DMP mutual support thread part 13 !!

sourcrates

Marble030509 wrote: »

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?

Hi,


Yes basically just what you have written above will suffice.


No you do not need to give them a reason.


Yes you should tell them to hold the accounts, and continue freezing interest.


This is all about what you want to happen, not them, you should play the game as you want it to be played, you decide what happens and when, its all about taking control of the situation, instead of been at the creditors whim.


These are big organisations, if you dont stand up for yourself, you will just get trodden on, so its best to start how you mean to go on, you tell them how you want this arrangement to be run, not the other way around, may seem like a ballsy attitude to take, but it works, they realise they are dealing with someone who wont be messed about with, and it will show in how they treat you.

lulabelle01

I’m sure I received my last letter from RBS end of jan beginning of feb and I’ve had nothing from them or Wescot who are supposedly now managing the debt.

motivated wrote: »

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

Marble030509

Thank you so much guys.

rick545

Hi. Just needed clarification. I had a reduced settlement offer from Wescot and the wording is :


Please note payment of a partial settlement means that you will not be required to pay the remaining balance and your credit file will be updated by our client to reflect that this account has been ' partially settled ' . This information will remain on your credit file for 6 years from the date of the default .



Is that enough to ensure that the debt is cleared and cannot be pursued further ?

Suseka97

sourcrates wrote: »

.........

This is all about what you want to happen, not them, you should play the game as you want it to be played, you decide what happens and when, its all about taking control of the situation, instead of been at the creditors whim.

These are big organisations, if you dont stand up for yourself, you will just get trodden on, so its best to start how you mean to go on, you tell them how you want this arrangement to be run, not the other way around, may seem like a ballsy attitude to take, but it works, they realise they are dealing with someone who wont be messed about with, and it will show in how they treat you.

To all new DMPers, or wannabees out there - please take heed of this comment from one of our DMP stalwarts. We all worry far to much about what creditors might say or do - or even think about us and the fact is they don't really share the same concerns about you.

You must change your mindset in the knowledge that you are taking control of your financial difficulties and don't be afraid to stand up for yourself. You are just a number to these organisations and whilst some will treat you with a level of professionalism - many will not!

Take control and keep it that way

Suseka97

rick545 wrote: »

Hi. Just needed clarification. I had a reduced settlement offer from Wescot and the wording is :
Please note payment of a partial settlement means that you will not be required to pay the remaining balance and your credit file will be updated by our client to reflect that this account has been ' partially settled ' . This information will remain on your credit file for 6 years from the date of the default .
Is that enough to ensure that the debt is cleared and cannot be pursued further ?

I would want to see something included that makes it clear the outstanding balance will not be passed onto any other 3rd parties. I think Wescot are one of the better DCAs out there - but I'd still want that assurance.

sourcrates

rick545 wrote: »

Hi. Just needed clarification. I had a reduced settlement offer from Wescot and the wording is :


Please note payment of a partial settlement means that you will not be required to pay the remaining balance and your credit file will be updated by our client to reflect that this account has been ' partially settled ' . This information will remain on your credit file for 6 years from the date of the default .



Is that enough to ensure that the debt is cleared and cannot be pursued further ?

I would be happy with that, wescot are just the middlemen here, they don`t buy debts any more, notice they refer to "our client" so they are just passing on what the original creditor has agreed too.

Lifeisforliving19

Just wanted to share today's good news. Letters from B/Cd saying they have asked L*NK, who now manage our accounts, to reduce the total owing on the 3 accounts, by a total of £576.:T:T:T This is a refund of the interest and default charges that they continued to add after we first told them we were having problems back in 2015. They eventually defaulted the accounts but have now apparently looked into the way the accounts were handled back then, and realised they did not "engage" with us and meet the expected standards!


This means I can now say we have paid 26% of our debts...we seemed to be stuck on that 25% for ages....:rotfl:

So for everybody starting out on your DMP journey, don't get disheartened. Miracles do happen.

rob797

Hi

Hopefully this is in the right place, just wanted to share my beginnings as may be relying heavily on these forums for advice in the coming months/years!

I am 33, about to become redundant with no package; no further work confirmed yet although I am of course pushing for anything decent I can find.

I have £25k CC debt at varying interest (18 - 29%), £14k left of Zopa loan at 18.9%, an overdraft of £2k, and owe (thankfully understanding and patient!) people I know probably around £20k.

I am now signed up with StepChange and am in the process of getting 30/60 days grace of freezing interest + payments. MBNA have agreed and I am phoning the others tomorrow alongside sending off formal letters. I believe the best plan once I am back in work will be to proceed with a DMP, about which I am very nervous but it has to be done.

Part of me just wanted to declare bankruptcy just to remove the weight of the situation, but I have resisted as it looks like, for me, that might not be the best option.

Any advice/stories of similar situations appreciated!

Gill42

Hi all now nearly into a year of my debt management plan. Its going OK money issue is a bit better. Wanting to know if its worth trying to get an upgrade with 3 when my contract runs out in May. Always paid my bill via direct debit on time keep getting reminders it's nearly due to run out. Will I get credit checked again.? Looked on 3 but can't find an answer to my question. Really don't fancy spending 2 hours on the phone to them trying to cancel it they are known for the refusal to let you leave.. Thanks all