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DMP Mutual Support Thread - Part 12

edited 26 March 2017 at 12:50PM in Debt-Free Wannabe
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  • January2015January2015 Forumite
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    beerow wrote: »
    Thank you, I think I'll feel better after I've spoken to the creditors tomorrow. Feel so ashamed of myself for letting it spiral out of control without admitting it was a problem!

    As motivated says - don't fret over this. Our unsecured debt (hubby and me) was over £100k at one point. We sold a car to bring it down to just under £96k and then realised we were [STRIKE]sinking[/STRIKE] sunk anyway and we joined this forum and contacted SC for help.

    We stuck with SC for one year. They were fantastic and taught us discipline with our budget, but they were inflexible when it came to 'playing the game' of fighting for zero interest and defaults - especially thinking of Barclaycard here. So after a year we left SC and went self managed. We love our DMP, we love watching our debts fall - they are all defaulted now, all on zero interest and we have already negotiated one full and final settlement and are looking at the next one we could target for that. We wouldn't have been able to do that creditor by creditor with SC as they insist you treat all creditors equally. 2 years, 2 months into the journey and we've cleared almost £28k now. It's much nicer to think our debt total is in the £60ks than the £90ks.....little steps but we will get there.

    Life has not been so happy for ....oh goodness I can't remember how long since we've be not worrying about money and the stress of that led to general stress in our lives......not any more.

    Welcome to DMPland - we all look forward to getting to know you and supporting you on your journey to becoming debt free :beer:
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • Hi all, I posted late last night in Part 11 with some questions, just as Part 12 was opened. should I copy my post into this new Part 12 or leave it where it is?
  • sourcratessourcrates Forumite, Board Guide
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    Hi all, I posted late last night in Part 11 with some questions, just as Part 12 was opened. should I copy my post into this new Part 12 or leave it where it is?

    Just copy and paste it on this new thread.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • edited 26 March 2017 at 10:02PM
    serious_debtserious_debt Forumite
    30 posts
    edited 26 March 2017 at 10:02PM
    sourcrates wrote: »
    Just copy and paste it on this new thread.
    Thank you, Here it is...
    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 15. 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.
    Thank you for reading and look forward to your advice.
  • sourcratessourcrates Forumite, Board Guide
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    Thank you, Here it is...
    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 15. 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.
    Thank you for reading and look forward to your advice.

    In theory creditors are supposed to default you after 3-6 missed payments, in practice sometimes this does not happen.

    Any problems regarding defaults should be addressed to the original creditor, normally a written complaint, then if no joy, escalate to the ICO who will look into it for you.

    On a side note, have you sent CCA requests to all your relevant accounts ?

    Accounts dating from 1981 are unlikely to still have paperwork available.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • sourcrates wrote: »
    In theory creditors are supposed to default you after 3-6 missed payments, in practice sometimes this does not happen.

    Any problems regarding defaults should be addressed to the original creditor, normally a written complaint, then if no joy, escalate to the ICO who will look into it for you.

    On a side note, have you sent CCA requests to all your relevant accounts ?

    Accounts dating from 1981 are unlikely to still have paperwork available.

    Its an interesting point that I have thought about and read much about on here. However if they do send me some paperwork, my thoughts are, that I will have no understanding of what is in it. I have quite sevear anxiety and other mental health problems, so paperwork is not my strong point. Maybe I should get on with it and then ask questions on here later. Do I understand its only worth writing to creditors with agreements before 2007 (April?).

    Its like having a full time job managing this DMP even though I have a company managing it (free). I am trying to sort out all the wrong info on my credit report, finding out if I had PPI. Keeping them updated on my mental health issues, which caused this vast debt. I had a great job once with a fantastic credit line. Then mental health hit the fan and the world fell apart! But I am still alive. :)

    Thank you so much for your help.
  • sourcratessourcrates Forumite, Board Guide
    20.5K posts
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    You can send a CCA request to any of your (relevant) accounts, no matter what the age of the debt.

    If they respond with a copy (reconstituted or original) of a credit agreement, then so be it.

    Pre April 2007 accounts must contain the prescribed terms in force at the time (we can help determining that).

    CCA only applies to running credit accounts such as loans, credit cards, catalogue accounts etc.
    It does not apply to an old over draught, or a mobile phone contract.

    Use this template letter, and enclose the £1 statutory payment for each one :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • sourcrates wrote: »
    You can send a CCA request to any of your (relevant) accounts, no matter what the age of the debt.

    If they respond with a copy (reconstituted or original) of a credit agreement, then so be it.

    Pre April 2007 accounts must contain the prescribed terms in force at the time (we can help determining that).

    CCA only applies to running credit accounts such as loans, credit cards, catalogue accounts etc.
    It does not apply to an old over draught, or a mobile phone contract.

    Use this template letter, and enclose the £1 statutory payment for each one :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

    Thank you very much, this site is so useful and friendly.
    So my old Overdraft set up in 1978 is a non starter! But the other 16 mostly being credit cards and a couple of car loans/hp thingies can all have a cca request. I have been worried about upsetting them!!!!!!!:eek:

    Big big learning curve, thanx
  • Sazzie23Sazzie23 Forumite
    2.6K posts
    Post of the Month
    Its an interesting point that I have thought about and read much about on here. However if they do send me some paperwork, my thoughts are, that I will have no understanding of what is in it. I have quite sevear anxiety and other mental health problems, so paperwork is not my strong point. Maybe I should get on with it and then ask questions on here later. Do I understand its only worth writing to creditors with agreements before 2007 (April?).

    Its like having a full time job managing this DMP even though I have a company managing it (free). I am trying to sort out all the wrong info on my credit report, finding out if I had PPI. Keeping them updated on my mental health issues, which caused this vast debt. I had a great job once with a fantastic credit line. Then mental health hit the fan and the world fell apart! But I am still alive. :)

    Thank you so much for your help.

    You are doing great, and every little step, payment or PPI reclaim is a step towards that debt free date. Make sure you own the debt rather than it Owning you, and that means having time to spend on other things and thinking about other stuff than debts and budgets. This will in help your recovery.

    Thanks for joining us, we love company

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T
    Guide dog Tess, missing Scotland 2 years
    DMP support no438.
  • Hello! I'm just about to embark on our dmp (a shared one with my husband) and I'm feeling pretty excited. I actually put the wheels in motion for this in August last year but got a bit distracted trying to juggle many other things. Based one what we can afford to pay it looks like we're going to be paying this off for over 12 years, but fingers crossed our situation will improve as time goes on so that we can bring that dfd forward.

    Today my task is to call my creditors and tell them about the dmp. One has moved to collections, does that mean it has officially defaulted? Also my barclaycard has sent me a default notice dated 15th February but I have also received a default sum notice dated 14th March, has this account defaulted? It is not particularly clear as they've sent me two different letters.

    Looking forward to sharing this with you and getting rid of our albatross!
    LBM June 2017 DMP to start August 2017 Estimated DFD May 2025
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