DMP mutual support thread part 13 !!

jon0108

sourcrates said:

Hi jon0108,

Fantastic stratagy yes, i would encourage everyone to do it, gives you your freedom back to run your plan as you please, i say do it.

Thanks for feed back Sourcarates, you've given me some sound advice over the years and really appreciate it. 
Going to go for it.
Stop paying UE debts. Focus on the one's that are left and save up small pots to offer on Full and Finals that are enforceable.
Thanks again.
Jonathan

Suseka97

jon0108 said:

Hi All, 
Started a DMP with Stepchange about 8 years ago with 60K 
Now at 12k and considering going self managed.
I have 12 accounts left between me and my OH. Balances ranging from £2500 to £100.
I like Step Change but dont like not being able to do Full and Final offers on individual account. They insist on offers going to all creditors. The main reason for considering self managed is to allow me to pick the debts off as I can afford to do Full and Finals. 
I've done CCAs and have some unenforable which I am considering parking. 
Just wondered if others felt this was a good strategy or if there are any pit falls that I haven't spotted.
Many thanks 
Jonathan

If it helps to know - that's pretty much what I did.

Started with 14 creditors at around £90k worth of debt (these were joint debts) and 4 years into the DMP I decided that I wanted more control to clear the remaining 6 accounts that where then held by 2 different DCA companies (Link and PRA).  So I cancelled my DMP and sent off the CCAs.  I then put aside the 3 UEs and focussed on the 3 non-UE.  

Now that was around 3 years ago and I still haven't paid the UE ones off - that's because its taken around 2+ years before they started offering reasonable discounts.  One is now at 65% and I'll be clearing that soon, the other two are at 35% and 10%.  These are all with PRA and all associated with former Barclays accounts, so it makes no sense why the discounts are so different, but there's no magic number or obvious mathematical formula this DCA uses.  So I'm prepared to keep those 2 on ice until l get what I want, or I may even walk away completely - time will tell.  

Halfwaythere

Suseka97 said:

jon0108 said:

Hi All, 
Started a DMP with Stepchange about 8 years ago with 60K 
Now at 12k and considering going self managed.
I have 12 accounts left between me and my OH. Balances ranging from £2500 to £100.
I like Step Change but dont like not being able to do Full and Final offers on individual account. They insist on offers going to all creditors. The main reason for considering self managed is to allow me to pick the debts off as I can afford to do Full and Finals. 
I've done CCAs and have some unenforable which I am considering parking. 
Just wondered if others felt this was a good strategy or if there are any pit falls that I haven't spotted.
Many thanks 
Jonathan

If it helps to know - that's pretty much what I did.

Started with 14 creditors at around £90k worth of debt (these were joint debts) and 4 years into the DMP I decided that I wanted more control to clear the remaining 6 accounts that where then held by 2 different DCA companies (Link and PRA).  So I cancelled my DMP and sent off the CCAs.  I then put aside the 3 UEs and focussed on the 3 non-UE.  

Now that was around 3 years ago and I still haven't paid the UE ones off - that's because its taken around 2+ years before they started offering reasonable discounts.  One is now at 65% and I'll be clearing that soon, the other two are at 35% and 10%.  These are all with PRA and all associated with former Barclays accounts, so it makes no sense why the discounts are so different, but there's no magic number or obvious mathematical formula this DCA uses.  So I'm prepared to keep those 2 on ice until l get what I want, or I may even walk away completely - time will tell.  

Can I ask have you paid the UE ones anything at all? I’ve sent 4 CCAs off and heard nothing back

BooBoo77

Sorry for what may be a silly question, but do you really have to send £1 when requesting CCAs?  I don't have a cheque book (like most of us!) and getting postal orders to send with my CCA request letters will be a bit of faff.  Thanks  

Halfwaythere

BooBoo77 said:

Sorry for what may be a silly question, but do you really have to send £1 when requesting CCAs?  I don't have a cheque book (like most of us!) and getting postal orders to send with my CCA request letters will be a bit of faff.  Thanks  

It’s not too much of a faff they just do it in the post office for you, they do the amount and you just put the address on each on and pop in the envelope. It’s 50p charge for each one 

BooBoo77

Ok thanks, so you definitely do need to enclose the £1 with the requests.  Do you just ask for x number of £1 postal orders at the Post Office then and then address them or just enclose them with the requests.  I've got the letters ready to go. Thanks 

Halfwaythere

BooBoo77 said:

Ok thanks, so you definitely do need to enclose the £1 with the requests.  Do you just ask for x number of £1 postal orders at the Post Office then and then address them or just enclose them with the requests.  I've got the letters ready to go. Thanks 

I’m no expert but I’ve just read you have to send them PRA group sent them back to me. 

Yes I asked for 4 £1 postal orders they put them through the machine then get you to write the address on, leave your envelopes open and put the orders in with each on and hand them back 

BooBoo77

Halfwaythere said:

BooBoo77 said:

Ok thanks, so you definitely do need to enclose the £1 with the requests.  Do you just ask for x number of £1 postal orders at the Post Office then and then address them or just enclose them with the requests.  I've got the letters ready to go. Thanks 

I’m no expert but I’ve just read you have to send them PRA group sent them back to me. 

Yes I asked for 4 £1 postal orders they put them through the machine then get you to write the address on, leave your envelopes open and put the orders in with each on and hand them back 

Great, thanks.  Will do that.  Not worth getting them back as you say.  Thanks again

sourcrates

BooBoo77 said:

Sorry for what may be a silly question, but do you really have to send £1 when requesting CCAs?  I don't have a cheque book (like most of us!) and getting postal orders to send with my CCA request letters will be a bit of faff.  Thanks  

It is a faff in this day and age, but it is a statutory fee required by the FCA, some creditors don`t take the fee and return it, others insist on having it before passing on your request, so its best practice to include it, if you don`t get it crossed, and its returned, you can always use it again, or obtain a refund.

Remus1975

Hi all. Just a quick question re one of my accounts on my self managed DMP. Its a Creation credit card account which has been passed to a DCA. Creation havent provided me with the proper documents when I did a CCA request, instead they just sent a copy of their standard credit card agreement and the amount that was outstanding.

I havent sent Creation any further correspondence since the holding letter and CCA request which I sent in March as I was hoping to get defaulted but this doesnt look like its going to happen. The DCA have already offered a 20% discount and want me to get in touch with them, i would like to hold out for a better offer down the line. 

Now the DCA are chasing the debt do I start responding or do I carry on filing the letters and ignoring them?

Am i right in thinking that once the account has been passed to a DCA that it wont be defaulted?

Thanks