getting a default, I think you have to stay strong and cut payments to a minimum or stop altogether, is the default so important for a reason? Possibly someone whose done this might be of help. I think 'Time to face the music' did something similar, maybe checking her past posts might be useful.

Saz

Triangle

Hi all ��

Well it's officially been a year since my SC DMP started :eek:

I feel like I'm at a bit of a crossroads at the moment. I've been really happy with SC and with the progress in general - 3 out of 4 creditors have issued a default (not the be all and end all of course but we would like to move one day in the next 10 years or so)

Argos remain our bugbear as I've posted recently. Refused to do anything in response to my official complaint. I feel there are 3 options:
1) Continue as we are
2) Continue but make additional payments to clear it sooner, similar to another poster on here
3) Go self managed
It's so hard to know what's best!

First things first though - I need to progress the complaint to the ombusman, fingers crossed!

Oh and good news - as of next month I can increase our payment to an extra £75/m :-)

Hope everyone is doing well
Tx

sourcrates

Triangle wrote: »

Hi all ��

Well it's officially been a year since my SC DMP started :eek:

I feel like I'm at a bit of a crossroads at the moment. I've been really happy with SC and with the progress in general - 3 out of 4 creditors have issued a default.

Argos remain our bugbear.

Lots of people like the freedom going self managed gives them, you can basically deal with your creditors on whatever basis suits you, SC are good, but operate a "one size fits all" policy, which some people find restrictive.


If it was me, I would do two things :


(1) Go self managed
(2) Stop paying Argos, let them default you, and dispose of the debt to a collection agency.


In the mean time, save up the money that would of gone to Argos, by the time the above happens, I should have a nice little cash pot saved up, which I can use to make a full and final offer to the collection agency with.


I would aim to settle for between 40 and 60%, and remember, its all a matter of negotiating the best deal.


That's what I would do in your situation.

BeingDebtFreeStartsHere

Afternoon everyone,

Not specifically DMP related but kind of as it's all about saving money

Trying desperately to stay within budget for the weekly family food shop (approx £60 - £65) - anyone got any good ideas for cheap and simple dishes for families? My daughter is pretty fussy with her food - I want us to start eating healthier as a family instead of the usual oven cook stuff like fish fingers and pizzas etc.

Any ideas welcome!!!!

Take care,

BDFSH x