DMP mutual support thread part 13 !!

sourcrates

Bungle562 wrote: »

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

If you are repaying the debt at a rate you can afford, then why would a creditor disrupt that process by taking action through the courts, that would cost them money, and be of no further financial gain to them ?

The answer is they wouldnt, many people settle into their DMP`s many for a good few years with little or no issues whatsoever.

Once all this election and brexit rubbish are out of the way, the government intend to introduce a regulated version of the DMP, which will give you legal protection, but will not be classed as insolvency, stay tuned as to when this will be available.

DaveAllen

sourcrates wrote: »

Extremely unlikley they will have any paperwork whatsoever in that case, however they may just suprise you, definitely send them as it will improve your position no end if they cannot produce them.

Thanks sourcrates,

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.

Suseka97

DaveAllen wrote: »

......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?

There's no magic number in terms of % - but you could go in with a low cheeky offer. There is an F&F thread on this forum which you might find useful to have a read of. If it were me I'd put that one aside for now - meaning, don't make any more payments and see what happens with the others. I have a few UE's with PRA and found that after a few months they started offering me discounts, it took around 6 months to get the higher offers - currently standing at 65%.

LinziM

This thread helped us take the plunge and enter into a DMP. We had over £125k debt between me and my husband due to a business we had that failed and we were Living off credit cards, it got to the point where we couldn’t carry on paying the minimum amounts or our loan payments and we Called national debt line for advice as our income just wasn’t enough to cover the payments. They put us into Stepchange. We wish we had done this sooner. All our creditors were great and all stopped interest straight away. All apart from tsb who refused on my personal loan. The interest on this per month was about £180 per month and we were only paying £220 to them. I went to the financial ombudsman who found in our favour and they refunded all the interest from the start of the DMP. We have now been in the DMP for nearly 2 years and our debt is now £99k. Still a lot but we have light at the end of the tunnel. We were struggling to meet the high monthly payment about a year ago and so had a review and our payment was cut by a few hundred a month which has helped us massively. I felt no judgement from Stepchange who have been nothing but helpful and our creditors have all been pretty good too. Some have defaulted and some haven’t. We got some of the default dates backdated too. We still have 4 years or so left and may try to get some of the smaller debts off by offering settlement amounts. I just wanted to say if anyone is considering it, please don’t be frightened. It changed our life from sleepless nights and stress to now having light at the end of our tunnel and a debt free future. This thread and others have been a great source of help to us. So thank you for that x

19ryanh93

All

I know I’ve asked this before but has anyone on StepChange asked for a payment holiday? If so how do you go about it etc and what do they ask for to prove you need one if they do?

Cheers

Willing2Learn

19ryanh93 wrote: »

...I know I’ve asked this before but has anyone on StepChange asked for a payment holiday? If so how do you go about it etc and what do they ask for to prove you need one if they do?...

When you say you require a 'payment holiday', is that because you have a current emergency expense, or has your income your dropped?

StepChange can suspend your DMP payments for a month or two. They can also temporarily reduce your DMP payments. I suggest you speak to StepChange about your current circumstances on Monday morning.
https://www.stepchange.org/clients/cant-pay-dmp.aspx

19ryanh93

I need a new boiler putting in at home. Bit chilly at the moment.

I need to speak to them anyway so will ask when I call them

sourcrates

19ryanh93 wrote: »

I need a new boiler putting in at home. Bit chilly at the moment.

I need to speak to them anyway so will ask when I call them

Always polite to ask, but if it’s needed, you don’t need anyone’s permission, you just tell them your intentions, and carry on regardless.

Norfolk_Jim

Feeling very depressed today. Spent from Friday evening to this morning in A&E then hospital with my wife who suffered severe haemoraging. I've not been to sleep. Told boss I just couldnt turn in to work today and feeling desperate.
Stepchange contacted me to go over my budget again because as per the advice on here I queried the inclusion of my wifes PIP in the proposed DMP. I was surprised hopw aggressively I was questioned - I know I'm tired and at my wits end and borderline harm myself but it wasnt helpful.

Questioned the figures I gave which surprised me as I went with the suggested numbers on debt remedy. We've allowed too little in a number of areas for years resulting in self neglect so I went with Stepchanges own figures as what might be reasonable.
I have not asked for anything for haircuts - we cut our own - tobacco - we dont smoke - entertainment, I put £20 - I didnt think that was too much - SC thought too little(!). I have not inflated anything.
It was very different from my first budget conversation with SC, the only difference this time was that I asked about the PIP.

Anyway - did agree the budget and have now been given a start date for our DMP.
C1 have defaulted us already. Good. Barclays have given us 30 days frozen, fair enough. No one else has responded to me yet.
So I sat on Setee with my wife and just cried.
I know Im feeling sorry for myself and things could be worse but those truths did not make me feel any better - and this is before the creditors get upset and start to phone me.
I think maybe I need to up my anti-depressants but I so hate the way they make me feel - flat and emotionless - No lows and no Highs either - no laughs - no interest in anything - not sure that really help in the long run but short term I think I need to go back to the Doc. Only worked in my current job for a year now - they can be a bit ruthless over time off sick.
Not sure why I'm writing this

Willing2Learn

Norfolk_Jim wrote: »

...

Hi, I couldn't just read without responding...

If you are feeling really desperate and low, then I recommend you seeking support. Most NHS Trusts have a Single Point of Access (SPA) for local residents who are struggling with their mental health. They are open 24/7 and you should find their telephone number on your NHS Trust website. It may be that after assessment, you may be eligible for additional services. If your current medication is not having the desired outcome, then you need to let your GP and SPA aware of this as they may try a different prescription (as there is no one-size-fits-all solution).

Getting back to money matters, you may find that once your SC DMP is up and running, a great deal of weight will be off your shoulders and your general mood will improve.