DMP mutual support thread part 13 !!

DebtHurricane

Thanks Willing2Learn

Your advice on here about building an EF rather than relying on future credit completely has changed my perception on my finances. I’ll continue to build it!

One of my creditors is a catalogue and I last paid £5 as a token over 6 months ago. They’ve sold the debt on (got a notice of assignment) and yet they still haven’t defaulted it. I complained and they refused to default it. I might take this to the ombudsman. I don’t see why they lose by defaulting me!!

col81

I've had a DMP with stepchange. I started owing £18k I now owe £8k I have had it for 5 years. I am in a sales job with £20k basic and commission which takes me to £40k give or take. I have 5 defaults all dropping off in the next 12 months (3 next month). My commission in my job will now drop significantly due to covid 19. I will be lucky to earn £30k. I was very positive until now I feel like stopping the dmp and seeing what happens. I wanted to re mortgage but it looks like that's gone out the window. Sick of paying it to no avail.

Willing2Learn

Hi col81

Well done on making such good progress over the last few years.

If it were me, I would be sending off CCA requests for any eligible accounts.  Make your creditors have to follow legislation and provide you with a 'true copy' of the applicable credit agreement.  It may turn out that a few of your accounts become unenforceable.


Read the article below for details:
Debts – why, how & when to ask for the CCA agreement

Remus1975

Hi all. I'm in month three of my long DMP journey. I have sent off CCA requests and had 4 out of 7 reply. Just had my first Notice of Default.. from Creation of all creditors! I was expecting a battle with these looking at some of the problems they've caused others on this thread.

Just one question.. a couple of the CCA's I have had sent don't have an address, name or signature on. It just seems to be a copy of their credit agreement but without my details on the documents. Is this sufficient or should I be asking them for a copy with my details on there? 

Thanks in advance

sourcrates

Remus1975 said:

Hi all. I'm in month three of my long DMP journey. I have sent off CCA requests and had 4 out of 7 reply. Just had my first Notice of Default.. from Creation of all creditors! I was expecting a battle with these looking at some of the problems they've caused others on this thread.

Just one question.. a couple of the CCA's I have had sent don't have an address, name or signature on. It just seems to be a copy of their credit agreement but without my details on the documents. Is this sufficient or should I be asking them for a copy with my details on there? 

Thanks in advance

Everything is covered here -

https://debtcamel.co.uk/ask-cca-agreement-for-debt/#How_can_you_tell_if_it_is_right

Remus1975

Thanks for the link 👍

Weimsrock

Hello all New member here
i entered a DMP with SC in March 2019 with total debts of £35500 owed to 7 creditors overdraft, 5 cc’s and a personal loan. Currently I have maid all but 1 payment under my plan and reduced the debt to £28767. My annual review was done in November 2019 as I was struggling with some unexpected bills and my monthly payment was reduced to £402 from £559. The current rate is manageable but the thought of paying until 2026 is affecting my health. I have a couple of offers for 50% F&F payment from 2 of the debts that would wipe £10,000 of the total but have no funds to do this. Should I cease paying my dmp for a 5 months to build up the settlement amount and restart a new dmp with these debts removed? I just want things cleared ASAP and don’t really mind about my credit rating as I never want to take credit again as all my debts are effectively interest as I’ve paid £10,000s of minimum payments over the last 10-15 years just keeping my head above water

Amex (now with AIC) £8,045 offer circa £3800
Hsbc personal loan (now heading to collections) - £4,888
Halifax CC (Showing AR)- £4,747
MBNA CC (About to be sold on) - £2,041
Santander overdraft (now westcott) - £461 ((Would accept 50% F&F)
Tesco CC - £8,547

sourcrates

Weimsrock said:

Hello all New member here
i entered a DMP with SC in March 2019 with total debts of £35500 owed to 7 creditors overdraft, 5 cc’s and a personal loan. Currently I have maid all but 1 payment under my plan and reduced the debt to £28767. My annual review was done in November 2019 as I was struggling with some unexpected bills and my monthly payment was reduced to £402 from £559. The current rate is manageable but the thought of paying until 2026 is affecting my health. I have a couple of offers for 50% F&F payment from 2 of the debts that would wipe £10,000 of the total but have no funds to do this. Should I cease paying my dmp for a 5 months to build up the settlement amount and restart a new dmp with these debts removed? I just want things cleared ASAP and don’t really mind about my credit rating as I never want to take credit again as all my debts are effectively interest as I’ve paid £10,000s of minimum payments over the last 10-15 years just keeping my head above water

Amex (now with AIC) £8,045 offer circa £3800
Hsbc personal loan (now heading to collections) - £4,888
Halifax CC (Showing AR)- £4,747
MBNA CC (About to be sold on) - £2,041
Santander overdraft (now westcott) - £461 ((Would accept 50% F&F)
Tesco CC - £8,547

Difficult to say, are you a homeowner? Do you rent ? Is insolvency an option ? Have you CCA’d all relevant accounts ?

If debts are old and been sold on a few times, the better the deal you can get, it doesn’t appear you are in that category just yet.

Weimsrock

Hi thanks for the reply Sourcrates

in response I can advise that the debts aren’t old so all CCA’s will be in place. Property wise, I don’t technically own it as it’s held in the family, but I will be transferred ownership in the next 10 years for inheritance tax purposes, I’m currently paying a rent on it to father with the associated mortgage due to clear in 7 years. 

I definitely don’t want to go down the insolvency or IVA route as it would alert my family who I’m desperate must not find out about my issues as they’ve helped me before albeit on much smaller debts. 

The people I’m paying have had their money plus some over time so Im just desperate for it done and make a fresh start.

SC say everything must go through them, but if I was to approach my creditors one by one I just feel I could chip it down much faster with the snowball method coupled with some F&F settlements. If I was to do this outside of my plan would SC or other creditors cancel my plan?

sourcrates

Weimsrock said:

Hi thanks for the reply Sourcrates.

SC say everything must go through them, but if I was to approach my creditors one by one I just feel I could chip it down much faster with the snowball method coupled with some F&F settlements. If I was to do this outside of my plan would SC or other creditors cancel my plan?

What people normally do is negoatiate seperatly with the creditor account they want settled, once its done, just inform stepchange to remove that account from your DMP, if they ask, it was paid off by your dad or whatever, you don`t need to go into detail with them.

Be wise !!!!