DMP mutual support thread part 13 !!

Suseka97

sourcrates wrote: »

Self management is just a fancy name for paying your bills yourself, instead of stepchange doing it for you...........

Its simply a case of obtaining all relevant payment information, setting up the payments online, and clicking the mouse a few times each month, basically its a doddle.

........ and keep copies, then you have a papertrail, thats about it, its really very easy to do

To add - if you plan to go SM make sure you take a note of all your current balances from your online DMP account and the payment instructions (account no's/references/amt). Then to make it simpler I'd let SC make the next payment for you (if its in the next couple of weeks), then let them know you plan to SM and set up your DDs with your bank, so that the next payment to your creditors/DCAs comes from you.

Of course you can write and let (creditors) know that's your intention and if you've not had updated balances/statements from them recently, you can ask for the most up-to-date position when you write. That way you know exactly how much you owe and whether that amount agrees with what is currently showing on your SC account.

Also take a copy of your SC income and expenditure details, so you can use that for your future annual reviews and tweak as/if necessary. I set up a spreadsheet so that I could monitor payments and balances, and also adjusted my I&E when needed.

So, it is easy to self-manage, you just need to get a little organised and then it'll run just the same as if SC were doing it for you.

DMPme

Hi all. Please could somebody provide me with some advice.

I have 3 debts that have been bought by PRA, I sent CCA requests to them, which have since come back as unenforceable.

My plan was to withhold payment in order to get a full & final settlement agreed.
The only problem is that they have also advised that one of the accounts (originally MBNA CC) has never been defaulted so if I withhold payment then they will register a new default on it which will then last for an extra few years on top of the defaults from the other accounts.

Would I be best to keep paying the agreed amount on this or trying to get MBNA/PRA to add a backdated default to when my DMP started/I missed 4 months payments?

Does anyone know how this will affect my credit file in the log term if I keep on paying and it is never defaulted?

Thanks in advance.

Stressedoutsally

Ok so I have now contacted all of my creditors either by phone or letter asking for 30day hold on my account. I am hoping to start my DMP with StepChange in October or November having read advice on here that I should be saving an emergency fund.


I suppose where I am becoming confused/concerned is will my creditors start piling on charges etc in the next two months when payments obviously start being missed. Should I be making £1 token payments in the interim prior to the DMP being up and running?


I am particularly concerned about a creation Loan account and a creation credit card as I have read they are very difficult to deal with and I'm afraid I chickened out of ringing them and wrote to them instead requesting 30day holds.


Another silly question but is my aim to have my accounts defaulted asap and is the quickest way to simply make no payments for a few months? I'm still trying to get my head around the whole DMP???

sourcrates

Stressedoutsally wrote: »

Ok so I have now contacted all of my creditors either by phone or letter asking for 30day hold on my account. I am hoping to start my DMP with StepChange in October or November having read advice on here that I should be saving an emergency fund.

I suppose where I am becoming confused/concerned is will my creditors start piling on charges etc in the next two months when payments obviously start being missed. Should I be making £1 token payments in the interim prior to the DMP being up and running?

I am particularly concerned about a creation Loan account and a creation credit card as I have read they are very difficult to deal with and I'm afraid I chickened out of ringing them and wrote to them instead requesting 30day holds.

Another silly question but is my aim to have my accounts defaulted asap and is the quickest way to simply make no payments for a few months? I'm still trying to get my head around the whole DMP???

Hi,


All contact with creditors should be in writing only, anything to do with money or debt is best conducted in this way, for legal reasons, and it gives you a papertrail.

Token payments cost more to process than they are worth, I wouldnt bother to be honest, just keep them all informed of your intentions by letter, ask them to default you, non payment is usually the only way of achieving this, don`t be shy to tell them your plans, and get them to cooperate, ask them to stop interest/charges etc, as it just prolongs the time it will take to clear the debt, be upfront about what you want from them.

Willing2Learn

Stressedoutsally wrote: »

Another silly question but is my aim to have my accounts defaulted asap and is the quickest way to simply make no payments for a few months? I'm still trying to get my head around the whole DMP???

I know. It seems so strange to be missing payments. But remember your end goal is to build up an emergency fund (your security blanket) to protect you from any unknowns. Just make sure that you write to all your creditors, so that they are fully informed of your intention to start DMP payments in the new year. Use the National Debtline holding letter that I linked to earlier. Tweak the letter so that it shows your expected DMP start date. Everything will work perfectly.

Stressedoutsally

Thank you for the replies, I think I will write again to all the creditors as at present I have just requested a 30day hold on my accounts. I will inform them of my intentions to start the DMP in December, and in between times I will save up the emergency fund. The missing payments is the hardest thing to get my head around as up until this point I've never missed anything and my credit file looks ok, but I understand this is the process however uncomfortable it makes me. I really appreciate you all taking the time to answer my questions.

sourcrates

DMPme wrote: »

Hi all. Please could somebody provide me with some advice.

I have 3 debts that have been bought by PRA, I sent CCA requests to them, which have since come back as unenforceable.

My plan was to withhold payment in order to get a full & final settlement agreed.
The only problem is that they have also advised that one of the accounts (originally MBNA CC) has never been defaulted so if I withhold payment then they will register a new default on it which will then last for an extra few years on top of the defaults from the other accounts.

Would I be best to keep paying the agreed amount on this or trying to get MBNA/PRA to add a backdated default to when my DMP started/I missed 4 months payments?

Does anyone know how this will affect my credit file in the log term if I keep on paying and it is never defaulted?

Thanks in advance.

It will continue to show as a live account until it either defaults or is settled in some way.
If your credit file is important to you, then make an offer to settle, if you have funds available.
Remember, unenforceable means you do not have to pay them, they cannot take legal action against you, but the debt can still be chased.

It’s a tricky one to determine the best course of action when it’s not been defaulted.

ditty1234

Happy days, another card defaulted. I now have 3 defaulted credit cards, the total balance is still astronomical - but I have to ignore that and just pay Stepchange every month for now.
I will call HSBC tomorrow as they did some weird shift and made an account I hadn't asked for when I stopped paying loan etc. And both accounts loan and overdraft are not defaulted.
Am very much reading this thread and picking up hints and tips.

LexieLou

Suseka97 wrote: »

T
So, it is easy to self-manage, you just need to get a little organised and then it'll run just the same as if SC were doing it for you.

Thank you for the advice xx

purplepaws

Good afternoon Everyone,


Having had the guts to actually do something about my debt and setting up a plan with Stepchange, I just need some encouragement to go and look at my credit rating! I have actually no idea when things were defaulted and how long there is left to run. I have, I'm afraid, reverted to 'head in the sand' pose as I'm too scared to take a peak!
Silly I know. After all, it took so much courage to get on top of the initial problem and it wasn't as bad as I expected, I just can't face looking.
Kick up the a$$ required - thank you!