DMP Mutual Support Thread - Part 12

vaper

Wow Zenshi £5.00 a month is a really low repayment on that amount!
I will soon be writing to out creditors to make offers and didn't have a clue what sort of amounts to offer, bearing in mind that most of them have been having in the hundreds, my Barclaycard monthly repayment was about £480.00 (scary stuff).
Hope I can get away with making small payment offers like that :-)

heavenlyharry01

Just wanted to say that we have a capital one credit card and received the CCA very quickly after writing!
Maybe they are messing you about for a reason??

Puzzcat

vaper wrote: »

Wow Zenshi £5.00 a month is a really low repayment on that amount!
I will soon be writing to out creditors to make offers and didn't have a clue what sort of amounts to offer, bearing in mind that most of them have been having in the hundreds, my Barclaycard monthly repayment was about £480.00 (scary stuff).
Hope I can get away with making small payment offers like that :-)

As long as your I & e reflects this is what you cam afford then not much they can say!

January2015

leanne12345 wrote: »

Another stupid question from me I'm afraid we have a settee which was purchased with 4 years interest free credit which we have included in our DMP. I think I'm over thinking this but does this just work like a loan or is it like car finance where they would take the settee away? Noddle is showing the finance as a loan but MSE Credit Club is showing it as 'fixed term credit sales' so I am a bit confused :huh:

If you have not cleared the balance of the settee loan by the end date of the buy now pay later (BNPL) agreement, then the company will add all the interest back dated to the original purchase date. This is what would have happened if you had not been in a DMP and they continue with this even when you are in a DMP. You need to either try and clear the balance before interest kicks in, but if you can't do this then you need to know what the balance will be when they add interest - as that is your true debt on this BNPL loan.

sourcrates

January2015 wrote: »

If you have not cleared the balance of the settee loan by the end date of the buy now pay later (BNPL) agreement, then the company will add all the interest back dated to the original purchase date. This is what would have happened if you had not been in a DMP and they continue with this even when you are in a DMP. You need to either try and clear the balance before interest kicks in, but if you can't do this then you need to know what the balance will be when they add interest - as that is your true debt on this BNPL loan.

It not a BNPL Jan, its an interest free deal.

If i were you OP, i would treat that as a priority debt and pay what you are contracted to pay on it.

It saves so much hassle in the long run.

leanne12345

sourcrates wrote: »

It not a BNPL Jan, its an interest free deal.

If i were you OP, i would treat that as a priority debt and pay what you are contracted to pay on it.

It saves so much hassle in the long run.

Ok that's interesting, the contracted payment is only about £5 more than our proposed DMP payment so that's definitely do-able.

Does that mean then that this type of debt wouldn't default and be sold on like the others?

sourcrates

leanne12345 wrote: »

Ok that's interesting, the contracted payment is only about £5 more than our proposed DMP payment so that's definitely do-able.

Does that mean then that this type of debt wouldn't default and be sold on like the others?

Well it would depend on the individual companies own policy.

I assume its from DFS or someone similar yes ?

Look at there terms and conditions to see what happens if you dont pay, or pay less than contracted to do so.

They may repossess the sofa, without looking, i dont know to be honest.

leanne12345

sourcrates wrote: »

Well it would depend on the individual companies own policy.

I assume its from DFS or someone similar yes ?

Look at there terms and conditions to see what happens if you dont pay, or pay less than contracted to do so.

They may repossess the sofa, without looking, i dont know to be honest.

Haha fair enough, I did kind of expect you to just know everything! Yes it was DFS, I suppose it will just be simpler to pay the contracted amount as you said. Thanks

[Deleted User]

TurningACorner wrote: »

Hello! I'm new and have very recently started my DMP journey with StepChange and I was wondering about other people experience. Firstly how do we find out if our creditors have accepted the new payments and to freeze the interest and charged and also, I was wondering what people experience where with my specific creditors. I have a lot so please bare with me im ashamed to admit it.

I owe NatWest with a personal (unsecured) loan and an arranged overdraft. I have 2 credit cards with Tesco and capital one and I also have existing balance with an old Vodafone contract. I also have an unsecured loan with leading stream. And I was just wondering if anybody else had experienced these companies during a DMP and what your experience was like?

Thank you for any help or guaidance or just advice, I'm proud I hVe tken that first step but I feel I have a long way to go

:hello:TurningACorner. Welcome to the thread. Please keep posting to let us know how you are getting on. Ask all the questions you want. There's a lot to get your head round, especially at the start. Good Luck:beer:


The only one of your creditors that I've had dealings with is Tesco credit card. They have been fine, defaulted me and froze interest about 4 months into my DMP in summer 2013. They eventually sold my debt on late last year. I think it's going to turn out to be unenforceable though as, almost 2 months down the line they still haven't managed to supply the necessary CCA paperwork although they have written to me twice to say they are trying:rotfl:

Twins

vaper wrote: »

Hi twins
What sort of offer did you make to capital one?
Hubby has a card with them and I'm thinking of starting my dmp alone so just wondering what sort of amounts people offer. The amount outstanding is £9.500. I have not sent them the I& E form they sent us as I'm not sure which route to take yet.
Thanks
Vaper

Hi Vaper,

I was on a DMP with SC and then decided to go self managed. I wrote to all my creditors telling them I would pay £1 between now and September then in Sept I would increase my payments as per my I&E. The reduced payment was to allow me to build up a savings fund and and give me some breathing space.

All the creditors wrote back and accepted the £1. Capital One have been the worst to deal with and taken a numerous letters to get to this point. I also asked for a copy of my CCA back in May and no joy, so I've written another letter today and just posted it off. But they've accepted the £1 payment no problem.

What I'd recommend is that you offer the £1 token payments for 3 months to allow yourself to also have some breathing space. You don't have to tell them why you are doing this, I didn't and they all accepted. Then work out your I&E and don't cut yourself too fine, allow yourself some space to live. You can start to build up some funds and then when the time is right, offer F&F.

Good luck!