DMP Mutual Support Thread - Part 12

January2015

Billy12345 wrote: »

Morning all

Just an update from me, plodding along nicely in DMP land. I made six payments agreed with SC then dropped to token payments for three months due to stupid car breaking down and starting back up with more regular payments (although these are less as did review in February and starting this in May).

So in nine months paid off a little over £3,000. Most creditors have defaulted except Santander which I am hassling.

Anyway a bit of advice, I held back a CC from the DMP as I went on holiday (which was paid before I started the DMP) as I needed this for a swipe on the car hire. Nothing was charged to the card. This card has a balance of just under £4k (arghhh) which I was scrounging together from the food budget but couldnt see any other way to pay this and as the holiday was already paid I needed a credit card for the car hire (even though this was already paid, stupid i know), I really need to add this onto the DMP.

I was advised by the excellent prople on this forum to contact SC and ask this be added onto the DMP but I chickened out. I had just dropped payments and gone through an updated I&E form and really didnt want to rock the boat by going back and saying, whoops I forgot to add this card.

I'm starting to pay the normal payments this month and I really dont want to go back to SC and ask them to amend again then notify the creditors again, chicken I know, but I dont want to rock the boat. I should have asked SC when I was doing the updated I&E but I just couldnt do it.

Does anyone know if I can I self manage this one creditor using the NECCAB documents or would I have to self manage all of the creditors ?

Help

I would just self manage this one creditor. Don't tell SC or the creditor. It's your business how you manage your debts. You may find it so easy (which it is) that you end up self-managing all your debts eventually.

Billy12345

January2015 wrote: »

I would just self manage this one creditor. Don't tell SC or the creditor. It's your business how you manage your debts. You may find it so easy (which it is) that you end up self-managing all your debts eventually.

Thanks January, I know I should have told SC when I re did the I&E but I couldnt bring myself to tell them there was another creditor in case they told me I should have mentioned this at the beginning and decided they couldnt help me.:( I am not strong enough to self manage them all yet, and dont have the time to be honest, but that may change as my DMP plods along

I have looked at the NEDCAB site and filled in the I&E, the same as I did for SC to be honest so everything is the same and will use their template letter and write to them.

Can I just make token payments to them to get them to default quicker or will I have to make the full amount I can afford once I sent them the IE ?

January2015

Billy12345 wrote: »

Thanks January, I know I should have told SC when I re did the I&E but I couldnt bring myself to tell them there was another creditor in case they told me I should have mentioned this at the beginning and decided they couldnt help me.:( I am not strong enough to self manage them all yet, and dont have the time to be honest, but that may change as my DMP plods along

I have looked at the NEDCAB site and filled in the I&E, the same as I did for SC to be honest so everything is the same and will use their template letter and write to them.

Can I just make token payments to them to get them to default quicker or will I have to make the full amount I can afford once I sent them the IE ?

Pay them what you want - it's your DMP. If you want them to default you very quickly then don't pay them anything.

Whatever you decide to do - token payments or zero payments, write and advise you are in financial difficulties (use the template letter generated by NEDCAB) and entering a DMP. Request they cease interest and charges. I would write in the letter that this is not a decision you have taken lightly and as such you formally request they move to default your account as quickly as possible - and make it clear you know this will impact your credit reference agency files. They don't always 'listen' but at least you've made your point that you are aware of the consequences of a DMP and defaults on your account.

Billy12345

January2015 wrote: »

Pay them what you want - it's your DMP. If you want them to default you very quickly then don't pay them anything.

Whatever you decide to do - token payments or zero payments, write and advise you are in financial difficulties (use the template letter generated by NEDCAB) and entering a DMP. Request they cease interest and charges. I would write in the letter that this is not a decision you have taken lightly and as such you formally request they move to default your account as quickly as possible - and make it clear you know this will impact your credit reference agency files. They don't always 'listen' but at least you've made your point that you are aware of the consequences of a DMP and defaults on your account.

Thanks again January, would something along the lines of this suffice, then the next standard letter once I get their reply

Dear Sir

I am writing to you regards the outstanding account – credit card number

Unfortunately I am suffering financial difficulties and I am finding it very difficult to meet my contractual payments.

I have taken advice from the Citizens Advice Bureau.

I would be grateful if you would help me make a full assessment of the current financial situation by providing me with up to date account details. It would also be appreciated if interest / charges were stopped and any recovery action suspended, pending satisfactory payment arrangements.

When I have received all up-to-date balances I will draft a financial statement / offer and forward to you for your consideration and acceptance with an early response being appreciated.

This is not a decision I have taken lightly and as such I would be grateful if you could default this account as quickly as possible. I understand this action will impact upon my credit agency files.

Your assistance and co-operation would be greatly appreciated.

Yours faithfully
:beer:

January2015

Billy12345 wrote: »

Thanks again January, would something along the lines of this suffice, then the next standard letter once I get their reply

Dear Sir

I am writing to you regards the outstanding account – credit card number

Unfortunately I am suffering financial difficulties and I am finding it very difficult to meet my contractual payments.

I have taken advice from the Citizens Advice Bureau.

I would be grateful if you would help me make a full assessment of the current financial situation by providing me with up to date account details. It would also be appreciated if interest / charges were stopped and any recovery action suspended, pending satisfactory payment arrangements.

When I have received all up-to-date balances I will draft a financial statement / offer and forward to you for your consideration and acceptance with an early response being appreciated.

This is not a decision I have taken lightly and as such I would be grateful if you could default this account as quickly as possible. I understand this action will impact upon my credit agency files.

Your assistance and co-operation would be greatly appreciated.

Yours faithfully
:beer:

The only thing I would add is something along the lines of.......I do not give you permission to contact me by phone. Please ensure all communication regarding this account is done in writing.

Otherwise - looks fine to me :beer:

motivated

January2015 wrote: »

Regardless of what SC tell you, you can pay more to one creditor than another. All you need to do is make the payments yourself, in addition to the payments you make to SC. However, that's a bit pointless in my opinion. You would be far better of saving any extra funds you can and when you have enough you can make settlement offers - picking them off one by one as you can

Thanks January
I think I may do what you suggest. I'm scared of rocking the boat and I've worked out by Christmas I would have paid back over £8,500 staying as I am. I will carry on and save up as I have been doing and will review again at Christmas. Just being impatient again
M

Bepop

Hi everybody..I just wanted to sign in today to say a big thank you for replying to my 'meltdown' post yesterday. You always seem to bring me 'back in the room'!! I honestly don't know where I'd be without you all, your advice and knowledge of this wee journey in DMP land is received with so much gratitude from myself. I will take all your sound advice on board and try and absorb as much info as I can. My mind is in overdrive at the moment. Thanks again..you are all fantastic xx

sourcrates

motivated wrote: »

Thanks January
I think I may do what you suggest. I'm scared of rocking the boat

Don't be, honestly they don't know you from Adam, or care what actions you decide to take.

To them you are a very small fish, in a very large pond, to survive, you must grow teeth.

muppetscotland

Friends, I've messed up. Badly, I think. feel sick.

I'll try and be brief. Our mortgage has been with same lender for 10 years. We had a fixed deal which expires end June so they phoned me to discuss moving to a new fixed product to avoid standard variable rate. All fine and as expected. We have never fallen behind with the mortgage and my attitude has always been they don't need to know about the DMP or our general financial worries on that basis.

I was not asking for more borrowing, nor to increase the term of the loan. So I just skimmed through the financials and told them we have more disposable income than we really do, just out of basic human embarrassment if I'm honest. I also inflated what we earn because our earnings (self employed) have gone down due to oil crisis and I was determined not to give them any reason to offer us a less than attractive rate (last thing we need is mortgage rate to go up even when paying without problems)...

Anyway, for first time ever in these reviews they have requested bank statements and payslips for last month. Obviously these won't match what I told them.

What do I do? I think my options are a) not bother and just revert to standard variable rate and deal with it or b) send the paperwork and hope they don't notice the discrepancies.

Neither option is very attractive. What do I do? xx

lumpyspaceprincess

One of the debt collection agencies on my DMP have put a default on in December, 2 years after everyone else registered theirs. I've been on the DMP since my 3rd payment to them, & I don't recall ever getting a letter advising so - is there anything I can do to ask for it moving back in time? Does anyone have any templates or prior experience of this?


I posted this previously on the old thread but think it got missed due to other bigger issues, would really appreciate any advice! We're hoping to start saving for a house when the DMP is up in October, and this late default could screw the possibility of a mortgage up for a long time