DMP Mutual Support Thread - Part 12

[Deleted User]

leanne12345 wrote: »

Hi, thank you for that information it is always useful to hear other people's experiences I completely understand what you are saying about giving Stepchange a proper reason and you have certainly given me a lot to think about.

After reading through everyone's posts I have been thinking a lot about going self managed but for me one of the best things about Stepchange is that it's one single monthly payment and I don't have to deal with our 20 creditors :eek:

Hmmm I don't really know what to do for the best anymore :huh: Maybe I will leave it for a few months and see how it all goes as I don't really have a reason to drop to token payments at the moment. Thanks again

Just to add, Leanne that, although it goes against everything I personally believe in, I should mention to you that the reason you give to SC for dropping to token payments doesn't have to be true. They won't ask you for proof, copies of bills etc. I know a lot of people who have had sudden fictional emergencies;).

January2015

Good morning everyone :wave:

I totally agree with CBC - if you are with Stepchange (or other debt management company) you can't just tell them what you want to pay, e.g. dropping to token payments. You have to give them a reason and go through a revised budget plan.

I also agree with Sourcrates though - it's your DMP and you should decide what you want to pay. In reality though this is not possible when operating a DMP through the likes of Stepchange and this approach only works if you are self managing. Even if you 'fib' to SC about the need for reduced payments, you could only keep it up a few months at the most. If you want to play hardball and pay token payments for longer/indefinitely then you will have to self manage your DMP.

It's a lovely bright and sunny day here. I'm off to mow the lawn and generally tidy the garden - so no spending here today

so_very_confused

Just to add to the comprehensive post above. If anyone is with SC and facing dire/genuine circumstances where insufficient funds for normal token payments which are usually £5.00 per creditor, they will drop to £1.00.
I was under the impression they cancelled your plan if you could not afford £5.00, but my experience is that they will allow it to continue, unsure for how long, but I am in 5 month now.

sourcrates

leanne12345 wrote: »

Hi, thank you for that information it is always useful to hear other people's experiences I completely understand what you are saying about giving Stepchange a proper reason and you have certainly given me a lot to think about.

After reading through everyone's posts I have been thinking a lot about going self managed but for me one of the best things about Stepchange is that it's one single monthly payment and I don't have to deal with our 20 creditors :eek:

Hmmm I don't really know what to do for the best anymore :huh: Maybe I will leave it for a few months and see how it all goes as I don't really have a reason to drop to token payments at the moment. Thanks again

Maybe i should of elaborated a little more in my original post, but i think car boot covered it nicely.

I like being in control of my own finances you see (for better or worse) i cant be doing with 3rd parties telling me what i should spend on X or Y, or how much i should pay to this creditor, or that creditor, i went through six years of that, paying my debts via an IVA, i swore never again.

My point was that if you want/need to keep making changes to your DMP, then self managed may be better for you, once you have all the payment details, 20 clicks on a mouse aint much worse than one really.

January2015

sourcrates wrote: »

Maybe i should of elaborated a little more in my original post, but i think car boot covered it nicely.

I like being in control of my own finances you see (for better or worse) i cant be doing with 3rd parties telling me what i should spend on X or Y, or how much i should pay to this creditor, or that creditor, i went through six years of that, paying my debts via an IVA, i swore never again.

My point was that if you want/need to keep making changes to your DMP, then self managed may be better for you, once you have all the payment details, 20 clicks on a mouse aint much worse than one really.

It won't even need 20 clicks on a mouse I've just set up standing orders to be paid the day after pay day each month. Done, sorted, forget about it ...... until I want to change the amount I pay each month and then I just edit the standing order payment on my bank account. Easy peasy :rotfl:

The best piece of advice Sourcrates ever gave me was.....don't overthink this. Don't worry about what creditors will think of you. They don't know you, they don't care about you. Take that onboard and you will start to truly be the master of your DMP.

motivated

January2015 & sourcrates you should be knighted for all the support and advice you give us helping us to see the light (clearly) and being able to move on with our lives
I award you both with the honourable OFA awards

Outstanding Financial Advisors
M

sourcrates

motivated wrote: »

I award you both with the honourable OFA awards

Outstanding Financial Advisors
M

I like to call it financial advice for the real world.

Normally a debt adviser will tell you what you should do, i think its important people know what they could do as well.

leanne12345

motivated wrote: »

January2015 & sourcrates you should be knighted for all the support and advice you give us helping us to see the light (clearly) and being able to move on with our lives
I award you both with the honourable OFA awards

Outstanding Financial Advisors
M

I would definitely second this :T

Thank you to everyone who has taken the time to reply, it is truely appreciated

Julie67

Hi ,

I used to be a regular on these threads but set up a DMP with Stepchange a few years ago and have forgot about it really, other than upping the payments slightly. Our debts are now down to £22,900 spread over 6 creditors as follows:

NCO Cabot Originally HSBC, £12,969,13
Nationwide CC still with them £3380
Idem Capital originally Halifax £2494.40
Lowell Originally ASDA £1491.95
PRA Group originally Barclaycard £1408.03
Robinson Way, Originally Tesco £1394.13

We would really like to go Self managed but I've chickened out in the past. But reading these threads , a lot, I really think it's time we took control and got it paid off as soon as possible. My mother in law has offered to give us a lump sum to settle the debt so obviously I want to get the best F&F offers I can. So my plan is to

use NEDCAB to write to everyone and say we are going self managed
Offer £1 token payments for the say 5/6 mnths and then make F&F offers
Is there anything I've missed that we should be doing?
Has anyone has had any dealings with these companies and been successful in settling?
I checked our credit reports with Noddle yesterday. I only have Cabot on mine as thats in both our names showing defaulted in June 2013
The other debts are in my husbands name. He also has the cabot loan but that is not showing the default until 2017
Then just three out of the other five are showing ,
Hoist which i think is Tesco, and PRA group which was Barclaycard both only showing default as of April, May this year
and then Lowell which is showing as up to date! And Idem, or Halifax and Nationwide are not showing at all.
Ive no idea what to do about this? Can anyone advise me.
And finally, can someone explain does the default stay on your credit rating from the date of default for 6 yrs or from the date you settle the debt.
Any help much appreciated

January2015

Julie67 wrote: »

Hi ,

I used to be a regular on these threads but set up a DMP with Stepchange a few years ago and have forgot about it really, other than upping the payments slightly. Our debts are now down to £22,900 spread over 6 creditors as follows:

NCO Cabot Originally HSBC, £12,969,13
Idem Capital originally Halifax £2494.40
Lowell Originally ASDA £1491.95
PRA Group originally Barclaycard £1408.03
Robinson Way, Originally Tesco £1394.13

We would really like to go Self managed but I've chickened out in the past. But reading these threads , a lot, I really think it's time we took control and got it paid off as soon as possible. My mother in law has offered to give us a lump sum to settle the debt so obviously I want to get the best F&F offers I can. So my plan is to

use NEDCAB to write to everyone and say we are going self managed
Offer £1 token payments for the say 5/6 mnths and then make F&F offers
Is there anything I've missed that we should be doing?
Has anyone has had any dealings with these companies and been successful in settling?
I checked our credit reports with Noddle yesterday. I only have Cabot on mine as thats in both our names showing defaulted in June 2013
The other debts are in my husbands name. He also has the cabot loan but that is not showing the default until 2017
Then just three out of the other five are showing ,
Hoist which i think is Tesco, and PRA group which was Barclaycard both only showing default as of April, May this year
and then Lowell which is showing as up to date! And Idem, or Halifax is not showing at all.
Ive no idea what to do about this? Can anyone advise me.
And finally, can someone explain does the default stay on your credit rating from the date of default for 6 yrs or from the date you settle the debt.
Any help much appreciated

Don't offer token payments.....tell them that is what they are getting - tough!