DMP Mutual Support Thread - Part 12

Suseka97

Feeling quite emotional right now... so bear with me.

Two and a bit years into our DMP -we decided to make a claim against PPI that was sold to us as part of a secured loan. We made the mistake years prior to the DMP to 'consolidate' debts (big...big...mistake). The details of the PPI sell are complex, but suffice to say after much research I realised that what we bought into was a 'single premium' PPI which basically turned out to be a 2nd loan and we've been paying back the capital + interest ever since.

The secured loan was with FirstPlus and they devolved all responsibility for the 'sell' to the third party who we negotiated the secured loan through (Capital Trust). When I tried to contact CT I found out that they had been wound up and thought that was the end of that. I was pointed towards the FSCS, who then pointed me to the FOS -who then could not uphold our claim because there was a parent company who could potentially still be liable. I found the whole experience mentally exhausting (it had taken 18mths or so to reach that point) and I'd pretty much given up -so I just put all the paperwork away.

A few months ago my husband said we should try again and as reluctant as I was, with little hope it would get us anywhere - I pulled out all the paperwork and wrote to the parent company outlining my complaint. They wrote acknowledging my letter saying that under the terms of their PPI complaints procedure they would respond with their findings by 8th June at the latest. So what I expected to receive was a letter that would reject my complaint and I would then have to go back down the FOS route

So today I arrive home to a letter on my doormat - and... oh my goodness... they've upheld my complaint in full :j:j:j:j

I'm to receive a refund which includes 8% interest as a redress and a reduction on the remaining amount of the loan outstanding. What it says is that they will put the loan back to the position as if the PPI had never been taken out. I'm genuinely gobsmacked and more-so because if my hubby hadn't pushed me to have another go, this would never had happened.

Our DMP journey had been tough and there are a good few home repairs that need taking care of and this will allow us to do them and put a little away so that we can enjoy the odd treat or two.

Wowser :rotfl:

debtisnotme

Suseka97 wrote: »

Feeling quite emotional right now... so bear with me.

Two and a bit years into our DMP -we decided to make a claim against PPI that was sold to us as part of a secured loan. We made the mistake years prior to the DMP to 'consolidate' debts (big...big...mistake). The details of the PPI sell are complex, but suffice to say after much research I realised that what we bought into was a 'single premium' PPI which basically turned out to be a 2nd loan and we've been paying back the capital + interest ever since.

The secured loan was with FirstPlus and they devolved all responsibility for the 'sell' to the third party who we negotiated the secured loan through (Capital Trust). When I tried to contact CT I found out that they had been wound up and thought that was the end of that. I was pointed towards the FSCS, who then pointed me to the FOS -who then could not uphold our claim because there was a parent company who could potentially still be liable. I found the whole experience mentally exhausting (it had taken 18mths or so to reach that point) and I'd pretty much given up -so I just put all the paperwork away.

A few months ago my husband said we should try again and as reluctant as I was, with little hope it would get us anywhere - I pulled out all the paperwork and wrote to the parent company outlining my complaint. They wrote acknowledging my letter saying that under the terms of their PPI complaints procedure they would respond with their findings by 8th June at the latest. So what I expected to receive was a letter that would reject my complaint and I would then have to go back down the FOS route

So today I arrive home to a letter on my doormat - and... oh my goodness... they've upheld my complaint in full :j:j:j:j

I'm to receive a refund which includes 8% interest as a redress and a reduction on the remaining amount of the loan outstanding. What it says is that they will put the loan back to the position as if the PPI had never been taken out. I'm genuinely gobsmacked and more-so because if my hubby hadn't pushed me to have another go, this would never had happened.

Our DMP journey had been tough and there are a good few home repairs that need taking care of and this will allow us to do them and put a little away so that we can enjoy the odd treat or two.

Wowser :rotfl:

Fantastic news

Sazzie23

Suseka97 wrote: »

Feeling quite emotional right now... so bear with me.

Two and a bit years into our DMP -we decided to make a claim against PPI that was sold to us as part of a secured loan. We made the mistake years prior to the DMP to 'consolidate' debts (big...big...mistake). The details of the PPI sell are complex, but suffice to say after much research I realised that what we bought into was a 'single premium' PPI which basically turned out to be a 2nd loan and we've been paying back the capital + interest ever since.

The secured loan was with FirstPlus and they devolved all responsibility for the 'sell' to the third party who we negotiated the secured loan through (Capital Trust). When I tried to contact CT I found out that they had been wound up and thought that was the end of that. I was pointed towards the FSCS, who then pointed me to the FOS -who then could not uphold our claim because there was a parent company who could potentially still be liable. I found the whole experience mentally exhausting (it had taken 18mths or so to reach that point) and I'd pretty much given up -so I just put all the paperwork away.

A few months ago my husband said we should try again and as reluctant as I was, with little hope it would get us anywhere - I pulled out all the paperwork and wrote to the parent company outlining my complaint. They wrote acknowledging my letter saying that under the terms of their PPI complaints procedure they would respond with their findings by 8th June at the latest. So what I expected to receive was a letter that would reject my complaint and I would then have to go back down the FOS route

So today I arrive home to a letter on my doormat - and... oh my goodness... they've upheld my complaint in full :j:j:j:j

I'm to receive a refund which includes 8% interest as a redress and a reduction on the remaining amount of the loan outstanding. What it says is that they will put the loan back to the position as if the PPI had never been taken out. I'm genuinely gobsmacked and more-so because if my hubby hadn't pushed me to have another go, this would never had happened.

Our DMP journey had been tough and there are a good few home repairs that need taking care of and this will allow us to do them and put a little away so that we can enjoy the odd treat or two.

Wowser :rotfl:

Defo Wowser :beer::beer::beer::j:j:j worthy of a happy dance.

I absolutely know where you are coming from with the house repairs, and fully respect your choice, but have you considered offering any F&fs to reduce what's left of the DMP ? Especially as you are getting very close to the end ???

All the very best whatever you decide, happy for you


Saz

Suseka97

Sazzie23 wrote: »

.........
I absolutely know where you are coming from with the house repairs, and fully respect your choice, but have you considered offering any F&fs to reduce what's left of the DMP ? Especially as you are getting very close to the end ???
All the very best whatever you decide, happy for you
Saz

Thanks Sazzie. No, to be honest I hadn't, but I might just clear off a couple of the lowest ones. The house repairs have been worrying me of late and our boiler has been playing up for months; we've also got a few roof panes slipping on the conservatory roof (and I fear the whole roof might slip). So those will be the priority. After that we'll see what's left and I might push for a few f&fs

Woke today having had the best nights sleep in a while and I've got to sort a few bits of paperwork out, then 28 days from now, when the cheque arrives, I will be doing a :j for real.

DJB343

Hey guys,

It's been a while - but a bit of advice would be appreciated.

So just under 4 months ago I decided that my debts were too high to handle myself, and with the advice that I got on these lovely forums as well in addition to researching stepchange - I decided that a DMP was the only possible route to be free of debt.

The advice I got at the time was to not go through with the DMP just yet and save up an emergency fund - also it is more favorable to default on all accounts before starting to pay anything back.

(If I'm being honest, the emergency fund idea works great for me in theory, but in practice it has been really difficult, and I've found myself dipping into it all the time - it's something I need my mindset to change - but living in London does take it's toll on you)

So with that I wrote to each creditor explaining that I would be in talks with stepchange, and with this cancelled all direct debits. The letters and phone calls have been coming in thick and fast, relentlessly in fact. I've ignored every call up until this date, I'm doubting this is the right thing to do ? ... the letters I've left unopened until this morning.

Now the personal part, so me and my best friend ended up starting a relationship just after christmas, purely unexpected and happened very quickly - but unbelievably over the moon regardless. The issue being is was that she obviously had no idea about my spiraling debt. I decided to tell her this last week as it was eating me up inside. We had a chat and she told me it isn't a issue and we can get through it together.
Yesterday we had a big row as she doesn't want me running my debts into default, as this may affect future events such as us getting a mortgage. She believes I need to be more proactive in paying my debts off rather than my current mindset - which is to let my debts run and jump into default.

So with her saying that I opened all the letters this morning, nothing seems out of the ordinary at the moment, just creditors telling me I need to pay back X amount - and no account apparently has gone into default. Also, I've not had a single letter from Bcard, and maybe a handful of calls - I'm finding this strange, anyone else had this?

Based on my noddle report I am £33,318 in debt. No default notices marks, just late payments - so with that I'm still assuming that default is still yet to be released

So I guess my questions are - WHAT DO I DOOOO AHHHHH! haha no seriously.

1, Do I answer those calls?
2, Carry on with the original plan, or get intouch with Stepchange to roll out the DMP and potentially avoid the default

I understand this isn't my any means a relationship thread, but I'm feeling like I need some guidance from the people that have been there. Sharing my debt problem with someone face to face has been a total new experience for me, as previous I hadn't told a soul - it's difficult but I don't want this relationship to end because of these current issues.

Any advice is more than welcome, and well done for getting this far ha

torheb

Tears wrote: »

I have just had a text from Stepchange to say my DMP is in place.
I'm paralysed with anxiety and feel like it is the end of the world.... Will t feel better?

We have had our text from StepChange last week too and it has sent me into utter panic - it was a lot quicker than I expected - I haven't had chance to write to my creditors and haven't got all the direct debits moved to the new account, I'm waiting for all the letters, phone calls and people showing up at the door (even though everyone says this is very unlikely) I feel so panicked but hopefully this is the worst part as everyone says - I just hope one day that there will be relief when the DMP is set up and running hiccup free! It's nice to know there's other people going through it and reading these pages has been the only thing to calm me down!

Julie67

Good morning,

Just a quick update. So far I've informed all our creditors we are going self managed and requested CCA's from them. We have 6, all but one (PRA) have cashed the cheque . PRA said they will send the request as a gesture of goodwill and returned the cheque.
It's just over 2 weeks since we sent the requests. Some have acknowledged and others haven't.
No one has actually sent the copies of the agreements. I guess we just have to wait. I've no intention of making any payments until they comply.
Even then I'm going to keep the payments to £1 for the next few months before offering full and final offers.
In the mean time working on building up our emergency fund. Feels like I should be doing something else. Am I missing anything?
Is there a standard time before they respond? I know they are supposed to act within 12 days but this doesn't seem to be the case.

motivated

Morning all,

I'm still here plodding away in the background. Have had a set back already. My dog has been very unwell and the vet bills have more or less wiped us out financially . His insurance wasn't worth the paper its written on so cancelled it the other day.:mad:

Anyway, we have received letters now from CCs stating they will accept our proposed £1 per month token payments. All interest and charges will continue to stop also. I sent CCA requests to all but have heard nothing as yet.

One of the BCs says they will probably edge to a default but the other with the higher balance says we will continue to add late payment markers on your file.

My question is what do I do now. Do I start making my token payments to all creditors or do I just sit tight and do nothing? My original SC payment would have been going tomorrow so this is our first official month on self managed.
M

lumpyspaceprincess

Afternoon folks! Just seen my latest SC statement and another company is now paid off, and the consequent adjustment to the payments has brought my DFD down a month. Officially I think I have 3 more full payments to make, then one reduced. Exciting stuff.


Thinking I need to do something in that extra month I'm getting to celebrate the end, a treat of some kind to remind me of what I achieved. Will have to think about that! *goes to update sig*

sourcrates

DJB343 wrote: »

Hey guys,

It's been a while - but a bit of advice would be appreciated.

So just under 4 months ago I decided that my debts were too high to handle myself, and with the advice that I got on these lovely forums as well in addition to researching stepchange - I decided that a DMP was the only possible route to be free of debt.

The advice I got at the time was to not go through with the DMP just yet and save up an emergency fund - also it is more favorable to default on all accounts before starting to pay anything back.

(If I'm being honest, the emergency fund idea works great for me in theory, but in practice it has been really difficult, and I've found myself dipping into it all the time - it's something I need my mindset to change - but living in London does take it's toll on you)

So with that I wrote to each creditor explaining that I would be in talks with stepchange, and with this cancelled all direct debits. The letters and phone calls have been coming in thick and fast, relentlessly in fact. I've ignored every call up until this date, I'm doubting this is the right thing to do ? ... the letters I've left unopened until this morning.

Now the personal part, so me and my best friend ended up starting a relationship just after christmas, purely unexpected and happened very quickly - but unbelievably over the moon regardless. The issue being is was that she obviously had no idea about my spiraling debt. I decided to tell her this last week as it was eating me up inside. We had a chat and she told me it isn't a issue and we can get through it together.
Yesterday we had a big row as she doesn't want me running my debts into default, as this may affect future events such as us getting a mortgage. She believes I need to be more proactive in paying my debts off rather than my current mindset - which is to let my debts run and jump into default.

So with her saying that I opened all the letters this morning, nothing seems out of the ordinary at the moment, just creditors telling me I need to pay back X amount - and no account apparently has gone into default. Also, I've not had a single letter from Bcard, and maybe a handful of calls - I'm finding this strange, anyone else had this?

Based on my noddle report I am £33,318 in debt. No default notices marks, just late payments - so with that I'm still assuming that default is still yet to be released

So I guess my questions are - WHAT DO I DOOOO AHHHHH! haha no seriously.

1, Do I answer those calls?
2, Carry on with the original plan, or get intouch with Stepchange to roll out the DMP and potentially avoid the default

I understand this isn't my any means a relationship thread, but I'm feeling like I need some guidance from the people that have been there. Sharing my debt problem with someone face to face has been a total new experience for me, as previous I hadn't told a soul - it's difficult but I don't want this relationship to end because of these current issues.

Any advice is more than welcome, and well done for getting this far ha

Ok, it seems you have a lot going on here.

Original advise still stands really, but if you want to avoid defaults, start your DMP now, but you still risk defaults anyway, it's part and parcel of a DMP.

Defaults only stay 6 years, then drop off your file, paid or not, the creditor could choose to default you later in the process, which would extend the time your credit was affected.

Normally best to get defaulted ASAP, then it's done with.

But you must decide this for yourself.