DMP mutual support thread part 13 !!

sourcrates

Time_To_Change wrote: »

Hi thank you for taking the time to reply. That is very reassuring to hear and has put me at ease a little

You ALWAYS choose what you can afford to pay no matter what any creditor may demand of you.

Just because you owe them money, does not mean your statutory rights suddenly disappear.

Time_To_Change

Thanks sourcrates I just feel a bit uneasy about it all but I have come this far managing on my own so I will carry on. Would now be a good time to send them a CCA request? The letter from barclaycard says to continue paying them until the account is confirmed as transferred by PRA. Should I wait for PRA to contact me and then send a request? Thanks.

jak669

Hi

I have been on my DMP now for 10 months and everything is going well. All my creditors stopped interest and have defaulted me except one. My step change review has just been done and my payment is staying the same for the next year. StepChange have said they will now contact my creditors with this information.

Are my creditors likely to accept this - will they start adding interest or going down other routes to get their money. I feel like I am finally in a good place and paying off my debts and I am worried that this review might make creditors start adding interest or not accepting what I am offering. Anyone with experience of a review please can you offer me any advice.

Suseka97

jak669 wrote: »

Hi

I have been on my DMP now for 10 months and everything is going well. All my creditors stopped interest and have defaulted me except one. My step change review has just been done and my payment is staying the same for the next year. StepChange have said they will now contact my creditors with this information.

Are my creditors likely to accept this - will they start adding interest or going down other routes to get their money. I feel like I am finally in a good place and paying off my debts and I am worried that this review might make creditors start adding interest or not accepting what I am offering. Anyone with experience of a review please can you offer me any advice.

Annual reviews are normal in DMPland and your creditors will likely continue to accept whatever payment is offered. They have no reason to do anything else, so put your worries aside. If, for example, one of them was to say different - it really doesn't matter because your review and the paperwork they will have received proves that is all you can afford.

Suseka97

Time_To_Change wrote: »

Thanks sourcrates I just feel a bit uneasy about it all but I have come this far managing on my own so I will carry on. Would now be a good time to send them a CCA request? The letter from barclaycard says to continue paying them until the account is confirmed as transferred by PRA. Should I wait for PRA to contact me and then send a request? Thanks.

If it were me I'd wait until PRA confirm the account has been transferred to them and then send off the CCA request. Keeps it all neat and tidy that way, seeing as your account is in a transition period at the mo.

Suseka97

Marble030509 wrote: »

Hi Guys
The letters are starting to roll in now which is good I suppose as they are acknowledging us. Most have been fine and are holding the accounts.
A couple of the creditors that have agreed to hold the accounts are still slapping late payment fees on though. Is this correct?
Thanks

Unfortunately some will do that, yes -and some continue to add interest charges during this holding period. You could contact them and complain of course as by doing so they are only compounding the situation.

Marble030509

Hi guys

Currently on the night shift and been scouring this wonderful thread again so wanted to just ask a couple more questions if that is ok?

I have taken a quote made by the very helpful Sourcrates and copied it below. I couldn't properly quote it has it is from an older thread:

Two things, token payments are a waste of time, they cost more to process than the payment is worth, second, you will not be getting debt collectors knocking on your door, so forget that idea.

Yes its that simple, why wouldn't it be ?

Creditors are well used to this, you are not the first to be in this situation, it really is just a simple matter of writing to each creditor, explaining your circumstances, asking for interest to stop etc.

You will automatically get 30 days grace with no collection activity, you can extend this as long as you keep them informed of your intentions, save up an emergency fund, then, when your ready, write again with your payment offers, get there payment details, that's it, one payment to each creditor on a monthly basis.



Our 30 days holding period from our initial letters with most of our creditors is coming up at the end of the month so we obviously have to get new letters sent out to update them with our situation. As you are aware we are saving an EF for 6 months. Sourcrates in the quote above has said not to make token payments so i am just wondering on how we should word these letters as i can not really find a sample letter online that would suit our specific situation. Is it basically just something along the lines of ''We will be starting a DMP with StepChange and the payments will start in August/September''? Do i need to give them a reason for the delay? Do we need to ask them about holding the accounts and freezing interest again alongside this? Sorry but my mind is frazzled and i really want to get these letters correct as 6 months without paying a bill is freaking me out massively.

Finally late fees are still being put on to some of our accounts even after we have contacted the creditor, is this correct?

Once again i thank you for all of your help, i do not know where i would be without this forum.

Have a great Sunday.

Time_To_Change

Hi Marble I seem to remember sourcrates offering this advice to myself. I do not really have enough knowledge to offer you any solid advice but I can tell you what worked for me and that sourcrates was spot on with what he said above.

I wrote to my creditors for a 30 day holding period and said I would be in contact again in the next 2 weeks. I then wrote back and told them (told being the important word here) what I would be paying and the date I would start paying. My first payment was around 4 months after this letter. I did say in my letter that I had a large car repair bill to sort out before I was in a position to make payment but I am not sure if that was even necessary. All i can say is that this worked for me with very few problems considering how worried I was about doing it.

One creditor did continue to add interest/charges for a few months but after a couple more letters they accepted that was all I could afford and that they were only making my situation worse.

Hopefully this will at least help put your mind at ease until somebody comes along with some better answers for you. I know when I was at your stage it was reassuring to hear how others have managed. All the best and try not to worry

lulabelle01

Just checked the dreaded credit report this morning and have just spotted that 2 of my accounts (both RBS) defaulted at the end of January! I also had letters from around the same time to say these would be managed by Wescot and they would be in touch with regards to payments. I’ve not heard a peep from them or RBS since But I need Information as to who and where I should start making my payments to. What should I do?

motivated

lulabelle01 wrote: »

Just checked the dreaded credit report this morning and have just spotted that 2 of my accounts (both RBS) defaulted at the end of January! I also had letters from around the same time to say these would be managed by Wescot and they would be in touch with regards to payments. I’ve not heard a peep from them or RBS since But I need Information as to who and where I should start making my payments to. What should I do?

Hi lulabelle
Wescot are managing 2 of our loans (originally Halifax) they are only managing them and have not bought them.

Wescot wrote to us within a few weeks and have been absolutely fine with regards to payments. We then set up standing orders with Wescot and have been left alone since.

Good luck
M