reduced payments and self managed DMP

LMJ10

hi, could someone help me and offer advice -


I am with stepchange I have been for a few years now, I've had a massive blip this year and have made reduced payments to SC and even missed 1 whole month.
my problem is I will need to reduce my payment this month and next month due to house repairs needed and my husband both having jobs where we are commission based and this year we have both had pay drops due to the commission earned (or not in this case)
I know that I will need to inform SC about missing payments, however - I'm concerned they will cancel my plan??.
but .... is going self managed a better way to deal with the creditors? most of my debt are now with debt collection agencies and they seem quite happy to set you up on a plan with them, but my other concern is I have 30 creditors - is this too much to handle paying separately?


thanks for your help

sourcrates

Hi,

I agree 30 creditors will mean an awful lot of work on your part, to set up a new DMP.

Any other option you may qualify for, such as a debt relief order, IVA ?

Have you sent CCA requests to all relevant accounts to whittle out any unenforceable debts ?

You can take a break for 6 months or so, but i would think SC will cancel your plan if you do so, nothing to stop you going self managed, once payment info is set up, its just 30 clicks of the mouse each month, or even set up standing orders.

Plenty of people go down this road, just for the flexibility it gives them.

LMJ10

Thanks Sourcrates


I have been thinking about a self managed plan for a while now but it is the amount of creditors that is putting me off!!


I will speak with SC to see if I can make a reduced payment for 2 months (again) I just need to catch up on my priority bills else I'm just going to keep falling 1 month behind!


I spose if SC do cancel my plan then self managed would be the way to go forward

LMJ10

sourcrates wrote: »

Hi,



Have you sent CCA requests to all relevant accounts to whittle out any unenforceable debts ?

what is this?

sourcrates

LMJ10 wrote: »

sourcrates wrote: »

Hi,



Have you sent CCA requests to all relevant accounts to whittle out any unenforceable debts ?

what is this?

Google "CCA REQUESTS" do a bit of research as its been covered on here 1000 times.

In a nutshell, if a creditor cannot provide a copy of your credit agreement when asked, the debt may be unenforceable.

Template letter here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

LMJ10

Thanks I’ve had a quick read and it seems interesting I have a Coop loan that they refunded interest on due to not following the rules so they maybe a good place to start just a few questions tho

Is it only cards/loans pre 2007?
Do the creditors really wipe the debt off?
Can they keep marking late payment on your credit files?
And when I get my cca back what am I actually looking for?

sourcrates

LMJ10 wrote: »

(1) Is it only cards/loans pre 2007?
(2) Do the creditors really wipe the debt off?
(3) Can they keep marking late payment on your credit files?
(4) And when I get my cca back what am I actually looking for?

(1) cards, loans, catalogue accounts (not bank accounts or mobile contracts).

(2) No its not wiped, just unenforceable in court without a valid agreement, they can keep asking you for payment, they just cant make you pay via the courts.

(3) yes.

(4) if they can provide a legible agreement (or recon) they will of complied, pre 2007 agreements must contain the prescribed terms applicable to the account, this requirement was rescinded after this date.