DMP Mutual Support Thread - Part 12

sourcrates

Leanneglos1 wrote: »

Thanks, can I ask how they wiped it?? If you don't mind me asking:)

Leanne, have you made any complaints to the payday lenders about unaffordable lending ?

Big reclaim ongoing right now !!!

Full info here :

https://debtcamel.co.uk/payday-loan-refunds/

[Deleted User]

DavesDevil wrote: »

Just a little update from me. My self-managed DMP is going well. 8 out of 9 creditors are on token payments for 6 months - not sure what will happen after the 6 months. My 9th creditor said I couldn't afford to pay anything so have put my account on hold for 6 months. I sent a F&F offer to Westcot who are managing a Halifax CC. I wasn't expecting them to accept but they have!! It was a very small debt and I offered at just under 50% so I am very happy with that.

Hi DavesDevil

Well done on your success with Wescot:T:beer:

Can I be nosy (just tell me to mind my own business if you prefer;)) but how small was the 'very small' debt they agreed under 50% on please?

I have 2 with them, the biggest being around £7000 still:eek: but the smaller one is just over £2000. Would be great to get 50% off the smaller one as I could afford that when I've done a few more months of token payments. I know they are managing these debts, they haven't bought them, so I wasn't expecting much leeway from them. Great news to know they are willing to accept offers.:T

Leanneglos1

Yeah I have complaints in with all payday lenders I've used and just starting the waiting game

NewUs

Have been reading this forum for some time and just after a little bit of advice. We stopped paying debts in December and started making payments through Stepchange in June - managed to pay what was owed to family during this time. Most of them have now defaulted apart from Halifax CC which is a small amount and HSBC overdrafts. The problem is we don't have any emergency fund saved and I also think we should have tried to keep our Stepchange payments lower to allow us to build up a fund. Most of our providers have stopped interest so I'm a bit worried about rocking the boat here.

I think it's time to consider going self managed and also doing CCA requests. On top of this I really think dropping down to token payments for a while would help us to get some savings together. Does this sound realistic or have we missed the boat on token payments? We are also unsure about when doing CCA requests would be best. Any advice would be gratefully received.

StopIt

Welcome NewUs.


Read through the thread for an idea but in a nutshell, a DMP is an informal arrangement. There's never a boat to miss.


If you go self managed and tell your creditors they're only getting token payments, token payments is what they'll get. You'll find that most peoples experiences show that as long as creditors/DCAs know that their money will come, albeit slower, they don't hugely care about periods of token payments. It's running/hiding that get their nasty side out.


If you're thinking of doing CCA requests, sooner is always better than later.


The usual caveats apply, you can't use them on Overdrafts, Taxes, Benefits, Utilities and Mobile Phone contracts etc etc.

lumpyspaceprincess

I always feel slightly foolish for not doing F&Fs for anyone, (especially with 2 months to go now) but I rushed into my DMP and didn't have an emergency fund / give myself leeway to save anything alongside the payments so couldn't have really! Always very impressed when people get money knocked off!

make_the_change

I have a debt with Capital One which got passed onto a debt collector to manage and then got passed back to Capital One. Anyway, I've had no contact with Capital One since Feb and have heard nothing.... is this normal that they aren't chasing me for the debt?

sourcrates

make_the_change wrote: »

I have a debt with Capital One which got passed onto a debt collector to manage and then got passed back to Capital One. Anyway, I've had no contact with Capital One since Feb and have heard nothing.... is this normal that they aren't chasing me for the debt?

Yep, probebly out chasing someone else.

Happens quite often, debts can go unchased for long periods of time, sometimes for years, then all of a sudden, up they pop again !!

leanne12345

sourcrates wrote: »

Yep, probebly out chasing someone else.

Happens quite often, debts can go unchased for long periods of time, sometimes for years, then all of a sudden, up they pop again !!

When they're not being chased would you advise to pay anyway? Or put the money to one side ready for when they do rear their ugly heads again?

sourcrates

leanne12345 wrote: »

When they're not being chased would you advise to pay anyway? Or put the money to one side ready for when they do rear their ugly heads again?

Well who are you going to pay ??

That's the question, if no ones written to you asking for payment who do you send the money too ?

Last thing you want is your hard earned cash disappearing into a black hole never to be seen again !!!