DMP mutual support thread part 13 !!

katius

Havent posted for a while, we are currently 16 days off paying our DMP, its been all consuming for the last few months working out ways to pay it off before Christmas and starting the new year with a fresh start. So glad we started this process 3.5 years ago...22,000 ish paid

Bungle562

Hi
I fear that I may soon have to enter into a DMP but having researched for a while I still have nagging questions that no one has been able to answer:

I understand that it is not legally binding and that creditors can basically change their stance whenever they want but how often does that actually happen? Is it a once in a blue moon thing or are people experiencing this regularly?

I completed an application with SC and they estimated it would take 3yrs and 2 months to clear it all - but is that likely to happen? Again it comes back to creditors still having the ability to essentially do what they want?

CCJS and DCA - I know with an IVA they can't pester you but understand with a DMP you can still get letters and knocks at the door - does this happen and does it ever stop?

I wouldn't feel comfortable doing everything I can to repay the debt knowing that at any time I could be summonsed to court!

So many unknowns which at this time don't seem to make a DMP appealing!

Thanks

Suseka97

Bungle562 wrote: »

.............I fear that I may soon have to enter into a DMP but having researched for a while I still have nagging questions that no one has been able to answer:

I understand that it is not legally binding and that creditors can basically change their stance whenever they want but how often does that actually happen? Is it a once in a blue moon thing or are people experiencing this regularly?

I completed an application with SC and they estimated it would take 3yrs and 2 months to clear it all - but is that likely to happen? Again it comes back to creditors still having the ability to essentially do what they want?

CCJS and DCA - I know with an IVA they can't pester you but understand with a DMP you can still get letters and knocks at the door - does this happen and does it ever stop?

I wouldn't feel comfortable doing everything I can to repay the debt knowing that at any time I could be summonsed to court!

So many unknowns which at this time don't seem to make a DMP appealing!

I think you are overthinking this a little. I don't quite see why you think that a creditor is likely to send you a court summons. Yes, acceptance of a DMP is very much down to an individual creditor - but then so is an IVA (if I recall at least 75% of your creditors must agree to it). Whether they officially accept or not, SC will continue to make the payment. If, for any reason (and I can't think of any) a creditor decided they wanted more and so thought taking you to court would achieve that... well can you just imagine what a magistrate would say! If you've had a payment arrangement set up by one of the largest debt charities out there - they've worked through an I&E and determined what is affordable - what on earth would a creditor gain through court action. Nothing - aside from, perhaps, a ticking off from a magistrate for wasting a courts' time. If anyone gets sent an 'letter before action' which always precedes court action - you would just put down exactly what SC has agreed, with the proven I&E - so, again, nothing gained.

So - let the DMP run its course and don't worry about anything that hasn't happened yet. Also, in the 5 years + I was in a DMP, with 14 creditors to my name - I never once had anyone knock at my door. If they did, I would have politely told them to go away, whilst waiving my DMP paperwork in their face.

Suseka97

katius wrote: »

Havent posted for a while, we are currently 16 days off paying our DMP, its been all consuming for the last few months working out ways to pay it off before Christmas and starting the new year with a fresh start. So glad we started this process 3.5 years ago...22,000 ish paid

Well done and may you enjoy a wonderful debt-free new year :T

fullofcold

Quick question. Husband has been in DMP for 16 years. We are looking at options as per this thread, although there is a possibility we might (keep your fingers crossed) be able to repay the companies in full next year. If we can pay them in full, and the lenders give us a lower settlement than they have currently given us will they register another default for the lower amount if they originally defaulted the debt 16 years ago?

Willing2Learn

fullofcold wrote: »

Quick question. Husband has been in DMP for 16 years. We are looking at options as per this thread, although there is a possibility we might (keep your fingers crossed) be able to repay the companies in full next year. If we can pay them in full, and the lenders give us a lower settlement than they have currently given us will they register another default for the lower amount if they originally defaulted the debt 16 years ago?

An account can only be defaulted once. If it were me, and considering the age of the accounts, I would submit CCA request for each eligible DMP account, to check if the creditors have compliant paperwork.

https://debtcamel.co.uk/ask-cca-agreement-for-debt/

Bungle562

Hi
Sorry don't know how to cut and paste the reply message to my message.

I was caught up on the court thing it was just trying to gauge from people how often it happens.
How often creditors change their minds etc etc

Just to gauge how worthwhile an exercise it is

Thanks again

Bungle562

I wasn't even!

Suseka97

Bungle562 wrote: »

Hi
Sorry don't know how to cut and paste the reply message to my message.
I was caught up on the court thing it was just trying to gauge from people how often it happens. How often creditors change their minds etc etc Just to gauge how worthwhile an exercise it is Thanks again

To 'quote' a message, as I have done here - all you need to do is click on that little orange bubble at the end of the post you want to copy. Hope that helps.

As for your questions - I don't think many here will have experienced the whole 'court thing', because DMPs are very common and pretty much all the mainstream lenders out there know the drill. What you find happens quite often is that once an account has gone into arrears and a person has advised that they cannot maintain their contractual payments, and a DMP ensues - the creditor will pass the account to their collections department or sell it off to a DCA. If you maintain your side of the bargain, by keeping to the DMP arrangements - it'll just run its course.

As for how worthwhile a DMP is - well, for one thing it takes away all that stress and worry people carry when they are struggling with debts they cannot afford. If you read back on this thread you'll see that some folks just jump on board and never look back, others find it a little bit of a struggle at first (accepting the situation). But you'll find that the majority will say that it was the best thing they did - and often wish they'd done it sooner.

Ultimately whether you choose to go down the DMP route or not - is very much a personal choice and whilst it's helpful to hear from people's experiences, only you can decide if this is the right path for you.

DaveAllen

I've had PRA Group come back to me to say the debt they took over from Barclaycard is unenforceable. This is the first of five I've written to. The outstanding debt is just under £10k of an original £14k debt. They have suspended the collections through PayPlan whilst they were looking to get the paperwork from Barclaycard. The monthly amount was around £13 I think. Should I now make them an offer to close the account? Is there a standard letter? Is there a standard percentage of the outstanding amount that I should offer?

Thanks so much for all your help.