DMP mutual support thread part 13 !!

motivated

:hello: January

Lovely to hear from you
X

Suseka97

Hi January :hello: good to hear from you and that your DMP is bobbing along nicely

Mine is at an impasse, but in a good way. I had 6 creditors (accounts) remaining - managed to get 2 written off (long story) and am paying a few £s to the one enforceable account left. The other 3 are UE and all fall off the credit files this month :j

The DCA who holds the UEs is now sending me offers of discounts, which I'm filing away until they reach an amount I'm willing to pay. I did have money aside for these - but life happens and I've used the F&F fund on household repairs over time and so now the discounts really do need to be in the high 70% before I'll consider them.

Life is so much better these days and I'm glad those sleepless nights and panic attacks are now a distant memory

Marble030509

Hi Guys

Just wondered if anyone could give me advice on the below post i published last Monday? I am not sure whether it got missed. I appreciate all the answers may not be known but if anyone has any info it would be greatly appreciated.

Thanks Guys

Marble030509 wrote: »

Hi guys

First post in a while. A couple of things have changed in terms of circumstances over the past month or so.

As you may remember we are in £60,000ish of pure credit card debt. We wrote to all of our creditors twice telling them that we would be starting a DMP with StepChange in September (allowing us to save an EF). Many of our accounts have now defaulted apart from the usual culprits like Very etc who are still piling on that interest.

This is where it gets slightly interesting and confusing. Our EF was up to £1200 but it is now down to £300ish due to boiler repairs and failed MOT car repairs. It couldn't of come at a worse time! Obviously we are going to need a few extra months to save but this would take the time without paying to 9 months. Is this doable? Because I know the advice given on here states 6 months. If so should we write to our creditors again?

To complicate the situation even more I am now self employed not employed. This makes a mess of things with StepChange as I know they do not touch self employed people. They have directed me to a Business debt advice company instead. However my partner is still employed so how could we go about solving this. Would we have to do two single DMP's because some of the debt is in her name and some in mine? She could still do Stepchange and me go with the business one for self employed people? Obviously Stepchange has offered us a joint one which would of been so much easier.

Another problem I have is that even though I am self employed some of the questions on the website that Stepchange have directed me to are not relevant whatsoever to me. They are aimed more at people running their own business. I am basically providing freelance admin services from home for a reputable online company and I have no overheads or costs.

A little stuck on what to do. This post probably seems all over the place but I hope some sense can be taken from it. Any advice given is hugely appreciated as always.

Many thanks guys!

Suseka97

Marble030509 wrote: »

Hi Guys
Just wondered if anyone could give me advice on the below post i published last Monday? I am not sure whether it got missed. I appreciate all the answers may not be known but if anyone has any info it would be greatly appreciated.Thanks Guys

Things do tend to move on quickly in this thread and whilst i don't have all the answers, here are some thoughts...

Marble030509 wrote: »

...............
This is where it gets slightly interesting and confusing. Our EF was up to £1200 but it is now down to £300ish due to boiler repairs and failed MOT car repairs. It couldn't of come at a worse time! Obviously we are going to need a few extra months to save but this would take the time without paying to 9 months. Is this doable? Because I know the advice given on here states 6 months. If so should we write to our creditors again?

We tend to suggest at least 6 months as a minimum, or however long it takes to get those defaults. As you've mentioned yours already have, bar Very (who are unlikely to default anytime soon whether you pay them or not) - so you're in a better place than most and I'd suggest writing to your creditors to let them know there's a need to extend the start date, just to keep them in the loop. They may well offload your accounts to DCAs soon anyway.

Marble030509 wrote: »

To complicate the situation even more I am now self employed not employed. This makes a mess of things with StepChange as I know they do not touch self employed people. They have directed me to a Business debt advice company instead. However my partner is still employed so how could we go about solving this. Would we have to do two single DMP's because some of the debt is in her name and some in mine? She could still do Stepchange and me go with the business one for self employed people? Obviously Stepchange has offered us a joint one which would of been so much easier.Many thanks guys!

I suggest you go down the self-managed route and just continue on with your plans for a joint DMP. You can use the NEDCAB templates and that will give you greater control to adjust your plan if you experience any income fluctuations as a result of being self-employed.

Marble030509

Thanks Suseka

That is valuable information. I appreciate it. Is the self managed route easy to do? It scares me slightly that it will be all on us.

Thanks again.

Suseka97

Marble030509 wrote: »

Thanks Suseka
That is valuable information. I appreciate it. Is the self managed route easy to do? It scares me slightly that it will be all on us. Thanks again.

I know it can be scary, but in truth you've already done the hard bit by contacting your creditors and getting those defaults. Even if SC were to 'manage' this on your behalf, once that first part is done all they do is process and allocate your agreed payments on a monthly basis - which you are more than capable of doing. Go and have a read of the NEDCAB website about self-managing DMPs and I'm sure you'll soon realise it is that easy, yes.

I just wish I'd have gone self-managed a lot sooner - but I do understand that at the outset this can all be very daunting. Which is where the good folks on here come into their own. We're here to support you along the way and there are many people who are opting to go straight into the self-managed route from the outset.

You've got nothing to lose and as I said in my earlier post - will have much more control over the finances. Just use the SC I & E details, if you've already done that, or use the NEDCAB one. Once you know what your disposable income is the NEDCAB site helps you work out the pro-rata allocation and voila!

Whatamidoinghere

Hi all not been here for long time but just got a question two of my cc passed to PRA group anyone had any problems with them?

dragonsfire1981

Hi everyone, I'm just having a Personal Budgeting Plan setup by Debt Compare after Stepchange put me through to them.

I've also just got a random call from the Moorcroft Group, who I have read a little about and know they take on debt sold by creditors, and like to hassle people. I refused the call as I didn't know who they were at first, and it was 8pm anyway. I'll probably speak to Stepchange or Debt Compare tommorow about it.

From what it looks like Moorcroft Group don't have any legal right to make demands from you, and most of the time are just chancing it to tr and intimidate you?

sourcrates

dragonsfire1981 wrote: »

Hi everyone, I'm just having a Personal Budgeting Plan setup by Debt Compare after Stepchange put me through to them.

I've also just got a random call from the Moorcroft Group, who I have read a little about and know they take on debt sold by creditors, and like to hassle people. I refused the call as I didn't know who they were at first, and it was 8pm anyway. I'll probably speak to Stepchange or Debt Compare tommorow about it.

From what it looks like Moorcroft Group don't have any legal right to make demands from you, and most of the time are just chancing it to tr and intimidate you?

Moorcroft don’t buy debts, they haven’t done for a number of years.

What they do do, is manage their clients debt accounts on their behalf.

Debt compare are an accountancy firm, I’m curious as to why Stepchange would put you in touch with them ?

dragonsfire1981

Okay, so they used to be?

I saw fleetingly you had dealings them them on some older threads. Is it the case most of their correspondence is basically BS in an attempt to make you flinch?


Regarding Stepchange, originally I was being assessed for an IVA but in the end because I have assets (e.g. crypto) that I need to keep for my business, I wasn't put forward, so instead the Stepchange guy got Debt Compare to talk to me about setting up personal budgeting service-which I believe is similar to a DMP, though I'm not clear of the difference.

sourcrates wrote: »

Moorcroft don’t buy debts, they haven’t done for a number of years.

What they do do, is manage their clients debt accounts on their behalf.

Debt compare are an accountancy firm, I’m curious as to why Stepchange would put you in touch with them ?