DMP mutual support thread part 13 !!

sunshinevicky

sourcrates said:

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.

Thank you so much! I really love your no messing approach and I honestly can say your advice and replies have really helped me over there last 2 weeks..... here’s to many more sourcrate saving the day moments as my DMP journey begins!!! 😄

sourcrates

sunshinevicky said:

sourcrates said:

sunshinevicky said:

Thank you so much! I really love your no messing approach and I honestly can say your advice and replies have really helped me over there last 2 weeks..... here’s to many more sourcrate saving the day moments as my DMP journey begins!!! 😄

Vicky,

A lot of creditors will bend over backwards for you, and require nothing from you to do so, others want to know the back end of everything, now, you are about to enter debt mangement, so you will, at some point, default on your regular contracted repayment, so your agreement with your original creditor is effectivly terminated, your relationship has broken down, and thats that.

In the grand scheme of things, it matters very little who you pay this debt back too, wether it be the original creditor, one of a long line of collection agencies, or a company that has bought your debt, so it dosen`t matter at what point you start to engage with the owner of the debt, legal action is a last resort by a debt purchasing company, not a first responce by an original creditor, so you have plenty of time to organise yourself, save up some money, sort out your affairs etc.

I find a no nonsence approach works far better than most things.

DebtHurricane

Saving my EF while waiting for the rest of my debts to default. But I’m confused about this:

I have 2 x catalogue debts with JD Williams. Both were being marked as AR/Late Payment but never defaulted. They were sold on, and on my credit files are marked ‘settled’ with a zero balance. 

The company who owns the debt have told me that if I set an arrangement/ DMP with them, they will simply add on time payments to my credit file each month, but won’t default it at all unless I agree to a plan and then default by not paying for months on end. 

It seems like they are saying they’ll report the accounts as if they’re any other live credit account such as a current account or credit card, with green ticks each month. They’ve even said in my email where I requested a default that if I make an arrangement they won’t mark my credit file with anything negative. So I’m presuming that means no AR / arrangement to pay markets either. 

Do I set up my DMP with them? This could be 2 defaults LESS on my files. The original creditor can’t add a default now anyway and if these guys are promising my credit file won’t be negatively affected then should I jump on this?

my head is spinning with stress, please help advise!

deano1506

DebtHurricane said:

Saving my EF while waiting for the rest of my debts to default. But I’m confused about this:

I have 2 x catalogue debts with JD Williams. Both were being marked as AR/Late Payment but never defaulted. They were sold on, and on my credit files are marked ‘settled’ with a zero balance. 

The company who owns the debt have told me that if I set an arrangement/ DMP with them, they will simply add on time payments to my credit file each month, but won’t default it at all unless I agree to a plan and then default by not paying for months on end. 

It seems like they are saying they’ll report the accounts as if they’re any other live credit account such as a current account or credit card, with green ticks each month. They’ve even said in my email where I requested a default that if I make an arrangement they won’t mark my credit file with anything negative. So I’m presuming that means no AR / arrangement to pay markets either. 

Do I set up my DMP with them? This could be 2 defaults LESS on my files. The original creditor can’t add a default now anyway and if these guys are promising my credit file won’t be negatively affected then should I jump on this?

my head is spinning with stress, please help advise!

You are much better complaining to jd Williams and asking them to default inline with ico regulations. Even if the debt collection agency mark your agreement as up to date they will show on your credit file for 6 years from when you settle them. I’m not sure if lenders can see who you have owed money too in the past but I wouldn’t want to see debt collection agencies on my credit report for the next 10 years 

DebtHurricane

That’s so true. See I did complain to JD Williams, they said basically tough luck, we didn’t default it and now it’s sold on. However they sold it on AFTER I complained and before they issued a final response. 

I’ll take it to the FOS. In the meantime, do I ignore the debt agency or set up a payment anyway and keep fighting JD Williams to retrospectively default it

deano1506

I would defo take it to FOS and tell the dca that you are not paying anything as you have an outstanding complaint - good luck 

sourcrates

There is a tendency these days for creditors to sell on non defaulted debts to debt purchasing companies, who then operate them as "live" accounts, this is perectly legal, and above board.

The problem can be how your file is marked by these companies, but the real problem is that there are no set in stone rules on this, only guidence to follow.

JD Willaims will not default you now that the debt has been sold on, making a complaint, and going to the FOS will waste about 6 months, and they will most likely find in the creditors favour anyway.

Your efforts should be concentrated on getting the debt paid down, your credit file will, eventually heal itself, and you should be in no rush to obtain further credit, as it typically leads to a rinse and repeat senario that follows you for most of your life.

TuxedoCat

Have an ongoing dispute with one creditors refusing to default - asked for my final response letter which hasn’t came yet to take it to the ombudsman. 

Just received an annual statement and they have added almost £1,400 in an interest adjustment as a charge on the account. I’m hoping this means it’s going to be defaulted as if not, the balance increase plus the £25 letter charges they apply to my account, I am never going to pay this off...

sourcrates

TuxedoCat said:

Have an ongoing dispute with one creditors refusing to default - asked for my final response letter which hasn’t came yet to take it to the ombudsman. 

Just received an annual statement and they have added almost £1,400 in an interest adjustment as a charge on the account. I’m hoping this means it’s going to be defaulted as if not, the balance increase plus the £25 letter charges they apply to my account, I am never going to pay this off...

Then don`t, play them at their own game, and just ignore them............eventually the debt will be sold on, and you can then take advantage of a settlement offer from the new owner, most likely settle at 30/40% of outstanding balance, just because a creditor adds a stupid amount of interest, it does not mean you have to pay it.

Debt purchasors buy accounts in bulk, for on average, around 12p in the pound, so they can afford to discount heavily, when they want to, and still make a profit.

In the time it takes for the debt to be sold, you can save up your settlement fund.

DebtHurricane

TuxedoCat said:

Have an ongoing dispute with one creditors refusing to default - asked for my final response letter which hasn’t came yet to take it to the ombudsman. 

Just received an annual statement and they have added almost £1,400 in an interest adjustment as a charge on the account. I’m hoping this means it’s going to be defaulted as if not, the balance increase plus the £25 letter charges they apply to my account, I am never going to pay this off...

Which creditor is it?