DMP mutual support thread part 13 !!

Fairyfeet2

Sorry continuation ...

Could I put the money into say a savings account or a post office bond ? Could the creditors gain access to my savings account ?

Willing2Learn

Fairyfeet2 wrote: »

Can creditors get access to look at your bank account . I’ve had a bit of a windfall, but only want to offer part to my creditors as I want to keep some for a rainy day ?

No. Creditors do not get access to look at your bank account.

Fairyfeet2 wrote: »

Could I put the money into say a savings account or a post office bond ? Could the creditors gain access to my savings account ?

Yes, you can deposit the money into a savings account so that you earn interest.

And no, creditors will not be able to gain access to your savings.


I have posted in your full and final settlement thread too. Please follow my advice to submit CCA requests for all your eligible accounts, before you make any settlement offers.

sourcrates

Fairyfeet2 wrote: »

Sorry continuation ...

Could I put the money into say a savings account or a post office bond ? Could the creditors gain access to my savings account ?

No one has the power to gain access to anything monetary that belongs to you, except the OR in bankruptcy, HMRC, and your bank using the right of set off.
If a creditor took your money without permission, except in the above circumstances, that’s called theft.

UH..OH

Good Morning,

I have discussed a DMP (or equivalent, I'm in Scotland) with Step Change about 3 months ago, have since stopped paying all creditors and have just this week had a couple of default notice letters. I have been trying to save an emergency fund, although that was depleted over Christmas with a broken boiler and washing machine. However, I am still reluctant to enter into the DMP yet, until I get my emergency fund up again. Do I have time? If they're starting to default? I have ignored everything after my initial contact to give the StepChange reference number, should I answer calls and explain I'm in the same situation, discussing a DMP, or continue to ignore?

Thank you so much for your help.

[Deleted User]

UH..OH wrote: »

Good Morning,

I have discussed a DMP (or equivalent, I'm in Scotland) with Step Change about 3 months ago, have since stopped paying all creditors and have just this week had a couple of default notice letters. I have been trying to save an emergency fund, although that was depleted over Christmas with a broken boiler and washing machine. However, I am still reluctant to enter into the DMP yet, until I get my emergency fund up again. Do I have time? If they're starting to default? I have ignored everything after my initial contact to give the StepChange reference number, should I answer calls and explain I'm in the same situation, discussing a DMP, or continue to ignore?

Thank you so much for your help.

Just a few quick comment about default notices. Not sure if it works the same in Scotland but it certainly does here in England that creditors send default letters out with monotony, usually monthly:(. These are just warnings that they MAY default you unless you pay the outstanding debt etc. It doesn't necessarily mean that they WILL default. Some posters on here have had problems ever getting a creditor to default at all, even after several months/years:eek:. If it is a true default it will give you the definite date when the default is to take place

cat_79

Hi so I'm setting up my DMP and as I'm on benefits due to a mental illness I don't have much money. I'm wanting to offer 20 pound a month to each of my creditors as this will leave me more money to actually live on. Will they accept such a low offer. Or do I have to offer all my disposable income as this is what step change suggested which is why I'm going it alone.

sourcrates

cat_79 wrote: »

Hi so I'm setting up my DMP and as I'm on benefits due to a mental illness I don't have much money. I'm wanting to offer 20 pound a month to each of my creditors as this will leave me more money to actually live on. Will they accept such a low offer. Or do I have to offer all my disposable income as this is what step change suggested which is why I'm going it alone.

Why not offer a £1 instead ?
Is an insolvency solution more practical ?
They will take whatever your circumstances permit, or they will sell on the debt, there is no will they, won’t they, you just pay what you can comfortably afford.

[Deleted User]

cat_79 wrote: »

Hi so I'm setting up my DMP and as I'm on benefits due to a mental illness I don't have much money. I'm wanting to offer 20 pound a month to each of my creditors as this will leave me more money to actually live on. Will they accept such a low offer. Or do I have to offer all my disposable income as this is what step change suggested which is why I'm going it alone.

When you say StepChange want you to use all your 'disposable income' to repay your debts I'm a bit confused, sorry:o

Did you phone SC and speak to someone or did you use the online Debt Remedy tools on their website which allows you to play around with figures yourself with no commitment? If you have inputted all the sums you need to spend in the various budget catagories it should leave you with a figure of what you actually have available for debt repayment. For people who have always believed in being totally truthful it goes against the grain to have to be a bit inventive with your actual expenses. Some people put down a sum for cigarettes when they don't even smoke, or pets when they don't even have any. Make sure you claim a slightly higher amount in such as grocery, transport etc catagories than you actually spend. That way the amount of money you have left for debt repayment is less but your life will be slightly less harsh than it might otherwise be. A DMP is a marathon not a sprint;). You'll still get the debts repaid but over a slightly longer period.


I hope your health improves very soon and your DMP goes well:beer:. Once it's up and running I guarantee you'll feel so much better about your financial state.

cat_79

I think i am all set now to get started. my question is what happens with regards to my overdraft? Should I default with this as well or will it go straight to court if I do that? I have written to all my creditors and advised I am going to delay payment for 6 months in order to build an EF, is this the right thing to do? I have also asked for only written communication as I find speaking on the phone to be overwhelming. I am really scared doing this but needs must.

sourcrates

cat_79 wrote: »

I think i am all set now to get started. my question is what happens with regards to my overdraft? Should I default with this as well or will it go straight to court if I do that? I have written to all my creditors and advised I am going to delay payment for 6 months in order to build an EF, is this the right thing to do? I have also asked for only written communication as I find speaking on the phone to be overwhelming. I am really scared doing this but needs must.

No need to be scared, it’s simply business, your overdraft is a debt and should be included in your DMP, have you opened a new basic bank account with a new bank with whom you have no debt ?

That is your priority, and should be the first thing you do, no one will be going to court.