DMP & Mutual Support Thread - Part 11

tequilabird

sourcrates wrote: »

Hi,

Who is they ?

Are you referring to creditors, or your DMP provider ?

Who is your DMP with by the way ?

Well, I guess the DMP provider. Will they want to look at my joint account or say that I can afford to pay more because of it? My DMP is with Stepchange.

sourcrates

tequilabird wrote: »

Well, I guess the DMP provider. Will they want to look at my joint account or say that I can afford to pay more because of it? My DMP is with Stepchange.

Your payments will be based on affordability.

Affordability is usually determined by completion of an income/expenditure form.

No one will be looking at what comes and goes from your bank account, unless they specifically ask for a bank statement, and even then, benefits are for specific purposes, certainly not for debt repayments.

Dont overthink the situation, remember a DMP is an informal arrangement, there are no regulations to bind you, you pay what you can afford from your budget, determined by you, and no one else.

If you were in an IVA, or DRO for example, then you would have to account more for your income/expenditure, as they are formal arrangements, non of that applies to a DMP.

Get the money paid into whatever account you choose, and dont worry about it.

NewYorkJetsFan

tequilabird wrote: »

Are the creditors who said no still on DMP with you then?

Hi Tequilabird

Yes the 3 that said no are still being paid the same amount as before each month by stepchange.

NYJF

deniseb90

Thanks for all your words of encouragement. Haven't heard from any of my other creditors yet (Barclaycard, Virgin or Next) but I'm sure the mis-payments should be happening this week so I'm sure I will very shortly! Deep breath and all that! dx

NewcastlePaul

You will be alright Denise.
When I first started my DMP. I was panicking about the post and the phone calls. After about 18 months I don't think my creditors even bothered to contact me again apart from the standard 6 monthly statements.


You will get there. It just takes time.

sourcrates

You just have to bear in mind that debt collectors/creditors collections depts like to imply they have more power than you or I do, which of course is nonsense.

They do this by the easiest method available to them, the telephone.

Next comes the carefully worded, computer generated, threat letters, full of ifs, what's, and maybes.

At one point in time I could of wallpapered a small room with the amount of letters I got from DCA's, 99% of the time it's all bluff.

Court action, although rare compared to the amount of delinquent debt, is on the increase, but is usually a last resort option,.

Once you understand how debt collection works, it removes most of the mystery and you realise it was never worth worrying about in the first place.

alamaya

hey all,

long time follower not much of a poster.

can anyone advise, on self managed DMP for a year with 2 of my debts defaulting. I was paying every month fine then barclaycard have defaulted me. Fine I'm ok with this but instead of being kept internal they have apparently sold the debt to Link Financial who after 1.5 months have not sent me any letters or requests for payment.

Can someone advise about Debt collection agencies. tactics, will i be made to pay in full now? will charges be added?. I really didn't expect this. Bit lost.

Also what happens if Link never confirm any payment information to me so i can't pay?

thank you
xx

sourcrates

alamaya wrote: »

hey all,

long time follower not much of a poster.

can anyone advise, on self managed DMP for a year with 2 of my debts defaulting. I was paying every month fine then barclaycard have defaulted me. Fine I'm ok with this but instead of being kept internal they have apparently sold the debt to Link Financial who after 1.5 months have not sent me any letters or requests for payment.

Can someone advise about Debt collection agencies. tactics, will i be made to pay in full now? will charges be added?. I really didn't expect this. Bit lost.

Also what happens if Link never confirm any payment information to me so i can't pay?

thank you
xx

Hi,

Debts are sold on all the time, it's very common.

No one can MAKE you do anything, your in charge of your DMP, I expect your payment will stay the same won't it ?

That's entirely your choice, not theirs.

Once they write to you, you simply advise them how much they will be paid, and when.

A debt collection agency cannot add interest or charges unless your original agreement allows them to do so, 99% of consumer credit act agreements do not allow for this.

If they don't contact you after 6 years the debt will be statute barred, but I'm sure they will do.

Sazzie23

alamaya wrote: »

hey all,

long time follower not much of a poster.

can anyone advise, on self managed DMP for a year with 2 of my debts defaulting. I was paying every month fine then barclaycard have defaulted me. Fine I'm ok with this but instead of being kept internal they have apparently sold the debt to Link Financial who after 1.5 months have not sent me any letters or requests for payment.

Can someone advise about Debt collection agencies. tactics, will i be made to pay in full now? will charges be added?. I really didn't expect this. Bit lost.

Also what happens if Link never confirm any payment information to me so i can't pay?

thank you
xx

Hi,

Think Sourcrates covered it all nicely, but just to say while those 6 weeks seems ages to you, to a DCA it's nothing so try not to worry.

Put the extra money in your emergency fund and restart payments once they are in touch with you. They'll be thousands of accounts sold off at the same time, they'll get to yours eventually.

Saz

Sazzie23

NewYorkJetsFan wrote: »

Hi


Its been a little while since I posted but I wanted to share my news with you. I wrote to all 5 of my creditors offering them 35% F&F - 1 never got back to me, 1 told me to get bent, 1 wants to negotiate, Nationw**e took 36% and best of all Barc***s told me I couldn't afford 35% and took 30% !!!!!


Maybe I just caught them at the right time. I have my "you have paid letters" from them both.


Stepchange weren't particularly happy with me doing this, and it doesn't sit all that well with my conscience either, but I didn't force them to settle.


Have a great day
NYJF

Hi NYJF

Just shows it's always worth making an offer, and like you said, they could have turned you down, but you defo won that one:T:T

Saz