DMP mutual support thread part 13 !!

Jambobabi

Suseka97 wrote: »

I assume/hope that these debts are showing as defaulted on your credit file - and in the case of that or any other type of marker e.g. AP or AR, it doesn't make a jot of difference whether you pay the full outstanding balance or a reduced amount. The fact you are in a DMP will have impacted your credit file and the only thing that will improve it over time, is when the D's, AP's or AR's disappear off your file.

If it were me - I'd take the settlement offers when you are happy with the rate of discount and the Cabot offer is close to a 40% discount, which is good in my book.

One thing to throw out there is whether you have sent CCA requests to any of your creditors. Depending on the age of the debt, you could be lucky in that some might come back as unenforceable and if they do, well that puts the whole settlement offer ball game well and truly in your court.

To explain - 3 of my debts are currently UE and I haven't paid them a penny for over a year. They keep offering my settlement amounts and those discounts are getting bigger as time goes by.

Thanks for the info!

All of my debts have defaulted and have the clear marker on my credit report. The procedure CCA is new to me, but definitely something I will look into. No harm in trying!

As the damage is already done, I will look at settlement offers and see what room for negotiation is there. I have received offers from Cabot and Arrow Global, and I also believe I should be able to negotiated with Capital One

Cheers!

Marble030509

Hi guys.

Just a quick question.

Sent out the letters last week telling our creditors of our impending DMP with StepChange and that we wouldn't be making any payments until September. Kindly asked them to stop fees and interest if possible too.

We have 24 creditors and have so far heard back from 7, all of which have said that interest will continue to be applied. Is there anything i can do about this or have i just got to accept it? Just worried as surely if all 24 creditors do this our £57,000 will be considerably higher?

Thanks guys.

Suseka97

Marble030509 wrote: »

.............
We have 24 creditors and have so far heard back from 7, all of which have said that interest will continue to be applied. Is there anything i can do about this or have i just got to accept it? Just worried as surely if all 24 creditors do this our £57,000 will be considerably higher?
Thanks guys.

That's disappointing - but hopefully not all will follow suit. But if it comes to it, at the end of the day you are going to enter into a DMP and it really doesn't matter what the starting point, in terms of outstanding balances, is. Quite a few of ours added interest and charges and our total starting debt was circa. £90k. Your focus needs to be on getting defaults because at that point interest stops and the 6 year clock starts ticking. It's a bit of a waiting game - but you can look forward to debt freedom much sooner than if you stayed on the never ending minimum payment debt spiral.

lulabelle01

Suseka97 wrote: »

One of my debts (Hfx) was passed over to Wescott (a good few years ago) and I found them very easy to deal with. They accepted the repayment amount that was being given to Hfx at the time and accepted whatever payment was offered when I had my annual review.

The wescot letters came through today asking me to either pay the full amounts owed or contact them regarding a repayment plan. I think i’ll Just drop them a letter back with my RBS reference on and what they agreed to. I’ll give them a date of when the payments will begin and ask them to confirm where I need to send the money to. I really don’t want to have to speak to them I’ve had 4 missed calls since yesterday already!

DFW1979

My first DMP payment DD to Stepchange went out today.
Although i'm at the start of a long road (just over 20 years in fact), it's a good feeling knowing that i'm tackling my debts now rather than sticking my head in the sand as I have been the last few years.
This will be the first month in as long as I can remember where I won't be stressing about how I can make the minimum repayments on my debts and, hopefully, will end with me having a little money left over to put into a savings account for my 'rainy day' fund.

Marble030509

Suseka97 wrote: »

That's disappointing - but hopefully not all will follow suit. But if it comes to it, at the end of the day you are going to enter into a DMP and it really doesn't matter what the starting point, in terms of outstanding balances, is. Quite a few of ours added interest and charges and our total starting debt was circa. £90k. Your focus needs to be on getting defaults because at that point interest stops and the 6 year clock starts ticking. It's a bit of a waiting game - but you can look forward to debt freedom much sooner than if you stayed on the never ending minimum payment debt spiral.

Thanks once again Suseka, i really do appreciate the help and advice you have given us over the past month. It's nice to hear from someone who has been through all of this. Really puts my mind at rest

lindoz

Hello Everybody,
It's a while since I've posted on here, I had a 'Debt free wannabe journey some years ago.
Unfortunately I've arrived at the bottom of the slippery slope again and I'm about to commence a 'Debt management plan with Payplan.
I have 7 debtors (1 loan 6 credit cards).
My question, if anybody can help, is 2 of the credit cards are Bank of Scotland and Halifax.
I have my 5 year old son's saving account with Halifax so they all appear together when I log on....
Can they move money from this account to make a payment against the credit card debt??
I've been reading lots of helpful information and sorry if I have missed this elsewhere.
Thank you in advance.
Lindoz x

sourcrates

lindoz wrote: »

Hello Everybody,
It's a while since I've posted on here, I had a 'Debt free wannabe journey some years ago.
Unfortunately I've arrived at the bottom of the slippery slope again and I'm about to commence a 'Debt management plan with Payplan.
I have 7 debtors (1 loan 6 credit cards).
My question, if anybody can help, is 2 of the credit cards are Bank of Scotland and Halifax.
I have my 5 year old son's saving account with Halifax so they all appear together when I log on....
Can they move money from this account to make a payment against the credit card debt??
I've been reading lots of helpful information and sorry if I have missed this elsewhere.
Thank you in advance.
Lindoz x

Hi,

The right of set off can only be implemented from accounts that are in your name only, not your spouses, not your child’s, just yours.

Suseka97

Marble030509 wrote: »

Thanks once again Suseka, i really do appreciate the help and advice you have given us over the past month. It's nice to hear from someone who has been through all of this. Really puts my mind at rest

Glad to be of help

You just need to hold your nerve and stick to the plan - but keep creditors onside by keeping them updated. As I think I've mentioned before (to others), a DMP journey is a marathon, not a sprint, and in the DMP world its wheels turn slowly. Whilst a creditor may flex its muscle from time to time, they are to some degree toothless unless they get a court involved. So they may bluster and threaten, but if you stand your ground and act responsibly - you'll always win out.

Of course they want their money back and want to pressure you to start making payments sooner rather than later, but your point is that you need time to build up a decent EF so that if the unexpected should happen - you won't have to suspend your DMP to sort it. So its in their long term interest to work with you.

SkintDad87

Good evening/morning all

After reading through alot of info on the DMP, I feel this may be the path me to go down. In around £62k worth of debt, all my own doing and more than anything I am embarrassed that I got into this mess. I had an operation at the beginning of the year, and it put into perspective, how much trouble I'm in! Just looking for some advice really...

I'm in a job, where my basic each month is around 2.5k take home, but there is scope for overtime, when they are short staffed. Would my DMP payments be worked out on just my basic wage? And if I hammered out overtime one month and earned £3.5k, could I tuck £1k into a side pot, for F&F?

My partner has no idea about the debt I'm in, and I'd like to keep it that way...how intrusive and frequent are the calls and letters? I know I should share everything with her, but she has been through enough, and the thought that she COULD leave me, absolutely destroys me.

I've done a rough I & E form, and going on my basic and being super strict (no clothes, luxuries etc (basically living to pay bills)) , I have around £1000 spare income (current payments for all debt are around £1900...you can see how I started to spiral) - how much would be good to bolster my expenditures, so I can have a treat, or take the wife and kid out every now and then?

Sorry if all these have been asked before - I've been worried sick, and this year I have finally owned up to the fact that I can't do this alone, as well as dealing with some demons! Already looking at this path, I have felt a weight lifted!

Any advice would be greatly appreciated