DMP mutual support thread part 13 !!

Marble030509

Suseka97 wrote: »

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.

Hi Suseka

Thank you for that, only just seen your reply

When you say the creditors remain toothless unless they get a court involved, what is the likelihood of this happening in the 6 months that we are building our EF up? Or is this way further down the line?

Thanks again

lulabelle01

I emailed wescot yesterday with my offer of monthly repayments (it was exactly what I offered RBS) does anyone have any idea how long it’ll take them to reply? They’re phoning me everyday at the moment which is really annoying.

Lifeisforliving19

lulabelle01 wrote: »

I emailed wescot yesterday with my offer of monthly repayments (it was exactly what I offered RBS) does anyone have any idea how long it’ll take them to reply? They’re phoning me everyday at the moment which is really annoying.

We got replies from them within a couple of weeks. I now communicate with them via email though, it is much easier.

lulabelle01

Lifeisforliving19 wrote: »

We got replies from them within a couple of weeks. I now communicate with them via email though, it is much easier.

Thanks for that. In the letters they’ve sent me they told me to speak to them within 10 days. I’ll hold tight for now and see what happens.

Floppy_Sock

Hi all,
I've finally set up a DMP for roughly £20k debt paying £410/month for the time being. It's a massive relief to have things under control.

I understand the aim right now is to have all my debts defaulted ASAP to enable them to drop off my credit file sooner rather than later. Is it worth writing to my creditors (they've all not been paid the minimum amounts for 3-4 months each) asking to default the accounts ASAP or is this a pointless exercise?

2 of my creditors are payday companies for relatively small amounts of £300 each. These were taken out recently when it was evident from my credit file I was in significant debt and unable to meet minimum payments. Is there a chance I could raise complaints with these companies for irresponsible lending and have the debts wiped - bearing in mind the proportion of my DMP payment that'll get to then is tiny? (I'm in no way using this to absolve myself of getting into the debt in the first place)

Finally, Virgin defaulted me a month or two ago and I've logged into my online account to see the balance has been wiped to nil and the full credit limit is available to use. Presumably this is normal process when defaulting and they've not messed up something on their end? I'll get in contact with them asking but thought I'd check here.

I've been a lurker for a few months reading over the extensive advice in these threads and want to thank you all for helping my get my life back on track!

Suseka97

Marble030509 wrote: »

Hi Suseka
Thank you for that, only just seen your reply
When you say the creditors remain toothless unless they get a court involved, what is the likelihood of this happening in the 6 months that we are building our EF up? Or is this way further down the line?
Thanks again

That would come way further down the line - but if within that 6 month window one was to start escalating things by sending (for example) an 'action before court' type letter, you could simply make an arrangement to pay them to stop further action. In the world of DMP arrangements most creditors don't seem to have a problem with this length of delay - because depending on how much you owe and how much surplus you have to allocate across all debts could mean your DMP runs for years.

So as you have already sent your letters off all I suggest you do is maybe in a month or two write again just to reiterate your intentions. That way you are keeping in touch and reinforcing your plans.

Suseka97

Floppy_Sock wrote: »

I understand the aim right now is to have all my debts defaulted ASAP to enable them to drop off my credit file sooner rather than later. Is it worth writing to my creditors (they've all not been paid the minimum amounts for 3-4 months each) asking to default the accounts ASAP or is this a pointless exercise?

No harm in prompting referring to the ICO guidelines - but they are only that and so not all creditors will agree.

Floppy_Sock wrote: »

2 of my creditors are payday companies for relatively small amounts of £300 each. These were taken out recently when it was evident from my credit file I was in significant debt and unable to meet minimum payments. Is there a chance I could raise complaints with these companies for irresponsible lending and have the debts wiped

Hopefully someone will be along to point you in the right direction - but I am aware there is recourse for irresponsible lending, just not sure how you go about it.

Floppy_Sock wrote: »

Finally, Virgin defaulted me a month or two ago and I've logged into my online account to see the balance has been wiped to nil and the full credit limit is available to use. Presumably this is normal process when defaulting and they've not messed up something on their end? I'll get in contact with them asking but thought I'd check here.

That is odd and I imagine an administrative error. Once defaulted your account should effectively be closed.

Cem13009879

Hello,

I have had a DMP since September and so far have made all my payments to date. I have roughly £7000 debt left, but have encountered another £1000. This was a debt I forgot to add, and i was fine making the payments until recently.

Abit of info, I earn £1500 a month and pay £438 to my DMP. After rent/bills its left me with about £600. This is considerably more than what I had left over prior to DMP, but with my job I do alot of miles in the car so fuel expenses can sometimes come to £250 a month.I am also looking to move in the summer, which will be to a different city with slightly higher rent, even when I've found the cheapest area in that city.

Does anyone have experience of reviewing budget before it has been 12 months? My expected debt free date is August 2020 and I so want it to be that, but i feel i can't afford the current payments of nearly a third of my salary even when i've serious cut back on outgoings.

Advice please and thanks.

LexieLou

Cem13009879 wrote: »

Hello,



but with my job I do alot of miles in the car so fuel expenses can sometimes come to £250 a month.I am also looking to move in the summer, which will be to a different city with slightly higher rent, even when I've found the cheapest area in that city.

Does anyone have experience of reviewing budget before it has been 12 months? My expected debt free date is August 2020 and I so want it to be that, but i feel i can't afford the current payments of nearly a third of my salary even when i've serious cut back on outgoings.

Advice please and thanks.

Hi, welcome, I'm a newbie too....

re your miles - I do huge miles too and I had to re-do my budget 2 or 3 times to make sure I was covering these miles. These are commuting too and from work miles so can't claim back in expenses.

Re your budget, if you are with Stepchange, call them, they are superb. I redid my budget one month in as I forgot my burglar alarm DD each month. I also had the possibility of changing jobs with a massively reduced income. They said to advise them that when it happened.

Good luck xxx

sourcrates

Civic18 wrote: »

Thank you sourcrates! Is there a template letter to send? Am I right in thinking that we shouldn't tell where the money is from and just say it's only available if they agree to the f+f?

Yes, look on the National Debtline website under “sample letters” at the bottom of the main page.