DMP Mutual Support Thread - Part 12

sourcrates

Daisypop wrote: »

Hi all
Just wondered if anyone could help with my query. Would Arrow global have bought my debt from
shop direct or would they have just managed it.
Trying to get it defaulted as it never has been otherwise means it is on my file until 2021 when the rest drop off this year
Thanks again

Arrow Global are debt purchasers.

Summer12

NewbieNat wrote: »

Hi

All my creditors - apart from one have agreed to the 30 day breathing space. One will not do so until I provide them with my SC reference. So the charges are increasing my debt. I have messaged them & said I need more time & will make token payments until I am ready to start with SC. I'm interested to know if anyone else has experienced refusal to put a hold on a CC account until SC reference has been given. Hopefully it will go to a DC after 3 months, but am aware this might not happen!

That’s interesting as I won’t have a sc ref as going self managed from the start so none of mine will get one! Do you mind me asking which one is it? Just so I’m forewarned! I would like to think as all the others have given you 30 days space that it looks very poorly on this one particular creditor and whilst I believe they don’t have to you’d have good cause for a complaint to FOS, but perhaps start with a complaint to the creditor stating everyone else has given you some breathing space. I think some use it as risk mitigation, pile on the interest as they know at some point down the line you will probably settle the debt with a part & final offer so the more they raise it now with interest the closer the final settlement will be to the original owed amount. If you see what I mean.:

Daisypop

sourcrates wrote: »

Arrow Global are debt purchasers.

Thanks sourcrates so I should have been defaulted by Shop direct and would that show on my credit report as arrow global but defaulted? And do I contact shop direct or arrow to get it changed? Sorry for all the questions

NewbieNat

Summer12 wrote: »

That’s interesting as I won’t have a sc ref as going self managed from the start so none of mine will get one! Do you mind me asking which one is it? Just so I’m forewarned! I would like to think as all the others have given you 30 days space that it looks very poorly on this one particular creditor and whilst I believe they don’t have to you’d have good cause for a complaint to FOS, but perhaps start with a complaint to the creditor stating everyone else has given you some breathing space. I think some use it as risk mitigation, pile on the interest as they know at some point down the line you will probably settle the debt with a part & final offer so the more they raise it now with interest the closer the final settlement will be to the original owed amount. If you see what I mean.:

Hi Summer
Yes I see what you mean. I await with interest what they reply to of my offer of token payments, I bet they say no to that. It's just mind boggling knowing what I have a right to do. Also what they can dictate. A CCJ is my worst fear. I would prefer to go self managed, but with 8 creditors I think I'd struggle. Good Luck with yours

sourcrates

Daisypop wrote: »

Thanks sourcrates so I should have been defaulted by Shop direct and would that show on my credit report as arrow global but defaulted? And do I contact shop direct or arrow to get it changed? Sorry for all the questions

It’s getting more common for non defaulted debts to be sold, this is a new phenomenon on me, the FOS have come down on the side of the creditor so far, even National debtline are confused about it, from what I understand, debts must default before sale, apparently that is not always the case.

Of course you can challenge this, the original creditor would be the one to complain to.

January2015

Summer12 wrote: »

That’s interesting as I won’t have a sc ref as going self managed from the start so none of mine will get one!

When I went self managed, creditors asked me for a reference number. I generated one using the NEDCAB DMP website - I am self managing but creditors don't seem to know that NEDCAB DMP is for those of us self managing. The site generates a reference number - and that shut up all of my creditors :j

sourcrates

January2015 wrote: »

When I went self managed, creditors asked me for a reference number. I generated one using the NEDCAB DMP website - I am self managing but creditors don't seem to know that NEDCAB DMP is for those of us self managing. The site generates a reference number - and that shut up all of my creditors :j

At present anyone can run a DMP, there are no real rules to follow.

Hence why a lot of DMCs take advantage of this.

Well big changes to DMPs are on the cards, a proposal currently going through parliament would see a 6 week (possibly longer) breathing space and a government backed DMP scheme which would be flexible but more importantly put into law, so interest, charges etc, would be stopped from day one.

This would bring the scheme into line with other available debt solutions that are currently subject to regulation, and would more than likely see the end of fly by night DMCs who currently charge for this service.

Im please to say I again took part in this consultation so fingers crossed.

Details are on the StepChange website, and here :

https://www.gov.uk/government/consultations/breathing-space-call-for-evidence

Wantingtojustlive

Hi have been reading through some threads, is there anywhere that has what the abbreviations stand for, so that I can refere to them, and how do I follow someone who is at the same stage as me, and get on this journey, I'm doing a self manage plan, have asked for breathing space and now need to write letters with a payment plan, next step need to get on with it, just a question we have a M&s credit card, but I want to open a bank account with hsbc will my money be safe or can M&s take this, just when I rand hsbc today they could not find my application and then said about having an M&s account and they found me through that, but I did not know that they were connected, should I still continue for an account to bank with them or too risky? Many thanks

sourcrates

Wantingtojustlive wrote: »

Hi have been reading through some threads, is there anywhere that has what the abbreviations stand for, so that I can refere to them, and how do I follow someone who is at the same stage as me, and get on this journey, I'm doing a self manage plan, have asked for breathing space and now need to write letters with a payment plan, next step need to get on with it, just a question we have a M&s credit card, but I want to open a bank account with hsbc will my money be safe or can M&s take this, just when I rand hsbc today they could not find my application and then said about having an M&s account and they found me through that, but I did not know that they were connected, should I still continue for an account to bank with them or too risky? Many thanks

I am afraid to say M&S bank are a part of the HSBC group yes.

You need to find an unconnected bank to open an account with.

Wantingtojustlive

Ok will look at another then thank you