DMP mutual support thread part 13 !!

InDebted2U_2

Hi. After some advice please.



I have a DMP which was originally with 4 different creditors. Three debts are now held by the same company, who has just written to offer me 30% off. I'd been discussing with family the possibility of asking for a discount to pay it all off early, so the timing is perfect. However, the discount isn't! I'd need at least 45% off all debts to clear them.



Do you think this is something they would agree to? How is it best to approach them about it and how long are they likely to take to respond? The offers give me 30 days.


Would it be better to just try and find the extra money somehow? Desperately want to be debt free.

sourcrates

InDebted2U wrote: »

Hi. After some advice please.
I have a DMP which was originally with 4 different creditors. Three debts are now held by the same company, who has just written to offer me 30% off.

Hi,
Which company are we talking about ?
How old are the debts concerned ?
Have you ever CCA`d these accounts ?

InDebted2U_2

sourcrates wrote: »

Hi,
Which company are we talking about ?
How old are the debts concerned ?
Have you ever CCA`d these accounts ?

Cabot
About 12 years
No, if I understand the question.

Orsonwelles

HI.

I have been in a DMP with Stepchange for over a year now but I am seriously considering going self - managed using the NEDCAB website etc. I was wondering if anyone had any experience of leaving Stepchange and going self - managed. I am unsure of the process involved and was wondering how much notice I have to give to Stepchange. Any information would be a great help.
Thank you very much

Skittlesjo

Hi all,

Just an update I’ve got all of my accounts on hold until around 12th August (with the exception of 118 who has given me until 30th August). I've set up a clean bank account but haven’t managed to move my income to the new account yet (suffering with severe pneumonia off work for last two weeks etc, and it’s a relatively new employer - April 2019) My question is I’m worried about not being paid for these last two+ weeks therefore was hoping to either delay the first DMP payment to 1st September and offer token payments to each creditor as soon as 30 day hold is up OR make a significantly reduced first payment after 24th July?
Preferably I’d like to take option 1 - that way I can have a small EF (and hope that my share in overseas property sale goes through quickly - a girl can hope) and a day out for me and LO. Is this even possible?

Still feeling incredibly overwhelmed with all the information I’ve tried to process over these last couple of weeks but a lot more positive (I hope). Thank you to everyone who has posted over these last few years, it’s nice to know we’re not doing this alone.

SJ x

Suseka97

InDebted2U wrote: »

1. Cabot
2. About 12 years
3. No, if I understand the question.

In terms of getting a better, then the current 30%, discount offer you should consider sending CCA requests (in answer to Q3) to Cabot. If they are unable to provide you with compliant paperwork, that would give you a lot more leverage when it comes to negotiating full and final settlements.

Suseka97

Orsonwelles wrote: »

HI.
I have been in a DMP with Stepchange for over a year now but I am seriously considering going self - managed using the NEDCAB website etc. I was wondering if anyone had any experience of leaving Stepchange and going self - managed. I am unsure of the process involved and was wondering how much notice I have to give to Stepchange. Any information would be a great help. Thank you very much

It's all very straightforward - just give them a call and let them know your intentions. If you're close to making your next DMP payment, then do that and then make the switch. Make sure you take a note of all your outstanding balances and payment details for each of your creditors, then just write and tell them that from x date you'll be making the DMP payments direct.

Suseka97

Skittlesjo wrote: »

........ My question is I’m worried about not being paid for these last two+ weeks therefore was hoping to either delay the first DMP payment to 1st September and offer token payments to each creditor as soon as 30 day hold is up OR make a significantly reduced first payment after 24th July?

Sorry to hear you've been feeling poorly and hope you're on the road to recovery. You should definitely stretch out the start date of your DMP. If you've read back on this thread (and if not I'd suggest you settle down and have a good read) you'll note that we generally suggest people give themselves around 3 - 6 months before launching in. That often helps with the defaults and gives you time to save up a decent emergency fund for those future unplanned for expenses.

Marble030509

Hi again guys

After the sound advice from Suseka we have decided to self managed on our DMP. We have sent out letters telling our creditors that due to unexpected costs we will be delaying our DMP until January. This will mean it will be 10 months without paying but will get us a very decent emergency fund.

The website Suseka provided was great, entered all of our details and it threw up what we could pay each creditor.

My only question is when you are doing a self managed DMP do you pay all the payments by monthly direct debits? Or do you just pay by card every month? I only ask because a lot of our debts have been passed on. Will all of these debt collection company's provide banking details once they receive our payment offer letter in December/January?

Many thanks once again, without this forum I would not have a clue.

Suseka97

Marble030509 wrote: »

............My only question is when you are doing a self managed DMP do you pay all the payments by monthly direct debits? Or do you just pay by card every month? I only ask because a lot of our debts have been passed on. Will all of these debt collection company's provide banking details once they receive our payment offer letter in December/January?

Once everything is in place - you would be best off setting up standing orders (not direct debits) so that you can just let the DMP take care of itself each month. They will probably send you a direct debit mandate form - but just tell them that you only agree to an SO and check that the payment details they give on the DD mandate remain the same for an SO (hope that makes sense).

The reason I'd opt for an SO arrangement is that you can edit or cancel an SO whenever you like and so, again, you have more control over those payments.

Glad you found the NEDCAB website of use and good luck with it