DMP & Mutual Support Thread - Part 11

Ellieseleven

Puzzcat wrote: »

Hi Saz,

All plodding on in the right direction albeit at a very slow pace. I have been paying £5 a creditor for the last few months as getting sorted with finances now my dd is at uni.... what a cost...:eek:

I also have increased my total debt as had to invest in a new car, my much loved 15 year old one died in December so bank of lovely dad came into play...

Still love my dmp, still love being self managed, I know its a long journey for all of us but we will get there in the end..

Hello and welcome to all new dmp'ers.. your in the right place on this thread..

Much Love,
Puzz. x

Good to see you Puzz,

Uni is so expensive:o I'm glad my girls went before we embarked on our DMP:)

You've come so far and achieved so much! I was fearful of my DMP in the beginning but like you I love my DMP (but will be glad to see the back of it:D)

Take care
Ellie x

motivated

Hi all

As you may be aware I am in the process of setting up my DMP. I have contacted CCs through messenger service about our current financial situation. They all replied with "we will put your account on hold and await details of SC etc"

However I have just had a MBNA monthly statement come in What do I do ? :eek: I'm a little worried now as I usually pay it straight away.
M

zenshi

motivated wrote: »

Hi all

As you may be aware I am in the process of setting up my DMP. I have contacted CCs through messenger service about our current financial situation. They all replied with "we will put your account on hold and await details of SC etc"

However I have just had a MBNA monthly statement come in What do I do ? :eek: I'm a little worried now as I usually pay it straight away.
M

Nothing! It's an automated statement. Just ignore it and wait for DMP to start

sourcrates

motivated wrote: »

Hi all

As you may be aware I am in the process of setting up my DMP. I have contacted CCs through messenger service about our current financial situation. They all replied with "we will put your account on hold and await details of SC etc"

However I have just had a MBNA monthly statement come in What do I do ? :eek: I'm a little worried now as I usually pay it straight away.
M

Come on, you need to change your way of thinking, you cant panic every time a bill comes in to be paid.

You are starting a DMP to pay your debts, on a monthly basis, at a rate that you can afford.

Do not look at automated monthly statements, they no longer apply to you, or your situation.

Remember, you are about to have a separate arrangement with your creditors, which wont be reflected, at first, in your automated statements, they will not take account of your DMP, you need to know which letters apply to you, and which dont.

motivated

Thankyou zenshi and sourcrates

OK panic over then
I will file it along with anything else that comes along from now on.
I already have enough grey hair :rotfl:

One day at a time
Thank you again
M

JMU-95

JMU-95 wrote: »

Hi. I'd be grateful for some advice. I'm currently 1 year into my DMP with Stepchange. I've received a letter from Moorcroft acting on behalf of Arrow (ex Virgin CC).

Original Balance £975. Balance now: £875

They've offered me a settlement offer figure of £525 (saving of £350) and my credit file updated as 'partially settled'.

I could possibly pay this but this is my first settlement letter I'm not sure what to do - should I accept this, haggle for less or ignore and keep paying them £5 per month on DMP?

Thanks for any advice.

hi could someone check does this sound okay?



Dear Sir / Madam

Without Prejudice

I write with reference to the money which you are claiming on the above account. I note that I received a settlement letter from yourselves of £525.38.

I can confirm that I am unable to pay the money which I owe in full as I am on a low income and claim no benefits nor have any assets. I have many debts which amount to a great deal and I am currently paying you via StepChange.

However, a family friend unexpectedly is prepared to offer me £400 to help close one account. I want to offer this sum to you as an ex-gratia payment, in full and final settlement of the account. The payment will not be made unless the offer is accepted and if the offer is rejected these funds will no longer be available. If the offer is not accepted I will continue to pay you £5 per month as agreed.

I am making this offer on the clear understanding that, if accepted, neither you nor any associate company will take any other action to collect, enforce or pursue this debt in any way whatsoever and that I will be released for any liability.
I also request that, if accepted, you will make an entry on all three credit reference agency files namely Experian, Equifax & Call Credit relating to the above account as "satisfied" in full (paid and closed).

I can pay the amount I have offered within 14 days of receiving your written agreement of this offer. As advised no lump sum will be available until I have received written confirmation of all points in the above offer and if you are unable to accept my offer then I will regrettably have to withdraw the offer and continue to make monthly token payments via StepChange.

I look forward to your reply.

Yours

sourcrates

motivated wrote: »

Thankyou zenshi and sourcrates

OK panic over then
I will file it along with anything else that comes along from now on.
I already have enough grey hair :rotfl:

One day at a time
Thank you again
M

Keep this thought in mind.

The ONLY way you can be forced to pay a debt in full is if the creditor takes legal action against you, and as with everything, there is a process to go through before this can happen.

As you are repaying your debts via a DMP, the chances of legal action been taken diminish rapidly, creditors almost never get legal, specialist debt purchasers do, but only if your ignoring them, there is a Hugh emphasis on affordability right now, and you are paying what you can afford.

Even if any of your accounts went to court, you would not be expected to pay more than you are already paying, so for the creditor, it's a pointless exercise.

You have nothing to worry about here, and nothing to fear from any threats of court action.

This will not escalate any further.

MrsSammyB

Hi all, still plodding along with my self managed DMP, although I feel a bit of a fraud to say that as I'm hardly paying anyone currently! So far I've only set up payment plans with those who have defaulted me, everyone else was getting token payments - now they're getting complaints!

I just wanted to share this weekends success to encourage others to get at it.... I've been written to by Lloyds to say they've upheld my complaint, £350 of interest and charges refunded, £150 cheque to me for the bad service, account defaulted and default backdated to July 2015! Excellent news all round!

It's so worth in, pop in a complaint at the cost of a stamp or an email, what have you got to lose!

Sammy xx

Sazzie23

motivated wrote: »

Thankyou zenshi and sourcrates

OK panic over then
I will file it along with anything else that comes along from now on.
I already have enough grey hair :rotfl:

One day at a time
Thank you again
M

Hi M

Great advice from Sourcrates and Zenshi, just to add there will be a lot of automated stuff come your way from various creditors. They all behave differently, some will put a note on your statement, some will send statements for 6 months or a year, some will stop nearly straight away. There will be other creditors who send automated reminders, others will do automated telephone reminders, eventually these do stop but then you get the automated 'we're going to default you' letters as well. The financial systems have trouble with customers on DMP as it doesn't fit in the paying or non paying box.

Best way is get a file for each creditor. Read everything, then file away, you may need it someday for something, and if not, one day you can have a big bonfire :T

stay strong

Saz

Sazzie23

MrsSammyB wrote: »

Hi all, still plodding along with my self managed DMP, although I feel a bit of a fraud to say that as I'm hardly paying anyone currently! So far I've only set up payment plans with those who have defaulted me, everyone else was getting token payments - now they're getting complaints!

I just wanted to share this weekends success to encourage others to get at it.... I've been written to by Lloyds to say they've upheld my complaint, £350 of interest and charges refunded, £150 cheque to me for the bad service, account defaulted and default backdated to July 2015! Excellent news all round!

It's so worth in, pop in a complaint at the cost of a stamp or an email, what have you got to lose!

Sammy xx

Great work Sammy, and yes definitely worth it:T:T