DMP mutual support thread part 13 !!

Changingtimes

Evening all.
After some advice again if possible.
I went into DMP in Jan 19 with SC. I managed from then until now to get my debt down from circa £22k to now little over £10k. Recently I have been considering taking control myself and going self managed. Couple of reasons :
1. One of my larger creditors agreed £200 per month but their being paid £243 whilst my smaller creditor is receiving less than £5. I don't understand their method if they paid 3 x £43 to the smaller creditor they would be cleared and one less so to speak.
2. They are becoming difficult to contact. I appreciate they are very busy but in the limited time in office hours I have this is proving difficult and frustrating.

I feel I know how it all works now to go it self managed but what I am needing here is a pointer on perhaps a standard letter anywhere telling my creditors my plans and advising them when i plan on paying them etc. Also from requesting their agreement to payments, receiving their payment details etc how long the transfer process would usually take. I have 10 creditors narrowed to 6 as 2 DCA have 2 accounts each.
Any advice you could offer in transferring from managed to self managed would be appreciated.
Thanks all.

Pdc0512

Hi everyone!

Have read through this whole thread and found some really helpful advice!

Now registered with stepchange for a debt management plan, sent all paperwork back but have a question that im hoping someone may be able to help with.

A family member has kindly offered to settle 2 out of my 8 creditors (both the smallest ones) - i've read a few things saying that if the other creditors see that these 2 accounts have been cleared, and therefore seen as preferential treatment, that they may not accept the dmp.

Does anyone have any experience of this?

Many thanks!

wanttobethrifty

After months of arguing with Lowell, and before that Creation regarding not defaulting, i CCA'd Lowell's for the debt of £3058.22. Received reply today stating that: DUE TO THE TIME THAT HAS PASSED, CREATION ARE UNABLE TO PROVIDE US WITH A COPY OF YOUR CREDIT AGREEMENT. BASED ON THE INFORMATION PROVIDED, WE CONSIDER THE BALANCE TO BE VALID AND OWING.

I have cancelled to payment from STEPCHANGE to Lowell from today, and un til they respond with correct paperwork, or come up with a F&F of around 10%, they are not getting another penny from me.

For all those out there just starting out, don't panic, keep at it, and most of all, CCA all your creditors.
Absolutely buzzing right now, as my debt free date has come down from 43 months, to just 21 months now due to this :j:j:j

LG232

Hi everyone.

I'm about to start a token payments plan with SC. They have recommended 12 months which I'm nervous about but know it has to be done.

This might seem silly but I'm worried about the letters I'll be getting. I have visions of envelopes with big red writing "final demand" or "default" blasted across the front. I just can't have my family seeing that kind of thing.

It sounds silly but I don't have anyone else to ask. Do the letters that come just look like normal letters or will they clearly be demands for payment?

sourcrates

LG232 wrote: »

Hi everyone.

I'm about to start a token payments plan with SC. They have recommended 12 months which I'm nervous about but know it has to be done.

This might seem silly but I'm worried about the letters I'll be getting. I have visions of envelopes with big red writing "final demand" or "default" blasted across the front. I just can't have my family seeing that kind of thing.
It sounds silly but I don't have anyone else to ask. Do the letters that come just look like normal letters or will they clearly be demands for payment?

Plain white envelope normally I think, letters are nothing to worry about, creditors have a standard range of template letters they run through, under GDPR legislation you can request contact in any form you choose.

LG232

Thank you for replying. That has made me feel much better. I had visions of horrible envelopes with big red writing landing on my doormat and all my family seeing. Honestly feel so relieved.

Headabovethewater

Some advice is possible please. We've sent our 1st hold letter asking for 60 days. I've been signed off ongoing illness for 2 months. Barclaycard said they would hold for 30 days. Not heard off others yet. Should I resend the letter at the end of 30 days of rejig the letter?
I'm employed but hubby has a tax bill we will have to prioritise for 4 months as well as saving for emergency fund.
Would you mention this in the letter to creditors? Most credit cards, 1 overdraft and hubby zopa loan. Obviously we have to sort out tax first. How long do you think we can hold others offer? Or start tiny payments til were straight to start sm dmp?
Thank you so much for any help. Nervous time with health on top of the stress but hoping at least to feel we're starting the dept solution.

Debtfreeat50

I am due to make my first DMP payment on 5th March and holding letters have been sent by Tully but so far all my creditors have ignored them and are merrily adding on charges and interest. Is this usual?

Willing2Learn

Debtfreeat50 wrote: »

I am due to make my first DMP payment on 5th March and holding letters have been sent by Tully but so far all my creditors have ignored them and are merrily adding on charges and interest. Is this usual?

No, it is not usual. Did you use the holding letter template on the National Debtline website?

According to the rules in the FCA handbook:

CONC 7.3.11
A firm must suspend the active pursuit of recovery of a debt from a customer for a reasonable period where the customer informs the firm that a debt counsellor or another person acting on the customer's behalf or the customer is developing a repayment plan.

CONC 7.3.12
A “reasonable period” in CONC 7.3.11 R should generally be for thirty days where there is evidence of a genuine intention to develop a plan and the firm should consider extending the period for a further thirty days where there is reasonable evidence demonstrating progress to agreeing a plan.

sourcrates

Debtfreeat50 wrote: »

I am due to make my first DMP payment on 5th March and holding letters have been sent by Tully but so far all my creditors have ignored them and are merrily adding on charges and interest. Is this usual?

Nothing happens fast in debt collection, it’s entirely at the creditors discretion to stop interest, it may take a while, and a few letters of complaint to achieve it.