DMP & Mutual Support Thread - Part 11

January2015

heavenlyharry01 wrote: »

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

I just wrote and advised them we needed to reduce to token payments for a period of x months. I didn't send through a revised budget sheet. I did give a reason for the need to reduce payments. I didn't provide, and they didn't ask for evidence to support our need for reduced payments - they all just accepted it, but if they hadn't accepted it they were getting it anyway.

Lots of reasons why people could possibly need to reduce payments - boiler repair, car repair, sickness from work, arrears with priority bills (council tax, utility payments etc) to name just a few.

January2015

BeingDebtFreeStartsHere wrote: »

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

SC will update creditors with required information. By contacting them yourself, you have been helpful to your creditors and gone over and above what's required of you on your DMP with SC. If you feel you want to contact creditors again, just let them SC have all the information and your understanding for working with SC is that SC will be contacting them in due course.

January2015

BeingDebtFreeStartsHere wrote: »

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

Had Co-op reported the account as defaulted ton your credit report yet? From personal experience it's unusual to have an account defaulted and sold on in the same month - but then I have no experience with Co-op so someone else may have more relevant advice than I do.

I have had debts 'disappear' from my credit report for a month (having previously been recorded under the name of the original predator) and then reappear the following month under the name of a DCA. Fingers tightly crossed for you that this is what's happening with your Co-op debt.:beer:

January2015

My turn to ask a question

Some of my debts show on my credit reference report under the name of DCAs. As far as I am aware these particular debts were all being managed by DCAs and have not been sold. Does them appearing on the credit report under the DCA name mean they have been sold on and I just don't know about it?

January2015

make_the_change wrote: »

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...

DCAs have all been fine with token payments.

The worst impact has been on me psychologically because the debt balance is only reducing about a tenner a month:rotfl: I know that I will be better of saving and making F&Fs but it was nice to see that huge balance reducing at a nice rate. Still you can't have it both ways I suppose

sourcrates

January2015 wrote: »

My turn to ask a question

Some of my debts show on my credit reference report under the name of DCAs. As far as I am aware these particular debts were all being managed by DCAs and have not been sold. Does them appearing on the credit report under the DCA name mean they have been sold on and I just don't know about it?

The creditor that owns the debt is the only one (supposedly) allowed to report on your credit file yes.

January2015

sourcrates wrote: »

The creditor that owns the debt is the only one (supposedly) allowed to report on your credit file yes.

In that case, more of my debts have been 'sold' than I had realised.

Many thanks for that information - food for thought (and F&Fs)

:beer:

sourcrates

January2015 wrote: »

In that case, more of my debts have been 'sold' than I had realised.

Many thanks for that information - food for thought (and F&Fs)

:beer:

Naughty naughty if they've not written to tell you, cause for complaint, and a £200 goodwill gesture (from each one) springs to mind lol !!

January2015

sourcrates wrote: »

Naughty naughty if they've not written to tell you, cause for complaint, and a £200 goodwill gesture (from each one) springs to mind lol !!

I need to check what they've sent me. In fairness I was informed the accounts were being managed by each DCA - perhaps I just have read/understood the letters they sent properly. Likely the fault lies with me

Even so.....it's good news they've been sold

BeingDebtFreeStartsHere

January2015 wrote: »

My turn to ask a question

Some of my debts show on my credit reference report under the name of DCAs. As far as I am aware these particular debts were all being managed by DCAs and have not been sold. Does them appearing on the credit report under the DCA name mean they have been sold on and I just don't know about it?

Hi Jan,

Firstly thanks so much for your replies to my questions - fab help and advice as always - so hoping for that Co-op default!! Last month's credit report still showed it as a late payment :mad:

In answer to your question, as Sourcrates has confirmed, the creditor who owns the debt appears on the credit report. For example we had debts with Tesco and MBNA who have sold these on to Hoist and PRA who are now named on our credit report. I have a debt with Natwest whch is being managed by Wescot but has not been sold on - this still appears under Natwest on my credit report.

Hope that makes sense!!

Take care,

BDFSH x