DMP Mutual Support Thread - Part 12

January2015

determinedtobedebtfree wrote: »

Hi


I have finally received a reply email from Savvy, a payday loan lender who is the only creditor still hounding me for payments. They said quote: "Unfortunately your offer of repayment from step change has been rejected as you have not yet paid 3 full contractual payments on your loan, where we will never refuse a payment we are unable to set up a formal payment arrangement and our normal collections procedure will continue.) I didn't make 3 full contractual payments with them as they were my last blip in my payday loan cycle before I grabbed the bull by the horns and went to Stepchange.

They go on to say "£50 that is noted under sports and hobbies is too excessive based on financial difficulty guidelines."


Any advice anyone?

You shouldn't have to justify your expenditure, but if they get funny tell them the £50 under sports and hobbies is 2 x membership of Weightwatchers each month and is required for health reasons. That will shut them up.

Julie67

I will check with the other credit reference agencies tonight, thanks Sourcrates.

Twins, yes we are obviously at a similar stage. I'm going to write my letter tonight asking for the defaults to be registered after 3 months.
I agree, I am sure if we take control things will move that much more quickly.
I will let you know how it goes, thanks

Caequinn

Hi everyone,
Just looking for a bit more advice as I'm still getting to grips with this!
I have just paid my first month's DMP.
Unfortunately I only discovered DFW after I'd arranged my DMP so I wasn't aware of managing accounts to be in default so they are removed from my credit file quicker and therefore wasn't aware to save for an EF first either
This week I have accessed my credit report via GiffGaff and it appears not all of my debts are in default.

Here's the list of debtors and the status:

Natwest Personal Loan Late
Nationwide Credit Card Default
Natwest Current Acc Overdraft Up to Date (I've just changed my salary to be paid into Santander)
Fredrickson (Next) Default
Fashionworld Late
Lowell (Very) Default
Simply Be Late

So, really I'm wondering what is the right thing to do? Can I request they now be put as defaulted or do I have to stop payments to those creditors briefly for that to happen?
I'm worried about taking steps backwards now when I've been so relieved to finally be on a better path.
I'm sure these questions have been asked before but I've read so many threads these last couple of weeks I'm just feeling a bit overloaded - sorry!

Thanks in advance for teaching me to suck an egg

Billy12345

I wonder if anyone can answer me this as I cant find any answer anywhere

I opened a bank account for my son and had to put my name down as custodian as he is a minor. This was a few years ago before the DMP. He is now using this account again. As my name is on the account as parent can the bank use his account as right of offset to take funds out of his account as I owe the bank money on my DMP. I wouldnt have thought so but cant find clatification on this anywhere.

sourcrates

Caequinn wrote: »

Hi everyone,
Just looking for a bit more advice as I'm still getting to grips with this!
I have just paid my first month's DMP.
Unfortunately I only discovered DFW after I'd arranged my DMP so I wasn't aware of managing accounts to be in default so they are removed from my credit file quicker and therefore wasn't aware to save for an EF first either
This week I have accessed my credit report via GiffGaff and it appears not all of my debts are in default.

Here's the list of debtors and the status:

Natwest Personal Loan Late
Nationwide Credit Card Default
Natwest Current Acc Overdraft Up to Date (I've just changed my salary to be paid into Santander)
Fredrickson (Next) Default
Fashionworld Late
Lowell (Very) Default
Simply Be Late

So, really I'm wondering what is the right thing to do? Can I request they now be put as defaulted or do I have to stop payments to those creditors briefly for that to happen?
I'm worried about taking steps backwards now when I've been so relieved to finally be on a better path.
I'm sure these questions have been asked before but I've read so many threads these last couple of weeks I'm just feeling a bit overloaded - sorry!

Thanks in advance for teaching me to suck an egg

It's a problem as you never know how a creditor will mark your file, some use AP markers, other mark it as up to date.

All I can say is if your wanting credit again within 6 years of your DMP ending, defaults are the way to go, if your not bothered about your credit file, stay as you are.

It can take 6-8 months or longer, of non payment to get an account defaulted, it's up to you in the end.

sourcrates

Billy12345 wrote: »

I wonder if anyone can answer me this as I cant find any answer anywhere

I opened a bank account for my son and had to put my name down as custodian as he is a minor. This was a few years ago before the DMP. He is now using this account again. As my name is on the account as parent can the bank use his account as right of offset to take funds out of his account as I owe the bank money on my DMP. I wouldnt have thought so but cant find clatification on this anywhere.

So essentially the account is a joint account with you and your son, both your names are on it ?

You should be ok, there are limits banks have to work to anyway when using the right of set off, they have to leave you a certain percentage of your balance, they can't just take it all, but to be certain I'd give National Debtline a quick call to confirm.

racht

Billy12345 wrote: »

I wonder if anyone can answer me this as I cant find any answer anywhere

I opened a bank account for my son and had to put my name down as custodian as he is a minor. This was a few years ago before the DMP. He is now using this account again. As my name is on the account as parent can the bank use his account as right of offset to take funds out of his account as I owe the bank money on my DMP. I wouldnt have thought so but cant find clatification on this anywhere.

I know its not quite the same but my 3 children all have Nationwide savings account and I had a current account & credit card with them which have both now defaulted. All accounts have my name on/details and I can still access their accounts online through my old login and they have never been touched by Nationwide.

Sazzie23

Caequinn wrote: »

Hi everyone,
Just looking for a bit more advice as I'm still getting to grips with this!
I have just paid my first month's DMP.
Unfortunately I only discovered DFW after I'd arranged my DMP so I wasn't aware of managing accounts to be in default so they are removed from my credit file quicker and therefore wasn't aware to save for an EF first either
This week I have accessed my credit report via GiffGaff and it appears not all of my debts are in default.

Here's the list of debtors and the status:

Natwest Personal Loan Late
Nationwide Credit Card Default
Natwest Current Acc Overdraft Up to Date (I've just changed my salary to be paid into Santander)
Fredrickson (Next) Default
Fashionworld Late
Lowell (Very) Default
Simply Be Late

So, really I'm wondering what is the right thing to do? Can I request they now be put as defaulted or do I have to stop payments to those creditors briefly for that to happen?
I'm worried about taking steps backwards now when I've been so relieved to finally be on a better path.
I'm sure these questions have been asked before but I've read so many threads these last couple of weeks I'm just feeling a bit overloaded - sorry!

Thanks in advance for teaching me to suck an egg

Hi

Depends on your amount of repayments, but there's a chance some of them will get defaulted anyway, usually happens within 3 months of a DMP or at some subsequentl annual anniversary.

If you want to encourage defaults, hardcore stop paying, the softer option is cut the repayments right down with some reasonable excuse, boiler, car repairs, etc and keep the payments down til they default.

Saz

Sazzie23

January2015 wrote: »

You shouldn't have to justify your expenditure, but if they get funny tell them the £50 under sports and hobbies is 2 x membership of Weightwatchers each month and is required for health reasons. That will shut them up.

Such a brilliant answer, made me lol :beer:

Saz

make_the_change

I have a Barclays debt and it's been assigned to Hoist Portfolio Holding Limited where Robinson Way have been appointed to manage it. Does anyone know anything about these two companies? Has it been sold? Thanks!