DMP mutual support thread part 13 !!

sourcrates

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? .

Suseka97 wrote: »

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.

Or another way is to obtain the creditors bank details (freely available from the various websites or letters) and make payment by online banking, obviously quoting the reference number etc, its up to you, but choose a method you control, not them.

Marble030509

Suseka97 wrote: »

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

Great, thanks so much Suseka as always. You have been so helpful

sourcrates wrote: »

Or another way is to obtain the creditors bank details (freely available from the various websites or letters) and make payment by online banking, obviously quoting the reference number etc, its up to you, but choose a method you control, not them.

Thanks Sourcrates, this is useful to know.

I have a couple of extra questions, when sending the payment offer letter to the creditors do we include the income and expenditure with this as well? Do we divulge the amounts of our other debts to them to so that they can see we only have X amount to pay them each month?

Obviously i would imagine looking at some of the payments that NEDCAB came back with they will be rejected, what happens then?

Many thanks again both

Willing2Learn

Marble030509 wrote: »

… when sending the payment offer letter to the creditors do we include the income and expenditure with this as well? Do we divulge the amounts of our other debts to them to so that they can see we only have X amount to pay them each month?

Obviously i would imagine looking at some of the payments that NEDCAB came back with they will be rejected, what happens then?

When I SMd my DMP, I sent all my creditors the exact same I&E. I did not use NEDCAB as I wasn't aware of it, but I am assuming identical NEDCAB I&Es are sent to all your creditors.

If the I&E numbers have been correctly inputted then they will show what is affordable. I believe NEDCAB will accurately auto-generate your payment offers based on your affordable I&E. If your creditors decline any of your payment offers, then I recommend you still make the payments in accordance with the schedule generated by NEDCAB. Your creditors will therefore have no choice but to accept your payment offers.

jdncoke09

Hi everyone! Got myself into a financial mess, partly down to bad luck, partly naivety and stupidity. Read alot about DMP's but never quite stumbled on difinive answer for my own situation. I.E. Am I likely to be allowed one. I have been able to pay my contractual minimums every month but 3 weeks out of 4 i'm left broke and having to max them back out. The 4th week of the month leaves me with around £150 spare. So in theory, I can afford to service my debts and have extra in the 4th week to slowly chip at the balances. Will my creditors look at it this way and refuse to help?

sourcrates

jdncoke09 wrote: »

Hi everyone! Got myself into a financial mess, partly down to bad luck, partly naivety and stupidity. Read alot about DMP's but never quite stumbled on difinive answer for my own situation. I.E. Am I likely to be allowed one. I have been able to pay my contractual minimums every month but 3 weeks out of 4 i'm left broke and having to max them back out. The 4th week of the month leaves me with around £150 spare. So in theory, I can afford to service my debts and have extra in the 4th week to slowly chip at the balances. Will my creditors look at it this way and refuse to help?

Hi,

You just need to budget correctly, if your running short half way through the month, then your not doing so, your creditors only see what you want them to see, work out a realistic budget and see what the numbers say.


http://www.stoozing.com/calculator/soa.php

motivated

Hi all

Another fan of NEDCAB here. I went self managed using NEDCAB and the whole process has been so easy and stress free. I even spoke to our DCA Wescot on the phone on Friday to do a financial review. They were brilliant and helpful. No judgments made by them whatsoever.

Anyone who is panicking and thinking the worst (take it from someone who knows) it really is nowhere near as scary as you imagine.

Our creditors have all be fantastic and at times even asked if our £10 payment was too much

I would never have dreamt I would have the balls to actually speak to creditors on the phone, now I'm like . If you are upfront with them and don't avoid them they are fine
Good luck all who are starting out
M

lulabelle01

My final defaulted debt has been passed on to Moorcroft what are they like to deal with? I’ve had a letter and a phone call from them so far I was planning on emailing them to get something set up. Is that a good idea or am I best writing them an actual letter?

Suseka97

Good Morning Folks

Well, the thunder and lightening show along with the very hot and humid atmosphere in my bedroom has done a good job of waking me this fine hour of the morning, so I thought I'd pop on here and give a little update.

Things are plodding along - although I'm no longer, strictly speaking, in a DMP. I still have one debt that I'm paying off at a few £s per month and that's currently sitting at a balance of around £800. The rest of my debt, around £5k and across 3 accounts, is UE and I'm still holding off payment.

All defaults, bar the £800 debt which defaulted in 2014, have fallen off my credit file a few days ago. I got a notification from one of the CRAs that my credit score had improved and when I went to check it out it was because the former defaults, including the UEs, had gone :j

So it is true - as has been said many time by the very wise people here on the DMP support thread - that Ds do fall off your credit file 6 years (almost to the day) that the default is registered regardless of whether there are any outstanding balances or not.

Now I'm not being complacent because I know I have 3 UEs that could possibly become enforceable at some point, but as the months (and years) roll by I'm happy to wait it out and see just how high the discount offers will get. The DCA will either be doing their darned best to try and locate compliant paperwork - or they'll be working on some sort of 'return on investment' methodology and will either discount heavily or eventually write them off. Time will tell.

Well, the light-show is over and I've a busy day ahead - so I'm off to have a nosey around the forum and will then try and get some shut eye before the dawn chorus starts. Hope everyone has a great day.

Broke_Bear

Hi all

I am coming to the end of the 30 day grace period that 3 of the 5 creditors gave me from last month's letters, I have paid token payments last month and will be doing so again this month (and possibly a couple more months after that so I have a modes EF in place before I start to make payments.

My question is, what do I advise in the letters I send out this month reiterating that I will only be making token payments for the next couple of months and do I send the I & E I did on the step change site as this would show the amount I have available to pay them but which is currently being used for EF?

Also, 2 of the 5 have not even acknowledged my letters and continue to charge interest (Virgin and Lloyds) do I just send them the same letter again?

TIA xx

Willing2Learn

Hi Broke Bear,

I recommend you write to all your creditors again, stating that you need them to continue to freeze the accounts for a further two months (or longer, up to max 5 months). If you wanted to, you could refer to the emergency car maintenance or boiler repairs or whatever else you may need to spend your EF on in the future.

If it were me, I would provide them with a scheduled start date for your full DMP payments to begin. That way, you are keeping them up-to-date with what will be happening. Also hopefully the extra period of time you delay the start date of your SC DMP, will mean that all your creditors fall in to line, defaulting your accounts and freezing interest & charges.


Are you still planning on going through SC for the DMP, or are you now considering the self-managed route?