DMP Mutual Support Thread - Part 12

sourcrates

determinedtobedebtfree wrote: »

Hello all, it's been a while since I posted. Chipping away at my debt with my small DMP payment but when I qualify as a solicitor in September my salary will double and I'll be able to throw a lot more money at it!

I have 2 questions which are kind of linked:
1) I've been reading a lot about snowballing debts by paying token amounts to all, and paying the most off your smaller debts so they're cleared faster, then putting that money to the bigger ones. Is this a better idea than paying "equitably" through a DMP with Stepchange?

If the answer is yes to it being a better idea, should I go self managed??

Any advice would be gratefully received.

M x

Hi,

Yes to both, some people prefer to do it that way.

zenshi

Quick question please

Credit card CCAd April 16. According to my records the £1 cheque was cashed but no letter received back either way. The debt has now been sold, so do I send another cheque and request CCA from new owner?

nic2305

Hi. Newbie here. I’ve been reading all of your wonderful posts over the past few days and would like some advice please.
I’ve been on a dmp with stepchange since 2010 and have been paying £145 per month. Due to separating from my husband last yearthis has now reduced to £74 per month and so I still have many years to go as my debt stands at around £23000. I’ve just found out that I’m entitled to housing benefit which will be £300 per month up until my eldest son leaves college which will be in July, and payments will then drop to about £100 per month. Should I tell stepchange about this and increase my payments or should I try and save the money in order to at some point offer f&f? I wasn’t aware that I was entitled to this benefit so I don’t need it as such to cover my rent as my salary, tax credits and maintenance payments already cover it. I’ve also been toying with the idea of going self managed and actually reducing payments further so that I can build up some money to clear the smaller debts and again to eventually be able to offer f&f. I’m not trying to avoid paying my debts, I’ve paid them every month without fail since I first took at the cards/loans but it would be nice to see that there may be an end in sight.
My last question is regarding cca requests. If the cards/loans have been applied for online, does this make a difference? I believe that all my debts are probably more than 10 years old but they would all have been taken out online. My two biggest debts are with Lloyd’s and consist of a loan and an overdraft. I’m aware that I can’t cca the overdraft, and as the loan was applied for through internet banking I’m assuming I probably won’t have much luck with this one either.
Any help or advice would be great. Thanks.

Dorastar

Just popping on briefly to say I have written down a list of things I need to do and firstly got a three month payment 'holiday' for mortgage which means I feel like I can at least breathe for now. It's a long list and will almost certainly end up with a DMP for the two loans as even if I do get a job there won't be a lot to pay them with. But at least I made the first phone call, and I didn't keel over or cry during it. Good job there's still some Christmas alcohol and treats in the house as a reward!:rotfl:

CallyJen

Hi

I’m just starting a self managed DMP. Should have done it years ago! Thanks to reading all the posts in here I have faced up to my problems and started the process. Nearly £30k of debt that has accrued over 10 years. Should all be paid off in 5 (according to SC debt remedy). Holding letters started and basic bank account applied for. It’s scary (I suffer with anxiety and depression so double scary) but this is starting to make me feel more in control and less like i’m suffocating.

Thanks to all on this thread for posting the questions that I have been too scared to ask!

Dandytf

Can’t believe, though almost forgot to check
1st default dropped off since 2011

thehistorygirl

Not been on this thread for ages. I’ve been paying my DMP to Payplan every month since April 2014 and I’m now finally within 2 years of debt freedom! Yay! Minor win today as I submitted a Plevin claim to Capital One a few weeks ago and they’ve written to me today to say they are paying £393.25 off my debt, taking it down to around £350. This one started at £1900 back in 2014 and I’m hopinv to get rid completely in the next 6 month’s now. I’ve still got a Plevin claim from NatWest outstanding which should be a lot more as I paid PPI for ages before cancelling. With any luck it might even pay the whole lot off, around £650. My advice to anyone who was turned down PPI miss selling is to try the Plevin route too. I was refused all of my claims, so an delighted to have finally got something back

CP2016

Dandytf wrote: »

Can’t believe, though almost forgot to check
1st default dropped off since 2011

Woohoo, congrats. :beer: Mine will all drop off next year, I'm looking forward to seeing the back of them!

Dandytf

CP2016 wrote: »

Woohoo, congrats. :beer: Mine will all drop off next year, I'm looking forward to seeing the back of them!

I’ll never forget that phone call -‘you’ll NEVER get another card from...’
Excellent their starting to drop -should be much improved next few years.
Good luck from 2018!

System

Hey Guys, I have managed my own DMP for over 6 months now but have missed a few payments on one of my credit cards, they wouldn’t accept less than £100 and I was finding it hard to pay that alongside everything else. So I’ve rdcently started making £1 token payments and saving my money as one of my accounts have defaulted and another one is due to default in 2 months. My question is, ive read about a CCA and just wondered if you send this when they send the debt to the collectors? My credit rating Is pretty much shot now because of all the late payments/missed/arranges to pay and now defaults coming but I’m not that worried about it as I never want debt again once I’ve cleared everything.