DMP mutual support thread part 13 !!

sourcrates

carbootcrazy wrote: »

Thanks, sourcrates:T. I knew you'd know but we don't always see you on here so much these days.

I'll do what you suggested. Do I need to send a £1 P.O. for it as I would for a CCA?

Oh I lurk on these boards every single day lol, no, no £1 postal order, it’s not an official request, your asking them a favour.

Good luck.

Stairs91

Hi all

Newbie here.

Myself and wife currently going through the motions with Stepchange. Looking at DMP which will take approx 6 to 7 years. Just been doing all the embarrassing calls to creditors to inform them of our circumstances and i am actually suprised at how nice everyone was! Wether their tune will change when they dont get what money they want.. we shall just have to see.

Im so glad we took the plunge and although we have hiddeb our head in the sand for so long it finally feels like a weight has been lifted.
Its a long way to go but we have a baby en route in january so still something to look forward to.
I love this forum already!

make_the_change

Well I offered one of my creditors a settlement at 15% of the balance and it was quickly dismissed. Their counter offer was a settlement which was £50 less than the outstanding balance working out to be about 85% (so a reduction of 15%). So I shall continue to pay my teeny amount each month to them

Still waiting to hear from Robinson Way re: F&F.

January2015

Stairs91 wrote: »

Hi all

Newbie here.

Myself and wife currently going through the motions with Stepchange. Looking at DMP which will take approx 6 to 7 years. Just been doing all the embarrassing calls to creditors to inform them of our circumstances and i am actually suprised at how nice everyone was! Wether their tune will change when they dont get what money they want.. we shall just have to see.

Im so glad we took the plunge and although we have hiddeb our head in the sand for so long it finally feels like a weight has been lifted.
Its a long way to go but we have a baby en route in january so still something to look forward to.
I love this forum already!

Well done on taking the plunge into DMP land :beer:

Honestly - creditors are fine. I've been on token payments over 2 years now. My debts still at over £40k. Every single creditor has been fine - with some asking me not pay until my situation improves :rotfl:

I was made redundant earlier this year so currently have zilch income for me. Prior to DMP land I would have been beside myself with worry. Now, we can live with one income but can't pay more than token payments to our debts.

In DMP land if priority debts (such as mortgage, rents, utilities, etc) go up, then amount available for non-priority debts go down. So, in your case when baby arrives your grocery costs will go up (think nappies etc. etc.). This is perfectly reasonable and therefore the amount available for non-priority debts will go down. You don't have to struggle to find extra for those nappies and stuff.... your creditors have to take less each month and the debt takes a bit longer to pay off.

biker_rob

Still in the process of setting up my DMP with Step Change but got a letter from Tesco Bank yesterday stating that my account is now in recoveries and they are making a formal demand for the full amount I owe which is £9,677.50.

I sent them a holding letter earlier in the week so maybe the letter from them was generated before they had received mine.

I'm assuming this is par for the course? It's made me wobble a little.

sourcrates

biker_rob wrote: »

Still in the process of setting up my DMP with Step Change but got a letter from Tesco Bank yesterday stating that my account is now in recoveries and they are making a formal demand for the full amount I owe which is £9,677.50.

I sent them a holding letter earlier in the week so maybe the letter from them was generated before they had received mine.

I'm assuming this is par for the course? It's made me wobble a little.

Standard computer generated garbage Biker rob, and as you say, par for the course.


You may receive many more such letters, but don`t be wobbled by them, none are written by human hand.


Creditors collections dept operate much the same as debt collectors do, there is a process to follow, they work there way through a series of standard computer generated template letters, each upping the ante a bit more, non will take your comms regarding your DMP into account.

biker_rob

Thanks Sourcrates, that's reassuring. I guess it'll take a bit of getting used to.

As ever this forum has come up trumps with great advice :beer:

sourcrates

biker_rob wrote: »

Thanks Sourcrates, that's reassuring. I guess it'll take a bit of getting used to.

As ever this forum has come up trumps with great advice :beer:

It always makes me laugh to be honest when a creditor issues a

"formal demand for payment".

What exactly is a formal demand, is there an informal demand i wonder ?

We have been through the contents of debt collection letters many times in the past on these threads, some are actually quite funny.


"we require full payment by the 25th or else further action may be taken to recover the debt".

Oww sounds scary, what could this further action possibly be ?

Will i wake up in the morning and find the contents of my house in the back of a lorry, or worse, will i wake up with a horses head on my bed, surrounded by men in dark suits and foster grants ?

No, nothing like that, in fact the best they can come up with is,


"We may report your non payment to the credit reference agencies",

now i am scared...........

Just remember, debt collection letters are specifically worded in large red & black font, for one purpose only, and that is for you to contact them by phone, which is there preferred weapon of choice, play the game by your own rules, not theirs.


Knowledge is power,

Walker42

Hi.

I am needing some advice regarding what to do about my DMP while I am negotiating full and final settlements with my debtors.

Step change have told me to continue paying. I have requested a copy of my CCA for two debtors PRA & intrum the other debt is an overdraft so there is no point with that one.

Step change have advised me to continue paying as it may not look so good if I stop.

Pra told me that they are unable to provide a copy of the CCA. Then offered a settlement figure of £2530 on a debt of £2663. They told me to keep paying in the meantime but my account is on hold. I don't know if this means interest is on hold or the payments are on hold.

Intrum said that they have only just processed my request which was sent 3 weeks ago but that I should keep paying. They would consider looking at !!!!!! in the region of 5 to 10% and that I should keep paying in the meantime. They then reluctantly put the account on hold. Again not sure what that means.

The direct debit for my DMP came out today and I need to contact my bank by the end of today if I don't want it to go through.

I am concerned about what the consequences might be if I stop the DD and also what happens to the part of the DMP Which pays off the overdraft as this is enforceable. Step change have said that they cannot pay just this part of it.

The overdraft is my smallest debt. £250 So I can pay this off in full if needs be.

Does it sound like I would be better off self managing my DMP. Is this easy to arrange

Or should I continue to pay. I would like to have the monthly amount towards any settlement I make if possible.

Any advice would be gratefully received am feeling a bit confused at the moment.

Thanks

sourcrates

Walker42 wrote: »

Hi.

I am needing some advice regarding what to do about my DMP while I am negotiating full and final settlements with my debtors.

Step change have told me to continue paying. I have requested a copy of my CCA for two debtors PRA & intrum the other debt is an overdraft so there is no point with that one.

Step change have advised me to continue paying as it may not look so good if I stop.

Pra told me that they are unable to provide a copy of the CCA. Then offered a settlement figure of £2530 on a debt of £2663. They told me to keep paying in the meantime but my account is on hold. I don't know if this means interest is on hold or the payments are on hold.

Intrum said that they have only just processed my request which was sent 3 weeks ago but that I should keep paying. They would consider looking at !!!!!! in the region of 5 to 10% and that I should keep paying in the meantime. They then reluctantly put the account on hold. Again not sure what that means.

The direct debit for my DMP came out today and I need to contact my bank by the end of today if I don't want it to go through.

I am concerned about what the consequences might be if I stop the DD and also what happens to the part of the DMP Which pays off the overdraft as this is enforceable. Step change have said that they cannot pay just this part of it.

The overdraft is my smallest debt. £250 So I can pay this off in full if needs be.

Does it sound like I would be better off self managing my DMP. Is this easy to arrange

Or should I continue to pay. I would like to have the monthly amount towards any settlement I make if possible.

Any advice would be gratefully received am feeling a bit confused at the moment.

Thanks

Hi,


"On hold" refers to no collection activity whilst your sec 77/79 request is been actioned, regardless of what stepchange or your creditors say, you are not obliged to continue payments while they search for your credit agreement.


Congratulations, it looks like your PRA group debt is unenforceable then, you can simply walk away from that one if you wish.

I can`t see why you are in a DMP with only 3 creditors, where there more originally ?

You can easily self manage, instead of letting SC make your monthly payment, you just do it yourself, there you go, you are now self managed.