DMP mutual support thread part 13 !!

Willing2Learn

Knitqueen wrote: »

I did tell SC about the car and although they agreed to me missing one month they made me feel quite bad about it and pressed me about whether I could at least pay something etc. I feel that they wouldn’t be receptive to the idea of a six month token payment process as they seem quite strict about closing the plan if you miss 3 payments in a 12 month period.

Do you think 6 months token payments would be OK if I ran the DMP myself? Does it make it more likely they would pursue a CCJ for example?

A CCJ is hard to get, and there are lots of hoops for your creditors to jump though before that could happen. So don't be fearful.

Your creditors will all be happy, as long as you write to them, to keep them updated and fully 'in the loop'. You could choose to offer them six months of token payments, or you could choose to totally freeze payments for six months. You would be in in control. It really is that simple.

Knitqueen

Willing2Learn wrote: »

A CCJ is hard to get, and there are lots of hoops for your creditors to jump though before that could happen. So don't be fearful.

Your creditors will all be happy, as long as you write to them, to keep them updated and fully 'in the loop'. You could choose to offer them six months of token payments, or you could choose to totally freeze payments for six months. You would be in in control. It really is that simple.

Thank you again - that’s really reassuring - it feels a scary step but I think I need to be a bit more in control of things..

Suseka97

Okay...

I just want to reach out to new DMP prospects.. and whilst I have a lot of respect for the debt charities their focus is to get you up and running on a payment plan a.s.a.p.

If you have managed to come across this thread before, or soon after, getting in touch with a debt charity, you really MUST...MUST...MUST... listen to the advice given about giving yourself some headspace and time to put aside money for an emergency fund (EF). It is a fundamental step. If you have several years ahead of you, and let's admit it will be, then you want to have money set aside for the 'unknown'.

I so wish the debt charities would offer this same advice - but they don't - so please, listen to the many who have walked the path and with hindsight offer you genuine insight.

Sunny40

Hi everyone,
Just after some advice please,
So have 5 debts which we can no longer pay the contracted payments too due to a change in income. Have cut down where we can and chopped all luxuries so have a manageable amount to live with.
So missed first payments in February and sent holding letters for 30 days breathing space,then after that I sent letters with income and expenses and asked for 6 months of suspended payments,have had a couple of letters back saying about a default? And one asking for more information on income etc.
Could someone advise what we should do next?

Thanks

sourcrates

Sunny40 wrote: »

Hi everyone,
Just after some advice please,
So have 5 debts which we can no longer pay the contracted payments too due to a change in income. Have cut down where we can and chopped all luxuries so have a manageable amount to live with.
So missed first payments in February and sent holding letters for 30 days breathing space,then after that I sent letters with income and expenses and asked for 6 months of suspended payments,have had a couple of letters back saying about a default? And one asking for more information on income etc.
Could someone advise what we should do next?

Thanks

Just do your 6 months suspended payments, keep them all in the loop as to what your doing, be honest, tell them your saving an emergency fund, when your ready, start repaying.

During that time some accounts may be defaulted, fair enough, as long as your upfront with them, all should be well.

Sunny40

sourcrates wrote: »

Just do your 6 months suspended payments, keep them all in the loop as to what your doing, be honest, tell them your saving an emergency fund, when your ready, start repaying.

During that time some accounts may be defaulted, fair enough, as long as your upfront with them, all should be well.

Thanks for quick reply,do companies tend to default before selling on a debt?
Am worried about them being sold on?

Thanks

sourcrates

Sunny40 wrote: »

Thanks for quick reply,do companies tend to default before selling on a debt?
Am worried about them being sold on?

Thanks

No need to worry, what worries you about it ?

You just pay the new owner instead.

Debts are usually defaulted before sale, but not always.

It’s all standard stuff, nothing scary here.......

zoec35

Hi

i have recently started a DMP have contacted 3 companies and 2 out of the 3 have written back accepting my offer, the third- Virgin Money (credit card) have repeatedly tried ringing me and also have now sent a letter saying thanks for the I&E however before they consider this they need to discuss in more detail over the phone- in all my letters i have asked for no telephone contact- they have said they will continue charging interest and not consider my circumstances or agree a payment plan

Any ideas what i should do?

Many Thanks

Suseka97

zoec35 wrote: »

Hi

i have recently started a DMP have contacted 3 companies and 2 out of the 3 have written back accepting my offer, the third- Virgin Money (credit card) have repeatedly tried ringing me and also have now sent a letter saying thanks for the I&E however before they consider this they need to discuss in more detail over the phone- in all my letters i have asked for no telephone contact- they have said they will continue charging interest and not consider my circumstances or agree a payment plan
Any ideas what i should do?
Many Thanks

Firstly, block their number and then write again to reinstate that all communication is to be in writing and insist your number is removed from their records, if they fail to do so them escalate that as a complaint to the ICO. The recently implemented GDPR is your friend in this situation.

As to your offer -you have two choices. Pay them what you have offered (and I'm assuming you are self-managing) and ignore the fact they say they won't enter into an agreement, or stop paying them anything at all and test the water to see if that will force them to sell your debt on, or agree to your offer of a repayment plan.

Stelsue1

Hi all, brand new to this site but I've been reading lots of inspirational stuff.
I contacted Step change yesterday and spoke to a wonderful lady. I am opening a new standard bank account tomorrow so that I can move my pennies over and then contact all creditors to inform them that SC will be involved. SC have worked out that I could be debt free in 4years. Just after some reassurance please as I feel sick at the thought of the DMP although I know o would never be debt free in 4 years without help. All debts are my own. I live with my partner who I need to tell about the DMP has anyone been in a DMP and had there mortgage renewed? Not to borrow more just to renew?? Many thanks