DMP mutual support thread part 13 !!

Suseka97

sourcrates said:

Changingtimes said:

Need help if possible.  Just switched from Stepchange to self managed. So far so good apart from a company called CRS (credit resource solutions) they are collecting on behalf of two of my creditors but insisting i pay via their website OR CPA. I dont want to up CPA I want to set up a standing order but cannot get their bank details.  Any ideas, they just being damn annoying. The problem is I want them I want to pay I dont want this to get behind because I am working to be debt free this year. They are certainly NOT making things easy, swapping changing references, then saying I have not paid because when I have just under the old reference because they changed it AGAIN..............this is a regular monthly issue with them. Nightmare company!

You can pay securely from the "my account" section of their website.
They are only acting on behalf of their clients, so you can ignore them if you wish, save the money up you would have paid, eventually they will return the account to the OC, and another DCA will be appointed.

Just to jump on... I would be following sourcrates advice and just stop paying and put the money aside for now.  Depending on how long it takes for them to twig that you're not dancing to their tune, you may have sufficient funds to clear the debt with them in one go or if they return the account to the OC and sell on to another DCA, you can pay them what you have saved thus far and set up whatever arrangement you want.  But it sounds like you are really not going to get anyway with this DCA.

fullofcold

Willing2Learn said:

fullofcold said:

My husband is up for annual review and we are looking to give Gregory Pennington notice shortly (if we ever exchange contracts).  Can my husband just postpone for a few weeks?  Or shall I get him to tell them he is looking at his options currently.

Do you mean you are looking to move across to a free DMP company or are you contemplating going self-managed?

No, we are intending on full and final settlement offers once we have moved as I've got some money due to me.  

NewHappyDad

Hi, I have a loan covered by my DMP, which I can see payments are being made towards each month. I presume the amount was agreed with the lender by StepChange on behalf of myself. I just checked my credit report and can see that despite the token DMP payment being made every month, the lender is registering default after default. Other lenders on my DMP are taking the payments fine. So my credit file is continually taking hit after hit. Can anyone advise if this is normal? If not how can I proceed to resolve this? Thanks

sourcrates

NewHappyDad said:

Hi, I have a loan covered by my DMP, which I can see payments are being made towards each month. I presume the amount was agreed with the lender by StepChange on behalf of myself. I just checked my credit report and can see that despite the token DMP payment being made every month, the lender is registering default after default. Other lenders on my DMP are taking the payments fine. So my credit file is continually taking hit after hit. Can anyone advise if this is normal? If not how can I proceed to resolve this? Thanks

Hello,

Its not taking hit after hit, what was the date of default ?.

You have broken your original agreement, and the account has defaulted, that is good, that means six years from date of default, it will drop off your file.

Accounts only default once, the information you are seeing is just a monthly status update, it will keep showing that status for 6 years, regardless of any DMP payments you continue to make.

Please do some research, see here

https://debtcamel.co.uk/dmp-credit-rating/

NewHappyDad

sourcrates said:

NewHappyDad said:

Hi, I have a loan covered by my DMP, which I can see payments are being made towards each month. I presume the amount was agreed with the lender by StepChange on behalf of myself. I just checked my credit report and can see that despite the token DMP payment being made every month, the lender is registering default after default. Other lenders on my DMP are taking the payments fine. So my credit file is continually taking hit after hit. Can anyone advise if this is normal? If not how can I proceed to resolve this? Thanks

Hello,

Its not taking hit after hit, what was the date of default ?.

You have broken your original agreement, and the account has defaulted, that is good, that means six years from date of default, it will drop off your file.

Accounts only default once, the information you are seeing is just a monthly status update, it will keep showing that status for 6 years, regardless of any DMP payments you continue to make.

Hi Sourcrates

Thanks for sharing the information and links.

Ok, perhaps a confusion over terminology. The hit after hit reference is to my continually falling credit score and me (perhaps wrongly) linking it to the red flag each month on the loans within my DMP. I just checked my report and I have 1 loan that says “default” against every month, (first date of default was July 2019)and another loan that says “late payment” against each month (first date of late payment was May2019).

 So, I suppose I will continue to see my score drop until the DMP ends. Not that it particularly matters.

But, thinking long term, if I needed or wanted credit in the future I wanted reassurance that defaults would drop off my file from the first date of default , NOT 6 years from the last flagged “default” or “late payment” on the credit report.

Thanks

sourcrates

NewHappyDad said:

sourcrates said:

NewHappyDad said:

Hi, I have a loan covered by my DMP, which I can see payments are being made towards each month. I presume the amount was agreed with the lender by StepChange on behalf of myself. I just checked my credit report and can see that despite the token DMP payment being made every month, the lender is registering default after default. Other lenders on my DMP are taking the payments fine. So my credit file is continually taking hit after hit. Can anyone advise if this is normal? If not how can I proceed to resolve this? Thanks

Hello,

Its not taking hit after hit, what was the date of default ?.

You have broken your original agreement, and the account has defaulted, that is good, that means six years from date of default, it will drop off your file.

Accounts only default once, the information you are seeing is just a monthly status update, it will keep showing that status for 6 years, regardless of any DMP payments you continue to make.

Hi Sourcrates

Thanks for sharing the information and links.

Ok, perhaps a confusion over terminology. The hit after hit reference is to my continually falling credit score and me (perhaps wrongly) linking it to the red flag each month on the loans within my DMP. I just checked my report and I have 1 loan that says “default” against every month, (first date of default was July 2019)and another loan that says “late payment” against each month (first date of late payment was May2019).

 So, I suppose I will continue to see my score drop until the DMP ends. Not that it particularly matters.

But, thinking long term, if I needed or wanted credit in the future I wanted reassurance that defaults would drop off my file from the first date of default , NOT 6 years from the last flagged “default” or “late payment” on the credit report.

Thanks

As the debt camel article points out, anything except full contractual payment will result in negative information being recorded on your file, its par for the course in DMP land unfortunately.

Your score is not something to be worried about, at best its a vague indication of your credit worthiness, at worst, its just a made up number, all your defaults will vanish on there 6 year anniversary, so nothing lasts forever.

Suseka97

NewHappyDad said:

sourcrates said:

NewHappyDad said:

Hi, I have a loan covered by my DMP, which I can see payments are being made towards each month. I presume the amount was agreed with the lender by StepChange on behalf of myself. I just checked my credit report and can see that despite the token DMP payment being made every month, the lender is registering default after default. Other lenders on my DMP are taking the payments fine. So my credit file is continually taking hit after hit. Can anyone advise if this is normal? If not how can I proceed to resolve this? Thanks

Hello,

Its not taking hit after hit, what was the date of default ?.

You have broken your original agreement, and the account has defaulted, that is good, that means six years from date of default, it will drop off your file.

Accounts only default once, the information you are seeing is just a monthly status update, it will keep showing that status for 6 years, regardless of any DMP payments you continue to make.

Hi Sourcrates

Thanks for sharing the information and links.

Ok, perhaps a confusion over terminology. The hit after hit reference is to my continually falling credit score and me (perhaps wrongly) linking it to the red flag each month on the loans within my DMP. I just checked my report and I have 1 loan that says “default” against every month, (first date of default was July 2019)and another loan that says “late payment” against each month (first date of late payment was May2019).

 So, I suppose I will continue to see my score drop until the DMP ends. Not that it particularly matters.

But, thinking long term, if I needed or wanted credit in the future I wanted reassurance that defaults would drop off my file from the first date of default , NOT 6 years from the last flagged “default” or “late payment” on the credit report.

Thanks

My attention would be on the account/s flagged as 'late payment', which may turn to 'arrangement to pay' at some point and those will affect your credit file far longer than any default.  So I'd keep an eye on that if I were you.

ditty1234

Hi I have my DMP w Stepchange all steady and I was happy with it. Now with schools closed I am thinking about pausing it for 3 month as I have lost 2/5 of my income (agency cover work) and have an extra person to feed - son home from uni. Are there any specific provisions for DMP's / covid 19  or do I just call them?

sourcrates

ditty1234 said:

Hi I have my DMP w Stepchange all steady and I was happy with it. Now with schools closed I am thinking about pausing it for 3 month as I have lost 2/5 of my income (agency cover work) and have an extra person to feed - son home from uni. Are there any specific provisions for DMP's / covid 19  or do I just call them?

As you are aware, a Debt Management Plan is an informal way to repay your debts at a rate you can comfortably afford.
They are not yet regulated, so its just a case of picking up the phone to stepchange and telling them what you want to do.

You will not be the only one affected by the current situation, so the debt charities are likely to see an influx of calls for help in the coming weeks/months.

Brave_Up

Some advice really needed please.  I have approx £27000 cc debt. I have put in figures to stepchange and they say I can afford 440 per month.  I know that I cant live on this- dont have an extravagant lifestyle but 250 would probably be manageable.  Can I put this forward.  Also after reading through fantastic advice on here I havent paid my cc payments this month to try to start building up an ef.  Circumstances have left me tighter than normal as rent up 100 and no maintenance for 4 months- supposed to start back again next month.  I have not contacted cc companies as I'm wanting them to default me.  Just checking do I contact SC now or wait a couple of months?  Do I contact cc and let them know?? Thanks for any support/advice as I'm feeling lost and very on my own.