DMP mutual support thread part 13 !!

19ryanh93

sourcrates said:

19ryanh93 said:

hi all
so I sent a letter to my creditors  requesting to default my account back to the start of my dmp about 8 months ago. I’ve read that everything should be done by letters. Lloyd’s are wanting to ring me to discuss it. Should I speak to them about it over the phone?

thanks

If you can confidently put forward your case, without getting confused and tongue tied, then there is no better way to resolve a dispute.

They tried ringing today but I missed the call. Not really sure what to say to them about it as it’s their customer services team that are trying to call. 

Suseka97

jplissken said:

Me and my wife currently have £38k of unsecured debt. £35k credit cards and a very account. 4 of my credits cards have ran out of their 0% this past month increasing the minimum payment quite a bit. We were looking into getting a secured loan against our house for about £20k (transfering the remaining to my other credit cards which will hopefully offer me a 0% deal.............My main worry about a DMP is that our mortage is on a 2 year fixed rate, will it still be possible to remortage in 2 years, even if its a product transfer with the same bank?

Firstly welcome to the forum and well done for making the decision to do something about your financial situation - that's the first step.
Next - don't pursue any further thoughts on turning unsecured debt into secured debt - that's a bad move and experience shows that it rarely ever works in your favour.  

To answer the question regarding your current mortgage deal, you'll be fine.  I was able to remortgage with my current provider without any difficultly during my DMP and again soon after the DMP ended, when my credit file was still trashed.  Generally to remortgage its just an online form filling exercise and no searches are carried out.  But you'll have to keep to the same length of mortgage years, if memory serves me correctly - I wasn't able to reduce or extend the years, but was able to move to another fixed term deal at a lower interest rate with no problems.

natlie

Hi, 

So I spoke to SC today and updated my budget because I felt some of what they suggested for my income wasn’t accurate. This has put my contribution up by £300 to £670 but has reduced the time to pay off my debt to 4 years from 6 years. 

I have sent everything off now so just waiting for it to be set up 
Nat

sunshinevicky

Hi.... me again!
so one of my creditors Lendable has an email contact so as well as posting my holding letter I emailed it and I received this reply...
 Hi Vicky,

Thank you for your email.

If you have fallen in financial difficulty, we are more than happy to help you. 

Firstly, please be advised that we are unable to hold your account for longer than 30 days if you are getting advice from CAB. Please send us your reference number with CAB in order to put your account on hold for 30 days and during this period you can provide us with the required documents. 

Please be advised in order for us to complete our review for a freezing interest on the account, we will need a completed income and expenditure form and you last. 3months of bank statements. Please be advised that we are unable to complete the review to freeze the interest without these documents. 

Kind Regards,

Imren

First step and I’m panicking already!!! How should I respond??? I wanted to hold off paying for around 3-6 months to build EF and pay off my bank CC (this is only small) so I don’t have to change banks. Do I have to send bank statements?? 

Thanks xxxx

jools1985

I've been in a DMP with SC since December 2018 and all is goig very smoothly. My original debts were around £56000 and now stand at £41380. My debt free date is currently October 2024 but of course I'd like this to happen sooner than that.

My biggest debt was (and still is) RBS (Mint) credit card which I took out in July 1997. I sent off a CCA request to RBS which has come back stating they are unable to find my original agreement. That debt is now with Wescot. I ant to stop paying this and hope for a F&F at some point.

I'm not sure how to do this as I would like to stay with SC. Could I tell SC that debt is no longer to be included in the DMP and write to Wescot advising I won't pay anything further as the debt is unenforceable? I know SC like all creditors to be treated the same.

Any thoughts or advice would be good.

char1yB

Hi, I need some help please!

i am currently setting up a DMP with SC and my first payment is due to go out on the 1st of July. My overdraft is included in my DMP but I am currently not using much of my overdraft. Am I allowed to transfer some of this to another account as a ‘rainy day fund’ and just some back up money to make me feel better incase of unexpected costs cropping up. 

Any advice/previous experience would be very helpful 🙂

Jon81

char1yB said:

Hi, I need some help please!

i am currently setting up a DMP with SC and my first payment is due to go out on the 1st of July. My overdraft is included in my DMP but I am currently not using much of my overdraft. Am I allowed to transfer some of this to another account as a ‘rainy day fund’ and just some back up money to make me feel better incase of unexpected costs cropping up. 

Any advice/previous experience would be very helpful 🙂

Is this current account the one from which you are paying to step change - it’s advised that you set a separate account up, with a bank not associated to this account which will be included in your step change dmp.

in reality, as soon as the bank with the overdraft get wind of a dmp being set up, they’ll as a minimum remove any remaining overdraft headway or otherwise close the account. Technically, you could transfer this elsewhere, but it’s probably not a good idea.

alternatively, halt all payments to all creditors for say three months and use this to build an emergency fund before starting your dmp.

aside from this, the sooner your creditors default your accounts the better in the long run. 

sunshinevicky

Hi.... me again!
I posted this earlier today but just in case it got missed I thought I would post again.... not sure if that’s allowed? Think I’m just getting worried about what to respond and what I should do.... I guess I knew I would get contact but didn’t think about how I need to respond so I’m back to stressing out again! 😢 
This is my question....
so one of my creditors Lendable has an email contact so as well as posting my holding letter I emailed it and I received this reply...
 Hi Vicky,

Thank you for your email.

If you have fallen in financial difficulty, we are more than happy to help you. 

Firstly, please be advised that we are unable to hold your account for longer than 30 days if you are getting advice from CAB. Please send us your reference number with CAB in order to put your account on hold for 30 days and during this period you can provide us with the required documents. 

Please be advised in order for us to complete our review for a freezing interest on the account, we will need a completed income and expenditure form and you last. 3months of bank statements. Please be advised that we are unable to complete the review to freeze the interest without these documents. 

Kind Regards,

Imren

First step and I’m panicking already!!! How should I respond??? I wanted to hold off paying for around 3-6 months to build EF and pay off my bank CC (this is only small) so I don’t have to change banks. Do I have to send bank statements?? 

Thanks xxxx

deano1506

jools1985 said:

I've been in a DMP with SC since December 2018 and all is goig very smoothly. My original debts were around £56000 and now stand at £41380. My debt free date is currently October 2024 but of course I'd like this to happen sooner than that.

My biggest debt was (and still is) RBS (Mint) credit card which I took out in July 1997. I sent off a CCA request to RBS which has come back stating they are unable to find my original agreement. That debt is now with Wescot. I ant to stop paying this and hope for a F&F at some point.

I'm not sure how to do this as I would like to stay with SC. Could I tell SC that debt is no longer to be included in the DMP and write to Wescot advising I won't pay anything further as the debt is unenforceable? I know SC like all creditors to be treated the same.

Any thoughts or advice would be good.

i was with Payplan since 2013 - this year i sent CCA requests for all my 5 remaining debts (46k down to 5k), I told payplan that I was going to self manage my DMP and stopped paying in March this year. I have had one CCA back which I had checked and it was deemed enforceable. So i settled it for 60% of the debt. I am still awaiting the other 4. My debts are with Link, Wescot, Robinson Way and Nationwide. So as it stands these 4 are unenforceable so i am saving the money in an emergency fund which i will have available if i need to make settlements.  I have only had a couple of chase letters but i guess a lot of people are not paying stuff in this current pandemic. I felt I could do this as all debts have defaulted and have dropped off my credit file (Experian 999), and I am hoping to settle all unenforceable debts with a 5 or 10% settlement, although some will say do not pay anything. Good luck  

sourcrates

sunshinevicky said:

Hi.... me again!

First step and I’m panicking already!!! How should I respond??? I wanted to hold off paying for around 3-6 months to build EF and pay off my bank CC (this is only small) so I don’t have to change banks. Do I have to send bank statements?? 

Thanks xxxx

Hi,

Absolutly no need to panic, what did you expect them to say ?

Some creditors ask for more information than others, you dont "HAVE" to do anything, you live in a free country remember, it always amuses me when people ask "Do i have to do this or that" no of course you don`t, but they are free to ask you, and you are free to say no.

If they are only willing to hold your account for 30 days, then thats not much use to you really, you can take them out of the equasion altogether by ignoring them from now on, and reassessing the situation in 6 months time, obviously keeping an eye on any postal correspondance from them.

By that time its likely they will have either, passed your account to a debt collector, or sold the debt to a 3rd party, either way, you will have your EM and then be in a position to start paying.