DMP Mutual Support Thread - Part 12

LexieLou

Thanks DMP_Tiger and Suseka97...your words of wisdom mean alot. I am tempted to go down the route of self managed, but then I don't know if I can be annoyed with multiple people badgering me asking stupid questions.

January2015

LexieLou wrote: »

Thanks DMP_Tiger and Suseka97...your words of wisdom mean alot. I am tempted to go down the route of self managed, but then I don't know if I can be annoyed with multiple people badgering me asking stupid questions.

Even if you go through a managed DMP, such as Stepchange, you still have to communicate with your creditors. SC and co set up the initial bit, but in general creditors write to you and you have to let SC know what's going on with each creditor. To me it was a load more phaff than I needed.

sourcrates

LexieLou wrote: »

Thanks DMP_Tiger and Suseka97...your words of wisdom mean alot. I am tempted to go down the route of self managed, but then I don't know if I can be annoyed with multiple people badgering me asking stupid questions.

Self managed debt management plan, in five easy steps.


(1) inform all creditors of your intentions, in writing, obtain account numbers (if you dont have them) ask for interest to be stopped, contact in writing only as per data protection guidelines, and get their payment details.

(2) agree a monthly pro rata repayment, backed up by a copy of your budget, no big deal if creditor refuses the plan, pay anyway, they will either lump it, or sell the debt on.

(3) set up regular standing order to each creditor, first making sure you have a reasonable emergency fund saved.

(4) make payment on a monthly basis, on the agreed date.

(5) crack open the prosecco, pour yourself a beer, or open that bottle of red, congratulations, you now self manage your own DMP.

Suseka97

sourcrates wrote: »

Self managed debt management plan, in five easy steps......
(5) crack open the prosecco, pour yourself a beer, or open that bottle of red, congratulations, you now self manage your own DMP.

As always... great advice sourcrates....mine's a G&T

You gave some really useful advice for new DMPers a few posts back; to keep things simple and not get stressed. I've always found yours and other contributors to this forum (Jan15, Carbootcrazy, Fatbelly ...to name but a few) to be invaluable along the way.

Folks about to embark or who are starting their DMP journey- take control of your plan and make it work in your best interests.

Harveyhelp

Thank you very much for your help. Calmed me down somewhat.

Another question though I’m afraid which is a worry. I had another bank account already open and changed everything over to it. But I’ve just realised that although all loans are associated to my old account. I have made one off payments to loans and credit cards on my new account in the past. Nothing was set up as direct debit on it but I don’t know how CPA’s Work? Because they have my “new” card details already on file can they apply the CPA to this account?. Will this cause a problem? Really don’t want to open a 3rd account after going through all that and transferring all my priority bills/wages over already

Any advice appreciated
Thank you

LexieLou

sourcrates wrote: »

Self managed debt management plan, in five easy steps.



(5) crack open the prosecco, pour yourself a beer, or open that bottle of red, congratulations, you now self manage your own DMP.

You are a true genius and I love the honesty and sense you reflect in your posts. Thank you so much. I think I might do the SMDP. I know I have all my wing men and women here guiding me and supporting me xxx

LexieLou

January2015 wrote: »

To me it was a load more phaff than I needed.

Thanks for the wise words of advice. xx

Harveyhelp

Suseka97 wrote: »

I see you've had good advice from Jan15 and so I just wanted to say well done for taking control of the gambling issue and for dealing with your debt situation. It's never easy, but you're now on the right track :T

From what I read you've not yet started paying SC, so you do have time to build up an EF - just let them know you're going to start in, say, 3 months (as a minimum). Read back on this thread and you'll see many newbies have delayed the start of their DMP, so it's not unusual to do so.

Good luck

Thank you for your reply and advice. I have agreed with StepChange to start my plan in September. I’ll send money by bank transfer on the 15th. It doesn’t quite give me 3 months but it does give me one month at least to out some funds to one side

Please could you advise how I stand on payments that are due next month before my plan starts. I’ve already called all my creditors on 19th July and told them I’ll be joining StepChange and given them a reference. They agreed to hold all contact for 30 days but that 30 day will end well before my plan starts so I know I’ll be in for a rough ride of phone calls and letters. Will I need to contact them all again in August near the payment due date to offer a token payment till my plan is set up and (hopefully) accepted.

In the meantime I am preparing letters to sent to cancel any CPA’s and ask to be contacted in writing only. Just worried about all the miss payments in August before my plan starts as don’t really know how to go about this

Thanks

January2015

Harveyhelp wrote: »

Thank you for your reply and advice. I have agreed with StepChange to start my plan in September. I’ll send money by bank transfer on the 15th. It doesn’t quite give me 3 months but it does give me one month at least to out some funds to one side

Please could you advise how I stand on payments that are due next month before my plan starts. I’ve already called all my creditors on 19th July and told them I’ll be joining StepChange and given them a reference. They agreed to hold all contact for 30 days but that 30 day will end well before my plan starts so I know I’ll be in for a rough ride of phone calls and letters. Will I need to contact them all again in August near the payment due date to offer a token payment till my plan is set up and (hopefully) accepted.

In the meantime I am preparing letters to sent to cancel any CPA’s and ask to be contacted in writing only. Just worried about all the miss payments in August before my plan starts as don’t really know how to go about this

Thanks

Just write to you creditors and let them know SC are starting your plan in September and they will not be receivin any payments until then. Don't worry about not making payments for a few months - creditors are used to delays when setting up DMPs.

mikebec2010

I recently wrote to Lowell stating that as they hadn't replied to my CCA request sent in May 2018 I now considered the debt unenforceable and will not pay anything further until they fulfil the CCA request.

So yesterday I received a reply from Lowell which included

"The account is on hold as we are still awaiting a response from the original client regarding the request for your credit agreement and we will be in touch as soon we receive a response from them, so this does not mean the debt is unenforceable."

It then goes on to say that if payments stop they would not take any collection activity.

Now my understanding is that if they cannot respond to a CCA request the debt is unenforceable until they do so surely there letter is misleading?