DMP Mutual Support Thread - Part 12

NewbieNat

Thanks Emergency Nurse. The thing is I'm paying off a catalogue debt, that worrying BNPL. I guess I wouldn't be able to do that if SC arrange it all for me?

EmergencyNurse

NewbieNat wrote: »

Thanks Emergency Nurse. The thing is I'm paying off a catalogue debt, that worrying BNPL. I guess I wouldn't be able to do that if SC arrange it all for me?

Totally understand where you're coming from with that. I'm lucky that my debt with BNPL runs until December and its relatively low. The interest on my BNPL would be more than the cost of the item i bought. I put down BNPL on my SC I&E so they were aware of the consequences. All the best with whatever you decide. There might be an answer to your situation on one of these forums.

daisy_jean

Hi all, beginning my journey this week to hopefully debt freedom! I!!!8217;ve set up a diary in that area of the forums, I!!!8217;m a rather scared individual right now but hoping this will ease off over the next few weeks.

Not looking forward to when the letters start rolling in though!

Suseka97

NewbieNat wrote: »

I'm on my way to starting my SC DMP. I have a new basic account which is up and running. I have contacted my creditors and have 2 weeks left of the 30 day hold. I will send them my SC I & E forms. However I can't start it for 6 months for EF. I just am really worried the creditors will not accept this. I have car bills to budget for. What are they able to do if they refuse my offer of token payments for the 6 month period? One CC creditor, although being told I am speaking to SC to start my DMP, has sent me their own I & E form. I was feeling fairly calm about it all, but now am all of a panic! Barclaycard have already said they will default if I don't arrange a payment plan. A good thing, but seems to go against all I have read about them on here.

I know its easy to say, but you do need to keep calm about all this. Send off your letters with an I&E that shows what you can afford and tell them you'll be starting with regular payments of xx from xx month. If it makes you feel better you can add something in about having to cover car bill expenses and make token payments between now and then. It really doesn't matter if they say they won't accept x or y - just see it through. Yes, you may get 'threats' of default (but that good ) and you may get pestered with letters asking you to contact them, arrange payment etc. etc., but just stick to your guns and pop on here is you get a letter that particularly concerns you.

Summer12

NewbieNat wrote: »

I'm on my way to starting my SC DMP. I have a new basic account which is up and running. I have contacted my creditors and have 2 weeks left of the 30 day hold. I will send them my SC I & E forms. However I can't start it for 6 months for EF. I just am really worried the creditors will not accept this. I have car bills to budget for. What are they able to do if they refuse my offer of token payments for the 6 month period? One CC creditor, although being told I am speaking to SC to start my DMP, has sent me their own I & E form. I was feeling fairly calm about it all, but now am all of a panic! Barclaycard have already said they will default if I don't arrange a payment plan. A good thing, but seems to go against all I have read about them on here.

I’m right with you Nat! 30 day hold through April then I&E in May telling them 6 months token due to expenses (all true) then start properly November. Then head down, open up & file all incoming mail until November. They have to work with you in the first instance. As the journey goes on well who knows...... Interesting about B’card and how they treat people differently. You’d have thought there would have been a set policy/procedure. My Bcard is unenforceable so that may also affect how they deal with it. x

usedtobeblue

Hi, Ive commented a couple of times previously but ive still go a few questions.
I have new account up and running, all unsecured direct debits cancelled, I've also written to all by creditors advising them that i am going into a dmp with Step Change, but i did all this before realising i needed an EF.
I rang SC asking for a delayed start and they advised i should start asap, but i really want my accounts to default as my dmp will last approx 8 years!
My main question is should i just not send the paperwork back to SC and start again in july time (ive quoted the SC ref on my letters to creditors) or should i return the paperwork to SC and ask them not to start until July? Or do i wait until i have been defaulted by all 8 creditors?
Im so confused, on 1 hand i want to start it and get it out of the way but i dont want to rush into starting and regret it later.
All advice welcomed??

Summer12

usedtobeblue wrote: »

Hi, Ive commented a couple of times previously but ive still go a few questions.
I have new account up and running, all unsecured direct debits cancelled, I've also written to all by creditors advising them that i am going into a dmp with Step Change, but i did all this before realising i needed an EF.
I rang SC asking for a delayed start and they advised i should start asap, but i really want my accounts to default as my dmp will last approx 8 years!
My main question is should i just not send the paperwork back to SC and start again in july time (ive quoted the SC ref on my letters to creditors) or should i return the paperwork to SC and ask them not to start until July? Or do i wait until i have been defaulted by all 8 creditors?
Im so confused, on 1 hand i want to start it and get it out of the way but i dont want to rush into starting and regret it later.
All advice welcomed??

I’m afraid I’m not much help tbh but this is one of the reason I’ve decided to try and go self managed as I need the flexibility to start a 6 month EF and maybe again at some point in the future. It also turns out a few of mine are unenforceable agreements so again flexibility to decide how to manage these. I’m sure someone with experience of SC will be along in a short while.

[Deleted User]

usedtobeblue wrote: »

My main question is should i just not send the paperwork back to SC and start again in july time (ive quoted the SC ref on my letters to creditors) or should i return the paperwork to SC and ask them not to start until July? Or do i wait until i have been defaulted by all 8 creditors?
(

Just a short comment on the default situation. Although lots of creditors default pretty quickly there are some who won't play ball and never default at all:eek:. One of my creditors (Lloyds) didn't default until I was 18 months into my Stepchange DMP and NewDay never defaulted at all:mad:. The latter was a very small debt so I paid it off in full after 4 years on the DMP and as soon as I decided to self-manage. I'd contacted them several times asking them to default in line with all my other creditors but they wouldn't budge:mad:

Suseka97

usedtobeblue wrote: »

........I rang SC asking for a delayed start and they advised i should start asap, but i really want my accounts to default as my dmp will last approx 8 years! My main question is should i just not send the paperwork back to SC and start again in july time (ive quoted the SC ref on my letters to creditors) or should i return the paperwork to SC and ask them not to start until July? Or do i wait until i have been defaulted by all 8 creditors? Im so confused, on 1 hand i want to start it and get it out of the way but i dont want to rush into starting and regret it later. All advice welcomed??

SC will naturally want you to start asap but you must not feel rushed into this. Although I doubt SC will be happy for you to delay/hold the paperwork for 4 months if it were me I'd contact then again and say that's what you want to do and they'll either agree or not. If its a 'not' then just say your not going to proceed at this moment in time and will get back to them in July.

It's natural to want to get everything sorted quickly, but in the grand scheme of things a few more months won't make a great deal of difference - other than allowing you to build up an EF which will then give you peace of mind should some unexpected bill arrive.

CBC has already commented further on defaults - so just to add to that in my case it took Halifax and a couple of others over 18mths to finally default my account I had to push hard and eventually wore them down. A creditor doesn't actually have to default you, they can do the rotten thing and just put AP markers on your file which isn't the same.

Puzzcat

Suseka97 wrote: »

SC will naturally want you to start asap but you must not feel rushed into this. Although I doubt SC will be happy for you to delay/hold the paperwork for 4 months if it were me I'd contact then again and say that's what you want to do and they'll either agree or not. If its a 'not' then just say your not going to proceed at this moment in time and will get back to them in July.

It's natural to want to get everything sorted quickly, but in the grand scheme of things a few more months won't make a great deal of difference - other than allowing you to build up an EF which will then give you peace of mind should some unexpected bill arrive.

CBC has already commented further on defaults - so just to add to that in my case it took Halifax and a couple of others over 18mths to finally default my account I had to push hard and eventually wore them down. A creditor doesn't actually have to default you, they can do the rotten thing and just put AP markers on your file which isn't the same.

One of mine has never defaulted even after being sold on, complaints to the fos and ICO backed the creditor..:mad:
Puzz