DMP Mutual Support Thread - Part 12

2017spark

Lovely conversation with SC last week to get everything set up for my DMP, I've had all my paperwork through, they have contacted everyone and set my first payment date for 1st August which I didn't expect, so that gives me a payday without any payments - means I can put a little EF away (I privately rent, and have a company car so not much needed) and get a couple of birthday presents sorted too without worrying.
Anyone who is still considering it - go for it, SC are so kind and understanding and it really does make a difference to your mind-set immediately.

Hope you are all well today xx

C95

Hi All, It's really good to read experiences of others in similar situation. I am glad to find this forum. Thanks a lot, everyone brave enough to share here.

I need some advice - I have been on DMP for past 3 years with Stepchange. It's all been going well so far and some of my debts have been paid. There is one though which is still charging me interest, originally it was Aqua which was transferred to Hoist / Robway. I know legally they can charge interest but wonder if anyone managed to convince them to freeze it.
I have called them and wrote to them a few months ago but they just said this the minimum I will have to pay.

sourcrates

C95 wrote: »

I know legally they can charge interest but wonder if anyone managed to convince them to freeze it.
I have called them and wrote to them a few months ago but they just said this the minimum I will have to pay.

Actually No, they cannot charge you interest or anything else, not unless the original agreement allows them to do so, if Hoist/Robinson way have the debt, (one and the same) then they have bought it, has it defaulted ?

The way they usually attempt to get around legislation is by buying the debt before it defaults, therefore continuing the same terms and conditions of the original creditor.

Once defaulted, no further interest or charges can be levied.


They sail very close to the wind, but the FOS says they have not done anything wrong by doing this, i beg to differ.

Suseka97

C95 wrote: »

Hi All, It's really good to read experiences of others in similar situation. I am glad to find this forum. Thanks a lot, everyone brave enough to share here.

I need some advice - I have been on DMP for past 3 years with Stepchange. It's all been going well so far and some of my debts have been paid. There is one though which is still charging me interest, originally it was Aqua which was transferred to Hoist / Robway. I know legally they can charge interest but wonder if anyone managed to convince them to freeze it.
I have called them and wrote to them a few months ago but they just said this the minimum I will have to pay.

To add to sourcrates advice.... go self-managed and stop paying them. That'll make them sit up and listen. Seriously though... I've gone self managed and have stopped paying all 6 remaining creditors. Because I sent them CCA requests and non could prove the debts enforceable. You've got nothing to lose. You can carry on paying the defaulted 'nice guys' and stop paying the Hoist/Robway one. Bloody sharks! Take control

ZoeClaudette

Hi all,

Getting very stressed regarding money. I have a DMP via Stepchange and I don't seem to be able to get my budget correct, I think I low ball things so they think better of me (I know they don't really care, hahaha) but actually I'm really struggling on what I have left. I'm also getting really frustrated at a couple of debts that only have a few hundred pounds left and are being paid in dribs and drabs. Lastly (!) I stupidly gave myself no time before starting the plan to save an emergency fund, so any emergency has gone on my partners credit card (we have separate finances).

How hard is self managing a DMP? Would that solve some of the above issues? My supposed debt free date is only December 2019, but being so skint at the moment that feels forever away.

Thank you for any help you can provide. Just reading through quite a lot of this thread has been a huge help

Suseka97

ZoeClaudette wrote: »

.....Getting very stressed regarding money. I have a DMP via Stepchange and I don't seem to be able to get my budget correct.... I'm also getting really frustrated at a couple of debts that only have a few hundred pounds left and are being paid in dribs and drabs. Lastly (!) I stupidly gave myself no time before starting the plan to save an emergency fund, so any emergency has gone on my partners credit card (we have separate finances). How hard is self managing a DMP? Would that solve some of the above issues? My supposed debt free date is only December 2019, but being so skint at the moment that feels forever away.

Many of us (me included) jumped in too quick without giving ourselves time to build up a decent EF. You have two choices. Contact SC and revise your I&E to a more realistic amount. You really shouldn't be having to use your partner's credit card for emergencies. Or, go self managed. Much easier than most think -but you have to be prepared to take control of your debts and deal with creditors or DCAs by yourself. If you feel you are able to do that, then good, go for it You can then decide the split/allocation and focus on the ones you can clear quicker (if that's what you want).

A DMP is an informal arrangement and that means you dictate its terms.

Rosie1001

I want to CCA my debts

Do I have to send money / postal order

And which address to send them to ...... the debt people department of the company ?.. they are the ones sending me letters

Thanks in advance

Suseka97

Rosie1001 wrote: »

I want to CCA my debts
Do I have to send money / postal order
And which address to send them to ...... the debt people department of the company ?.. they are the ones sending me letters
Thanks in advance

Yes, you need to send £1 and most of us have done so using a PO (mainly because we have basic accounts with no cheque book). It'll cost you a bit more then £1 for each PO. You should send the letter (example template here: https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-(sole-name).aspx and send to whomever is managing your debt. Which if still with the original creditor will no doubt be their debt department (assuming the account has been defaulted) or more likely the DCA who has purchased it or is managing it.

Gill42

I've had a very strange reply from one of my creditors. Send out letters to 3 of them 2 weeks back saying I was in talks with stepchange etc ref number given and I would like to make token payments until I've built up ef. They have thanked me for my budget plan ( which I did not send) and told me about debt management charities but declined my request for token payments. Bit confusing I don't think they even read my letter..! Which clearly states I'm going into a DMP with step change..

sourcrates

Gill42 wrote: »

I've had a very strange reply from one of my creditors. Send out letters to 3 of them 2 weeks back saying I was in talks with stepchange etc ref number given and I would like to make token payments until I've built up ef. They have thanked me for my budget plan ( which I did not send) and told me about debt management charities but declined my request for token payments. Bit confusing I don't think they even read my letter..! Which clearly states I'm going into a DMP with step change..

Token payments are a waste of time.

They cost the creditors more to process than the payment is worth.
Best just to give them a date DMP payments will start and leave it at that.