DMP & Mutual Support Thread - Part 11

make_the_change

January2015 wrote: »

Hi Blisteringblue and make_the_change

We've been self managed for one year now. We did full payments from April this year, but dropped back down to token payments in October/November. We're sticking with token payments to save for F&Fs and get those debts sold on. Most (not BC) are with DCAs but are being 'managed' by said DCAs rather than having been sold on.

It's a waiting game for the origianl predators to sell the debts - but we will get there eventually

How have DCA's been with token payments? My smaller debts are the ones I really want to get F&F's for as it will take a long time to save for the bigger ones...

heavenlyharry01

make_the_change wrote: »

I too have been trying to get debts sold on by non payment, although they just seem to be sitting with collectors working on behalf of, at the moment!

Oh really that's interesting.
How long have you non-paid for?
I'm starting to feel a little wobbly about it all, have you had those feelings too?

make_the_change

heavenlyharry01 wrote: »

Oh really that's interesting.
How long have you non-paid for?
I'm starting to feel a little wobbly about it all, have you had those feelings too?

Well, I was due to start my DMP last year and made a couple of payments but went through some mental health issues and PND.... debts got shoved under the carpet and ignored. So technically never really been paying anything. They have only just started to be passed onto DCA's..... I am now pregnant again and really want to start managing my finances and health better.

heavenlyharry01

January2015 wrote: »

Hi Blisteringblue and make_the_change

We've been self managed for one year now. We did full payments from April this year, but dropped back down to token payments in October/November. We're sticking with token payments to save for F&Fs and get those debts sold on. Most (not BC) are with DCAs but are being 'managed' by said DCAs rather than having been sold on.

It's a waiting game for the origianl predators to sell the debts - but we will get there eventually

Can I ask if you sent them a budget sheet outlining your proposed token payments? Or did you just start paying them?

Triangle

Hi all

A few months ago following the wise advice on here I decided to go self-managed after being with SC for a year. Mainly for flexibility but also frustration that one of our four debts (Argos) had not defaulted the account. Success! After a couple of months of no payment they did default and it was passed to Zinc to manage the account on their behalf.

I haven't paid anything to Zinc yet as wanted confirmation from them who owned the debt - which Argos have since provided. Today I received Zinc's latest letter - this time offering a one off settlement of £422.81 on a debt of £843.61 :eek: They are also offering three monthly payments of £154.66 to settle the debt.

I so want to do this - is it just me or is it a good deal?! (Don't worry - I would of course get written confirmation that the debt is fully settled and will not be chased for by anyone else etc etc). There is no way I can pay the one off figure but if I make reduced payments to our other three debts for three months then it is possible. I'm not prepared to pay it in addition to our other debt payments - we simply can't afford it.

Any thoughts would be most welcome

BeingDebtFreeStartsHere

Quick query - following my emails to our creditors to inform them of the reduced payments for the next two months I have received similar emails from a few of them saying the following:

"We note that reduced payments of £5.00 will be made for the next 2 months due to unexpected circumstances, and we thank you for making us aware of this.

Your account has been placed on hold until 26th February 2017 to enable Step Change to contact us with your financial details and proposals for repayment. During this time, we can confirm that collections activity will be suspended.

If they are unable to provide this information within the next 30 days, please request that they contact us with an update as we may be able to agree an extension to the 30 day hold period. Please contact us on or before this date otherwise your account will return to standard collection activity and contact will restart."

My question is will SC send them the information they are requesting? Do I need to contact the creditors to inform them of the reasons we are reducing payments (I have just said 'unexpected expenses' in my original emails)? I am just worried that if they don't get these 'financial details and proposals' they are asking for by the date given then they will start adding interest or chasing us for payment.

Any suggestions as to what, if anything else, I need to do? I know SC have changed the direct debits in Feb and March as I have had a letter confirming this but not sure whether they actually inform the creditors officially or send any financial info over which the creditors seem to be asking for.

Help!!!!

Many thanks,

BDFSH x

Dave091175

Hi everyone anyone online to talk about my Dmp i have just started with stepchange

make_the_change

Triangle wrote: »

Hi all

A few months ago following the wise advice on here I decided to go self-managed after being with SC for a year. Mainly for flexibility but also frustration that one of our four debts (Argos) had not defaulted the account. Success! After a couple of months of no payment they did default and it was passed to Zinc to manage the account on their behalf.

I haven't paid anything to Zinc yet as wanted confirmation from them who owned the debt - which Argos have since provided. Today I received Zinc's latest letter - this time offering a one off settlement of £422.81 on a debt of £843.61 :eek: They are also offering three monthly payments of £154.66 to settle the debt.

I so want to do this - is it just me or is it a good deal?! (Don't worry - I would of course get written confirmation that the debt is fully settled and will not be chased for by anyone else etc etc). There is no way I can pay the one off figure but if I make reduced payments to our other three debts for three months then it is possible. I'm not prepared to pay it in addition to our other debt payments - we simply can't afford it.

Any thoughts would be most welcome

Would be interested to hear about this. My Argos account is currently with Moorcroft and I haven't made any payments to them as of yet x

sourcrates

Dave091175 wrote: »

Hi everyone anyone online to talk about my Dmp i have just started with stepchange

Hello and welcome !!!

What's on your mind ?

BeingDebtFreeStartsHere

So sorry - one more quick question!!

Just logged onto my new Noddle report and my debt for the Co-op has disappeared!! (together with an increase of 80 points on my credit rating! )

The Co-op have been threatening a default for a few months - do you think they have finally sold the debt on and that is why it has disappeared from my report?? I really hope so - they are the only creditor not to have defaulted and I would love to make it a full house at the begining of 2017 !!!!

Cheers,

BDFSH x