DMP mutual support thread part 13 !!

TheWickerMan

Hello all

I'm about half way through my Emergency Fund building phase. I notified all creditors initially of an anticipated DMP start date of 01 May, but have ignored all calls, e-mails etc since.

I have just now started to receive 'Notice of Arrears' Notice (Barclaycard) and 'Pending Notice of Default' (Vanquis) letters by mail. Do I need to worry about these? Or is it a good thing, meaning that they on their way to becoming defaults? One final question - if, say, 5 out of 8 of my creditors have defaulted md by May but I am still waiting for 3, would it be worth trying to delay starting my EF by another month or two, or would that cause further problems with the 5 creditors who defaulted me earlier?

Many thanks

sourcrates

TheWickerMan said:

Hello all

I'm about half way through my Emergency Fund building phase. I notified all creditors initially of an anticipated DMP start date of 01 May, but have ignored all calls, e-mails etc since.

I have just now started to receive 'Notice of Arrears' Notice (Barclaycard) and 'Pending Notice of Default' (Vanquis) letters by mail. Do I need to worry about these? Or is it a good thing, meaning that they on their way to becoming defaults? One final question - if, say, 5 out of 8 of my creditors have defaulted md by May but I am still waiting for 3, would it be worth trying to delay starting my EF by another month or two, or would that cause further problems with the 5 creditors who defaulted me earlier?

Many thanks

Standard run of the mill template letters they must send you to comply with the consumer credit act,  informing you of each stage in the process towards defaulting.
If  creditor won`t default you, write and ask them too.

Debtfreeat50

Has anybody any experience with Next please? 
I have received a letter accepting my DMP payment for 6 months with interest suspended which is great but what happens after the 6 months? I reckon at that point my payments will just about meet the minimum payment number and I will be back in my persistent debt rut.

PixieHope

ditty1234 said:

Hi PixieHope, I had a scavenge around the forums and found this sampleletter:

I wrote to all of my creditors similar letters to this and whilst it did take a reminder or two to Link/MBNA I successfully brought forward my default date (some by more than 9 months!)

“
I refer to the above mentioned closed and settled account which was being reported on my credit reference files.

I propose that as you have used arrangement to pay markers in place of a default on the account. It is understood that the Information Commissioner's Office does not agree with this and states that this is indeed unfair practice.

I entered into a debt management programme with Stepchange in October 2013 and provided you with a breakdown of my debts and income and expenditure.

I understand that you defaulted the account on 14th November 2014.

By April 2014 you were recording the marker ‘DM 3’ with Noddle/Callcredit which states ‘agreed repayments are 3 or more months behind…”

Clearly throughout 2014 I had failed to meet the contractual agreement and had defaulted on the account.

By entering into the DMP agreement you had sight of my income, outgoings and budget provided to you by Stepchange. This would have made it obvious to you that I was not in a position to repay the outstanding amount in full and would be in a DMP for several years.

The Information Commissioners Office guidelines state than an informal arrangement such as a DMP should not last for more than 6 months, after which either the account should be returned to normal or defaulted.

I contest the account is incorrectly reported from April 2014.

For your consideration all other creditors have defaulted my accounts with them prior to the date you have reported the default of 14th November 2014. Notably Barclaycard agreed after recent communication with them that the account with them should have been defaulted from January 2014 which they have now rectified.

If the current reporting of the account remains, then this places me at a disadvantage to those debtors who do not repay any amount to the creditor and have their account defaulted at the earliest opportunity.

I therefore propose it is against the Information Commissioner's Office guidelines for my debt not to have been defaulted on or before 1st April 2014.

I request that you place a default date on the account of 30th March 2014 with all of the credit reference agencies you report to. This will bring it in line with my other debts.

I look forward to your reply.

Yours faithfully,
”Hope that helps and you can pick the bones out of the letter to use best for your circumstances.

Which I might try, before I actually stop my DMP.

Hi Ditty1234
Thank you for your advice and above letter! I will send off on Monday! Sorry for the delay in responding, I haven’t been able to get on.

Hope all is well

Manc1234

sourcrates said:

Mrsroebuck wrote: »

Hi all, my husband and I began a self managed DMP mid December, we are at the point where our offer letters have gone out and we are beginning to get replies. So far so good, all our creditors at the moment have accepted with the exception of Creation who have passed our account to shoosmiths solicitors. They have refused our payment offer and are looking to pursue a CCJ and charging order. Now, here is my question, the creation debt is just in my husband's name and our house is jointly owned. Can they pursue a charging order and if they do what is the likelihood they will force a sale? They have said they will accept our payment offer under the CCJ and charging order. They are the only one who have said anything along these lines, all our other creditors (there are 18 between us!) have accepted the payment offer with no issue

No they cannot pursue a charging order, just a restriction.

An order for sale is not possible under those circumstances.
Make sure both they, and the court are informed the house is jointly owned.

If they do get legal, (and they threaten this all the time, but don`t always follow it through), make sure you respond to all court documents, and fill in any paperwork you are required too.

As long as the terms of the CCJ are adhered too, they cannot further enforce the judgement, so basically keep up the payments, and they can`t do anything else.

If you want Land Registry conformation, then pose your question here, and they will confirm it, they do update regularly in this thread :

https://forums.moneysavingexpert.com/discussion/1839539/charging-order-the-myth&page=211

Thank you so much for this-this is my post but I couldn't get back on wit those details. Just wanted to let you know how much you've helped-we informed shoosmiths that property was jointly owned and what we offered is all we can afford-before I knew it debt was transferred back to creation who have accepted our payment offer! Thank you again, had I not known what you told me i would never have been in this position now 👍

Drowningindebt78

Good Morning All. Advice needed please. I am currently on a DMP with Step Change, all been going well for 12months and have paid off over £2k of my £16k debt. Following my review in January I’ve had a letter from Step Change to say that Halifax have advised them they no longer own my £750 overdraft  debt and they will stop making payment to them till it’s confirmed who owns it?? Does this mean they have sold it on? I have a CC with Halifax that has been sold and it just changed on my statement.  My other concern is that when I entered into my DMP I opened a separate account with Lloyd’s not realising they are part of the same banking group. I’m panicking now that they are applying the ofset rule and when I get paid on Friday they will take all my wages. I have received nothing in writing and my old Halifax account is in my maiden name, the new Lloyd’s account my married name. Could they still do this? I’m stressed to death as I’m now a single parent already struggling and if they take all my wage we will have nothing 😢😫

ditty1234

Now as mentioned and pretty clear from signature my DMP is a 16+ year project, so I have plenty of time. But while I am upside down excited that my bank loan should default this month, I was surprised to see 4 defaults on my credit report instead of 3. One of them has multiplied as  amount was sold off. I will give it a month to see if it corrects, but I find it annoying, and who do I contact if it persists ... any ideas? Now I just need my old overdraft to default and it's coming up to 6 month overdue in their weird system ... I stopped paying in April, so am hoping it will default next month. SO getting close to that line in the sand.

Whymeagain

Bank threatening charging order.
We have been in self managed DMP since business failure and ill health in 2016.  All debts with DCs, tiny payments being made no issues.  Other than our former bank, who we owe 30k to in various forms (loans and overdrafts).  They were fine with small payments for 4 years but are now pushing for payment within 7 years and threating charging order.  The 7 years deadline would mean jumping from around 70 per month to over 300 and its going to leave us very short of cash for any kind of emergencies.  They seem to have just decided now to be horrible when up till now they've been understanding.  What can we do to persuade them not to get charging order? 

ianlfc1

Hello everyone,
i am new this this and i would really appreciate some knowledgeable advice, due to recent events regarding my Business i have found myself in a tricky situation, i took a £19,000.00 loan out for my company which i personally signed guarantor for. since then my company has not been paid a £40,000.00 invoice which means i have had to close down my company but the £19,000.00 loan i have now got to pay back personally on top of my current payments to previous creditors such as 4 credit cards total amount owed on all 4 is £4200 and a Barclays personal loan £8000 and a Barclays £4000 overdraft which is all in my personal name even though i used this money to bankroll my company to cover the wage bill in the hope that things would get better. which clearly didn't happen. So would it be better for my credit score if i tried to deal with each lender individual and set up separate payment plans individually or would i just be better off to enter into a DMP and have them deal with my debts repayments? which option has the least impact on my credit score?
Any assistance and advice on the matters raised above would be very much appreciated.
Ian. 

ianlfc1

Hello everyone,
i am new this this and i would really appreciate some knowledgeable advice, due to recent events regarding my Business i have found myself in a tricky situation, i took a £19,000.00 loan out for my company which i personally signed guarantor for. since then my company has not been paid a £40,000.00 invoice which means i have had to close down my company but the £19,000.00 loan i have now got to pay back personally on top of my current payments to previous creditors such as 4 credit cards total amount owed on all 4 is £4200 and a Barclays personal loan £8000 and a Barclays £4000 overdraft which is all in my personal name even though i used this money to bankroll my company to cover the wage bill in the hope that things would get better. which clearly didn't happen. So would it be better for my credit score if i tried to deal with each lender individual and set up separate payment plans individually or would i just be better off to enter into a DMP and have them deal with my debts repayments? which option has the least impact on my credit score?
Any assistance and advice on the matters raised above would be very much appreciated.
Ian.