DMP & Mutual Support Thread - Part 11

January2015

Henryyyyy - you can always write to creditors yourself and advise you are seeking the support of SC (which is true) and that payments will start from 1st August. Request they stop all interest and charges. If you feel uncomfortable with no payments until August you can payment token £1 payment to each creditor - if you intend doing this then put in the letter that in order to show your commitment to clearing your debts you are paying £1 per month until the DMP formally starts.

99% of creditors will zero interest based on this.

zay475

Thanks beingdebtfree, much appreciated. Has anyone had a recent yearly budget review, did they require any proof of income? it's very difficult to find out if it is part of the annual review. Huge thanks to everyone for the advice.

BeingDebtFreeStartsHere

zay475 wrote: »

Thanks beingdebtfree, much appreciated. Has anyone had a recent yearly budget review, did they require any proof of income? it's very difficult to find out if it is part of the annual review. Huge thanks to everyone for the advice.

In my yearly review (was last September) I did not have to send any proof of my income. I just inputted my monthly wage into the budget review tool online as well as any other income eg child benefit together with all my outgoings. SC never asked for any proof ie wage slips/bank statements.

Take care,

BDFSH x

BeingDebtFreeStartsHere

Just wondering if anyone can help - had a letter this morning following my email query re: PPI to MBNA.

They have told us that we had PPI on 2 credit cards and one loan that we had with them - we had no idea we had taken this out. We are looking at complaining to MBNA to see if we can reclaim this PPI.

My query is that if we are successful can they use the money they pay us back towards the debt we had with them? They sold the debt on to PRA last year so now do not own the debt anymore but I was not sure if they could still use it to reclaim some of the original debt money they may have forfeited when selling to PRA.

Any help gratefully received

BDFSH x

sourcrates

BeingDebtFreeStartsHere wrote: »

Just wondering if anyone can help - had a letter this morning following my email query re: PPI to MBNA.

They have told us that we had PPI on 2 credit cards and one loan that we had with them - we had no idea we had taken this out. We are looking at complaining to MBNA to see if we can reclaim this PPI.

My query is that if we are successful can they use the money they pay us back towards the debt we had with them? They sold the debt on to PRA last year so now do not own the debt anymore but I was not sure if they could still use it to reclaim some of the original debt money they may have forfeited when selling to PRA.

Any help gratefully received

BDFSH x

Yes they can use any refund to reduce the debt you have, even if the account has been sold on, however, it is at the creditors discretion.

As the debt has been sold, the easiest route would be to refund you directly.

Either way you will benefit from it.

heavenlyharry01

Henryyyyy - I did a month with stepchange and then cancelled and went self managed. I didn't pay a penny to any creditors for 3 months and have started with £1 payments apart from one creditor. Some have defaulted, some haven't, some agreed, some didn't. I think all have frozen interest and charges though.
It's been a total breeze to be honest and I'm so pleased to be self magaging.

Tiggerlou

Wescot have taken over Lloyds and BOS credit cards and got a letter saying they will stick to the agreement with stepchange and the repayments... has any one had any dealings with them? Thanks

January2015

Tiggerlou wrote: »

Wescot have taken over Lloyds and BOS credit cards and got a letter saying they will stick to the agreement with stepchange and the repayments... has any one had any dealings with them? Thanks

Yes - no problems. We've just kept payments going to original creditor bank sort code and account number, but all communications are through Wescot and they've been fine to deal with.

serious_debt

Hi everyone, I have been in my DMP for over six years now and about 200 years to go, i am not joking.
All my debts except 3 have now dropped off my credit file. And here are my questions if someone can help please and give me some advice.
Are all debts, credit cards, bank loans, car hire purchase etc supposed to be defaulted about 3 months into my financial crisis?
My three accounts still showing are.
1) Barclaycard,Acc Opened in 1981, now a closed account managed by Link. defaulted by BC in Nov 12 and not reported, Link then wrote to me and said they had got it all wrong and would note the default as Feb 13. This account went into financial meltdown in 2010.
2)Fly B/Sygma bank, opened in 2008 managed by Lowell, Showing as an open account despite being in financial hospital since 2010. Wrong address on credit file and never defaulted.
3)Black Horse car HP now with Capquest. opened in 2008, again into critical care in 2010. Balance owed after car sold. Shows as an open account on my credit file despite being defaulted in 2010.
My DMP is paying about 0.03% of total debt per month so you can see why its still got years to go. There are 17 creditors in total. Phew!!!!! Its an interesting journey. :eek:
Thank you for reading and look forward to your advice.

Sazzie23

zay475 wrote: »

Thanks beingdebtfree, much appreciated. Has anyone had a recent yearly budget review, did they require any proof of income? it's very difficult to find out if it is part of the annual review. Huge thanks to everyone for the advice.

Hello and welcome to the DMP thread. I just did my review this,week and no paperwork or proof of I&E was requested. P
Hope this oust your mind at rest

Saz