DMP Mutual Support Thread - Part 12

Billy12345

Afternoon everyone.

Phew !!!!!!!! What a few phone calls I've just had.

Firstly as regards my self managed Capital One account the lady was really helpful, they have my i&e form and I told them due to "financial difficulties" I could only pay £1 for the next six months then review it. They put me on their long term plan, told me my account would be defaulted in three months, they would not sell it on, dont know if that was good to be honest, and accepted my £1 payment ( which wont make a dent but no worries for now). :j

Armed with this good result I phoned Santander about my credit card which despite being with SC for a year they havent defaulted. Was told I had not met their late payment date of 174 days as I had been making payments and it would ntake another year to default. I told them this was unfair, proceeded to their complaints dept who were about as much help as a chocolate fireguard and told me to go to the FCA. :eek::(

So plan B is now to self manage this account. How do i go about this with SC as im not ready to self manage them all yet and want the other creditors to remain with SC. Can i update my payments to SC online telling them nothing to pay to Santander or can I not do this.

I hope someone has done similar in the past and can guide me.

Other than that everything ticking along nicely.

Suseka97

Billy12345 wrote: »

Afternoon everyone.
Phew !!!!!!!! What a few phone calls I've just had...........Armed with this good result I phoned Santander about my credit card which despite being with SC for a year they havent defaulted. Was told I had not met their late payment date of 174 days as I had been making payments and it would ntake another year to default. I told them this was unfair, proceeded to their complaints dept who were about as much help as a chocolate fireguard and told me to go to the FCA. :eek::( So plan B is now to self manage this account. How do i go about this with SC as im not ready to self manage them all yet and want the other creditors to remain with SC. Can i update my payments to SC online telling them nothing to pay to Santander or can I not do this.

I'm not sure you can, but it'll be interesting to hear if other have. Personally I'd just go the full nine yards and self-manage. You've proved you can handle the calls with the creditors and if you don't want to call them, you could simply send letters. You could then choose to keep paying the creditors you wanted to leave with SC at the same rate - it'll mean no change for them and then drop Santander down to nothing or tokens.

I took mine back from SC just this month and decided to pay off the two smallest accounts (the benefit of a recent windfall) and have CCA'd the remaining six. I wouldn't have been able to do that easily with SC because they have a policy about not treating any creditors more favourably than others, which is fair enough (for them).

I guess the only way you could handle this is to remove the Santander debt from your SC account (just zero the amount outstanding) -but they'll reapportion your payment across the others so you won't actually be saving any money doing so and they might question it if the amount was substantial.

Billy12345

Suseka97 wrote: »

I guess the only way you could handle this is to remove the Santander debt from your SC account (just zero the amount outstanding) -but they'll reapportion your payment across the others so you won't actually be saving any money doing so and they might question it if the amount was substantial.

Thanks Suseka97. :j

I was thinking this and wonder, given the amount of people at SC and how much work they have, whether they would notice the change. I dont have the time to sort out self managed yet and only undertook Capital One as I hadnt added them in the dmp at the beginning, long story but needed credit card for car hire swipe while on holiday and this was the only one i could use.

Maybe in a few months but if anyone else has tried ths with SC id love to hear what happened.:beer:

Fraise70

Thanks, Carboot Crazy,

I've taken the leap and am sorting a token payment out for two debts as I type. I have another 8 to go.

Think I'll speak to Stepchange after I've sorted this creditor out.

Apart from my credit rating (which is shot to pieces anyway) do you know if defaults are going to have a sinister effect?

I've got a tight Alice Band of worry about all of this debt!

:eek:

sourcrates

Fraise70 wrote: »

Thanks, Carboot Crazy,

I've taken the leap and am sorting a token payment out for two debts as I type. I have another 8 to go.

Think I'll speak to Stepchange after I've sorted this creditor out.

Apart from my credit rating (which is shot to pieces anyway) do you know if defaults are going to have a sinister effect?

I've got a tight Alice Band of worry about all of this debt!

:eek:

Defaults are just markers on a credit file, there one and only purpose is to show the status of that particular account, you wont get further credit whilst you have defaults.

That is the full extent of there impact.

Sea_shells89

Hello all,
I am currently debating Stepchange... I'm in a weird place as I can afford most of my repayments but I'm hit and miss with paying them - I've got more consistent since my depression started subsiding.

I am tempted to get a plan from StepChange but I would like more info on the impact to my credit report and borrowing in the future - my credit rating is already dire, but I like to think that in 6 years time it will look better...

What impact does a step change plan have on credit rating and future borrowing?

Thanks

sourcrates

Sea_shells89 wrote: »

Hello all,
I am currently debating Stepchange... I'm in a weird place as I can afford most of my repayments but I'm hit and miss with paying them - I've got more consistent since my depression started subsiding.

I am tempted to get a plan from StepChange but I would like more info on the impact to my credit report and borrowing in the future - my credit rating is already dire, but I like to think that in 6 years time it will look better...

What impact does a step change plan have on credit rating and future borrowing?

Thanks

A debt management plan, will mean your file will be marked "AP" (arrangement to pay) or "default", at the creditors discretion, both will impact your credit file, "AP" markers for up to 12 years, "defaults" for 6 years.

Arrangement to pay markers will tell any potential lender that you have had a previous payment arrangement, these stay on your file for 6 years after you repay the debt, so potentially a very long time.

Thats why defaults are better in the long run.

purplepaws

Sea_shells89 wrote: »

Hello all,
I am currently debating Stepchange... I'm in a weird place as I can afford most of my repayments but I'm hit and miss with paying them - I've got more consistent since my depression started subsiding.

I am tempted to get a plan from StepChange but I would like more info on the impact to my credit report and borrowing in the future - my credit rating is already dire, but I like to think that in 6 years time it will look better...

What impact does a step change plan have on credit rating and future borrowing?

Thanks

Hello!
Without knowing too much about your situation, and going from my own experience, if you feel that you can afford your monthly payments then try to continue. However, I know how 'unpredictable' depression makes a person. If you think it will help your recovery by taking the financial pressure off you and allowing you to reduce your working hours for example, then a DMP with Step Change, Payplan, or self managed (lots and lots of info and support on the forum about DMP's) might be for you.
There is the 'problem' of having DEFAULT hanging over you for quite a few years. Only you know what your situation is and if this will cause you problems in the future.
Whatever you decide, there are always people here who are happy to help and support.
Good luck!

racht

Debtfreehopeful wrote: »

-Aqua and Shop Direct (Very)- AR- has anyone had any luck writing to them to change it to defaulted- also any luck with getting Very to stop interest?

Hi- sorry I've only just seen your post- now the kids are off school I don't get chance to sit and read through every day.

When I first started my DMP with Very I had to complain about interest but they did stop it. After 2 years they still hadnt defaulted account- I did complain but they said they were accurately reporting my account. I then went self managed so I could drop to token payments. It took about 6 months but they finally defaulted and sold account to Lowell.

They were the only creditor I really had any issues with and was glad when they finally sold my debt on.

Julie67

Good morning all,

I have a question regarding defaults. I only have one default on my credit report on Noddle with Cabot, which is now with NCO and was previously HSBC. This account is currently on hold as I am waiting for them to comply with the CCA request.
There should be another from Halifax (now with Idem) who I have an unenforceable debt with and am currently ignoring.
It's not showing at all on my credit file. Should I be asking for it to be there? Can they add it at a later date? or leave it alone.
Thanks