DMP mutual support thread part 13 !!

sourcrates

carly13 wrote: »

Hi
I’ve got an outstanding debt with Argos which Moorcroft seem to have bought, but I still get letters from argos. I want to approach with a F&G, do I approach Moorcroft?
Thank you x

Hi Carly,


Wescot will be managing your account with newday credit services (argos) as they do not buy debts any longer, you should approach moorcroft for all settlement offers, make the offer in writing, and specify that should the offer be accepted, neither they, nor there agents will take any further enforcement action to recover the remainder of the debt whatsoever.


Only when you have that in writing should you release any funds to them.

Marcus3344

Hi all and thank you in advance for any advice that you may be able to offer.


I am not sure where we stand currently as our personal circumstances have changed yet again.


We started on our DMP last April paying a lowly figure of only £60 per month through StepChange.
I am employed and my wife managed to find new employment at the back end of last year.
We were looking to be able to update our circumstances and increase our payments, but unfortunately my wife is now suffering from ill health.
Following being diagnosed with a life change RA condition, her health has further deteriorated now and she is suffering with anxiety and severe depression.
The short term prognosis is that she will not be able to work for quite some time, and long term we haven't a clue what her future health situation may be.
So, what is it best we do with Step Change and our creditors?


Our finances are set out as below:-
Property owner recently valued at £170,000
Mortgage owing £100,000
Secured loan £28,000
Unsecured creditors
10 creditors
Total amount of debt £40000


I presume we cannot keep only paying minimum payments as we will never pay things off.
I fear that Step Change will recommend an IVA or bankruptcy when I update them with our details?
My problem with this is I fear it will effect my current employment (Civil Service).
I do not want to sell the family home to settle all the debts and become homeless.
My head is all over the place supporting my wife but I also know this nightmare financial situation will not go away (although I do think it has played a part in contributing to my wife's current mental state.)


I would appreciate any advice that you can offer.....


Marcus

Queen_of_Swords

jools1985 wrote: »

I'm another one who hadn't missed any payments at all ...... This is because I no longer pay interest and I'm not in the vicious circle of running out of money so sticking food shopping and other essentials on a credit card. Everything is budgeted for and I feel in control for the first time in years.

Onwards and upwards for us all - well maybe that should be onwards and downwards but you know what I mean.

So true. That was the terrible cycle I got myself into. Absolutely no money left after paying the minimum payments and so ending up using the cards to buy food etc. What a mess! I am just starting the DMP journey. Thanks to all the help and advice on this forum, I've got the new bank account up and running with a small EF, holding letters sent, and paperwork completed and posted to SC. Already I have confirmation from 2 of the 4 creditors that all will be on hold for 30 days until they hear from SC. The relief is tremendous. It's all about facing up to what has happened, not wasting time berating myself, but getting on with getting out of the mess, however long it takes. It was quite a jump mentally, to think about not having access to credit - but of course that's what got me into this state! For the first time in ages, I feel as though I am in control, and that feeling is fantastic. So anyone reading these posts and thinking about a DMP, I would say take advice from a charity like Step Change and if it's the right thing for you, then go for it.

Suseka97

Marcus3344 wrote: »

......
Following being diagnosed with a life change RA condition, her health has further deteriorated now and she is suffering with anxiety and severe depression.
The short term prognosis is that she will not be able to work for quite some time, and long term we haven't a clue what her future health situation may be.
So, what is it best we do with Step Change and our creditors?

I presume we cannot keep only paying minimum payments as we will never pay things off.
I fear that Step Change will recommend an IVA or bankruptcy when I update them with our details?
I would appreciate any advice that you can offer.....Marcus

The simple fact is your financial situation has worsened due to ill health and you do need to update SC, If they advise an IVA or Bankruptcy you just have to say that you are not prepared to go down that route due to a possible risk to your job. Your focus right now has to be supporting your partner, whilst looking after your own wellbeing. Creditors cannot have what you cannot give and you can easily demonstrate hardship and there would be no point in them pursing this through the Courts. Take the first step and speak to StepChange.

Hitmanandher

We have struggled on manfully for 3 years, but aren't getting anywhere with a mountain of debt still to clear. Biggest creditor has just accepted our very low payments for another year but has said at end that period they may look to put a charge order on our house if more realistic payments can't be made (which they won't).

My quesiton is simple and after all this time I still feel shame when asking things like this. But I've got to look after my kids and make our little family unit my priority...So...

Can anyone tell me, if we were to sell our house over the next year what can the bank do? Say we sell a couple months before our current arrangement expires? The threat of a charge order was literally just a "we might do it" type conversation, nothing official, no letters etc (just a mention in an email). I'm not looking to make myself bankrupt (I know that would be fraud), but what could the creditor do if we sell the house with some equity (roughly equivalent to the amount they're owed)? We are in our 50s and it's all we've got, plus tiny pension pots.

lulabelle01

I’m pretty much at the point where I can start paying the agreed monthly payments to my creditors. Nothings defaulted yet but my RBS debt has been passed on to westcot but I’ve not had any information from them about where to make payments to. Should I write to them or just sit back and wait for them to get in touch?

BeingDebtFreeStartsHere

Anyone who had a Natwest debt managed by Wescot who has had this debt now bought by PRA - have you heard anything from PRA regarding your old Natwest account yet? I have still heard nothing. Problem is I have tried to log in to my PRA account to make my monthly DMP payment for my old MBNA account and now the website won't recognise my account/log in details. I have sent a message to them via their site but from experience know they take an age to respond. Might end up having to call them but would rather not..................

BDFSH x

sourcrates

Hitmanandher wrote: »

We have struggled on manfully for 3 years, but aren't getting anywhere with a mountain of debt still to clear. Biggest creditor has just accepted our very low payments for another year but has said at end that period they may look to put a charge order on our house if more realistic payments can't be made (which they won't).

My quesiton is simple and after all this time I still feel shame when asking things like this. But I've got to look after my kids and make our little family unit my priority...So...

Can anyone tell me, if we were to sell our house over the next year what can the bank do? Say we sell a couple months before our current arrangement expires? The threat of a charge order was literally just a "we might do it" type conversation, nothing official, no letters etc (just a mention in an email). I'm not looking to make myself bankrupt (I know that would be fraud), but what could the creditor do if we sell the house with some equity (roughly equivalent to the amount they're owed)? We are in our 50s and it's all we've got, plus tiny pension pots.

Hi,

They cannot put a charging order on your house without first obtaining a county court judgement, unless you concent to it voluntarily.
If you sell the house, then all they can do is chase you through the courts for the money, should they wish too.

Hitmanandher

Thank you Sourcrates. Can I ask, what could they do to chase through the courts. I'm not clear what that might entail.

jools1985

I've been on a DMP with Stepchange since December. All is going well. Barclaycard defaulted me last month and told me Wescot are now collecting the payments. Another payment made via Stepchange, Yesterday I had a letter from Wescot advising the the account has now gone back to Barclaycard and to contact them about it. Does this happen a lot?