Can I get some advice please

Max_and_sasha

Hi everyone

I am on a dmp with baines and ernst and I have finally plucked up the courage to dump them, my wife and I are going to do our own dmp saving us £50 per month that baines and ernst were charging us,

1, How do I go about ditching them, is there anything specific we should state in the letter?

2, What should we expect back from them and what reaction do you think we'll get from them?

3, What should we expect from our creditors, there are 7 of them?

Thank you and I look forward to any advice we recieve

sourcrates

Max_and_sasha wrote: »

Hi everyone

I am on a dmp with baines and ernst and I have finally plucked up the courage to dump them, my wife and I are going to do our own dmp saving us £50 per month that baines and ernst were charging us,

1, How do I go about ditching them, is there anything specific we should state in the letter?

2, What should we expect back from them and what reaction do you think we'll get from them?

3, What should we expect from our creditors, there are 7 of them?

Thank you and I look forward to any advice we recieve

Hi,

Send them a letter stating you wish to terminate there services as you intend to go self managed.
Ask them to accept this letter as your notice of termination.

Who cares what reaction you get ? They will try to stop you from leaving, after all, you are a source of revenue for them, ignore all communications that ask you to stay.

Write to your creditors, inform them of your situation, ask them for there payment details, account numbers etc (if you don't have them).

Include your budget, tell them what you will pay them and when, that's it, job done.

Enjoy been £50 a month better off !!!

January2015

Well done on ditching a paid for DMP, and welcome to the forum. We look forward to getting to know you and supporting you along your journey

January2015

From the Baines and Ernst website.

• Can I cancel a debt management plan?

Yes. You can cancel the Plan at any time and for any reason by sending us written notice – either by post, fax or email. Click here to find our contact details.

With regards to what you will get back from them - probably not a lot. Don't assume they will send you details of creditor sort codes and account numbers and references to make payments to. You will probably have to do some leg work youself and find this information out. You can expect to receive a statement from them showing your creditors, balances and and what you have paid towards debts and towards {gulp} fees for Baines and Ernst.

Don't panic about finding the information for making payments. Just contact each creditor (NEDCAB is good for setting up a self managed DMP) and adapt the letter generated to advise you will require them to provide you with details to allow you to make regular monthly payments by standing order, e.g. sort code, account number and reference number (ref number is usually the card number/bank account number - but ask for it to be confirmed that this is what they want to see as the ref number when payment is made).

Even if you think you have the payment information - ask for it again to confirm it is still correct.

StopIt

Remember if a self managed DMP is too much there are free DMP providers too like Step Change etc who can help too.


However as long as you write to each creditor explaining the change and asking for their payment details they'll generally comply and you can get on fine.


I honestly feel for you as paid for DMP providers don't exactly tell you that there are free alternatives! It's literally paying to be in debt trouble, which is somewhat ironic as the money they charge could be going towards solving the problem, rather than lining the pockets of companies with less than perfect morals.

Max_and_sasha

Hi everyone and thanks for welcoming us !!


I would like to thank everyone who has taken there time to reply to us. My wife and I are going to do the dmp ourselves but are both excited and nervous about what lies ahead on our journey to becoming debt free. We think we are ready for the battle ahead with the support of this great forum.

A little background to our situation, it may help with the advice we recieve. We have been on this dmp for 12 years and our debt has more than halved from nearly £60k to about £23k but B and E say it will be another 10 years. We have 7 creditors left ranging from £13k to £350.

I am going to send off CCA,s to see who has got them, if not do i stop paying them in the mean time while they retrieve them for us or do I continue to pay them.

Thanks so much for your help

Max and sasha

Max_and_sasha

Hi everyone that's the letter sent off to Baines and Ernst registered post, so they should get it tomorrow,

Next step i will send off CCA request when is best to do this,? Will I wait for the debt collection people to contact me once B+E tell them I am no longer going through them

Thanks for reading

Max

sourcrates

Max_and_sasha wrote: »

Hi everyone that's the letter sent off to Baines and Ernst registered post, so they should get it tomorrow,

Next step i will send off CCA request when is best to do this,? Will I wait for the debt collection people to contact me once B+E tell them I am no longer going through them

Thanks for reading

Max

You can make a sec 77-79 request at any time, as long as a balance remains on the account.

It is your right under the consumer credit act 1978.

Max_and_sasha

Hi everyone

I am about to send off CCA requests today here's hoping they don't have them, but not holding out much hope as I ain't that lucky.

I have a question should I write to my creditors and tell them I am doing my own dmp or wait till they find out from B + E, and also do i stop paying them until they produce a CCA .?

From what I have read on these great forums do i need to sent them an up to date income and expenditure, or will they request bank statements or wage slips but I am not to keen on sending DCA this stuff,

Just to let you know we have not heard a thing from B + E as of yet

Thanks for reading and any advice we recieve

Max and sasha

sourcrates

Max_and_sasha wrote: »

Hi everyone

I am about to send off CCA requests today here's hoping they don't have them, but not holding out much hope as I ain't that lucky.

I have a question should I write to my creditors and tell them I am doing my own dmp or wait till they find out from B + E, and also do i stop paying them until they produce a CCA .?

From what I have read on these great forums do i need to sent them an up to date income and expenditure, or will they request bank statements or wage slips but I am not to keen on sending DCA this stuff,

Just to let you know we have not heard a thing from B + E as of yet

Thanks for reading and any advice we recieve

Max and sasha

I wouldn't rely on Baines and Ernst to be helpful here, they are now out of the picture and its up to you to control things from now on, cancel your payment to them, and stop paying all your other unsecured creditors, for the time being.

Use the time to save up an emergency fund, give it a month or two, then write and inform your creditors of your intentions, you can enclose your own budget sheet, i suggest you start working out a feasible budget to show them, thats all they are entitled to see, i would draw the line at payslips and bank statements, they are not entitled to see those.

It may take several months before you get replies to your CCA requests, so be patient.

Work out what you can pay, and when, then tell them what there going to get, also request payment details from them (most DCA`s have these details on there respective websites anyway).

Thats it, good luck, any further help, just shout.

Daydreambeliever

Hello Max and Sasha, well done on your decision to leave B&E. As Sourcrates has advised, it is best you contact the creditors letting them know and request their bank details for payments (best do payments via standing order so that you have more control). I really would recommend using the NEDCAB site for self managing. I used their template letter to notify my creditors that I would be self managing and just tweaked it where necessary, I asked them to confirm bank details and I also added that I would only deal with them in writing. I completed the Income and Expenditure form on the NEDCAB website and attached this to the letter. Don't send anything else, this is all that is necessary and feel free to ignore any of their requests for bank statements, etc. Good luck, don't worry, please do shout out for help as everyone is always willing to help and advise here. Take care DB