DMP Mutual Support Thread - Part 12

armouredbeast

My debts...

HSBC personal loan - £5000.00
HSBC credit card - £750.00
HSBC overdraft - £1200.00

How understanding are HSBC when it comes to DMP? I am considering using StepChange DMP to pay off my debt......

sourcrates

armouredbeast wrote: »

My debts...

HSBC personal loan - £5000.00
HSBC credit card - £750.00
HSBC overdraft - £1200.00

How understanding are HSBC when it comes to DMP? I am considering using StepChange DMP to pay off my debt......

Hi,

No better or worse, than any other creditor, they must all treat you fairly.
Stepchange is a good choice.

NeverendingDMP

Hello all. Just wanting your opinions please. My DMP is due to last 17.5 years. I work part time,hubby full time, we have young children so hopefully/ eventually circumstances will change to make it shorter. I was advised to go for bankruptcy but told I could do a low starter DMP if I wanted instead ( I'm with stepchange) we have a young family and a mortgage of 472 pcm which is cheaper than most rents and almost enough equity to clear debts if we had to. I have workef hard for my house and would be worse off if I lost it. I've been on DMP for 3 years but recently added hubby's debts so the total can only go down now thank goodness. I haven't sent off for CCA but having read the forum I will. I am with stepchange but am considering going self managed. Do I just write and offer the same breakdown as stepchange and if so what happens if my income changes as I cannot understand how they work it out. I've just done a calculator on national debt line but my debts all got very different payments even with the same total money put towards them currently by stepchange. I work for a large healthcare provider on a low band so if the national news is to be believed I've worked out I will now earn enough to break even and have 40 pcm spare which I'm hoping to start putting aside for a full and final.
I'll send CCA off but how do I work out the offers if I go self managed and would I need to sort this before any potential payrise?

NewbieNat

Hello to all and Happy Easter. I have a question, that's probably been asked before no doubt. I am about to start my SC DMP. I have left out a catalogue debt (not Very), that has an outstanding balance of £100.00 that I'm about to pay off. My question is this; can I keep this account open? If at some stage I used it for a small purchase, is this against SC rules?

Many thanks
Nat

BeingDebtFreeStartsHere

sourcrates wrote: »

This is what the law says on it :

Sec 77/79 CCA 1974

Duty to give information to debtor under fixed-sum credit agreement.

(1)The creditor under a regulated agreement for fixed-sum credit, within the prescribed period after receiving a request in writing to that effect from the debtor and payment of a fee of £1, shall give the debtor a copy of the executed agreement (if any) and of any other document referred to in it, together with a statement signed by or on behalf of the creditor showing, according to the information to which it is practicable for him to refer.

(a) the total sum paid under the agreement by the debtor;

(b) the total sum which has become payable under the agreement by the debtor but remains unpaid, and the various amounts comprised in that total sum, with the date when each became due; and

(c) the total sum which is to become payable under the agreement by the debtor, and the various amounts comprised in that total sum, with the date, or mode of determining the date, when each becomes due.

Section 4 is the important part :

(4)If the creditor under an agreement fails to comply with subsection (1)

(a) he is not entitled, while the default continues, to enforce the agreement.

A simple letter stating that the creditor has failed to comply with the relevant section of the CCA 1974, and as such they are not entitled to enforce there agreement, therefore you will not be making any further payments to this account.

Keep it short, and sweet.

Thank you so much sourcrates

kram

Starshot wrote: »

Hello!

We've been happily chugging along with our sc dmp, everything's defaulted nicely and direct debit going out without issue for the last six months. We're now in the glorious stage of being working parents where we are eligible for the 30 hours free childcare meaning we no longer pay for nursery fees for our daughter. Our nursery stretches the funding and provides food so we are now roughly £250 better off pcm! Amazing!

However it is now time for our sc budget review and I'm in a bit of a quandary. Originally, I have earmarked this extra money for emergency savings, driving lessons and potentially a holiday abroad to visit my grandmother (she lives in Germany, would only have to worry about costs to get there as board would be free) I really do not want to add this on to our stepchange payments if I don't have to. Both my husband and I are in agreement with this.

So I log on today to fill in the budget review. Leave everything the same and click through only for my budget to not be agreed by the computer... The budget we've been on for the last year. :think:

No amount of fiddling with the numbers yields in getting it agreed, even giving up the nursery payments towards our "leftover" money/available for payment. It is requesting that we call to discuss. Now I know that if I talk to someone I'm likely to give up the extra money, and part of me is okay with that, paying it all off sooner sounds amazing but really has no particular benefit to us. Our current dmp term is 7 years and by that time if nothing else for us changes dramatically (:rotfl:) we would have no defaults and *might* be able to get a reasonable mortgage.

Part of me thinks that going self managed might be easier in terms of not having a third party tell me what is a reasonable budget or not BUT I don't know if I can trust myself to do so. I really like just handing over the direct debit each month and not worrying about my creditors at all. I mean, there is a reason we got into this situation after all :rotfl:

How did you decide whether to stick with sc or go self managed? Tia

Hi Starshot,

I did my sc review online & had exactly the same thing happen to me, please call to review budget etc??

I called them thinking that I had done something wrong but I hadn't.

They didn't really go into too much detail with the budget review it was mainly going through all the options that were available to me going forward it took about 40 mins.

Anyway nothing to worry about. :j

kram

carbootcrazy wrote: »

I hope all the new members of the thread who are just starting on their DMP journey have sent CCA requests to their creditors. It may confirm that some of the debts are unenforceable which means that you have a lower total debt balance than you feared:).

Sorry to ask this as I am confused about putting in cca request's, I am currently using sc for my dmp & was wondering how I would stand if I started the cca process, as they distribute the payments etc.

Is this better done if you are self managing your dmp, as you could stop payments if any were found to be ue, I would not be able to do this within an sc plan as they want to keep paying everyone equally.

Many thanks

K

sourcrates

kram wrote: »

Sorry to ask this as I am confused about putting in cca request's, I am currently using sc for my dmp & was wondering how I would stand if I started the cca process, as they distribute the payments etc.

Is this better done if you are self managing your dmp, as you could stop payments if any were found to be ue, I would not be able to do this within an sc plan as they want to keep paying everyone equally.

Many thanks

K

It’s usually something you do before starting debt management.

However this is not a totalitarian state, should a particular debt be unenforceable, you simply instruct stepchange to remove said creditor from your plan.

Stepchange are there to act on your behalf, you instruct them, they do not instruct you.

NewbieNat

Akelly wrote: »

I'm on a DMP. Just started and will make a payment this month my first payment. My question is...


Has anyone dealt with drafty?! Obviously haven't paid this month. I've emailed wrote and rang to explain my situation. I have currently 26 emails 15 text messages and 7 missed called in 48 hours.


I want them to leave me alone!! Seriously considering changing my number.

Hi Akelly

Wow, that is excessive. I've just send my application pack to SC, so am a little behind you. As you are on a DMP I would ask them to contact your creditor. I think there is a template letter you can send for harassing you. I'm sure one of the more experienced people on here can advise.

kram

sourcrates wrote: »

It’s usually something you do before starting debt management.

However this is not a totalitarian state, should a particular debt be unenforceable, you simply instruct stepchange to remove said creditor from your plan.

Stepchange are there to act on your behalf, you instruct them, they do not instruct you.

Thanks sourcrates,

But won't sc question what has gone on, do you just tell them what you have done & if they are not happy you move onto self managing the dmp.

If thats's the case I will get some cca requests in & see where we go with it all.