DMP mutual support thread part 13 !!

PMarie1981

Thanks sourcrates
I have emailed them back with this reply:
I will accept the offer of payment of! £904.61 on a clear understanding that this is full and final settlement of my account. And the understanding the account will be closed and neither you or any associate company will enforce this debt in any way.


I also ask for a written guarantee to me to say the debt is now settled and the debt will not be chased by you or any other agent and my credit reference agency file will be updated to paid and closed.


This payment will be coming from a relative who has kindly offered to clear my debts with you and this will not affect any future bills. My main bills will be up to date and other debts paid off with the money offered from my relative, this will be shared out fairly.

Bexd12

Morning all,

I'm after some advice, I went down the self managed route earlier this year, which is all going great, but I didn't set up an EF beforehand and now find I'm struggling a little, my question is this, as long as I keep my creditors in the loop most are now with DCA's anyway, do you think they would be happy if I made token payments for 6 months whilst I build up an EF?

Thank you

Becky

Suseka97

Bexd12 wrote: »

Morning all,
I'm after some advice, I went down the self managed route earlier this year, which is all going great, but I didn't set up an EF beforehand and now find I'm struggling a little, my question is this, as long as I keep my creditors in the loop most are now with DCA's anyway, do you think they would be happy if I made token payments for 6 months whilst I build up an EF?
Thank you
Becky

A DMP is an informal agreement and one that you are in total control of - so, if you need a payment break in order to build up an emergency fund, or if you experience unforeseen costs and have no surpluses to fall back on, then you should do just that. The only advice is to keep your creditors/DCAs in the loop. You may find it easier to say something like you have some unexpected expenses to pay for (boiler repair, car repairs/maintenance, household repair etc. etc.) and so you need to reduce payments for x months and will recommence on xx/xx/xxxx.

Most DCAs will be fine with it - as it happens often, but even if not - a break of 6 months isn't going to cause them to escalate collection activity. It just wouldn't be worth it.

Bexd12

Suseka97 wrote: »

A DMP is an informal agreement and one that you are in total control of - so, if you need a payment break in order to build up an emergency fund, or if you experience unforeseen costs and have no surpluses to fall back on, then you should do just that. The only advise is to keep your creditors/DCAs in the loop. You may find it easier to say something like you have some unexpected expenses to pay for (boiler repair, car repairs/maintenance, household repair etc. etc.) and so you need to reduce payments for x months and will recommence on xx/xx/xxxx.

Most DCAs will be fine with it - as it happens often, but even if not - a break of 6 months isn't going to cause them to escalate collection activity. It just wouldn't be worth it.

Thank you Suseka that's good to hear I will get that sorted then.

Thank you

Becky

PMarie1981

Can I ask what everyone's experience is with Barcleycard. My account has defaulted but barcleycard is still dealing with my debt, I've rang them today to ask what my balance was as I've been given some money to help repay my debts and no longer deal with step change. This will be done in a couple of days so I cant wait to get rid of the debts and start a fresh. They've given me the balance which is what I thought and said to ring them when I've got the money to pay it off. Do I ask for a smaller settlement amount or will they decline it as the debt is still with them?

PMarie1981

Please see below Response from Wescott regarding Halifax account settlement. Should except this a full and final settlement?

We can offer you a settlement for £412.17 for this account, payable in a lump sum payment only.

This would mean that the account will be recorded on your credit file as ‘partially settled’. Our client agrees not to pursue you for the remaining balance and will not pass on the remaining balance to anyone else to pursue. This information will remain on your credit file for 6 years from the original default date. If you were able to repay the balance in full your credit file would be recorded as ‘fully satisfied’.

If you are able to accept this please confirm your priority bills such as; mortgage, rent, council tax, gas, electric, water, tax and TV licence are all up to date, and whether you will need to repay your relative for these funds.

If this settlement is not suitable please confirm how you wish to proceed with this account? Will £5.00 per month continue as your arrangement?

Changingtimes

Evening all. Am a bit fed up today.
Was in about £22,000 of debt. October 2018 I paid everything.....November I decided something had to be done as debts were spiralling and I was getting depressed by it all. By January 2019 I was in a DMP with SC paying £1000 a month. The upshot is I didn't give myself enough time to build up a decent EF.
I have done well though I have paid a total of £10,000 in 7 months with a balance of £12K owing.
I know my situation is my own fault but I feel like I am living hand to mouth, month by month not able to do anything or buy anything. Nothing extravagant just little things.
I am running around in an older car does me for now until DMP finishes but keeps breaking down and having no funds to sort it. Now it needs a new engine, and a whole load of stuff that comes with that. The car being worth about £500 more than am being quoted. Didn't really want to break my DMP cycle for fear of creditors taking me to Court etc. Just fed up and dont know what to do. I was going to ask SC for a 2 month payment break but guess my paranoia is telling me creditors and SC will say or think am trying it on......just feel stuck and sad. All I want is someone to tell me take the payment break, no one will think bad of me and I wont get dragged through the Courts. All my own silly fault......I know......just one of those days . Sorry for the waffling post just need some positive truthful feedback from the experts.

Willing2Learn

Changingtimes wrote: »

Was in about £22,000 of debt. October 2018 I paid everything.....November I decided something had to be done as debts were spiralling and I was getting depressed by it all. By January 2019 I was in a DMP with SC paying £1000 a month. The upshot is I didn't give myself enough time to build up a decent EF.
I have done well though I have paid a total of £10,000 in 7 months with a balance of £12K owing.
I know my situation is my own fault but I feel like I am living hand to mouth, month by month not able to do anything or buy anything. Nothing extravagant just little things.
I am running around in an older car does me for now until DMP finishes but keeps breaking down and having no funds to sort it. Now it needs a new engine, and a whole load of stuff that comes with that. The car being worth about £500 more than am being quoted. Didn't really want to break my DMP cycle for fear of creditors taking me to Court etc. Just fed up and dont know what to do. I was going to ask SC for a 2 month payment break but guess my paranoia is telling me creditors and SC will say or think am trying it on......just feel stuck and sad. All I want is someone to tell me take the payment break, no one will think bad of me and I wont get dragged through the Courts. All my own silly fault......I know......just one of those days . Sorry for the waffling post just need some positive truthful feedback from the experts.

Firstly, credit where it is due - Congratulations in successfully reducing your level of debt so much in such a short time.

I think it is perfectly reasonable to request a payment break from your SC DMP due to exceptional circumstances (emergency car repairs). If it were me, I would consider stretching the payment break to six months by self-managing my DMP and taking full control. You would also be able to set your own repayment levels in accordance with your SOA.

If you are still considering staying with StepChange, then this what they say on their website about a payment break, (so a short break is definitely possible):
https://www.stepchange.org/clients/cant-pay-dmp.aspx

astra46

Ive just set up DMP with Payplan, and opened up an Essential Bank Account with Virgin Money.

Payplan recommended a Partial Switch, how can i find out all my DDs? I have contacted Natwest, my current bank, but they are not very helpful, any advise? Thanks

sourcrates

astra46 wrote: »

Ive just set up DMP with Payplan, and opened up an Essential Bank Account with Virgin Money.

Payplan recommended a Partial Switch, how can i find out all my DDs? I have contacted Natwest, my current bank, but they are not very helpful, any advise? Thanks

Don’t you have online banking, or an app, ? All mine are listed.