DMP mutual support thread part 13 !!

Halfwaythere

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

deano1506

Halfwaythere said:

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

the CC's are probably not defaulting because you are most likely paying more than the minimum payments - so you have not defaulted. Depending when the accounts were opened I would go self managed request CCA agreements and stop paying as the debts will become unenforceable until they provide compliant credit agreements with terms and conditions. Good luck 

Halfwaythere

deano1506 said:

Halfwaythere said:

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

the CC's are probably not defaulting because you are most likely paying more than the minimum payments - so you have not defaulted. Depending when the accounts were opened I would go self managed request CCA agreements and stop paying as the debts will become unenforceable until they provide compliant credit agreements with terms and conditions. Good luck 

Thank you but all my debts are relatively new and agreements and conditions are available so they will be enforceable 

Suseka97

Halfwaythere said:

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

Ultimately how you handle this will be your choice - but I'd be more inclined to go self-managed and stop paying those who refuse to default.  If the reason they won't budget is because you are paying over the minimums - then drop them to £0.  You need to take into consideration how Link/Wescott and Intrum may react to you suddenly dropping them to token payments (and in reality, token payments are a waste of time both for you and the DCAs, from an administrative perspective).  Now, of course seeing as they have already defaulted - they probably won't do much other than send you letters, but you will have to have a good reason for why you've suddenly changed your payments to them.  

I guess though, if you can get rid of those others in around 6/7 months - then it may well be a good strategy.  What I would do though is send off those CCAs to all and stop payments until you get a response.  You can then save towards those F&Fs and you'll be in a better position to decide on your next steps.

Halfwaythere

Suseka97 said:

Halfwaythere said:

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

Ultimately how you handle this will be your choice - but I'd be more inclined to go self-managed and stop paying those who refuse to default.  If the reason they won't budget is because you are paying over the minimums - then drop them to £0.  You need to take into consideration how Link/Wescott and Intrum may react to you suddenly dropping them to token payments (and in reality, token payments are a waste of time both for you and the DCAs, from an administrative perspective).  Now, of course seeing as they have already defaulted - they probably won't do much other than send you letters, but you will have to have a good reason for why you've suddenly changed your payments to them.  

I guess though, if you can get rid of those others in around 6/7 months - then it may well be a good strategy.  What I would do though is send off those CCAs to all and stop payments until you get a response.  You can then save towards those F&Fs and you'll be in a better position to decide on your next steps.

I don’t see the point of sending CCAs as the debts are relatively new and I have all original agreements. 

I could take my husbands contribution off and him stop paying as in reality they aren’t his debts but we are married? Would this work?

i also worry that if I drop the amounts on the CCs they will start marking my accounts as late payments impacting them for another 6 years. I would also prefer just to pay them off in 6/7 months after the !!!!!! so they are gone than them to default.

could I not offer minimum payments to the two defaulted accounts and carry on paying the same to the CC cards as that is only £400. I could save the £550 a month that a pay for the defaulted account for a settlement figure and maybe get help off someone. But am I allowed or able to do this?

or should I just wish on a miracle haha. Your help is so much appreciated. It is a black hole for me as I just don’t have the financial knowledge it is way about me, thanks 

Suseka97

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

Ultimately how you handle this will be your choice - but I'd be more inclined to go self-managed and stop paying those who refuse to default.  If the reason they won't budget is because you are paying over the minimums - then drop them to £0.  You need to take into consideration how Link/Wescott and Intrum may react to you suddenly dropping them to token payments (and in reality, token payments are a waste of time both for you and the DCAs, from an administrative perspective).  Now, of course seeing as they have already defaulted - they probably won't do much other than send you letters, but you will have to have a good reason for why you've suddenly changed your payments to them.  

I guess though, if you can get rid of those others in around 6/7 months - then it may well be a good strategy.  What I would do though is send off those CCAs to all and stop payments until you get a response.  You can then save towards those F&Fs and you'll be in a better position to decide on your next steps.

I don’t see the point of sending CCAs as the debts are relatively new and I have all original agreements. 

I could take my husbands contribution off and him stop paying as in reality they aren’t his debts but we are married? Would this work?

i also worry that if I drop the amounts on the CCs they will start marking my accounts as late payments impacting them for another 6 years. I would also prefer just to pay them off in 6/7 months after the !!!!!! so they are gone than them to default.

could I not offer minimum payments to the two defaulted accounts and carry on paying the same to the CC cards as that is only £400. I could save the £550 a month that a pay for the defaulted account for a settlement figure and maybe get help off someone. But am I allowed or able to do this?

or should I just wish on a miracle haha. Your help is so much appreciated. It is a black hole for me as I just don’t have the financial knowledge it is way about me, thanks 

You can send off CCA requests regardless of the age of the debt and I mentioned this because often when a debt is sold on, its just one of hundreds in a batch bought by the DCA and they are not given the paperwork associated with the original account.  So, there's always a chance that they won't have it and it puts you in a stronger negotiating position for F&Fs.  It's just a case of sending a letter and if they have the paperwork, then fine, but if not - well... then it get's interesting.

If you intend to go self-managed you can pretty much do what you want.  I assume that your husband's contribution was agreed when you set up the DMP, but you are quite within your rights to keep this seperate.   There's no such thing as being 'allowed' to do anything.  It's your DMP, manage how you want.  All DCAs look for is a payment, and an affordable one.  Affordability is a big issue and they cannot ignore it.

It sounds to me that you would prefer to clear the CCs that are on an 'arrangement to pay' and that's your priority and your main concern, accepting you've tried to get them to default.  So if you want to pay them off - do so.  We alll have to handle things the way it suits our individual situation - there's no right or wrong way.  

Over the years I've developed a very thick skin when it comes to debts and DCAs - but I didn't feel like that in the beginning, so the hard knock schooling happened over time.  One thing you need to do is take control and run things your way - not the DCAs way.  As long as they get their money, that's all they care about - you are just a number to them.   

Halfwaythere

Suseka97 said:

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Me again!!!!

I’ve been reading though these amazing forums since late 2017 and was inspired to take out a DMP on my 48k debts 🙈 I was so ashamed and low. I took out my DMP with stepchange and they have been amazing.
Fast forward to now and I have 19k remaining to pay, I pay £950 a month off my debts, a majority of this goes on my two largest debt which are both defaulted:
Link/Wescot (sharing apparently) £8000 I pay £282 a month too
Intrum £4500 I pay £250 a month too

The rest of my payment is shared between 4 CCs which total 6k and I pay around £400 too. These accountS are all marked on my credit file as Arrangement to pay. The lenders refuse to change to default. I have written and quoted ICO etc.

Now I have read hundreds and hundreds of pages over the years of this forum and feel I have learned a lot and have come close to what I think is the correct path to take, I just really need to know I am going in the right direction.
My plan is to take my DMP to self managed after this month. I will then change my payment to pay my CCs off a larger amount and only say a token £10 to my two defaulted accounts. This means my CCs will then be paid off in approximately 6/7 months and drop off my credit file much quicker. I can then work on my two defaulted accounts and be in a better position with them to haggle a settlement off and wipe off my debt.

Pleeeeease can you advise? Is this the right path to take? Am I allowed to do this? Your help is much appreciated.

My goal is to be able to save for a deposit and apply for a mortgage in late 2023/24, my defaults will have dropped off my accounts by late 2023.

🙃

Ultimately how you handle this will be your choice - but I'd be more inclined to go self-managed and stop paying those who refuse to default.  If the reason they won't budget is because you are paying over the minimums - then drop them to £0.  You need to take into consideration how Link/Wescott and Intrum may react to you suddenly dropping them to token payments (and in reality, token payments are a waste of time both for you and the DCAs, from an administrative perspective).  Now, of course seeing as they have already defaulted - they probably won't do much other than send you letters, but you will have to have a good reason for why you've suddenly changed your payments to them.  

I guess though, if you can get rid of those others in around 6/7 months - then it may well be a good strategy.  What I would do though is send off those CCAs to all and stop payments until you get a response.  You can then save towards those F&Fs and you'll be in a better position to decide on your next steps.

I don’t see the point of sending CCAs as the debts are relatively new and I have all original agreements. 

I could take my husbands contribution off and him stop paying as in reality they aren’t his debts but we are married? Would this work?

i also worry that if I drop the amounts on the CCs they will start marking my accounts as late payments impacting them for another 6 years. I would also prefer just to pay them off in 6/7 months after the !!!!!! so they are gone than them to default.

could I not offer minimum payments to the two defaulted accounts and carry on paying the same to the CC cards as that is only £400. I could save the £550 a month that a pay for the defaulted account for a settlement figure and maybe get help off someone. But am I allowed or able to do this?

or should I just wish on a miracle haha. Your help is so much appreciated. It is a black hole for me as I just don’t have the financial knowledge it is way about me, thanks 

You can send off CCA requests regardless of the age of the debt and I mentioned this because often when a debt is sold on, its just one of hundreds in a batch bought by the DCA and they are not given the paperwork associated with the original account.  So, there's always a chance that they won't have it and it puts you in a stronger negotiating position for F&Fs.  It's just a case of sending a letter and if they have the paperwork, then fine, but if not - well... then it get's interesting.

If you intend to go self-managed you can pretty much do what you want.  I assume that your husband's contribution was agreed when you set up the DMP, but you are quite within your rights to keep this seperate.   There's no such thing as being 'allowed' to do anything.  It's your DMP, manage how you want.  All DCAs look for is a payment, and an affordable one.  Affordability is a big issue and they cannot ignore it.

It sounds to me that you would prefer to clear the CCs that are on an 'arrangement to pay' and that's your priority and your main concern, accepting you've tried to get them to default.  So if you want to pay them off - do so.  We alll have to handle things the way it suits our individual situation - there's no right or wrong way.  

Over the years I've developed a very thick skin when it comes to debts and DCAs - but I didn't feel like that in the beginning, so the hard knock schooling happened over time.  One thing you need to do is take control and run things your way - not the DCAs way.  As long as they get their money, that's all they care about - you are just a number to them.   

So helpful thank you so much. I’m going to send CCAs then. I have written up letters for full and final settlement offers today too 

natlie

1st month DMP and all of my payments have been made, only problems have been with Tesco charging a late payment fee after accepting the offer and cancelling fees and charges. I am trying to claim the £12 back. Paypal Credit is awkward as they have to send a cheque which has to be converted to Euros and cashed so that will take a while to show on my Paypal account.
Otherwise everything is looking good, my EF is looking healthy, I am going to pay my car insurance in whole out of this at the end of the month.
It will be interesting to see what happens next month as my payment holidays end from the 3 month scheme so want to see if any of them make any errors with my payments
Nat
 

ditty1234

Hi any ideas if CCA's will work on a previous current account w over draft and an old bank loan? Its HS8C that still won't default my accounts? I haven't written them yet but I will and I will probably take them to the ombudsman, as am getting well annoyed with them. Each is for about £800 and I could probably pay them out over the next year or so, but now all my other defaults are a year old and I could start to slowly repair my credit if it wasn't for these two accounts.
Once you have had a defaulted account with a bank or card company can you never come back to that institution? Once the balance is cleared? Just curious.

sourcrates

ditty1234 said:

Hi any ideas if CCA's will work on a previous current account w over draft and an old bank loan? Its HS8C that still won't default my accounts? I haven't written them yet but I will and I will probably take them to the ombudsman, as am getting well annoyed with them. Each is for about £800 and I could probably pay them out over the next year or so, but now all my other defaults are a year old and I could start to slowly repair my credit if it wasn't for these two accounts.
Once you have had a defaulted account with a bank or card company can you never come back to that institution? Once the balance is cleared? Just curious.

CCA`s do not normally apply to a current account, however, in some cases it does, i am unsure of the exact wording of the law, but certain overdraft debts taken out after 2012 and renewed on an annual basis, do fall under the consumer credit act, you would need legal advice on the exact letter of the law here, i would suggest legal Beagles.

Six years after default, the default will be gone, some banks keep records for longer, but in general, you can obtain banking facilities again with a previous lender, if they are willing to take you on.