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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.4K replies 470.4K views
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  • sourcratessourcrates Forumite, Board Guide
    21.4K posts
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    KimbullDF said:
    General question regarding contacting creditors as there is a lot of written templates. Is it generally acceptable to email instead ? Or must it all be written and posted to them? 

    General communication can be sent via email, anything of a sensitive or personal nature is better sent by letter.
    Anything to do with your statutory rights, for example a request for information under sec 77/79 CCA, again to be legitimate, must be in writing.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • MrTallMrTall Forumite
    7 posts
    Tenth Anniversary First Post Combo Breaker
    Update: A little over 10 months on, and the DMP is ticking along.

    The initial panic and worry aside, it's been pretty stress free, with the exception of PayPal several months back. StepChange had been advised Moorcroft would be taking payments on their behalf, yet the PayPal CSR categorically denied this and was saying that I'd "just stopped paying" the arranged amount the previous couple of months. That was a stressful day getting the issue resolved, and trying to get PayPal and Moorcroft talking to each other. Turns out PayPal were meant to be receiving payments from Moorcroft after all, they just hadn't updated certain systems :unamused:

    Things have been fine since, however, and that was definitely the exception rather than the norm. Everything has been pretty much hassle free, and I'm starting to consider transitioning to a self-managed DMP.
    DMP Start Date: 27/9/19
  • KimbullDFKimbullDF Forumite
    15 posts
    10 Posts Name Dropper
    Another quick query, I've found no end of templates for communication with creditors however can't find one for communication preference. Does anyone have experience or a decent template to request how you want to be contacted. Or is it as simple as sticking a paragraph in a letter simply stating it ? May sound like a silly question but I'd rather get things right from the offset. Spent long enough muddling through life riddled with debt 
  • sourcratessourcrates Forumite, Board Guide
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    KimbullDF said:
    Another quick query, I've found no end of templates for communication with creditors however can't find one for communication preference. Does anyone have experience or a decent template to request how you want to be contacted. Or is it as simple as sticking a paragraph in a letter simply stating it ? May sound like a silly question but I'd rather get things right from the offset. Spent long enough muddling through life riddled with debt 

    Yup, thats about it -
    To whom it may concern,
    Please contact me in writing only from now on,
    Regards
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • edited 8 August at 1:31PM
    jon0108jon0108 Forumite
    7 posts
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    edited 8 August at 1:31PM
    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
  • BooBoo77BooBoo77 Forumite
    27 posts
    Third Anniversary 10 Posts Name Dropper
    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 debtors. 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
    I'm planning to do very similar.  In preparation for Full and Final offers and going self managed (prob in about 6 months) I've just agreed a reduced budget with Stepchange.  It's a genuine budget but gives me more wiggle room with day to day expenses.  I'm thinking if my repayments are less for a while and the final pay off date is a long way off (mine went from 8 years to debt free to16 years when my repayments went from £194 to £91) they may be more amenable to lower F&F settlements when I start making them.  Just a thought.  Good luck!
    DMP with StepChange started 2014
    Debt: £31.1k £18.2
  • sourcratessourcrates Forumite, Board Guide
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    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.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • HalfwaythereHalfwaythere Forumite
    66 posts
    10 Posts First Anniversary Photogenic
    I’ve Gone self managed 47k to 16k trying to to f&fs with Intrum and Link but only getting 20% discount max at the moment. Still waiting on CCAS think I might leave it a few months, getting a bit disheartened now thought if I’m honest 
  • edited 8 August at 3:28PM
    jon0108jon0108 Forumite
    7 posts
    Second Anniversary First Post
    edited 8 August at 3:28PM
    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

  • Suseka97Suseka97 Forumite
    1.1K posts
    1,000 Posts Fifth Anniversary Name Dropper
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    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.  

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