DMP mutual support thread part 13 !!

sourcrates

Drowningindebt78 said:

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 😢😫

Your debt has been sold, yes.
Don’t worry too much about set off, Banks don’t apply that legislation in a very timely manner, the rules surrounding it are a bit vague, but they can only take a certain amount, above a certain amount, basically they cannot clear you out.
You can open a Monzo account virtually instantly online, you can transfer money to it immediately, there acceptance criteria is fairly low key, so most people can get one.

sourcrates

Whymeagain said:

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? 

You should not pay more than you can afford, just because they obtain a charging order, does not mean your home will be any more at risk of sale, they need to obtain a CCJ first, and the payment for that will be set at a rate that’s affordable, only if you fail to pay can they try to get an order for sale.
Orders for sale are very rare these days, as courts are reluctant to put people out on the street, it’s a long legal process, and you have the chance to put your side to the court at every stage, so I would not worry too much about what the bank may threaten.

sourcrates

ianlfc1 said:

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. 

You need to post this in the general DFW forum, unfortunately with this new forum setup we have, I cannot move posts at present, so copy and paste it into a new thread in the main forum please, thanks.

Orsonwelles

Hi.
Quick question - Do i sign any letters when setting up my self managed DMP?
Thank you

Whymeagain

Concerning the Scottish equivalent of a CCJ... What documents do the court need as proof of income and or affordability?  When setting an affordable repayment amount.   Thank you 

Willing2Learn

Orsonwelles said:

Hi.
Quick question - Do i sign any letters when setting up my self managed DMP?
Thank you

Yes, it is perfectly okay to sign your letters.

Changingtimes

I am so angry. I switched to a SM DMP as from 18th Feb. All creditors so far been a good and accepted offers generated by NEDCAB site. Apart from 1 and I am at my whits end what to do with them. Offer made they wanted bank statements.  Told them I lawfully dont have to send . They basically told me I have to match the payment of SC. Advised Them impossible and to recheck the I&E I sent them. We are pretty much at a stand off.....they said they will accept £70 extra on top of my offer with no further action. If not they they will place me in arrears and further action might be taken. Told them I dont take the threats lightly! I tested them ....I said ok I will ask family to help me with the extra £70 on top of my offer or loan it. They said that would be ok and to let them know......surely that's against OFT guidelines? They didn't say dont go loaning the money from elsewhere shouldn't be done etc.....Turned to this company when I was in desperate time....and now I am seeing the light I would never deal with a company like this again. Sorry for long post

Whatamidoinghere

Hi probably a question asked many times but I've received two letters from NW loan one says my review is due and to keep paying the agreed payment plan (I'm with SC) the other is a default letter saying cant get hold if me and to pay the arrears or they'll take it further is this one the automatic copy that they have to send. Just having a bit of a wobble.

Debtfreeat50

Only missed one payment with Capital One and received a default notice already. They dont hang about!
They have accepted the DMP so that makes 6 out of 9 creditors and so far all have stopped interest charges. I have also got my late payment charges refunded from Very and Hitachi but not heard about the DMP yet. First payment due to go out at the end of the month.

sourcrates

Whatamidoinghere said:

Hi probably a question asked many times but I've received two letters from NW loan one says my review is due and to keep paying the agreed payment plan (I'm with SC) the other is a default letter saying cant get hold if me and to pay the arrears or they'll take it further is this one the automatic copy that they have to send. Just having a bit of a wobble.

A default notice is a regulatory requirement, and must be sent by law, its computer generated and takes no account of your personal circumstance or other arrangements you may have in force.
File it, and ignore it.