DMP & Mutual Support Thread - Part 11

heavenlyharry01

Sorry I can't seem to quote as I'm on my phone.

Henryyyyy - i heard similar 'advice' from stepchange myself. I cancelled my plan after one month of being with them and went self managed. (Currently paying £1 per 11 creditor).
No court action yet!!
Sounds like you spoke to the same person I did and tried to scare me into staying.
I was never advised to have an emergency fund and was basically told if I cancel my stepchange plan and go self managed I would get taken to court quicker!

If you do consider self managed, it's been way easier than I thought and I'm in total control. The creditors are easy to deal with and I haven't had any problems so far (apart from miscommunication with Creation)

Dandytf

Co Op recently refunding dmp payments from SC.

What possibilities does refused payments mean?

Other than Co Op dmp going as planned since 2012.

sourcrates

Dandytf wrote: »

Co Op recently refunding dmp payments from SC.

What possibilities does refused payments mean?

Other than Co Op dmp going as planned since 2012.

Have you paid the debt off ?

The coop bank is in financial trouble itself at the moment, so if not then It's more than likley your debt has been sold on as the coop tries to raise some capital.

You should expect to be informed if this is the case.

redsfan

Hi All,
I'm hoping someone might be able to give me some advice..
I was with STEPCHANGE for a while, trying to get my debts all sorted out but after seeing so many good news stories on here I finally made the decision to try and do my own DMP (after reading all the stories on here I got the confidence to try and manage this).

However I have received a letter from one creditor on behalf of Barclays saying I am in breach of payments.And that I need to pay arrears or further action will be taken. The intended action is to terminate the account, commence court proceeding and to demand full repayment.
I cannot pay the arrears and have already a payment plan in place with them, which is slightly less than the original payments. (I did send my SOA to this company and explained why there was a reduction in the payment)

I'm not sure what to do next? I have sent letters in the past with a SOA, and have made payments. Any advice would really help (I thought I had managed this and was really looking forward to taking back control and being positive but this letter has really knocked a lot of that confidence)

sourcrates

redsfan wrote: »

Hi All,
I'm hoping someone might be able to give me some advice..
I was with STEPCHANGE for a while, trying to get my debts all sorted out but after seeing so many good news stories on here I finally made the decision to try and do my own DMP (after reading all the stories on here I got the confidence to try and manage this).

However I have received a letter from one creditor on behalf of Barclays saying I am in breach of payments.And that I need to pay arrears or further action will be taken. The intended action is to terminate the account, commence court proceeding and to demand full repayment.
I cannot pay the arrears and have already a payment plan in place with them, which is slightly less than the original payments. (I did send my SOA to this company and explained why there was a reduction in the payment)

I'm not sure what to do next? I have sent letters in the past with a SOA, and have made payments. Any advice would really help (I thought I had managed this and was really looking forward to taking back control and being positive but this letter has really knocked a lot of that confidence)

Hi,

The letter most likley refers to your contracted payments, not the reduced payments you are making.

It's likley just a letter they have to send you to comply with legislation, and won't take your DMP into account.

Give them a quick ring tomorrow to confirm this.

redsfan

Thank you sourcrates. It does show the details of the agreement between me and Barclays and makes no mention of the DMP (or the previous payments while with STEPCHANGE)
Is this a common letter from collectors (I hadn't received one of these before)

sourcrates

redsfan wrote: »

Thank you sourcrates. It does show the details of the agreement between me and Barclays and makes no mention of the DMP (or the previous payments while with STEPCHANGE)
Is this a common letter from collectors (I hadn't received one of these before)

Yea, sounds like a default notice to me, very common, nothing will happen if you ignore, they are just following procedure.

Just keep paying as agreed.

BeingDebtFreeStartsHere

sourcrates wrote: »

Have you paid the debt off ?

The coop bank is in financial trouble itself at the moment, so if not then It's more than likley your debt has been sold on as the coop tries to raise some capital.

You should expect to be informed if this is the case.

Do you think that the Co-op are likely to try and sell on debts sourcrates? I really hope so as they are my final creditor not to default :mad:

BDFSH x

sourcrates

BeingDebtFreeStartsHere wrote: »

Do you think that the Co-op are likely to try and sell on debts sourcrates? I really hope so as they are my final creditor not to default :mad:

BDFSH x

According to the news they are in serious trouble, losing money hand over fist.
It would make sense for them to try to raise as much collateral as possible, one way is to sell there bad debt portfolio.

So I would say it's more than likley yes.

BeingDebtFreeStartsHere

sourcrates wrote: »

According to the news they are in serious trouble, losing money hand over fist.
It would make sense for them to try to raise as much collateral as possible, one way is to sell there bad debt portfolio.

So I would say it's more than likley yes.

Thank you - I really hope so!!