DMP Mutual Support Thread - Part 12

SpagBol

We received a huge amount of letters today but still noone accepting the DMP offers on my accounts!

My husband has had some offers received so we can start setting up standing orders for those but is it ok to start paying some before we pay them all?

This is the first month we haven't used credit in AGES. Still a few days until payday but we're going to do it! I'm so pleased, thanks everyone on here for just being here.

StopIt

SpagBol wrote: »

We received a huge amount of letters today but still noone accepting the DMP offers on my accounts!

My husband has had some offers received so we can start setting up standing orders for those but is it ok to start paying some before we pay them all?

This is the first month we haven't used credit in AGES. Still a few days until payday but we're going to do it! I'm so pleased, thanks everyone on here for just being here.

As a DMP is meant to be paid on a Pro-Rata basis, you don't ask if a creditor is going to accept it, you tell them what you're paying them.


So set up everything as you have calculated. Pay every creditor at the same time, whether they have "accepted" this or not. Some creditors have a policy of rejecting everything and defaulting, but will take the payments anyway and manage the debts until sold.


Are these debts all with original creditors? if so, pay the payments as calculated, and they'll likely sell the debts on in due course.


Most DCAs do not reject DMP payment plans nowadays, so you pay the DMP payments until the debts are sold, tell the DCA of your situation and they'll happily take the payments instead.


Also: Have you set up an emergency fund? If not, pay nobody until you have a level that you're happy with, as you wont be able to borrow if the cooker/car/cat blows up.


Good luck! (maybe update your signature?)

Ostrich_no_more

Jon81 wrote: »

Liability for joint accounts is joint and several that means if one party cannot pay the other has to.

Is your partner aware of your current circumstances?

A joint account and the conduct of said account will be reported to the credit agencies as such - it’s inclusion on your debt management plan will likely be marked as such


You may have been advised to open a basic bank account, or facilities without an overdraft elsewhere? Have you done this

Yes my partner is aware of my situation. She has contacted the bank, Santander, who have booked us in for an in branch meeting to address the issue.
She does not use the account, has not for several years, but my salary and Direct debits go in and come out.
We have told the bank that she wants to remove her name as she is not active.
We will see what happens.
Ultimately , this is our only unsecured debt linking us both and I do not want to impact adversely on her credit score as my own heads south quickly.
Anyone any experience of a similar issue?

Ostrich_no_more

Ostrich_no_more wrote: »

Yes my partner is aware of my situation. She has contacted the bank, Santander, who have booked us in for an in branch meeting to address the issue.
She does not use the account, has not for several years, but my salary and Direct debits go in and come out.
We have told the bank that she wants to remove her name as she is not active.
We will see what happens.
Ultimately , this is our only unsecured debt linking us both and I do not want to impact adversely on her credit score as my own heads south quickly.
Anyone any experience of a similar issue?

Basically what’s i am hoping is that my partners name is removed from the account , and I am solely responsible for the overdraft facility, which is £2000. I have £2500 salary going in every month.
Would be interested in any thoughts from anyone in a similar situation in the past.

Sazzie23

Ostrich_no_more wrote: »

Basically what’s i am hoping is that my partners name is removed from the account , and I am solely responsible for the overdraft facility, which is £2000. I have £2500 salary going in every month.
Would be interested in any thoughts from anyone in a similar situation in the past.

Hi Ostriche

I'm sure someone will have advised you to make sure, whether or not you include the OD in the DMP, that you have a separate bank account for your wages to be paid in, or you could find that your wages get taken in what is known as 'rule of offset'.

Best to have yourself a new basic account that is free of any attachments to companies you have debts with.

Regards the joint OD, we were in that exact situation, unfortunately the bank wouldn't let us change the account to my name and it went into the DMP but the DMP was only mine. Because the OD was actually being paid off and within the terms of the account it didn't affect the OH particularly badly, though when I go a PPI payout, it was paid off and therefore no longer an issue.

Not sure if that helps you at all, but good luck with

Saz

January2015

Hello everyone :wave:

Sorry I am not around much lately - life interrupts! Still happily plodding through our DMP at token payments - hence the outstanding balance is not reducing very fast but we are working hard to save and push for those F&Fs. We've had a break from even trying for F&Fs ..... because of that interrupting life

We've had two family members pass away but it was expected and they were both fast approaching 100 years old - even so it has been a difficult few months since July when their health really started to fail

I will try and catch up with you all (I suspect it's going to take me ages to read through the thread.... 113 pages for goodness sake! )

Jan -x-

Puzzcat

Ostrich_no_more wrote: »

Yes my partner is aware of my situation. She has contacted the bank, Santander, who have booked us in for an in branch meeting to address the issue.
She does not use the account, has not for several years, but my salary and Direct debits go in and come out.
We have told the bank that she wants to remove her name as she is not active.
We will see what happens.
Ultimately , this is our only unsecured debt linking us both and I do not want to impact adversely on her credit score as my own heads south quickly.
Anyone any experience of a similar issue?

I had a joint account with my OH, I closed it prior to starting my dmp with SC.. Luckily he had enough money to pay off the overdraft. We are still financially linked through the mortgage though, not much I could do about that as I didn't have a few hundred thousand sitting around doing nothing to pay it off....

Good Luck..
Puzz

selinek

Hi all. I have gotten some great advice from this site. All of which has given confidence in dealing with my debts. Hopefully this is the right thread if not please direct me. I have sent CCA REQUESTS to my 9 of my creditors early September . Only one is enforceable. One has written to stating can’t find paperwork. Two have sent agreements but one is unenforceable. The others have not responded at all. Which means they are unenforceable too , until they come up with paperwork of course. I have been paying through step change for 9 years. I have spoken to them about stop paying. They’re not willing to stop but willing to negotiate F&F on my behalf. I’m thinking going self managed. Any words of advice would be gratefully taken on board. How have you gone it. Did you cancel you direct debits or write to your DMP. questions questions ! I’ve just been used to peace and quiet and being compliant. Think it’s about time I took back control:A

Keezing

selinek wrote: »

Hi all. I have gotten some great advice from this site. All of which has given confidence in dealing with my debts. Hopefully this is the right thread if not please direct me. I have sent CCA REQUESTS to my 9 of my creditors early September . Only one is enforceable. One has written to stating can’t find paperwork. Two have sent agreements but one is unenforceable. The others have not responded at all. Which means they are unenforceable too , until they come up with paperwork of course. I have been paying through step change for 9 years. I have spoken to them about stop paying. They’re not willing to stop but willing to negotiate F&F on my behalf. I’m thinking going self managed. Any words of advice would be gratefully taken on board. How have you gone it. Did you cancel you direct debits or write to your DMP. questions questions ! I’ve just been used to peace and quiet and being compliant. Think it’s about time I took back control:A

How you choose to pay your debts is up to you, not Step Change. If Step Change are not acting in your best interests, then it’s best to cut them out.

Personally, I would direct all of my available funds towards the enforceable debt.

The unenforceable debts can wait. For as long as you choose to make them wait. Forever, if need be.

sourcrates

selinek wrote: »

Hi all. I have gotten some great advice from this site. All of which has given confidence in dealing with my debts. Hopefully this is the right thread if not please direct me. I have sent CCA REQUESTS to my 9 of my creditors early September . Only one is enforceable. One has written to stating can’t find paperwork. Two have sent agreements but one is unenforceable. The others have not responded at all. Which means they are unenforceable too , until they come up with paperwork of course. I have been paying through step change for 9 years. I have spoken to them about stop paying. They’re not willing to stop but willing to negotiate F&F on my behalf. I’m thinking going self managed. Any words of advice would be gratefully taken on board. How have you gone it. Did you cancel you direct debits or write to your DMP. questions questions ! I’ve just been used to peace and quiet and being compliant. Think it’s about time I took back control:A

If only one debt is enforceable, you no longer need a DMP.

Cancel it, just deal with the one remaining debt yourself.

If any of the others do produce compliant paperwork in the future, look to self management.