DMP Mutual Support Thread - Part 12

Willing2Learn

Hi JohnnyRotten,

I self-managed all my debts with my creditors. I didn't set up a formal DMP though, as I didn't know they even existed back then. I just negotiated payment plans based on my monthly income and expenses.

The biggest thing I learnt, was to absolutely refuse to be bullied, intimidated or harassed for payment. To be absolutely clear with all creditors that the only method of communication I consented to, was communication in written format via the post (no emails). As soon as you set the boundaries, and take control of the negotiations, it takes all the pressure off!

JohnnyRotten

Willing2Learn wrote: »

Hi JohnnyRotten,

I self-managed all my debts with my creditors. I didn't set up a formal DMP though, as I didn't know they even existed back then. I just negotiated payment plans based on my monthly income and expenses.

The biggest thing I learnt, was to absolutely refuse to be bullied, intimidated or harassed for payment. To be absolutely clear with all creditors that the only method of communication I consented to, was communication in written format via the post (no emails). As soon as you set the boundaries, and take control of the negotiations, it takes all the pressure off!

Thanks so much for your reply. I've just plugged all my details in to NEDCAB and generated the offer letters in about half an hour. Couldn't have been easier! Whilst I've appreciated the advice from SC I'm sure I can manage this myself and cut out the middleman.

I'll definitely take your advice on how to deal with creditors; I've already taken phone numbers off of accounts and told them I want written communication only. So far so good!

I now plan to take a couple of extra months for emergency fund (& hopefully defaults)

Thanks again.

jools1985

You sound like you've got this one in the bag Johnny - best of luck to you

Willing2Learn

JohnnyRotten wrote: »

I now plan to take a couple of extra months for emergency fund (& hopefully defaults)

Hi again!!

Just wanted to add something about the defaults. You want all your creditors to mark your accounts as defaulted from when you were 3-6 months in arrears of the original agreement. If they don't do that, then you want to ask them to do so, quoting the relevant ICO guidance. They will all comply (eventually). The only exception is for an overdraft where you just want to politely request that they mark the account as defaulted (an overdraft does not actually have a formal Credit Agreement).

Steff90

Hello everyone :j

I posted a couple of days ago as I'm waiting on a call from Payplan regarding some info about starting up a DMP :eek:

I wrote to one of my creditors about giving me 30 days grace until I speak to Payplan and they were very nice in their email and said they will stop my account for the 30 days (good start!)

However my question is, once the 30 days is up and they contact me again what do I do?
I obviously plan to default on all my creditors eventually and from now so that I can start an emergency fund but I'm looking to give myself about 3 months to build up a decent enough amount. This will mean not starting my DMP until the 3 month period is up.
What do I tell them? I can't really say I have a DMP set up with Payplan as I won't have after the 30 days.
Just looking for some advice as to what to respond to them

Sorry I hope that made some sort of sense!! :rotfl:

Willing2Learn

Steff90 wrote: »

I wrote to one of my creditors about giving me 30 days grace until I speak to Payplan and they were very nice in their email and said they will stop my account for the 30 days (good start!)

However my question is, once the 30 days is up and they contact me again what do I do?
I obviously plan to default on all my creditors eventually and from now so that I can start an emergency fund but I'm looking to give myself about 3 months to build up a decent enough amount. This will mean not starting my DMP until the 3 month period is up.
What do I tell them? I can't really say I have a DMP set up with Payplan as I won't have after the 30 days.

Once you have a DMP start date set up (for around 90 days time), you can write to your creditors again, to advise them of the start date and the amounts that will be paid. They will just have to wait until the DMP starts for the repayments to begin. If they try to contact you using any method apart from written communication via post (not email), then write to them again, advising that you only consent to written communication via post!

DMP_Tiger

Letter received from Moorcroft - they are now acting as collection agent for my Aqua account.

They say that their client (Aqua) has not registered a default and if I am able to commit to a suitable repayment plan, they may be able to avoid this happening.

I have been paying Aqua £1 per month but am due to begin DMP (SM) payments on 28th September. Do I now pay Moorcroft the amount that I said I was going to pay Aqua? The figure is very low but had been accepted by Aqua.

Or do I carry on paying £1 and hope that they default me?

Thank you

Willing2Learn

Hi DMP_Tiger,

Ask Aqua to default you, dated at the time you were 3-6 months in arrears of your credit agreement. This would be in compliance with ICO guidance...

DMP_Tiger

Thanks W2L. I did receive a letter from Aqua saying that were going to default me on 18th August. But it crossed in the post with my DMP payment offer. They accepted the offer and didn't default me :mad:

Steff90

Willing2Learn wrote: »

Once you have a DMP start date set up (for around 90 days time), you can write to your creditors again, to advise them of the start date and the amounts that will be paid. They will just have to wait until the DMP starts for the repayments to begin. If they try to contact you using any method apart from written communication via post (not email), then write to them again, advising that you only consent to written communication via post!

Ahh thank you! That's clear to me now :T


Next question - I have just opened a new bank account (currently with TSB - moving to RBS).
Do I switch everything now?? Is there any real reason for holding off switching?

I have an overdraft with TSB of £500 and this is not paid off, am I still able to switch over and add the overdraft as part of my DMP?