DMP mutual support thread part 13 !!

fullofcold

sourcrates said:

fullofcold said:

I need a bit of help with this.  As you all know I am still impatiently waiting to complete on my house to enable me to pay his lordships DMP off.  I know what to do and what order to do it in, but what I want to know is this, SC have told me that I have to pay the same percentage to everyone he owes, but 4 are through Cabot and Moorcroft (which are not CCJ's) and 1 is Tesco which is a CCJ.  I assumed we would have to pay off Tesco in full because it's a CCJ and the others a similar percentage that is agreed between us.  Or do I just agree figures between him and the companies and pay off with whatever they are happy with?
Should add we have asked for CCA's on the Moorcroft and Cabot one's and they cannot produce them, so are unenforceable (but he is paying through DMP).

Remove stepchange from the equation and deal with each company individually, try and negotiate the best possible deal with each one, even the debt with the CCJ may be open to a cash offer, just make sure anything you obtain agreement too, is confirmed in writing, before you pay.

Unenforceable debts can be left alone, eventually they will go statue barred and just fade away.

So I can assume that we don't have to pay each provider the same percentage?

Suseka97

fullofcold said:

sourcrates said:

fullofcold said:

I need a bit of help with this.  As you all know I am still impatiently waiting to complete on my house to enable me to pay his lordships DMP off.  I know what to do and what order to do it in, but what I want to know is this, SC have told me that I have to pay the same percentage to everyone he owes, but 4 are through Cabot and Moorcroft (which are not CCJ's) and 1 is Tesco which is a CCJ.  I assumed we would have to pay off Tesco in full because it's a CCJ and the others a similar percentage that is agreed between us.  Or do I just agree figures between him and the companies and pay off with whatever they are happy with?
Should add we have asked for CCA's on the Moorcroft and Cabot one's and they cannot produce them, so are unenforceable (but he is paying through DMP).

Remove stepchange from the equation and deal with each company individually, try and negotiate the best possible deal with each one, even the debt with the CCJ may be open to a cash offer, just make sure anything you obtain agreement too, is confirmed in writing, before you pay.

Unenforceable debts can be left alone, eventually they will go statue barred and just fade away.

So I can assume that we don't have to pay each provider the same percentage?

Essentially yes.
They don't need to know what you doing with any other debt, but the one/s they own. Don't get into a debate about that, even if pressed.  Treat each one as a seperate deal and bargain them down as much as you can - even the CCJ one.

fullofcold

Suseka97 said:

fullofcold said:

sourcrates said:

fullofcold said:

I need a bit of help with this.  As you all know I am still impatiently waiting to complete on my house to enable me to pay his lordships DMP off.  I know what to do and what order to do it in, but what I want to know is this, SC have told me that I have to pay the same percentage to everyone he owes, but 4 are through Cabot and Moorcroft (which are not CCJ's) and 1 is Tesco which is a CCJ.  I assumed we would have to pay off Tesco in full because it's a CCJ and the others a similar percentage that is agreed between us.  Or do I just agree figures between him and the companies and pay off with whatever they are happy with?
Should add we have asked for CCA's on the Moorcroft and Cabot one's and they cannot produce them, so are unenforceable (but he is paying through DMP).

Remove stepchange from the equation and deal with each company individually, try and negotiate the best possible deal with each one, even the debt with the CCJ may be open to a cash offer, just make sure anything you obtain agreement too, is confirmed in writing, before you pay.

Unenforceable debts can be left alone, eventually they will go statue barred and just fade away.

So I can assume that we don't have to pay each provider the same percentage?

Essentially yes.
They don't need to know what you doing with any other debt, but the one/s they own. Don't get into a debate about that, even if pressed.  Treat each one as a seperate deal and bargain them down as much as you can - even the CCJ one.

 Thank you, I appreciate your help.  

Woodypuddy

I think you'll find that SC will be reluctant to stop payments and their mantra is always to treat creditors equally.  When it comes to this point - people generally make the decision to cancel their managed DMP and take back control. By that I mean they then self-manage from that point onwards.  To do that you just need to tell SC of your intention to self-manage, they'll be fine about that.  Just make sure you have all the details you need from your online account with them - such as the DCAs details: name, account numbers, balances etc. Also cancel your DD to SC.  Then just wait.  

Some DCAs never acknowledge they've received a CCA request, but you don't need to chase.  If you get demands for payment from the two that haven't responded, then just write back and remind them of the CCA request and add that until they provide compliant paperwork you will not enter into any form of agreement.

Hi, thanks for the info. My one fear is that I stop all payments (which currently have no interest applied), they prove to be enforceable, they don’t agree my F&F offers and the companies decide to start to apply interest to debts.  Is this likely? They are all with 3rd party companies now (Link, Lovell, Robinson’s and PRA) Thanks 

sourcrates

Woodypuddy said:

I think you'll find that SC will be reluctant to stop payments and their mantra is always to treat creditors equally.  When it comes to this point - people generally make the decision to cancel their managed DMP and take back control. By that I mean they then self-manage from that point onwards.  To do that you just need to tell SC of your intention to self-manage, they'll be fine about that.  Just make sure you have all the details you need from your online account with them - such as the DCAs details: name, account numbers, balances etc. Also cancel your DD to SC.  Then just wait.  

Some DCAs never acknowledge they've received a CCA request, but you don't need to chase.  If you get demands for payment from the two that haven't responded, then just write back and remind them of the CCA request and add that until they provide compliant paperwork you will not enter into any form of agreement.

Hi, thanks for the info. My one fear is that I stop all payments (which currently have no interest applied), they prove to be enforceable, they don’t agree my F&F offers and the companies decide to start to apply interest to debts.  Is this likely? They are all with 3rd party companies now (Link, Lovell, Robinson’s and PRA) Thanks 

Once a debt defaults no further interest or charges can legally be added, so your worrying over something that`s not going to happen.

Harlequinn87

Hi, as of today I'm officially debt free.. long story short i was on a DMP for around 2 years for 30k of debt but was finally honest with my partner about the debt i was in and he wasn't happy but he wanted to help pay off large sums of the debt. So now we are debt free and we are now going to start saving for a deposit for buying our first home... i just need advice on if having this DMP from before will affect us applying for a mortgage in the future? my credit rating isn't great but has slightly increased since cancelling the DMP in Nov 2019 and paying large sums to clear everything since. Do i give it 6 months or a year while still saving and then see if anything improves... possibly get a credit building credit card or savings account? I'm worried I've screwed things up for us as I've read these type of things can stay on your credit file for 6 years! 

Willing2Learn

Harlequinn87 said:

Hi, as of today I'm officially debt free.. long story short i was on a DMP for around 2 years for 30k of debt but was finally honest with my partner about the debt i was in and he wasn't happy but he wanted to help pay off large sums of the debt. So now we are debt free and we are now going to start saving for a deposit for buying our first home... i just need advice on if having this DMP from before will affect us applying for a mortgage in the future? my credit rating isn't great but has slightly increased since cancelling the DMP in Nov 2019 and paying large sums to clear everything since. Do i give it 6 months or a year while still saving and then see if anything improves... possibly get a credit building credit card or savings account? I'm worried I've screwed things up for us as I've read these type of things can stay on your credit file for 6 years! 

Firstly, well done on being debt-free.  And well done on sharing with your partner. 

What does the data on your three credit files say?  How were the DMP accounts marked on your credit file?  Were they all defaulted?

Harlequinn87

Hi Willing2Learn, Thank you     on my credit file i use clearscore  - it has 2 things to improve - try to avoid defaults and avoid missing payments which would have been caused from the DMP as before that i always made sure i paid on time all my debts just unfortunately wasn't living within my means and living off credit cards hence why the DMP
Most of them have been paid off and accounts closed which show on the credit file - i only have one credit card which i just paid off in full today so obviously this won't show yet but the loan was paid off in full in January but still hasn't updated to show any payments made... i'm assuming this can take a while to show

deano1506

Harlequinn87 said:

Hi Willing2Learn, Thank you     on my credit file i use clearscore  - it has 2 things to improve - try to avoid defaults and avoid missing payments which would have been caused from the DMP as before that i always made sure i paid on time all my debts just unfortunately wasn't living within my means and living off credit cards hence why the DMP
Most of them have been paid off and accounts closed which show on the credit file - i only have one credit card which i just paid off in full today so obviously this won't show yet but the loan was paid off in full in January but still hasn't updated to show any payments made... i'm assuming this can take a while to show

Hi, you need to know if and what date the accounts were defaulted - it doesn't matter if you have paid the debt off or not the defaults will show on your credit file for 6 years from the default date. I suspect you will not be able to get a decent high street mortgage with defaults, unless you get a very good broker, but interest rates offered will not be great. 

Willing2Learn

Harlequinn87 said:

... on my credit file i use clearscore  - it has 2 things to improve - try to avoid defaults and avoid missing payments which would have been caused from the DMP as before that i always made sure i paid on time all my debts just unfortunately wasn't living within my means and living off credit cards hence why the DMP
Most of them have been paid off and accounts closed which show on the credit file - i only have one credit card which i just paid off in full today so obviously this won't show yet but the loan was paid off in full in January but still hasn't updated to show any payments made... i'm assuming this can take a while to show

Okay, you need to check the account conduct data recorded on your ClearScore (Equifax) report.

On the opening page when you have logged on to ClearScore you need to click on the 'Report' button.
Then click on 'Accounts'.
Firstly, switch the button that changes your view to 'Closed' accounts.
Then expand all the accounts and have a good look for defaults or other negative markers.
Once you have done that for your closed accounts, then you can switch the slider to show 'Open' accounts.
Now check these accounts for defaults or other negative markers. 

So what does the data say about your account conduct?