DMP Mutual Support Thread - Part 12

sourcrates

Billy12345 wrote: »

Thanks Sourcrates you are a legend.

Just so I'm clear, and again apologies if I'm being a bit daft.

Example, say a loan is taken out with Santander for £12k, payments made for a year and then a DMP starts, the loan is defaulted at £10k. The default falls off after six years,but there is still a balance on the loan of say £5k. what will it show on the credit file if there is still a balance ?

That might sound right after I read it about 5 times lol

:beer::beer:

It won't show at all.

Defaulted accounts, as you know, stay on your file 6 years, once there gone, the whole entry disapeers, regardless of if a balance is still on the account.

It is still owed of course, just won't show on your file any more.

BeingDebtFreeStartsHere

Evening everyone :wave:

I am in a position where I am seriously considering moving to self managed. I am now strict and organised when it comes to my budget, am a bit (well probably a lot) OCD when it comes to my income and expenditure excel spreadsheet and feel ready to take this next step.

What is the best starting point when first moving to self managed? I was planning to write to each creditor and inform them that I will be self managing my DMP from say June 2017. I was also going to give them the date of the last SC DMP payment (eg April 2017 - to give myself another "free" month to top up the emergency fund). In the letter I plan to enclose an income and expenditure form - planning on using NEDCAB as seen it recommended on here, together with a monthly repayment offer and also request the account details from each creditor to enable me to set up standing orders to make the payments.

Does this sound ok? Any advice from those who have successfully moved to self managed from SC would be gratefully received. Any guidance re: template letters etc would also be a great help

Thanks in advance,

BDFSH x

motivated

Hi all

Had an email from SC today saying that either there has been a change to the payments on my debt repayment plan. Or one of our creditors has requested an up to date offer of payment even though it hasn't changed.

It says not to worry and to carry on as we are, the payment we make will still be the same but one of my repayments has gone up 1p per month and one has gone down by 1p :rotfl:

However our overall debt has gone up by £90

Bet this is Halifax
But I refuse to let it spoil my positivety
M

January2015

BeingDebtFreeStartsHere wrote: »

Evening everyone :wave:

I am in a position where I am seriously considering moving to self managed. I am now strict and organised when it comes to my budget, am a bit (well probably a lot) OCD when it comes to my income and expenditure excel spreadsheet and feel ready to take this next step.

What is the best starting point when first moving to self managed? I was planning to write to each creditor and inform them that I will be self managing my DMP from say June 2017. I was also going to give them the date of the last SC DMP payment (eg April 2017 - to give myself another "free" month to top up the emergency fund). In the letter I plan to enclose an income and expenditure form - planning on using NEDCAB as seen it recommended on here, together with a monthly repayment offer and also request the account details from each creditor to enable me to set up standing orders to make the payments.

Does this sound ok? Any advice from those who have successfully moved to self managed from SC would be gratefully received. Any guidance re: template letters etc would also be a great help

Thanks in advance,

BDFSH x

Hi BDFSH

Definitely use the NEDCAB templates. It generates the letters to each creditor and the I&E statement for you to sign. Very easy to do, just follow the steps.

I gave myself 3 months of token £1 payments. After the bit about moving to self managed (NEDCAB's standard wording) I just added something along the lines of........ I will make token payments of £1 per month for January, February and March. From 1st April I will make payments of £xxx per month. Nobody argued this.

Definitely ask for the bit about details of how to make payments - even if you have the information it is good to get it confirmed as being current information.

Finally, I would just remind them that all communication must be in writing and you do not give them permission to contact you by phone. You may alreay have done this, but it doesn't hurt to remind them / let the department dealing with your debt now know.

Good luck - I love self managed :beer:[FONT=&quot] [/FONT]

January2015

Hi everyone :wave:

Now the t's are crossed and the i's are dotted I can shout from the rooftops that we've settled one of our debts with an F&F of 10% of the balance. It was an unenforceable account - but we are happy this puts it to bed once and for all. We saved approx £10k on this (I'd already reduced the balance owing on my signature because this has been in the pipeline for a couple of months).

Here's hoping the next lot of F&Fs are successful.

Happy days

motivated

January2015 wrote: »

Hi everyone :wave:

Now the t's are crossed and the i's are dotted I can shout from the rooftops that we've settled one of our debts with an F&F of 10% of the balance. It was an unenforceable account - but we are happy this puts it to bed once and for all. We saved approx £10k on this (I'd already reduced the balance owing on my signature because this has been in the pipeline for a couple of months).

Here's hoping the next lot of F&Fs are successful.

Happy days

:beer: way to go January what a lovely result. :beer:

Here's to the next one and so on
M

BeingDebtFreeStartsHere

January2015 wrote: »

Hi everyone :wave:

Now the t's are crossed and the i's are dotted I can shout from the rooftops that we've settled one of our debts with an F&F of 10% of the balance. It was an unenforceable account - but we are happy this puts it to bed once and for all. We saved approx £10k on this (I'd already reduced the balance owing on my signature because this has been in the pipeline for a couple of months).

Here's hoping the next lot of F&Fs are successful.



Happy days

Fantastic news!! Really chuffed for you x

[Deleted User]

January2015 wrote: »

Hi everyone :wave:

Now the t's are crossed and the i's are dotted I can shout from the rooftops that we've settled one of our debts with an F&F of 10% of the balance. It was an unenforceable account - but we are happy this puts it to bed once and for all. We saved approx £10k on this (I'd already reduced the balance owing on my signature because this has been in the pipeline for a couple of months).

Here's hoping the next lot of F&Fs are successful.

Happy days

What wonderful news, January:T:j:beer:. As someone who is always ready and willing to help, advise and encourage others on their DMP journey you deserved something extra-nice to happen to you:A. I couldn't be happier for you:)


Here's to success with the next ones:beer:


Incidentally, I'm sorry I've not been around for a few days but I saw the new thread as soon as sourcrates linked to it (thanks sourcrates:T) but forgot to subscribe to get notifications. What am I like eh?:o. Have just had 7 pages-worth of posts to catch up on and promise to keep up in future;). Welcome to all the new posters for their interesting questions and thanks, as ever, to those who provided such helpful and lucid answers:T. Even though a lot of people's queries aren't totally relevant to my own situation I always end up learning something new:T.


Good luck everyone:beer:

Twins

January2015 wrote: »

Hi everyone :wave:

Now the t's are crossed and the i's are dotted I can shout from the rooftops that we've settled one of our debts with an F&F of 10% of the balance. It was an unenforceable account - but we are happy this puts it to bed once and for all. We saved approx £10k on this (I'd already reduced the balance owing on my signature because this has been in the pipeline for a couple of months).

Here's hoping the next lot of F&Fs are successful.

Happy days

Oh how wonderful! Congrats, that must be such a weight lifted.

Please can I ask how you arranged this and how did they accept 10% as I thought 30%-50% was a good starting point? I'd love some tip and pointers as I'm going to try offering some F&F payments soon so I'd appreciate any help.

Thank you and congrats again :beer:

sourcrates

Twins wrote: »

Oh how wonderful! Congrats, that must be such a weight lifted.

Please can I ask how you arranged this and how did they accept 10% as I thought 30%-50% was a good starting point? I'd love some tip and pointers as I'm going to try offering some F&F payments soon so I'd appreciate any help.

Thank you and congrats again :beer:

I believe the debt was unenforceable due to a lack of paperwork on the creditors part.

Hence why they bit her hand off at 10%.

As 10% is better than nothing !!