DMP & Mutual Support Thread - Part 11

January2015

Billy12345 wrote: »

Nothing sold on yet but Ive only had my DMP for five months now. Have to say it is really working for me.:T

Great to hear that Billy :j

I hope Motivated and Mica read your post and realise that just 5 months ago you were in there shoes, but now in just 20 weeks you are settled into your DMP and it is working well. It really doesn't take long to change from financial worry to relief at doing something about it, to sheer joy at watching those milestones get hit (whether those milestones be defaults or clearing a debt).

Great post - it really helps new members see how positive a move a DMP can be - thank you :beer:

January2015

carbootcrazy wrote: »

I'd really appreciate a bit of advice please if anyone can throw a bit of light on what's going on.

I've just checked my Noddle file (and I don't take a lot of what's on there as gospel as it is often inaccurate:() One of my debts was sold on to Hoist in October and the default is showing only from then. The previous dates are left completely blank. The original creditor, Tesco, defaulted me in the spring of 2013 and the default marker was recorded against that debt from then on in my Noddle account. All details of this earlier period have now disappeared completely from my credit report:eek:.


Do you think since Hoist took over this is a 'new' default that has the full 6 year period to run before dropping off my file, or will the original 3 year period when payments were made directly to Tesco count towards it?


Probably a dumb question:o and if so please forgive me.

Hoist cannot start the default date again - a debt can only be defaulted once.

I'm sure Sourcrates will be along soon with info on what to write and to who in order to complain about this. Very naughty of Hoist.

sourcrates

carbootcrazy wrote: »

Do you think since Hoist took over this is a 'new' default that has the full 6 year period to run before dropping off my file, or will the original 3 year period when payments were made directly to Tesco count towards it?
.

Hi carboot,

A debt can only be defaulted once.

Occasionally when debts are sold on, the original default date gets lost in translation, so the new owner puts down the date they acquired the debt instead.

This is completely incorrect, the original default date should always take preference.

You can tackle this in a number of ways, i find it best to write to both companies, (formal complaint) pointing out there error, you can also report it through the CRA website, but you get mixed results that way, letter of complaint is best.

If the complaint is not productive, then complain to the ICO (information commissionaires office).

[Deleted User]

Thanks very much for such speedy responses, January and sourcrates:T. Very sound advice as always:A

Puzzcat

Billy12345 wrote: »

Erm just a quick question

What does it mean when you cant access your BC online activity. Just got a message stating to contact their customer advice centre, does this mean BC have finally defaulted me.

My online account was suspended as soon as I started my dmp, unfortunately the default didn't until nearly 3 years later when they finally sold the debt and I still had to fight for it....
Puzz

Triangle

January2015 wrote: »

The numbers don't quite add up, i.e. 3 x £154.66 does not equal £422.81. Maybe they are adding an amount for administration each month - who knows.

That's about 50% discount and it clears one of your debts. You could counter offer with a lower amount, but as you would likely need to organise monthly payments even then they may not accept. You can but try.

Personally, I would accept the offer on the table - as you say subject to the usual confirmation in writing of no further liability etc.

One final thing - how old is this debt? If you've had the account a long time it might be worth CCA'ing it. They don't usually offer a low settlement out of the blue for no reason. Maybe they know it's not enforceable.....but maybe it is and they are just being nice :rotfl:

Thanks Jan

I've just called Zinc - they advise I will get a letter to say it would be partially settled but that none of their letters state "it will not be chased in the future" etc. I asked if one could be written for me, with the proposal of three monthly payments and confirmation it will not later be chased - apparently they can't do it as they only issue standard letters. But it's ok - 'he has worked there for a year and no one has ever gone back to him to say they have been chased for the rest of the money' :mad::mad:

Rage! Looks like a no brainer then - I refuse to do anything without that confirmation!

sourcrates

Triangle wrote: »

Thanks Jan

I've just called Zinc - they advise I will get a letter to say it would be partially settled but that none of their letters state "it will not be chased in the future" etc. I asked if one could be written for me, with the proposal of three monthly payments and confirmation it will not later be chased - apparently they can't do it as they only issue standard letters. But it's ok - 'he has worked there for a year and no one has ever gone back to him to say they have been chased for the rest of the money' :mad::mad:

Rage! Looks like a no brainer then - I refuse to do anything without that confirmation!

Don't pay anything until you get that confirmation in writing.

So many people simply hand over the money not giving it a second thought, then they wonder why a few months town the line, a new DCA is contacting them.

Unless you have it in writing that the remaining balance will not be chased, they can, and usually do, sell it on.

Should not be allowed, but it's perfectly legal.

mica2

January2015 wrote: »

Great to hear that Billy :j

I hope Motivated and Mica read your post and realise that just 5 months ago you were in there shoes, but now in just 20 weeks you are settled into your DMP and it is working well. It really doesn't take long to change from financial worry to relief at doing something about it, to sheer joy at watching those milestones get hit (whether those milestones be defaults or clearing a debt).

Great post - it really helps new members see how positive a move a DMP can be - thank you :beer:

Yep reading everything!! I cancelled a couple of CC direct debits yesterday hoping it will motivate me to get the ball rolling! I couldn't find the courage to cancel the loan though It's cos it;s the biggest debt and it scared me reading the contract about what they'll do if I miss a payment. Think I will wait until I've contacted SC.

So glad Motivated is in the same position as me! I also have got a basic bank account. Am wondering what to do though now, I feel like moving my salary and direct debits could get me in a muddle.

Debtfreehopeful

Been looking on this page now for a few weeks and finally plucking up the courage to ask you wonderful people for some advice please ��

I want to use stepchange to set up my DMP before finally self managing it- do they ask for proof of income and expenditure?

Also I need to set up a basic bank account and wondered if you can advise a bank not linked with my below creditors-
Santander
Tesco
Vanquis
Aqua
Very
Next

So my plan of action is-
To set up a basic bank account
**Not sure about this- to take money out of my bank account to use the available overdraft, and withdraw cash from credit cards- will there be repercussions? Looking to build up an emergency fund
Set up a DMP via Step change- to be effective in about 4 months time
Set up a self managed DMP after a few months- once creditors have agreed to token payments
To try and get my accounts defaulted and settle these accounts at a reduced rate

Any further tips or advice is greatly appreciated- so looking forward to not constantly worrying about money and the stress that goes with it!
Sorry to ask so many questions- just want to get everything clear in my mind...

Triangle

sourcrates wrote: »

Don't pay anything until you get that confirmation in writing.

So many people simply hand over the money not giving it a second thought, then they wonder why a few months town the line, a new DCA is contacting them.

Unless you have it in writing that the remaining balance will not be chased, they can, and usually do, sell it on.

Should not be allowed, but it's perfectly legal.

Exactly Sourcrates. Don't worry - I've learnt too much on here to fall into this trap

I've stopped raging now too!