DMP Mutual Support Thread - Part 12

racht

heavenlyharry01 wrote: »

Hello
After some advice regarding NCO Resolve (Very).
They are managing two of our accounts, still adding interest on items which were BNPL.
I now know we should have paid these off before entering into a DMP, but it's a little late now!!

Has anyone successfully got a default with Very? I've written to NCO today asking for a default, but I'm not holding out much hope. We are only paying £1 a month and it's been well over 6 months which we've paid nothing or just £1.

Hi- I recently managed to get them to default my account. I had been on DMP for nearly 2 years and they refused to default so I went self managed and dropped them to £5 month. It took about 7-8 months for them to default and have now sold on to Lowell.
Keep paying nothing/£1 and hopefully they will default you soon

Twins

Sourcrates, January.... hello again

I just spoke to NCO and was discussing defaults on my account. The lady advises me that they haven't defaulted me. When I look on my credit report I see that Arrow Global defaulted me in 2011 but NCO was adamant that there were no defaults. She said she'd write to Arrow to confirm what was correct.

I was calling re the F&F but if they default me now that will stay on file for 6 years from now whereas if we go by the correct date when the DMP was put in place in 2011 then that should be coming off shortly.

What do I do and who is correct?

Thanks

Twins

vaper wrote: »

I've just sent the form off to Stepchange.
Apparently it's going to take 9 years and one month to pay back!

Oh well, it is what it is.
We have new bank accounts set up, no cards yet even though I've had an email saying it's ready to use. I think I'll spend the rest of today changing all the direct debits over to the new account, and look into closing down the current account we already have, hubby has given a letter to his employers for the wages to go into the new one so that should start next week and I can do mine online today. I have to go into the Co-op bank today to empty the account and put it into the new account too.
Then for the frightening part - to cancel future direct debits to our credit card providers, I'm dreading doing it cos that's the first they will be aware of any problems.
Then I will be joining you all on the journey.
Don't mind admitting I am totally bricking it!!!!!!!!!!

Don't worry Vaper! You've done the hard part in starting and setting up the DMP, I promise it does get easier from here. I know 9 years sounds like a long time and I think my initial period from SC was just over 10 years! I've got 5 years left and I'm looking to reduce this by making some Full & Final payments.
In the meantime, just know you've done the right thing. When you see that you're no longer in the red each month or struggling it will be like a weight has been lifted off your shoulders.

Best of luck!

henrryyyy

Just woke up to some great news(I work night shifts)
One Payday loan company has offered me a full refund of interest paid + 8% simple interest, which total just over 3k.
3 others have rejected my complaints, which I have referred to the Financial Ombudsman Service.
My first DMP payment was made on May 1st also.
I would not have even known I could make a complaint for irresponsible lending had I not come here in the first place(thanks!), this will help me have an emergency fund that I was not really able to save up for when I applied for my DMP too quickly.

I was considering going solo and dropping to token payments in the coming months to get defaults and build up my emergency fund.

Im not sure what line of action to take now, whether it would be a bit immoral to do this.

sourcrates

henrryyyy wrote: »

I was considering going solo and dropping to token payments in the coming months to get defaults and build up my emergency fund.

Im not sure what line of action to take now, whether it would be a bit immoral to do this.

Immoral ? No, just buisness.

Do whatever it takes to get the result you want.

No one else is going to fight your corner but you.

Weakmoments

Hi can I just give you all a big massive thank you. The advice and support on here is brilliant.

motivated

Morning all

So I have made the long thought out decision to go self managed with our DMP. I have all budgets done, all template letters from NEDCAB tailored to us and a letter to SC explaining the situation. I am offering slightly lower amounts to creditors and will be paying £1.00 token payments to each for at least 4 months. If I need to extend this as time goes on I will. Hopefully getting them to sell our debts,on.

Questions : do I send the £1.00 postal orders with the letters
and do I send them recorded delivery ? .

We also have 2 large personal loans with Halifax ( I mean large) :eek: I have been reading up lots and was a little worried that Halifax can do more to us due to the amount we owe them and them being a bank. If that makes sense.

I am confident we can do this and have a plan of action to knock the smaller CC debts off one by one by offering F&Fs.

I'm quite excited to be honest
M

January2015

motivated wrote: »

Morning all

So I have made the long thought out decision to go self managed with our DMP. I have all budgets done, all template letters from NEDCAB tailored to us and a letter to SC explaining the situation. I am offering slightly lower amounts to creditors and will be paying £1.00 token payments to each for at least 4 months. If I need to extend this as time goes on I will. Hopefully getting them to sell our debts,on.

Questions : do I send the £1.00 postal orders with the letters
and do I send them recorded delivery ? .

We also have 2 large personal loans with Halifax ( I mean large) :eek: I have been reading up lots and was a little worried that Halifax can do more to us due to the amount we owe them and them being a bank. If that makes sense.

I am confident we can do this and have a plan of action to knock the smaller CC debts off one by one by offering F&Fs.

I'm quite excited to be honest
M

Do not send postal orders - or any money/cheques/whatever - with your offer letters to creditors. All you need to do is tell them they will be receiving £1 per month for four months and you will start paying this once you have received details from them to enable you to set up a standing order to make such payments. Request they confirm the correct sort code, account number, and reference number. Then just wait. That will buy you another month anyway :beer:

Don't worry about Helifax - we had 2 personal loans with them. Totalled almost £35k. They are nothing to worry about. We did have to keep writing and complaining to push the interest being stopped (which was eventually refunded) and also push for defaults, but we got there within 6 months of starting the DMP.

motivated

January2015 wrote: »

Do not send postal orders - or any money/cheques/whatever - with your offer letters to creditors. All you need to do is tell them they will be receiving £1 per month for four months and you will start paying this once you have received details from them to enable you to set up a standing order to make such payments. Request they confirm the correct sort code, account number, and reference number. Then just wait. That will buy you another month anyway :beer:

Don't worry about Helifax - we had 2 personal loans with them. Totalled almost £35k. They are nothing to worry about. We did have to keep writing and complaining to push the interest being stopped (which was eventually refunded) and also push for defaults, but we got there within 6 months of starting the DMP.

Thanks January I knew you wouldn't be far away :rotfl:

That's good to know about Halifax ours are around the 40k mark :eek:
I will check and double check everything in a minute and that's it I will be officially self managing

How I am so upbeat about all of this I'll never know look at me 3 months ago.
M

[Deleted User]

January2015 wrote: »

Do not send postal orders - or any money/cheques/whatever - with your offer letters to creditors. All you need to do is tell them they will be receiving £1 per month for four months and you will start paying this once you have received details from them to enable you to set up a standing order to make such payments. Request they confirm the correct sort code, account number, and reference number. Then just wait. That will buy you another month anyway :beer:

Don't worry about Helifax - we had 2 personal loans with them. Totalled almost £35k. They are nothing to worry about. We did have to keep writing and complaining to push the interest being stopped (which was eventually refunded) and also push for defaults, but we got there within 6 months of starting the DMP.

motivated, massive congratulations on your decision and the way you are tackling your debts head-on:T. Respect:beer:

January, I expected it would be you who answered motivated's query about the Postal Orders etc. Thanks as always for the tireless help and advice that you give to us all on this thread:A

Just a query from me to both of you if you don't mind. I too bit the bullet (eventually:o) and am now self-managing:j. Like motivated I pitched my payments at slightly less than I was paying via Stepchange. I didn't go down the token payments route at the outset but, 2 months in, I want to start doing so now to get a F&F fund together;). How much information do you have to give to creditors about why you want to drop to token payments please? I can understand that they would accept this arrangement without quibble if it's for the first month or so whilst things are being set up at the start of self-managing (as with motivated) but to mention at the outset the likelihood that it will at least 4 months seems a bit problematic to me. Do they just tend to accept a creditor stating 'I will be paying £1 a month for x months' without knowing why this should be?


Sorry about this probably dumb question but the slightest variation from the tried and tested path sends me into a tizzy:o