DMP Mutual Support Thread - Part 12

sourcrates

Leanneglos1 wrote: »

Looking for some advise regarding a payday loan I have with Mr lender. I took the loan out approximately last summer, logged a complaint for irresponsible lending and the outcome of that was that they agreed to keep the amount outstanding the amount borrowed £500 minus any payments made, I escalated the complaint to FOS and they agreed with the resolution mr lender offered which was fine.
November last year went in to a DMP with stepchange and maintained payments with them.
Last month went self managed and they wouldn!!!8217;t accept my offer unless I went through an I&E with them so nothing has happened since.
Couple days ago offered a full and final which they refused but they confirmed They!!!8217;d accept £340, my balance should have been £380 based on what was offered in regards to the complaint and payments made, also at the time of the complaint it stated my financial situation re DMP and obv making less than the contracted payment.
Today I!!!8217;ve teceived a default letter stating my balance is £880 so I emailed them back to the original email asking for bank details of how I could pay the £340 figure to which a reply stated my balance was £700 (different to the default notice).
1. If they have agreed this in a complaint can they now backtrack the offer
2. Why has it taken them so long to default me....nearly a year
3. Why are they providing different figures
4. Do I have a leg to stand on as it seems so wrong with what they are doing
Thank you

Default notice would show the amount you are behind in payments not nessessarily the full amount owing.

They can do what they like to be honest, you are still technically liable for the full balance.

Give it three months and try again.

DMP_Tiger

carbootcrazy wrote: »

Congratulations! That's the hard part done. Try to relax a bit now:beer:


Can I ask what the position is with regard to the DDs that you said you'd be paying very soon? I assume you've cancelled them. Are SC paying your creditors the token payments on your behalf or have they advised you to do that yourself before starting the DMP proper? Have you contacted your creditors to explain the situation? If SC are paying them from now on I don't think it necessary for you to contact anyone but if not your creditors need to know that you are embarking on a DMP from xxx month with SC and in the meantime you will be paying them £xx a month. Don't just drop of their radar, keep some sort of communication channels open. You should probably expect a flurry of letters and possibly phone calls from creditors at this stage, just par for the course I'm afraid. You should tell the callers that you request all future communication in writing only, not by phone (if that's what you want, like most of us).

Yep DD's all cancelled. Stepchange said to write the standard first letter to the creditors saying that I am in financial difficulty and give them my SC ref number. They advised me to set up the token payments myself and then in 5 months time or whenever I am ready, I can sign SC paperwork and send it back to them and start the actual management plan.

They said it would be a good idea to also call them as my letters won't arrive until after DD is due.

[Deleted User]

DMP_Tiger wrote: »

Yep DD's all cancelled. Stepchange said to write the standard first letter to the creditors saying that I am in financial difficulty and give them my SC ref number. They advised me to set up the token payments myself and then in 5 months time or whenever I am ready, I can sign SC paperwork and send it back to them and start the actual management plan.

They said it would be a good idea to also call them as my letters won't arrive until after DD is due.

Well done! I congratulate you on going about everything in the right way and not wasting any time about it either:T:beer:. A lot of people stand on the brink for ages before doing what has to be done. I'm not criticising them, I know just how hard it is to admit that we can't solve our debt problems on our own. I used to live in constant hope that some miracle would occur to get me out of the mess I was in but I was only delaying the inevitable:o. Starting a DMP was the very best financial decision I ever made in my life:j.


I wish you the very best of luck on your 'journey'. Keep posting to let us know of your progress or to ask for advice if any hiccups occur.

Jwatson

Is making token payments for 3 months before going into a DMP too long?

DMP_Tiger

No 3 months isn't too long. I'm doing 5 months. You will need an emergency fund because you will no longer have credit cards or overdraft for emergencies.

floridajen

Hi any advice welcome please.
Been with Stepchange a few years just done CCA's 4 with PRA who say they will contact creditor (all Barclays) and until they respond no further payments need be made. Second CCA sent to Link (MBNA) not heard anything and Barclays Collections (overdraft) also nothing.

CCA's sent over three weeks ago
My question is do I still pay SC or can I miss until I hear from them?
Also thinking of going self managed but unsure where to start.


Thanks

sourcrates

floridajen wrote: »

Hi any advice welcome please.
Been with Stepchange a few years just done CCA's 4 with PRA who say they will contact creditor (all Barclays) and until they respond no further payments need be made. Second CCA sent to Link (MBNA) not heard anything and Barclays Collections (overdraft) also nothing.

CCA's sent over three weeks ago
My question is do I still pay SC or can I miss until I hear from them?
Also thinking of going self managed but unsure where to start.


Thanks

Hi,

CCA does not apply to overdrafts, as different rules apply.

Do not send CCA twice, chase up the original one, account is unenforceable until replied too.

floridajen

So would your advice be not to pay any except the the overdraft? If this is the case would Stepchange allow this? Thanks

sourcrates

floridajen wrote: »

So would your advice be not to pay any except the the overdraft? If this is the case would Stepchange allow this? Thanks

Probably not, as stepchange’s basic motis operandi is to repay creditors regardless of enforceability, and as quick as possible.

You may have to go self managed if you want to retain control of this.

floridajen

Ok so I am seriously considering self managing from now on.
I am at present with stepchange what do I tell them and what next steps I should take .... Any advice really welcomed. X