DMP Mutual Support Thread - Part 12

MrsSheeps

Hello

So we have had a joint DMP for 3 years now but have stupidly being paying for ours through MoneySave. I have contacted SC today as i think they offer the same service for free?? How have your experiences been with them?

We jointly have around £54k of debt following a decade of various things happening - including our own stupidity. I am desperate to clear this debt as soon as possible but husband keeps banging on about having a decent life whilst paying off the debts. Sure, we still need to live but I would rather clear these debts first!!

L

sourcrates

Julie67 wrote: »

Another day another question!

So we've had a response from Nationwide (the originally messed up the CCA request) they are unable to locate a copy of the original signed application form.
They say unable to locate a copy of your signed original application form. In these circumstances to satisfy the CCA, we can produce a reconstituted unsigned application form. This form will continue to show what terms and conditions you were subject to at the time of opening your account.

The account was opened in 2012. Will this do ? thanks

Yes is the short answer.

Under these circumstances, its only unenforceable if they cant produce the original, or a recon copy.

As they say they can produce a recon, that is enough to satisfy a sec 77/79 request, it does not need to show a signature.

3leftfeet

Hi everyone,
Firstly I'd like to say what a fantastic forum, it seems very friendlily and supportive.

Just a quick outline of my situation before I ask the questions.
My partner and I have dug ourselves into a bit of a hole with debt
We both work full time and have a joint mortgage, the debt is on credit cards and overdrafts and comes to a staggering 52000! my heart nearly stopped when I sat down to work all this out and if I'm honest I've just started sweating typing that number. Currently we are not in arrears on anything but that WILL change this month as there is just not enough money.

1. We filled in the Step Change Debt Remedy tool yesterday and a message popped up saying to ring them as they had "identified a number of different options which might be right" for us, I have no idea what this may lead to as I was hoping to set up a DMP. I will be ringing them tomorrow. Has anyone any idea what the different options may be? We certainly don't want to enter bankruptcy.

2. I've tried go gather as much info as possible through this forum (but it's colossal) and i keep seeing mention of defaults on credit and it seems people are pleased about it, Could someone please explain to me whether we should be letting payments slip to force a default and if so what's the best way i.e. cancel DD and make token payments or is there a different process? Or have I got the whole default thing wrong?

Sorry for showing my ignorance about these things and I genuinely appreciate any help or advice given. I can't wait until I/we can get through a day without worrying.

Thanks in advance

sourcrates

3leftfeet wrote: »

1. We filled in the Step Change Debt Remedy tool yesterday and a message popped up saying to ring them as they had "identified a number of different options which might be right" for us, I have no idea what this may lead to as I was hoping to set up a DMP. I will be ringing them tomorrow. Has anyone any idea what the different options may be? We certainly don't want to enter bankruptcy.

Hi,

Welcome to the thread.

If your debt is £52.000 you essentially have 3 options laid down in statute by parliament to deal with it.

Option one,

last resort, bankruptcy, get that out of the way first.

Option two,

IVA (Individual Voluntary Arrangement) essentially a 5/6 year repayment program which gives you legal protection from your creditors, and is a form of insolvency, commonly used by people who have a property to protect.
After the term has ended, any remaining debt is written off.

Option three,

DMP (Debt Management Plan) informal debt repayment plan to repay what you owe over a longer time scale, at much lower rates than normal, can last a long time, no legal protection from creditors, no guarantees interest and charges will be stopped, but usually they are.

They are your choices in a nutshell.

[Deleted User]

3leftfeet wrote: »

Hi everyone,
Firstly I'd like to say what a fantastic forum, it seems very friendlily and supportive.

Just a quick outline of my situation before I ask the questions.
My partner and I have dug ourselves into a bit of a hole with debt
We both work full time and have a joint mortgage, the debt is on credit cards and overdrafts and comes to a staggering 52000! my heart nearly stopped when I sat down to work all this out and if I'm honest I've just started sweating typing that number. Currently we are not in arrears on anything but that WILL change this month as there is just not enough money.

1. We filled in the Step Change Debt Remedy tool yesterday and a message popped up saying to ring them as they had "identified a number of different options which might be right" for us, I have no idea what this may lead to as I was hoping to set up a DMP. I will be ringing them tomorrow. Has anyone any idea what the different options may be? We certainly don't want to enter bankruptcy.

2. I've tried go gather as much info as possible through this forum (but it's colossal) and i keep seeing mention of defaults on credit and it seems people are pleased about it, Could someone please explain to me whether we should be letting payments slip to force a default and if so what's the best way i.e. cancel DD and make token payments or is there a different process? Or have I got the whole default thing wrong?

Sorry for showing my ignorance about these things and I genuinely appreciate any help or advice given. I can't wait until I/we can get through a day without worrying.

Thanks in advance

Welcome to the thread and well done on taking that first monumental step in addressing your debts:T:beer:. I know how hard that is.

I had debts of nearly £57000:eek: when I realised enough was enough and I just couldn't cope any more. These are all my own personal debts which I am paying off on my own.


SC have to tell you about the various options that you would be eligible for but at the end of the day it's your choice which path you take. Like you, bankruptcy wasn't anything I could contemplate and an IVA wasn't applicable so I went for the DMP. After 4 years I decided to cut the apron strings with SC and self-manage but I can honestly say that the 4 years I was with them were pretty much plain sailing as they were very supportive. My initial DMP term was for 6.5 years but I went at the repayments like a bull at a gate to get them paid off in the shortest possible time. I wouldn't advise anyone else to do that as I was just existing, not living. The first year was very bleak indeed. It wasn't SC's fault, they didn't make me pay this amount, I just was too skimpy with the amount I felt I could live on. After my annual budget review (they insist on that so they can see if the amount you are paying is still appropriate) we agreed on a reduced payment and things looked up considerably when I started claiming for further allowances in my budget;).


I've taken up enough of the thread but I expect someone else will be along with advice and information on defaults. Yes, you are right, they are a good thing and we all love them:j


Good Luck:beer:

acee

Well tommorow (Monday) is day 1 of my DMP which should last around 19 months it will be a tough 19 months my life will be pretty much on hold but knowing in 19 months I won't owe a penny is a great thought.
Let's see how many emails and calls I get tomorrow as only 4 of the 10 loans confirmed they accepted the repayment plan from SC.

73061

good luck to everyone

[Deleted User]

acee wrote: »

Well tommorow (Monday) is day 1 of my DMP which should last around 19 months it will be a tough 19 months my life will be pretty much on hold but knowing in 19 months I won't owe a penny is a great thought.
Let's see how many emails and calls I get tomorrow as only 4 of the 10 loans confirmed they accepted the repayment plan from SC.

I think you'll find that 19 months will pass quicker than you imagine at the moment. A lot of us have already spent several years in DMP land with more still to go. 19 months is pretty short for a DMP. If you haven't left yourself with barely enough to live on once your SC payment leaves your bank account you'll hardly notice any difference in your life then and now. The peace of mind and ability to get a good night's sleep is priceless:j. As is knowing it will all be worth it as your debt-free date gets nearer and nearer

Good Luck:beer:

acee

Carbootcrazy
Thanks for your kind words. I've left myself a little spending money fair to say I won't be going on holiday but I won't be starving either.

dollydimple73

Can anyone offer any advice please. We been in a DMP with SC for 7 years and sold our house in June basically to get rid of the debts once and for all as we had a lot of equity. We've agreed f&f settlements with 17 of our 19 creditors, with the 18th due to be agreed any day. We've agreed settlements between 50-70% on each one apart from number 19 which also happens to be the largest debt of £8100. This is an old Halifax debt, it still belongs to them but it is being managed by Robinson Way who have only offered a 10% discount and refuse to budge. I've tried contacting Halifax as it's still their debt, but they were not interested in discussing the debt with me and referred me back to Robinson Way and they just keep saying they have their guidlines to follow. We have a maximum of 5k to pay this debt....any ideas?