DMP mutual support thread part 13 !!

jon0108

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.  

Thanks for responding Suseka97 really appreciate it. It's helped me make my mind up. Can I check, did you use the nedcab to get you started.
Thanks,
Jonathan

Suseka97

jon0108 said:

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.  

Thanks for responding Suseka97 really appreciate it. It's helped me make my mind up. Can I check, did you use the nedcab to get you started.
Thanks,
Jonathan

No, I just wrote my own letters - but that was to tell the DCAs I was intending to SM and sent CCAs.  As for the discount offers, they are not mine, that's what they are offering me.  I just left the debts to hang until their offers came in.  

Suseka97

Halfwaythere said:

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

No, not yet.

It took a good 6mths+ before I heard anything back.  At first I was chasing them for responses, but then decided to sit back and wait. I would imagine that given the current circumstances that things will take even longer.  So take the opportunity to stop paying those debts and put that amount towards your F&Fs.   It really doesn't matter how long it takes for them to get back to you, in fact the longer the better.

Halfwaythere

Suseka97 said:

Halfwaythere said:

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

No, not yet.

It took a good 6mths+ before I heard anything back.  At first I was chasing them for responses, but then decided to sit back and wait. I would imagine that given the current circumstances that things will take even longer.  So take the opportunity to stop paying those debts and put that amount towards your F&Fs.   It really doesn't matter how long it takes for them to get back to you, in fact the longer the better.

Ye I agree, the ones I worry about tho are my two PRA group debts that MBNA refuse to default 

ditty1234

So a question to you selfmanaging folks with UE's do you pay something on them, like £1 or £5 a month or do you pay nothing? Just wondering?
If you pay a bit it sort of keeps the communication open and active I feel if I would pay nothing then suddenly after 4.5 years I would just get a ccj or at least some more demanding letters before they 'expiere'? 
And if I stay with Stepchange will they expect me to pay UE debts?
As you can tell I am getting ready to go self managed, but just checking?
Thanks in advance, I am doing all of my planning now and writing letters I will need alter as once terms start I won't want to think too much about this. 

sourcrates

ditty1234 said:

So a question to you selfmanaging folks with UE's do you pay something on them, like £1 or £5 a month or do you pay nothing? Just wondering?
If you pay a bit it sort of keeps the communication open and active I feel if I would pay nothing then suddenly after 4.5 years I would just get a ccj or at least some more demanding letters before they 'expiere'? 
And if I stay with Stepchange will they expect me to pay UE debts?
As you can tell I am getting ready to go self managed, but just checking?
Thanks in advance, I am doing all of my planning now and writing letters I will need alter as once terms start I won't want to think too much about this. 

Hi,

Explain how they would obtain a CCJ when the debt is unenforcable due to having no paperwork ?

Token payments just mean the debt will never go statute barred.

With an unenforcable debt, either ignore it for ever, or settle it, no imbetween.

sourcrates

Remus1975 said:

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

Has the debt been assigned or is it just being managed by the DCA ?

Regardless of that, they failed to respond to your CCA request in a correct manner, so your debt is currently unenforcable because of this, you may care to remind them of this fact.

Halfwaythere

sourcrates said:

ditty1234 said:

So a question to you selfmanaging folks with UE's do you pay something on them, like £1 or £5 a month or do you pay nothing? Just wondering?
If you pay a bit it sort of keeps the communication open and active I feel if I would pay nothing then suddenly after 4.5 years I would just get a ccj or at least some more demanding letters before they 'expiere'? 
And if I stay with Stepchange will they expect me to pay UE debts?
As you can tell I am getting ready to go self managed, but just checking?
Thanks in advance, I am doing all of my planning now and writing letters I will need alter as once terms start I won't want to think too much about this. 

Hi,

Explain how they would obtain a CCJ when the debt is unenforcable due to having no paperwork ?

Token payments just mean the debt will never go statute barred.

With an unenforcable debt, either ignore it for ever, or settle it, no imbetween.

Would it then become statue barred after 6 years or would something else have to happen first ? Thanks 

sourcrates

Halfwaythere said:

sourcrates said:

ditty1234 said:

So a question to you selfmanaging folks with UE's do you pay something on them, like £1 or £5 a month or do you pay nothing? Just wondering?
If you pay a bit it sort of keeps the communication open and active I feel if I would pay nothing then suddenly after 4.5 years I would just get a ccj or at least some more demanding letters before they 'expiere'? 
And if I stay with Stepchange will they expect me to pay UE debts?
As you can tell I am getting ready to go self managed, but just checking?
Thanks in advance, I am doing all of my planning now and writing letters I will need alter as once terms start I won't want to think too much about this. 

Hi,

Explain how they would obtain a CCJ when the debt is unenforcable due to having no paperwork ?

Token payments just mean the debt will never go statute barred.

With an unenforcable debt, either ignore it for ever, or settle it, no imbetween.

Would it then become statue barred after 6 years or would something else have to happen first ? Thanks 

Yes it would eventually go SB, with most UE debts, once you`ve written to them stating your not gonna pay, they tend to go away and concentrate on the debts they can enforce.

Suseka97

ditty1234 said:

So a question to you selfmanaging folks with UE's do you pay something on them, like £1 or £5 a month or do you pay nothing? Just wondering?
If you pay a bit it sort of keeps the communication open and active I feel if I would pay nothing then suddenly after 4.5 years I would just get a ccj or at least some more demanding letters before they 'expiere'? 
And if I stay with Stepchange will they expect me to pay UE debts?
As you can tell I am getting ready to go self managed, but just checking?
Thanks in advance, I am doing all of my planning now and writing letters I will need alter as once terms start I won't want to think too much about this. 

If you stick with SC, then they would disregard its UE status and simply keep paying what has been agreed - so you do need to self-manage.
I've had UE's on my books now for 3 years + and have not paid a penny.  As Sourcrates points out - you either walk away or you settle, but if the latter is your intent then you need to leave it alone for a while and then see what discounts might be on offer.  If you intend to walk away, then you should not enter into any form of communication with them so that the SB clocks starts ticking.