DMP Mutual Support Thread - Part 12

Suseka97

carbootcrazy wrote: »

.......
Oooops! Crossed posts with Suseka:o

great minds and all that

Twins wrote: »

Hi Suseka
Please can I ask how much you pay per month on your DMP? I notice from your signature that your Debt was higher than mine but you've significantly reduced your time to be debt free and wondered what your monthly amount was? ......

You could probably work that out by looking at the amount vs years paid/yet to pay - but fair to say my monthly repayment is quite large. However, that's not just me -its a joint DMP so the payments are based on both mine and my husbands income and expenditure. My husband also receives a small military pension which is taken into account too. We didn't have much choice in terms of how much our monthly repayment was set at - SC were quite tough back then and I was a little naive and didn't include as much expenditure as perhaps I should of. All my bills were covered - but there was very little left for anything else. Looking back we probably made the journey a lot tougher than it needed to be and for a while I really struggled with depression and some very bad (dark) days. In fact I only came back to this forum a year or so ago (lost my original user login details and rejoined) when I felt able to deal with everything again.

At one point I did consider going self-managed but by then most creditors were playing ball and I just didn't want to rock the boat, so to speak. Most accounts had defaulted within 3 mths except for Halifax who waited a year to default -and I'll be dealing with that shortly. Oddly some defaults have been lifted - not sure why, but that happened weirdly when two of my husbands accounts were passed to a DCA. So in then end I stuck with the plan as it was and now am glad the end is in sight.

If I were to have my time back I would definitely follow January2015's method and go self-managed. Pay less monthly, save for F&Fs and clear the debt quicker that way. There are also quite few others that have gone self-managed and their stories are very motivational. But whichever path you choose managed or self-managed - don't think about the end date, just keep doing what your doing and try to enjoy life in the meantime.

thespark

Hello everyone - I have a couple of questions but I'll start with the debts. I have about 34k of debt left from an original amount of 70K - have been paying off with step change over the last 5 1/2 years. The debts were originally, HSBC, Barclaycard, MBNA x3 1 John Lewis. They are now with Link, Idem, NCO except John Lewis. They all defaulted approx 5 1/2 years ago. I have requested a CCA request and none of them have come back with any documentation (3 of these are pre 2007). Arrow contested saying they had bought an OD facility (at 12k! - it was a credit card and loan and OD wrapped up) Link have admitted in a letter that the debt would be unenforceable but I will still have to pay. I have had an offer from NCO of approx 20% off total - 8.5k instead of 11k. My family have offered 10k towards making a a F&Foffer.

So my question is if I make offers of 25% - 30% as a full and final, I would not have much room for negotiating if they do not accept. Would it be wise to look at a full and final IVA payment where once a certain amount of creditors agree then they all have to?

Also what will happen to my credit file as all of these defaulted over 5 1/2 years ago - does this mean it will improve within 6 months regardless of if I pay the debts off?

sourcrates

thespark wrote: »

Hello everyone - I have a couple of questions but I'll start with the debts. I have about 34k of debt left from an original amount of 70K - have been paying off with step change over the last 5 1/2 years. The debts were originally, HSBC, Barclaycard, MBNA x3 1 John Lewis. They are now with Link, Idem, NCO except John Lewis. They all defaulted approx 5 1/2 years ago. I have requested a CCA request and none of them have come back with any documentation (3 of these are pre 2007). Arrow contested saying they had bought an OD facility (at 12k! - it was a credit card and loan and OD wrapped up) Link have admitted in a letter that the debt would be unenforceable but I will still have to pay. I have had an offer from NCO of approx 20% off total - 8.5k instead of 11k. My family have offered 10k towards making a a F&Foffer.

So my question is if I make offers of 25% - 30% as a full and final, I would not have much room for negotiating if they do not accept. Would it be wise to look at a full and final IVA payment where once a certain amount of creditors agree then they all have to?

Also what will happen to my credit file as all of these defaulted over 5 1/2 years ago - does this mean it will improve within 6 months regardless of if I pay the debts off?

Hi,

If none of them have come back with any documentation, then each account is unenforceable, its as simple as that.

And, if they are all defaulted, then once the 6 years is up, they will be off your file no matter what happens.

Why waste good money on paying unenforceable debt ?

The creditors cannot do a thing to make you pay these accounts without a valid credit agreement, no matter what the age of the debt.

sourcrates

motivated wrote: »

Hi all

Guess what, I have questions

This morning I have received 3 letters from Halifax regarding 2 loans we have/had. One dated the 12/04/17 acknowledges our repayment plan but also states that it expires on 13/10/2017 then they want more income and expenditure details not sure why this is.

The other 2 dated the 11/04/17 state that the payments have not been received on my accounts as agreed with the repayment plan. This means your repayment arrangement has been cancelled and collections team activity to recover the debt will commence.

Not sure if these are just standard letters and if I need to do anything.

Any thoughts please
M

Occasionally creditors set deadlines for payment that do not coincide with the timescale stepchange work to.

Just ring stepchange next week and explain whats happened, they will have to agree payment dates again thats all.

motivated

sourcrates wrote: »

Occasionally creditors set deadlines for payment that do not coincide with the timescale stepchange work to.

Just ring stepchange next week and explain whats happened, they will have to agree payment dates again thats all.

Thanks Sourcrates I will speak to them first thing Tuesday.

[Deleted User]

sourcrates wrote: »

Hi,

If none of them have come back with any documentation, then each account is unenforceable, its as simple as that.

And, if they are all defaulted, then once the 6 years is up, they will be off your file no matter what happens.

Why waste good money on paying unenforceable debt ?

The creditors cannot do a thing to make you pay these accounts without a valid credit agreement, no matter what the age of the debt.

thespark

To add to what sourcrates said, a lot of us feel very uncomfortable just walking away from a debt, unenforceable or otherwise:o.

I would imagine the companies concerned would be very amenable to a massively reduced F&F payment in the circumstances;). Someone on here offered 10% (I think) and got it accepted:j. That's what I plan to do if Link come back to me and say my late 1990s former MBNA debts are unenforceable;)

System

Hello everybody, I haven't been around for several months, but the DMP is plodding along slow but sure. Hope life is good for everybody else at the moment.
Just wanted to ask about people's experiences of getting creditors to agree to F&F settlements if they go self managed? We haven't taken the plunge to go self managed yet, but am seriously thinking about it to maybe try and get things sorted a bit quicker...at the moment our DFD is 2032!

Floopy2009

Whats everyone's experience with this say if i want to find a new broadband provider or get a new phone contract, will the answer be no ?

What if you stay with the same provided and the contract comes to the end and you want to renew it will they do a credit check again or just accrept and carry on if your payments are ok ?

January2015

Floopy2009 wrote: »

Whats everyone's experience with this say if i want to find a new broadband provider or get a new phone contract, will the answer be no ?

What if you stay with the same provided and the contract comes to the end and you want to renew it will they do a credit check again or just accrept and carry on if your payments are ok ?

I've negotiated new contracts with both my broadband provider and my mobile phone provider since starting my DMP. I had no problems at all.

[Deleted User]

Floopy2009 wrote: »

Whats everyone's experience with this say if i want to find a new broadband provider or get a new phone contract, will the answer be no ?

What if you stay with the same provided and the contract comes to the end and you want to renew it will they do a credit check again or just accrept and carry on if your payments are ok ?

I moved from BT to Plusnet for landline phone and broadband early this year with no problems at all. Not sure if they did a credit check but my utility payments were never on my DMP and I never missed a payment to BT in 30 years.

Not sure about mobile phone contracts, I understand they do credit check for new contracts but as for renewal of existing ones I haven't needed to test this out myself yet. January, who just responded to your question, had no problem so I should take that as a thumbs up if I were you:).