DMP mutual support thread part 13 !!

Sylvester6

Evening all,
I have read this forum for years and the advice has been invaluable. We started our DMP in March 2015 with 10 creditors owing the grand amount of £57,000:eek:. I was so anxious at the start and felt ashamed and embarrased however we started a DMP with SC and I have to say things have gone fairly smoothly since then until now!! We always thought we'd go self managed one day but our hand was forced due to our boiler packing up and a massive car problem at the same time. Anyway to cut a long story short, we have written to our creditors using NEDCAB that we are self managing and included an I&E. We have done 3 months of token payments through SC already and have informed creditors we are doing this for a further 4 months and then will up our payments but will be paying slightly less than with SC...£480 with them but dropping to £400, in order to save a bit to reduce the smaller debts. Anyway my question is Link have sent us an up to date statement for all of our 3 accounts with them stating 'if you do not have a repayment plan in place please ring us'. I just wanted to double check that we have done all we need to do sending them the NEDCAB letter and I&E? I will ring them if necessary but would rather not.

Sorry for the long post, just wanted to give some background. Also can you lovely helpful people who have experience of going self managed, let me know their experiences as I think I need a bit of reassurance it'll all be ok. Thanks in advance.

Changingtimes

Thanks @W2L also.
Just I was told if issue complaints but am paying them via my DMP the fact I am paying them might not assist my complaints case. Guess I am just trying to get my timing right ��

sourcrates

Steff90 wrote: »

Sourcrates - I had read on this thread previously a few times that people were being advised to send their letters unsigned? There were no reasons given I just took the advice. I put my name of course just didn't sign .

No reason not to sign it, credit agreements require no signature to be compliant so don’t worry about it.

Suseka97

Sylvester6 wrote: »

.........
Anyway my question is Link have sent us an up to date statement for all of our 3 accounts with them stating 'if you do not have a repayment plan in place please ring us'. I just wanted to double check that we have done all we need to do sending them the NEDCAB letter and I&E? I will ring them if necessary but would rather not.
Sorry for the long post, just wanted to give some background. Also can you lovely helpful people who have experience of going self managed, let me know their experiences as I think I need a bit of reassurance it'll all be ok. Thanks in advance.

It'll be okay I've 3 accounts with Link and those letters are just computer generated. If you've sent your I&E with instruction as to when you intend to start your payments, then just stick with that. Have you sent CCA requests to your creditors, especially now as you are self-managing? Most of us do that, especially if the debts are CC and loans related. You never know, some might come back unenforceable - which gives you a lot more flex when it comes to negotiating repayment plans (or F&Fs).

Sylvester6

Thanks Suseka, that's what I thought. Our next step is to put in CCA requests, we have 2 previous Egg accounts and 2 previous Virgin accounts which are our biggest debts so you never know!! Did creditors largely accept your SMDMP or did they chase you? We've hardly heard from them whilst with SC.

Suseka97

Sylvester6 wrote: »

Thanks Suseka, that's what I thought. Our next step is to put in CCA requests, we have 2 previous Egg accounts and 2 previous Virgin accounts which are our biggest debts so you never know!! Did creditors largely accept your SMDMP or did they chase you? We've hardly heard from them whilst with SC.

They have in a way - what I mean is we CCA'd ours and 3 came back UE and so for now I'm not paying anything towards those. I get letters from the DCA asking me to contact to make an arrangement - usually once every two months or so and each time they offer up an F&F deal. So I'm holding on waiting for a discount I'm happy with -- then I'll clear it. The ones with Link have proven to be enforceable and I'm in a bit of a 'cat and mouse' game with them. I still haven't paid them anything since sending the CCAs off and I've recently offered a low monthly repayment plan - they've not rejected it, but keep sending letters asking me to call them. I don't plan on doing so and am keeping everything in writing. I am now waiting on their response to my last set of letters and it's been around 3 weeks since I last heard anything from them. In my experience Link are very slow at responding to things - which is good in a way I guess.

So - all I'd say is you just have to hold your nerve and not be pushed around by the DCAs. I know some people walk away from UE accounts, but me personally I do want to pay them off - but on my terms.

BalanceBy50

Sylvester6 wrote: »

Evening all,
I have read this forum for years and the advice has been invaluable. We started our DMP in March 2015 with 10 creditors owing the grand amount of £57,000:eek:. I was so anxious at the start and felt ashamed and embarrased however we started a DMP with SC and I have to say things have gone fairly smoothly since then until now!! We always thought we'd go self managed one day but our hand was forced due to our boiler packing up and a massive car problem at the same time. Anyway to cut a long story short, we have written to our creditors using NEDCAB that we are self managing and included an I&E. We have done 3 months of token payments through SC already and have informed creditors we are doing this for a further 4 months and then will up our payments but will be paying slightly less than with SC...£480 with them but dropping to £400, in order to save a bit to reduce the smaller debts. Anyway my question is Link have sent us an up to date statement for all of our 3 accounts with them stating 'if you do not have a repayment plan in place please ring us'. I just wanted to double check that we have done all we need to do sending them the NEDCAB letter and I&E? I will ring them if necessary but would rather not.

Sorry for the long post, just wanted to give some background. Also can you lovely helpful people who have experience of going self managed, let me know their experiences as I think I need a bit of reassurance it'll all be ok. Thanks in advance.

Hi Sylvester

I have been self-managed for about 18months now using the NEDCAB website and have had no problems at all.

I think you have done the right thing with LINK but they are not managing or own any of my debts so can't speak from experience. Have you got their bank details and have you made a payment?

BB50

Knitqueen

Good Morning everyone
I’ve been stressing for a while now over my finances which seem to have got into a mess fairly quickly following some changes of job/marriage/income over the last few years. I have been on a DMP in the past and was just getting back to normal - good credit file etc when all of this happened and very quickly I’ve got into a mess again. I’m so upset with myself.
At the moment, I can just about scrape by making payments but the tiniest thing (car service, Christmas, unexpected expense) will tip me over the edge. I already struggle for the last week to 10 days each month with very little money and using credit to cover expenses.
I have used the step change tool and they recommend a DMP which they think would take me 3 years to clear my debts. This seems reasonable to me and involves paying just a bit less than currently, but with (hopefully) interest frozen.

But I am worried. I have a senior job in a school and I worry about whether they would know about this. I have a company credit card and really worry that this alone would become an issue and therefore they would know.
I can just about live with the wrecked credit file for 6 years although I’d rather not, but the job situation is really bothering me. Does anyone know if this would have an effect on a company credit card?
Also - it’s been some time since I was in this situation before. Are companies more likely to accept a DMP now or will they still tend to try for CCJ or sell the debt on.

I really am unsure what to do and any advice would be gratefully received.
Thanks!

Sylvester6

Hi BB50, not sure how to quote but thanks your input. I have their bank details but we have just made our last payment with SC, think it gets to creditors around the 16th of the month so payment not due until 16th Nov ish. I am sure we are doing the right thing, it is just a little unnerving but no where near as bad as at the start of our DMP!

Sylvester6

I think I feel a tiny bit out of my depth too but with the help of this thread, I'm sure we'll get there.......eventually!!!