DMP Mutual Support Thread - Part 12

SoulJacker

First time poster, and long time lerker!
In October 2016 I was made redundant, money was tight, and by February 2017, my money had eventually ran out, so I was in arrears with Lloyds and also Barclaycard. I foolishly owe around 11 K between Llloyds, Barclaycard, but also Very and Next.
Now In February I contacted SC, who set up the DMP/TPP for me and contacted my creditors on my behalf and offered them a £1. Very, and Next were surprisingly more than happy with that, and said that they’d freeze any interest, which I found to be quite surprising. Now this morning I’ve received letters from Lloyds and Barclaycard, which were the dreaded default notices, wanting me to bring the account up to date within 14 days.
Now I’m just wondering what is USUALLY the next step? Do they normally sell the debt? Or am I likely to be hit with a CCJ, despite them being sent proof that I’m (currently) not working, or able to pay them any more than I’m currently giving.
Much obliged.

sourcrates

SoulJacker wrote: »

First time poster, and long time lerker!
In October 2016 I was made redundant, money was tight, and by February 2017, my money had eventually ran out, so I was in arrears with Lloyds and also Barclaycard. I foolishly owe around 11 K between Llloyds, Barclaycard, but also Very and Next.
Now In February I contacted SC, who set up the DMP/TPP for me and contacted my creditors on my behalf and offered them a £1. Very, and Next were surprisingly more than happy with that, and said that they’d freeze any interest, which I found to be quite surprising. Now this morning I’ve received letters from Lloyds and Barclaycard, which were the dreaded default notices, wanting me to bring the account up to date within 14 days.
Now I’m just wondering what is USUALLY the next step? Do they normally sell the debt? Or am I likely to be hit with a CCJ, despite them being sent proof that I’m (currently) not working, or able to pay them any more than I’m currently giving.
Much obliged.

Default notice is perfectly normal.

Just the next step in the dance, it's a notice they are obliged to send you under the terms of your agreement.

It's a requirement and means your relationship with the creditor is at an end.

Sale of the debt is next step.

Julie67

So, I've informed Stepchange that we are going self managed. I've written letters to each of our 6 creditors, informing them that we are now self managed. Informing them we will be paying token payments of £1 for the next 6 months. I've also double checked that all the outstanding balances are correct. The money we were paying will be saved to build up an emergency fund and then a couple of months in I shall begin looking at F&F's , or would you advise I leave that a little longer?
I'm thinking the longer they get £1 per month the more likely they will settle at a lower amount or is this just wishful thinking?
My next job is to write to each one asking for CCA's and also to get defaults added, dates changed where needed.
It feels very empowering to be taking back control. I can really see a point were everything is cleared. Before it just seemed to be a long long way off.

motivated

Julie67 wrote: »

So, I've informed Stepchange that we are going self managed. I've written letters to each of our 6 creditors, informing them that we are now self managed. Informing them we will be paying token payments of £1 for the next 6 months. I've also double checked that all the outstanding balances are correct. The money we were paying will be saved to build up an emergency fund and then a couple of months in I shall begin looking at F&F's , or would you advise I leave that a little longer?
I'm thinking the longer they get £1 per month the more likely they will settle at a lower amount or is this just wishful thinking?
My next job is to write to each one asking for CCA's and also to get defaults added, dates changed where needed.
It feels very empowering to be taking back control. I can really see a point were everything is cleared. Before it just seemed to be a long long way off.

Hi Julie

I am in exactly the same position as you at the moment. I sent my letters off regarding self managing on Saturday and will also be paying £1.00 token payments for as long as I can. Good luck and hopefully it all goes smoothly.

As for CCAs. What are these please have I missed something and do I need to jump on this bandwagon too.

Edit: I have just looked it up and not sure it applies to our debts.
M

Julie67

Hi Motivated, I'm not sure it applies to ours either but thought it was worth a try

BeingDebtFreeStartsHere

make_the_change wrote: »

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!

My Tesco loan got assigned to Hoist/Robinson Way - have had absolutely no problems with them. Had to drop my SC payments recently for a couple of months and phoned them to inform them - they were very pleasant on the phone and also respond promptly to emails. No issues whatsoever

Take care,

BDFSH x

make_the_change

Thanks BDFSH.

So are they just working on behalf of the client do Hoist own the debt as the wording wasn't very clear as to what's happened?

Thanks!

[Deleted User]

make_the_change wrote: »

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!

BeingDebtFreeStartsHere wrote: »

My Tesco loan got assigned to Hoist/Robinson Way - have had absolutely no problems with them. Had to drop my SC payments recently for a couple of months and phoned them to inform them - they were very pleasant on the phone and also respond promptly to emails. No issues whatsoever

Take care,

BDFSH x

make_the_change, like BeingDebtFree,my experience with them has been positive, so far at least:j

I wrote to all my creditors requesting CCA information and Robinson Way were the very first to acknowledge my request, in fact despite it being longer than the specified time limit 2 of my creditors have still not even acknowledged my initial contact:(. Robinson Way were not able to supply the information straight away as they had to refer it back to the original creditor (Tesco) but they at least told me they were working on it and would be in touch again as soon as they had the information I asked for. They gave me various contact numbers/addresses for them in case I had any more queries/problems and I have every faith that they will keep me informed of what's going on:T.

Good Luck:beer:

make_the_change

Thanks Carbootcrazy.

What's a CCA request? X

Mcfry80

Hi

Just starting my Dmp journey with SC. it's a joint Dmp. it's just going over to be activated now as all info is in. Reading your threads have been a great help but thought I'd feel better once it was sorted and I don't. Just got off phone to SC and they didn't seem like getting the charges and interest frozen on our debts would be very likely as its 1 loan - natwest 1 store card - Argos. 1 catalogue - premier man and 4 cc - Barclays Halifax M&S and Tesco. This terrifies me as how will we ever pay off our debts with the charges.

I know I've spent the money and the companies are due it all back and we want to pay them it all but it just seems as hopeless as it did before.

Any advice would be appreciated.