DMP mutual support thread part 13 !!

Dandytf

Come home to a cheque from Natwide today.
That's my mortgage switch from 5 year fix to 2 year tracker 'cashback' 100 pounds cheque.
With some luck I hope to pay this in and swipe into VM savings as a starting point for whatever emergancy's come my way during 2019.
Though it's a slight struggle with buildings management fee's to be paid before April end.
My two extras shifts per month keeps me going as best as possible.

Marble030509

Hi guys.

Happy Easter to you all.

As you are aware i sent out the letters a couple of weeks back to all 24 of our creditors setting out our intention of not starting the DMP with SC until late September. Have heard back from roughly half of the creditors but most of them are completely bypassing what we outlined in the letter and asking for an income and expenditure form to be sent back to them so they can set up a payment plan. Not one has mentioned stopping interest or fees as we requested. I know they are well within their right not to do so but it is worrying me a little because if all 24 creditors follow suit our starting debt in September is going to be massively higher than the £57,000 we currently owe now. So not sure what to do next as obviously can not keep sending letters as it seems they are not getting us anywhere at the moment. I appreciate its a slow process but its looking like we might have a tough time fending off these creditors until September, makes me just want to start the DMP now and forget the EF (stupid i know, but feeling very nervy) Any advice would be greatly appreciated guys. Sorry for all the questions over the past month.

All the best.

Suseka97

SkintDad87 wrote: »

So with that in mind, how would you approach the situation, to get a default quicker? I've done a search for the word 'Very' and as you can imagine, every thread and post comes up, none with the info required

Sorry... was this post directed at me?

I can see W2L has answered and agree that the advice given is to withhold any payment to creditors who refuse to default. What is known is that some have taken their complaint as far as the FOS who appear to stand on the side of the creditor. The problem is there is no legislative requirement that can force a default - just guidance (this is a useful resource: https://debtcamel.co.uk/debt-default-date/).

The best advice I can give it to hold your ground and stop making payments with the hope that they'll sell your debt on to a debt collection agency who tend to be more amenable (oddly enough). But I've had no direct experience of 'Very' and any post I've come across about that particular company doesn't give much hope - appreciating that's not very helpful to those who are having to deal with them.

Suseka97

Marble030509 wrote: »

..........
As you are aware i sent out the letters a couple of weeks back to all 24 of our creditors setting out our intention of not starting the DMP with SC until late September. Have heard back from roughly half of the creditors but most of them are completely bypassing what we outlined in the letter and asking for an income and expenditure form to be sent back to them so they can set up a payment plan. Not one has mentioned stopping interest or fees as we requested. I know they are well within their right not to do so but it is worrying me a little because if all 24 creditors follow suit our starting debt in September is going to be massively higher than the £57,000 we currently owe now. So not sure what to do next as obviously can not keep sending letters as it seems they are not getting us anywhere at the moment. I appreciate its a slow process but its looking like we might have a tough time fending off these creditors until September, makes me just want to start the DMP now and forget the EF (stupid i know, but feeling very nervy) Any advice would be greatly appreciated guys. Sorry for all the questions over the past month. All the best.

It's frustrating for sure - but you really do have to change your mindset. Creditors are unlikely to respond in the way you want them to, you are just a number in a process and what you are receiving is, most likely, just computer generated blurb that kicks in when you miss your contractual payments. Or, maybe someone is looking at your account/s - but you are still just getting a standard, set, response.

The advice about an emergency fund is an important one because it's a fundamental part of budgeting (having a backstop should something unexpected occur). Of course your creditors won't really care about that - they just want to get you up and running on a repayment plan - as do SC and Payplan- as quickly as possible and then move on to the next.

You are correct that if they do not hold off charging interest your overall starting debt will be higher - but what's the alternative? You need to hold your nerve and maybe accept that, or start sooner than you had planned. The choice is yours and I'm not meaning to be harsh here

Go out and enjoy this lovely bank holiday weather :cool2: and give yourself some breathing space.

NowInspired

I agree totally with what Suseka says.
I had very high expectations about how our conversations by letter would be conducted. I expected proper responses, in a timely manner, referencing my letters to them but instead mostly what I got was computer generated blurb. If you are dealing with Lloyds Bank be prepared for the worst communication ever, they are dreadful.

In the end I just carried on with my plan anyway and told them what we could afford and sent them my income form and made the payments that I could afford. Keep copies of all your letters and don't speak to any of them on the phone.

As Suseka said, enjoy the bank holiday and the sunshine. Try and put everything else out of your mind for a few days.

Whatamidoinghere

Hi all not posted for a while quick update. My dmp with SC going ok can't fault them when I've phoned them very helpful and non judgmental. Well one of my debts is showing default on car only need other five to follow suit. One is still putting charges on I've emailed them to say I'm trying to pay it off but it's going up instead of down and would they stop putting them on. Surprise surprise no reply just a letter asking for arrears paying off. All par for the course tho. Few months ago I would have been in a right state stress wise but not today. Thanks everyone whose posted it helps a lot x

Whatamidoinghere

Just a quick question does having a default on my cra mean that I keep paying them to the end or is it so they can sell on and if this is the case what do I need to know

Dandytf

Whatamidoinghere wrote: »

Hi all not posted for a while quick update. My dmp with SC going ok can't fault them when I've phoned them very helpful and non judgmental. Well one of my debts is showing default on car only need other five to follow suit. One is still putting charges on I've emailed them to say I'm trying to pay it off but it's going up instead of down and would they stop putting them on. Surprise surprise no reply just a letter asking for arrears paying off. All par for the course tho. Few months ago I would have been in a right state stress wise but not today. Thanks everyone whose posted it helps a lot x

I have been very fortunate in not receiving additional charges with SC dmp.
Is your chargeable example maybe worth another call to SC asking their advisor if they could contact the creditor again and ask them to stop charges whilst you continue with agreed dmp payments
i do though remember that charges being waved are not guaranteed . though yours is 1st example I know of.

sourcrates

Whatamidoinghere wrote: »

Just a quick question does having a default on my cra mean that I keep paying them to the end or is it so they can sell on and if this is the case what do I need to know

I don’t really understand your question, a default means you have broken the terms of your original agreement, not sure what you mean by “do I keep paying them to the end”, end of what ?

Accounts are sold on all the time, you will be notified in writing if this is the case.

Whatamidoinghere

Sorry not very clear what I mean is if I have a default do I continue paying them until the debt is cleared or will they pass it to someone else if so what do I need to do.