DMP mutual support thread part 13 !!

User_060921

Okay so we are now month two of my DMP.

I am paying £336 per month.

The warnings were quite right in terms of being realistic with budgets and realising just how much I was robbing peter to pay paul.

It has become apparent i underestimated a couple of outgoings.

Is it too soon to ask Stepchange to reduce that £336 to £260?

Willing2Learn

Fusterclucker wrote: »

Okay so we are now month two of my DMP.

I am paying £336 per month.

The warnings were quite right in terms of being realistic with budgets and realising just how much I was robbing peter to pay paul.

It has become apparent i underestimated a couple of outgoings.

Is it too soon to ask Stepchange to reduce that £336 to £260?

It is your DMP. If your updated SOA now shows that your existing arrangement is unaffordable, then you need to let SC know straight away, so that your DMP can be reviewed and updated. Then you can reduce your payments to an affordable level.

sourcrates

Fusterclucker wrote: »

Okay so we are now month two of my DMP.

I am paying £336 per month.

The warnings were quite right in terms of being realistic with budgets and realising just how much I was robbing peter to pay paul.

It has become apparent i underestimated a couple of outgoings.

Is it too soon to ask Stepchange to reduce that £336 to £260?

Sort your budget out, make sure it’s realistic, you can change things once or twice, but don’t make a habit of it, good luck.

CardiffFi

Thank you for your welcome. I today received my sc dmp email to say all is ready for my first payment on 1 January. The first question that springs to my mind now is will I be able to take one of the debts out of my plan? A very kind friend of mine has offered to pay one of the smaller debts. My head is mush, it’s all so new ☹️ X

sourcrates

CardiffFi wrote: »

Thank you for your welcome. I today received my sc dmp email to say all is ready for my first payment on 1 January. The first question that springs to my mind now is will I be able to take one of the debts out of my plan? A very kind friend of mine has offered to pay one of the smaller debts. My head is mush, it’s all so new ☹️ X

Yes, obviously you can, just call stepchange and tell them your mate has settled one debt for you so please remove it from your arrangement, thank you very much.

Willing2Learn

CardiffFi wrote: »

Thank you for your welcome. I today received my sc dmp email to say all is ready for my first payment on 1 January. The first question that springs to my mind now is will I be able to take one of the debts out of my plan? A very kind friend of mine has offered to pay one of the smaller debts. My head is mush, it’s all so new ☹️ X

StepChange may get into a bit of a huff about that, as they like to make settlement offers to all creditors simultaneously and pro rata. I am sure that they will be able to make the necessary adjustment to your DMP though.

CardiffFi

Oh, so what about if I negotiate a settlement figure further down the line to pay off another debt while I’m still on my plan, I can’t do that? Eeekkk, what have I done???

CardiffFi

Thank you for your reply, that’s what I thought, but apparently SC don’t like it? Confused!

sourcrates

CardiffFi wrote: »

Oh, so what about if I negotiate a settlement figure further down the line to pay off another debt while I’m still on my plan, I can’t do that? Eeekkk, what have I done???

CardiffFi wrote: »

Thank you for your reply, that’s what I thought, but apparently SC don’t like it? Confused!

If SC doesn’t like what your proposing, then go it alone and self manage, take them out of the equation, the choice is yours, if you want to settle individual debts along the way, then self management may be the way to go.
If you want to pay down over time, stick with them.

neiljmuk

January2015 wrote: »

You can make settlement offers directly to creditors and bypass Stepchange (SC), whilst still using them for your DMP. Or, you could go self-managed. Wait and see what the CCA request returns and make your decision then.

If it is unenforceable (UE) then you can either just not pay it, or make a low settlement offer. I had a debt of just under £12,000 that was unenforceable and I chose to settle if for £1,200. The reason I chose to settle it was to get it marked a settled on my credit file and no-one could sell or transfer the debt and I wouldn't have the hassle of evidencing again it was UE. My choice, but others choose to just not pay. Again, make a decision when you have the information back from the CCA request.

Hi all, sorry to quote a very old post, but having got quite up to speed with everything DMP related and been away mainly for a year or two everyone seems to be talking about CCA's?

Can I ask what a CCA basically is? it's purpose? Why would debt not be enforcable anymore if payments have been made against it as part of a DMP.

I am wanting to look at a few F&Fs. I have 10 creditors (some of it's sold off and others looked after by 3rd parties) and some send me letters advising I can offer them an F&F so is asking for a CCA necessary first?

Any advice gratefully received. Thanks.