DMP & Mutual Support Thread - Part 11

Puzzcat

sourcrates wrote: »

They will only advise a client, using the information provided to them.

Mica2 had a monthly surplus of £61, thats £11 over the threshold limit for a DRO.

So that option may not of been recommended, the only other options are Bankruptcy, and IVA, neither of which would be suitable.

Get your outgoings to total just over £11 more, and the option of a DRO would of been there.

I think she owns a property so didn't think a dro would be an option?

alianza

I sent off my three CCA requests last week. I have had a response about my cc debts saying they have requested the relevant information and my account is now on hold and any further collections activity will be ceased until further notice.

I guess this is just pretty standard stuff but at least it proves that so far they do not have this information and they are going to stop bothering me for a while. They have had these debts for 3 years now and the cc were both taken out in the mid 90s .

thx for advice so far and wish i had done this sooner.

sourcrates

Puzzcat wrote: »

I think she owns a property so didn't think a dro would be an option?

According to her SOA puzz, she rents.

Thats why i mentioned it.

sourcrates

alianza wrote: »

I sent off my three CCA requests last week. I have had a response about my cc debts saying they have requested the relevant information and my account is now on hold and any further collections activity will be ceased until further notice.

I guess this is just pretty standard stuff but at least it proves that so far they do not have this information and they are going to stop bothering me for a while. They have had these debts for 3 years now and the cc were both taken out in the mid 90s .

thx for advice so far and wish i had done this sooner.

Paperwork is never exchanged when debts get sold on, so the company that buys them has no idea if they have bought enforceable debts or not, the only way you, and they find out, is by you making a CCA request.

Its an utterly compromised system we are stuck with, and is not fit for purpose in my opinion.

So whoever holds your account now, will have to go back to the original creditor, and get the required paperwork to prove the debt is enforceable, remember its perfectly acceptable to send a reconstituted version, it does not have to be the original piece of paper.

Can take a couple of months or more to action.

EmmaMicawber

Hi everyone- I've been reading some of this thread to understand more about the practicalities of a DMP. I took the plunge and contacted Stepchange a couple of days ago and they're recommending OH and I have a joint DMP. OH is not at all keen and I'm trying to understand what's involved and the pros and construction.

I think we're fairly borderline at the moment - we can just about manage as most of our cards are on 0% deals. We won't be able to get any more new ones (trashed credit score) and when they expire our minimum payments will go up by a massive amount if we can't move the balances around on our existing cards.

Will a DMP mean that the credit cards are likely to stay on the 0% rates until the balances are paid Off?
Is it better to do it now, or wait until September?

We haven't missed any payments yet- will we start getting nasty letters / phone calls if we opt for a DMP?

I realise others have probably asked but I can't find the answers with so many posts!

Thanks

Keezing

EmmaMicawber wrote: »

Will a DMP mean that the credit cards are likely to stay on the 0% rates until the balances are paid Off?

Possibly. I started my DMP process in December and 6/8 of my creditors have frozen interest and charges. The reason the other 2 haven't is mainly due to them being incompetent/disorganised.

It's not something anyone can guarantee, but it is likely that interest will be frozen if you claim financial difficulties and enter into a DMP,

EmmaMicawber wrote: »

Is it better to do it now, or wait until September

I think if it's inevitable that you will ultimately default on these payments, especially once the 0% rates expire, it's better to start sooner rather than later. Give yourself a few months of non-payment to build up an emergency fund, as you will no longer have access to credit.

Alternatively you may find you can free up some money by renegotiating your contracts (utilities, broadband etc) and by taking on additional work.

EmmaMicawber wrote: »

We haven't missed any payments yet- will we start getting nasty letters / phone calls if we opt for a DMP?

Yup. I've had a few aggressive phone calls. Most can't continue talking to you if you don't pass "security", and you really shouldn't be giving an inbound caller your DOB etc. I always decline to provide the sensitive information they ask for and insist on written communication.

You'll get regular arrears letters and ultimately default notices.

Good luck!

sourcrates

EmmaMicawber wrote: »

Hi everyone- I've been reading some of this thread to understand more about the practicalities of a DMP. I took the plunge and contacted Stepchange a couple of days ago and they're recommending OH and I have a joint DMP. OH is not at all keen and I'm trying to understand what's involved and the pros and construction.

I think we're fairly borderline at the moment - we can just about manage as most of our cards are on 0% deals. We won't be able to get any more new ones (trashed credit score) and when they expire our minimum payments will go up by a massive amount if we can't move the balances around on our existing cards.

Will a DMP mean that the credit cards are likely to stay on the 0% rates until the balances are paid Off?
Is it better to do it now, or wait until September?

We haven't missed any payments yet- will we start getting nasty letters / phone calls if we opt for a DMP?

I realise others have probably asked but I can't find the answers with so many posts!

Thanks

Hi,

All your questions get asked regularly on this thread.

I understand its a long thread, but can i suggest taking some time to read through it as much as possible, there is a wealth of information on what to do, and what not to do.

I can virtually guarantee you will find all the answers you are looking for.

It just saves the regulars from writing the same answers to the same questions over and over again, thats all.

By all means feel free to ask if theres something you cant find, but this thread covers most eventualities on a DMP.

Thanks.

EmmaMicawber

Thanks for your patience Keezing and sorry to have annoyed you sourcrates.

Looking at starting a DMP is not a fun place to be and I did spend quite a lot of time trying to find the answers in 237 pages of posts, particularly about what happens if you're on 0% deals and haven't missed payments yet etc.

Maybe a FAQ sticky at the top of the thread would help new people like me who are at the start of trying to work out what is best to get out of a frightening financial mess and not waste your time.

I was misled by the message at the top " if you're thinking of starting a DMP this is the place to be" and "we are non- judgmental, all questions welcome"

I'm probably a bit over-sensitive at the moment as realising the extent of our debt has not been great but I'm trying to sort out a plan that will work for us.

Keezing

EmmaMicawber wrote: »

Thanks for your patience Keezing and sorry to have annoyed you sourcrates.

Looking at starting a DMP is not a fun place to be and I did spend quite a lot of time trying to find the answers in 237 pages of posts, particularly about what happens if you're on 0% deals and haven't missed payments yet etc.

Maybe a FAQ sticky at the top of the thread would help new people like me who are at the start of trying to work out what is best to get out of a frightening financial mess and not waste your time.

I was misled by the message at the top " if you're thinking of starting a DMP this is the place to be" and "we are non- judgmental, all questions welcome"

I'm probably a bit over-sensitive at the moment as realising the extent of our debt has not been great but I'm trying to sort out a plan that will work for us.

If it help, I started my DMP owing 103k!

I bet you can't beat that :-)

EmmaMicawber

Okay, you win - we are "only" £73500 :-)