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DMP & Mutual Support Thread - Part 11

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  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    Sherrera wrote: »
    Haven't been on in a while after starting self managed DMP in March last year. Most debts now sold on and defaulted and every company I've dealt with has been incredibly understanding and supportive - even the debt collectors to whom somw of the debts have now been sold.

    Anyhoo! Posting today because I've had some (potentially) good news. Northern Rock has admitted they are due me a refund for PPI on a mortgage from 2000-2008. However the potential downer is that we have an unsecured loan originally from NR which then went to Kent Reliance when NR was broken up, and that loan is on our DMP.

    So my question is quite 'niche' but worth a try I thought as so many people on this forum and so much experience - would Kent Reliance be able to off set the PPI from Northern Rock against the loan? As far as o can tell from Google they are two separate entities and KR effectively just bought all the (at that time) undefaulyed personal loans from NR. So I can't see how they could get their hands on the cash. Any thoughts? With thanks

    Hi

    I don't really have a clue but didn't want you to think your post had been ignored.

    I have done a bit of googling (can be a dangerous thing :rotfl:) regarding the sale of NR loans to OneSavings Bank (under the trading name Kent Reliance).

    On that page is a link to FAQs. One of the questions is
    Do I need to contact my Payment Protection Insurers?
    You may need to because NRAM no longer have an interest in your loan as a result of the transfer of your loan to the Marlin Financial Group. If your Payment Protection Insurance (PPI) policy is with Pinnacle and was arranged by NRAM, Marlin will inform them of this transfer. If however your PPI policy is with another provider then please advise them of the sale and transfer of your loan and subsequent change in interest to the relevant Marlin Financial Group company to ensure your details are accurate and up to date.
    My interpretation of that is that if your policy was with Pinnacle then Marlin will have contacted them and notified them of their interest in the account and therefore I would think any PPI refund would be paid to them to offset the outstanding balance. This is just my view though - not really worth a lot as I have never had PPI.


    Well done on getting a refund of PPI - regardless of whether it's paid to Kent Reliance or not, it will still help reduce your outstanding debt total.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • racht
    racht Posts: 46 Forumite
    Tenth Anniversary Combo Breaker
    Just an update- after Very/Shop Direct ignored my complaint of not defaulting my account after being on DMP for 2 years- I dropped them to £5 token payments last June. I finally received a default notice in January :)
    I have just received a letter from Lowell saying they are the new owner of my account- I've gone online and it was so straightforward to set up and arrange payments to start next month- so much easier then Shop Direct!
    Shame the default will be there longer then the others- I successfully managed to get Nationwide and Next backdated but at least I know its there now.
    I went self managed in august just so I could send token payments to Shop Direct- and Next actually requested I lower payments to £5 so they could default my account- which I couldn't do through Stepchange. Although nervous at first I have found this easy to manage and enjoy managing my own plan.
    Just wanted to share that dropping to token payments has helped get the default and nothing bad has happened- just wish I had done it sooner!!
    LBM June 2014
    Self managed since July 2016,
    Nationwide OD Default :) Nationwide CC Default :) Next Default :) Very Default :j
    Total Debt Aug 2014 £20,852 :eek: April 2017 £11,785 Jan 2020 £5,932 :T
  • sourcrates
    sourcrates Posts: 31,494 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Actually quite a comprehensive article on debt management plans here at debt camel, written by a CAB adviser, so having no ties to any organisation in particular, the advice can truly be without prejudice :

    https://debtcamel.co.uk/worried-dmp/

    Only thing it docent touch on is defaults and AP markers.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • sourcrates
    sourcrates Posts: 31,494 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    racht wrote: »
    Just wanted to share that dropping to token payments has helped get the default and nothing bad has happened- just wish I had done it sooner!!

    Token payments, or no payments, gets the same result.

    Well done.

    Lowell buy lots of these debts, there website is brilliant, from the point of view of the user, and very easy to use, i dont like debt collectors at all, but Lowell have many different payment options and will accept most payment arrangements without question.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Offered 10% as f and f to 1st credit on Opus account previously Citibank. They have refused. Been 7 months since the cca request and still haven't been provided with it so no payments to them until they send me the paperwork I wonder how long they will be happy not to receive payment. Account opened in 2003 does anyone know of likelihood of being able to provide the agreement?
    Thanks for the help.
  • sourcrates
    sourcrates Posts: 31,494 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Daisypop wrote: »
    Been 7 months since the cca request and still haven't been provided with it so no payments to them until they send me the paperwork.

    Did they acknowledge your request in writing ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Just posted my first F&F !!

    Already swapped hands twice and they offered a 1/3 off the total. Have just offered a 1/3 in total, so lets see what the come back with :D
  • All,

    Does anyone who is doing a DMP alone, have a debt in there account they are still paying to get rid of but have stop paying the other so to get defaulted, is this the wrong thing to do i am hoping to get rid of this in the next few months due to all the hasstle of transferring everything over but will this get frowned upon if other banks see this on my credit report ?
  • January2015
    January2015 Posts: 2,369 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    Floopy2009 wrote: »
    All,

    Does anyone who is doing a DMP alone, have a debt in there account they are still paying to get rid of but have stop paying the other so to get defaulted, is this the wrong thing to do i am hoping to get rid of this in the next few months due to all the hasstle of transferring everything over but will this get frowned upon if other banks see this on my credit report ?

    I'm not quite sure what you mean but we are self managing our DMP. We have several creditors we are paying. We have one creditor we have stopped paying completely. We just haven't told the other creditors. I'm sure, if they wanted to, they could see from our credit reports that this debt is not reducing month on month. I don't care and they don't seem to care either. It's been like this for about a year now.

    Ideally payments should be equally allocated across all creditors but in reality self managing means you get to pay what you want to who you want.

    Is that what you meant?
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
  • Floopy2009
    Floopy2009 Posts: 91 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 24 February 2017 at 8:01PM
    Hi there January,

    In my current account i have a credit card with them i have not stopped paying still paying the min as i want to clear with them without all the hasstle of getting a new account up and running. My other debts i have stopped so to get defaulted. So my issue was what would the others do if they noticed later on when they may of done a credit check that they saw i was still paying them the min and not the others ?

    I think you have answered my question above just wanted some clarification thats all
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