DMP mutual support thread part 13 !!

Suseka97

jupitercrash wrote: »

..........M&S (another CC) have written to say they'll put the account on hold for 60 days, after which they'll want me to send them my offer. After that, they'll resume trying to take payments - I cancelled the DD with my bank but their letter says they still have an active DD which they'll use to take payment. I might write back and just specify again the 6 months I asked for, and that I've cancelled the DD here so can they cancel it their end.

I believe cancelling the DD your end should be sufficient. Whenever I've cancelled DDs (even once in error) when the company has tried to collect the money, it hasn't gone through. The DD system should reject any such requests, but hopefully someone with more banking knowledge than me can confirm this.

stormpassing

Evening all,
I can’t quite believe my luck but a close family member had some inheritance recently and have offered to clear my remaining debt which will mean I am debt free. I currently owe varying amounts to 4 creditors and I have a DMP with stepchange.

I would like to make full and final offers to these creditors for hopefully a little less than the full amount as I want to accept the minimum I can from the family member as their offer is extremely generous.

Does anyone know how I go about making these offers? Is there a template for a letter anywhere? Also what is a reasonable percentage reduction to request?

I received an offer from one of my creditors recently but it stated the account would be marked as ‘partially settled’ and I want to avoid this if possible.

Any help/advice great-fully received, thank you x

sourcrates

stormpassing wrote: »

Evening all,
I can’t quite believe my luck but a close family member had some inheritance recently and have offered to clear my remaining debt which will mean I am debt free. I currently owe varying amounts to 4 creditors and I have a DMP with stepchange.

I would like to make full and final offers to these creditors for hopefully a little less than the full amount as I want to accept the minimum I can from the family member as their offer is extremely generous.

Does anyone know how I go about making these offers? Is there a template for a letter anywhere? Also what is a reasonable percentage reduction to request?

I received an offer from one of my creditors recently but it stated the account would be marked as ‘partially settled’ and I want to avoid this if possible.

Any help/advice great-fully received, thank you x

You can’t avoid that unfortunately, unless you settle the debt in full.

National Debtline provides the correct letter to use here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

vicki84

Hi

Just wondering if anyone that has a DMP with StepChange has been able to make a payment later then planned due to unforeseen circumstances.

I have just had to have knee surgery and I have extra costs etc I cannot drive so taxis to hospital etc this month I was was paying on the 16th September but this will leave me abit short while sorting sick pay etc. I could easily pay on the 25th.

Anyone had a similar issue?

Thanks

Willing2Learn

Hi vicki84,


I never did my DMP through StepChange. But I do know that they have the flexibility with their DMP to cope with you missing a months payment. They even have a webpage explaining what to. Just give them a call so that they can keep your creditors in the loop.


https://www.stepchange.org/clients/cant-pay-dmp.aspx

ditty1234

Hi I have been busy w life, including the classical car, vet and child emergencies this summer so am feeling a bit rattled , but have decided to not halt DMP payments as am hope to get some extra work towards the end of the month when term starts.
The question really is - about tweaking defaults as early as possible at this point
I have 5 credits an overdraft and a loan w hsbc - both of these are small at under £1000 but neither are defaulted yet. So I'm trying to work out what to do? ... I could call them and try to find out what is going on I guess.
A Natwest cc debt is now managed by defaulted and managed by Westcot that seems fine. Just under £6000.
A BOS cc debt of under £9000 is defaulted and has now been sold to PRA Group UK, I am assuming they will communicate directly w SC to change the payments otherwise I'll call SC.
Left is my Barc CC debt also under 9000 - not defaulted, not sold, I have no idea what is going on, it is still listed in my credit report as a credit - any actions I should take?
I want everything defaulted within the first year - so before April 20 if possible so things will start to clear in 5 years.
I know I could force things and stop paying things for a bit if I SM, but at the moment I don't want to deal with any of it, so I'm happy to just leave it w SC. ISO I might just put a day aside to call and check Barc and Hsbc in a couple of weeks?
Hope everybody is doing well, and taking charge of their situation.

Suseka97

ditty1234 wrote: »

...........The question really is - about tweaking defaults as early as possible at this point.

I have 5 credits an overdraft and a loan w hsbc - both of these are small at under £1000 but neither are defaulted yet. So I'm trying to work out what to do? ... I could call them and try to find out what is going on I guess.

I'm not sure about overdrafts in terms of defaults, so hopefully someone else can help with this - but as for the loan, I would get in touch with HSBC and push them to default. They don't have to, but you should emphasise that in not doing so it will have a longer impact on your credit file and therefore you feel they are not treating you fairly nor helping you resolve your debt situation.

ditty1234 wrote: »

BOS cc debt of under £9000 is defaulted and has now been sold to PRA Group UK, I am assuming they will communicate directly w SC to change the payments otherwise I'll call SC.

When debts are sold on its generally up to you to update your details with SC, and you should be able to do that online.

ditty1234 wrote: »

Left is my Barc CC debt also under 9000 - not defaulted, not sold, I have no idea what is going on, it is still listed in my credit report as a credit - any actions I should take?

This is odd - are you sure you are not still paying interest and charges as well? How long have you be doing the DMP? This happened with two of my OHs credit card debts. They were a few £000 each at the time and for some reason never showed up as defaulted on his credit file and they were Barclays debts. The only reverted to a default status when I went SM and that default was then backdated to when the DMP started (or within a few months of it). I should add that when I went SM I sent in CCAs and stopped payments to them - at the time the accounts had been sold off to LINK (again, without being defaulted). Anyway, this is definitely worth checking out.

Changingtimes

Hi I just wanted to come back and let you know after my stress of last weekend. A big thanks to Suseka97 and Willing for their calming and very wise words of advice.
I called Stepchange and explained to them about missing DMP payments for 2 months due to my emergency issue. They were very understanding (and no they didnt shout at me). I also plucked up the courage to email my creditors/DMA and explain the position to them also. Only 1 decided to keep calling me and asking me to call them so having a super hero moment i called them (worst of the lot) explained my position (they did ask if i could make a payment to them next month outside of the DMP) I told them no!! Eventuallty they accepted my position, feel so much calmer and better now.....
I need to get out of my head that not every one is an ogre LOL..........

Once again thanks guys and gals

Stressedoutsally

Hi,


I'm just about to start my DMP with StepChange this week and am terrified and emotional. I have phoned most of my creditors to get my accounts on 30day hold but still have to call Creation Finance and have been putting this off as have read they are very difficult to deal with. So far have spoken to MBNA, Halifax, Tesco and Virgin and they have all been so nice on the phone. I have accumulated 28K in credit card/loan debt and have finally reached breaking point, I've never missed a payment before so I'm totally out of my comfort zone knowing that my credit file is about to be well and truly trashed.


When I sit back and think about things logically, having no access to credit will be the best thing for me as I have relied on it for years with no real concept of budgeting. The main thing I'm concerned about is if I have to buy a new car in the next 6 years (highly likely as car is 2008 year) how will I finance this?


Sorry for the rambling I'm just in shock that this is actually happening and that I've been stupid enough to create this mess.

Willing2Learn

Stressedoutsally wrote: »

… I'm just about to start my DMP with StepChange this week and am terrified and emotional. I have phoned most of my creditors to get my accounts on 30day hold but still have to call Creation Finance and have been putting this off as have read they are very difficult to deal with. So far have spoken to MBNA, Halifax, Tesco and Virgin and they have all been so nice on the phone. I have accumulated 28K in credit card/loan debt and have finally reached breaking point, I've never missed a payment before so I'm totally out of my comfort zone knowing that my credit file is about to be well and truly trashed.

National Debtline have an excellent holding letter template which you can use to let all your creditors know that you need the accounts put on hold while you seek advice. There is no need to phone anyone. Just do it all in writing.
https://www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx

Stressedoutsally wrote: »

The main thing I'm concerned about is if I have to buy a new car in the next 6 years (highly likely as car is 2008 year) how will I finance this?

We normally recommend that anyone embarking on a DMP requests that their accounts are put on hold for 3-6 months. This allows you some breathing space, time to build up an emergency fund, to cover unknown emergency costs such as a broken down car or boiler repairs. You can tweak the holding letter to state that you need your accounts held until (for example) 02/03/2020, at which point your DMP repayments will begin.

If you do all the above, then you will be able to rename yourself as ChilledOutSally…