DMP & Mutual Support Thread - Part 11

mjcomp

Hi Fourm

We have been on a dmp with SC since 2013, due to finish Jan 19. I have the possibility of clearing the full remaining balance in a few months time with a lump sum but have read elsewhere of people contacting their creditors to ask for full & final settlement figures.

How does F&F effect your credit file going forward? Is it better to payback the full amount or as my credit score is low anyway it wont matter in the long run?

Thanks for reading?

January2015

Logged into Noddle today and BC have finally kept their promise and defaulted the second account we have with them. This means all our debts are now officially defaulted. Happy days, and what a great start to 2017

January2015

mjcomp wrote: »

Hi Fourm

We have been on a dmp with SC since 2013, due to finish Jan 19. I have the possibility of clearing the full remaining balance in a few months time with a lump sum but have read elsewhere of people contacting their creditors to ask for full & final settlement figures.

How does F&F effect your credit file going forward? Is it better to payback the full amount or as my credit score is low anyway it wont matter in the long run?

Thanks for reading?

If all your debts are recorded as defaulted on your credit file then making F&F settlements will not make any difference. The information on each debt will disappear from your credit file 6 years after the date of each default. However, if any of your debts are still recording late payments or arrangment to pay, then settling them will mark the file as partially settled. This isn't a problem but the information will remain on the credit file for 6 years from the date of settlement.

Being on a DMP your credit file will be trashed anyway so realistically either way it doesn't really make a difference. It only makes a difference if you are intending to get credit again in the future, e.g. a mortgage. If this is the case you need that 6 year clock to start ticking as soon as possible and the best way is for accounts to be defaulted.

Personally, I would negotiate for as low a settlement figure as you can for each debt rather than just pay any outstanding balances in full.

bexbex

Morning all.
My DMP is due to start on the 1st of January and I'm in the process of changing banks. I've never been so stressed in my life as what I am now.
I'm also handing in my notice at work and moving from an office job in the hospital to a healthcare role so I'm very nervous about that too!
I just hope things start getting brighter soon so me.

Triangle

Hi all - I hope everyone is well

I haven't posted for a few months I think - life just gets in the way sometimes! As a quick update, I went self-managed in Septemeber to force some defaults and take more control. I've been paying token payments for the last three months and will start payments again on 1st January.

The good news is that all four of our creditors have now defaulted - even Argos! Really pleased and puts us in a good position to tackle the debt head on in 2017.

I do have a quick question - has anyone had dealings with the Zinc group? They have written to me - many times via post and email :mad: - to tell me they are acting for their client Argos. Does this mean they are now the owner of the debt? Their latest correspondence says I need to contact them urgently or I will no longer be a priority customer, blah blah. My Noddle report stills shows argos as holding the debt but I'm aware it is often a couple of months behind.

Many thanks
Tx

sourcrates

Triangle wrote: »

Hi all - I hope everyone is well

I haven't posted for a few months I think - life just gets in the way sometimes! As a quick update, I went self-managed in Septemeber to force some defaults and take more control. I've been paying token payments for the last three months and will start payments again on 1st January.

The good news is that all four of our creditors have now defaulted - even Argos! Really pleased and puts us in a good position to tackle the debt head on in 2017.

I do have a quick question - has anyone had dealings with the Zinc group? They have written to me - many times via post and email :mad: - to tell me they are acting for their client Argos. Does this mean they are now the owner of the debt? Their latest correspondence says I need to contact them urgently or I will no longer be a priority customer, blah blah. My Noddle report stills shows argos as holding the debt but I'm aware it is often a couple of months behind.

Many thanks
Tx

No they aren't.

The clue is when they refer to "there client".

They are only acting for Argos, a simple letter stating you are in a DMP and are paying Argos directly will deal with them.

[Deleted User]

bexbex wrote: »

Morning all.
My DMP is due to start on the 1st of January and I'm in the process of changing banks. I've never been so stressed in my life as what I am now.
I'm also handing in my notice at work and moving from an office job in the hospital to a healthcare role so I'm very nervous about that too!
I just hope things start getting brighter soon so me.

Welcome, bexbex:hello:.

You've bitten the bullet and have set things in motion to start your DMP. That's the hard bit over. Well done:T. I know how hard that first step can be. Please try to relax a bit now as things will seem a lot less stressful once the DMP gets fully underway. I can't offer any advice about the job-change but I send you my best wishes for success and fulfilment in your new role:beer:

If there's anything you need to know about the DMP process or if anything happens along the way that phases you a bit please come on here and ask. There's no such thing as a dumb question. This is a wonderfully supportive and knowledgeable group who have probably experienced most things that can happen and live to tell the tale:).

Good Luck:beer:

sickasachip13

Hey, hey, hey. Any long-timers around? I'm just passed the six year mark in this most epic of journeys! We've gone from over £40k owed to around the £10k mark. I've also almost finished paying off my student debt too!

It's a great feeling to be at this stage. I'm thinking now that we could pick up the pace and hammer the last £10k especially as we've managed to actually save some money too. We've been with Stepchange throughout the journey but we're considering going self-managed - we think it might get us better f&f deals. Has anyone else gone s-managed after being managed? Any thoughts to share would be gratefully received.

In the meantime, I remember the dark days of that first few months/year, I'd say to anyone feeling the weight of it all at the moment, hang in there, don't be ashamed, and things will improve.

Cheers y'all SAAC13 x

CP2016

bexbex wrote: »

Morning all.
My DMP is due to start on the 1st of January and I'm in the process of changing banks. I've never been so stressed in my life as what I am now.
I'm also handing in my notice at work and moving from an office job in the hospital to a healthcare role so I'm very nervous about that too!
I just hope things start getting brighter soon so me.

Hi Bexbex, well done on getting things into place for a 1st January start. Things will get brighter once it all settles down. There will be a bit of disruption as things (and creditors) fall into line but in a few months it should be fine.

Congratulations on the new job :T - it's bound to be a bit stressful at first but you'll probably settle in and feel like an old timer all too soon.

CP2016

January2015 wrote: »

Logged into Noddle today and BC have finally kept their promise and defaulted the second account we have with them. This means all our debts are now officially defaulted. Happy days, and what a great start to 2017

Well, get you :T is that a full set of defaults now?