DMP mutual support thread part 13 !!

BooBoo77

kelslayer said:

Hello, 

Just after some advice, if someone could help me so.
I am with Stepchange, and have been since Dec 14.  All my debts have defaulted with the last to drop off August next year.  I have been paying them consistently since it started from £180 to now £210.  I am now down to 4 creditors.  I have moved recently and the bills have risen slightly.  I have fluffed my budget out a bit so that i can put aside some money for some F&F's, as i still have another 3 years left on the DMP and i really just want to get rid of it now. 
So my revised budget now leaves me to pay £100 ish a month to stepchange (from £210) on debts of £6k.  However, when i went to submit it, it wasnt automatically accepted like my usual annual reviews.... probably because in the past it has stayed the same or gone up!! anyhow, i need to ring stepchange on monday to go through it.  What is the likelyhood they wont accept my new payment??

I think it gets referred if the pay off takes longer than 10 years? I had the same thing and it was fine. Just had to go through the suggestions of IVA etc before saying i wanted to stick with DMP. 

kelslayer

BooBoo77 said:

kelslayer said:

Hello, 

Just after some advice, if someone could help me so.
I am with Stepchange, and have been since Dec 14.  All my debts have defaulted with the last to drop off August next year.  I have been paying them consistently since it started from £180 to now £210.  I am now down to 4 creditors.  I have moved recently and the bills have risen slightly.  I have fluffed my budget out a bit so that i can put aside some money for some F&F's, as i still have another 3 years left on the DMP and i really just want to get rid of it now. 
So my revised budget now leaves me to pay £100 ish a month to stepchange (from £210) on debts of £6k.  However, when i went to submit it, it wasnt automatically accepted like my usual annual reviews.... probably because in the past it has stayed the same or gone up!! anyhow, i need to ring stepchange on monday to go through it.  What is the likelyhood they wont accept my new payment??

I think it gets referred if the pay off takes longer than 10 years? I had the same thing and it was fine. Just had to go through the suggestions of IVA etc before saying i wanted to stick with DMP. 

Phew!! Thank you.  Even with my revised budget it will only take another 5 years to clear instead of 3.  So I will just stand my ground. 

Thank you!

sunshinevicky

Hi all.... I’m trying to wait out to start my DMP for my accounts to default ... had an email from Vanquis today asking for me to send in my income and expenditure forms... I have emailed back to say I will be completing these and sending in as per my initial letter back in June, I also asked if now 3 payments had been missed if my account would be defaulted. They have emailed back to say it has not yet been defaulted and hopefully if we can agree an offer of payment it won’t be! I want it to be defaulted!!! Should I email back states I want it defaulting or should I just do nothing and not send my offer letter in until it defaults? TIA ☺️

Suseka97

kelslayer said:

BooBoo77 said:

kelslayer said:

Hello, 

Just after some advice, if someone could help me so.
I am with Stepchange, and have been since Dec 14.  All my debts have defaulted with the last to drop off August next year.  I have been paying them consistently since it started from £180 to now £210.  I am now down to 4 creditors.  I have moved recently and the bills have risen slightly.  I have fluffed my budget out a bit so that i can put aside some money for some F&F's, as i still have another 3 years left on the DMP and i really just want to get rid of it now. 
So my revised budget now leaves me to pay £100 ish a month to stepchange (from £210) on debts of £6k.  However, when i went to submit it, it wasnt automatically accepted like my usual annual reviews.... probably because in the past it has stayed the same or gone up!! anyhow, i need to ring stepchange on monday to go through it.  What is the likelyhood they wont accept my new payment??

I think it gets referred if the pay off takes longer than 10 years? I had the same thing and it was fine. Just had to go through the suggestions of IVA etc before saying i wanted to stick with DMP. 

Phew!! Thank you.  Even with my revised budget it will only take another 5 years to clear instead of 3.  So I will just stand my ground. 

Thank you!

I would add that whilst I'm sure SC will be happy for you to continue on... you could always go self-managed.  Personally, for me a 10 year DMP would have been too long, so have you considered following what many have done in the past and by that I mean, sending off CCA requests to see if any of your debts are unenforceable (UE).  I say that because if any are, you could put them aside and focus on the ones that are not.  You may find that you could clear enforceable debts quicker and start saving F&Fs for those that are UE.

Just a thought!

sourcrates

sunshinevicky said:

Hi all.... I’m trying to wait out to start my DMP for my accounts to default ... had an email from Vanquis today asking for me to send in my income and expenditure forms... I have emailed back to say I will be completing these and sending in as per my initial letter back in June, I also asked if now 3 payments had been missed if my account would be defaulted. They have emailed back to say it has not yet been defaulted and hopefully if we can agree an offer of payment it won’t be! I want it to be defaulted!!! Should I email back states I want it defaulting or should I just do nothing and not send my offer letter in until it defaults? TIA ☺️

Vicky, what do you think you should do ?

Because thats whats important here, we are glad to provide help and support, but its designed to help make you more self aware of what you need to do to achieve what you want, you say you want defaults, so the best way to achieve that is be persistant, ask them to default you, just do whatever it takes basically.

Good luck.

sunshinevicky

sourcrates said:

sunshinevicky said:

Hi all.... I’m trying to wait out to start my DMP for my accounts to default ... had an email from Vanquis today asking for me to send in my income and expenditure forms... I have emailed back to say I will be completing these and sending in as per my initial letter back in June, I also asked if now 3 payments had been missed if my account would be defaulted. They have emailed back to say it has not yet been defaulted and hopefully if we can agree an offer of payment it won’t be! I want it to be defaulted!!! Should I email back states I want it defaulting or should I just do nothing and not send my offer letter in until it defaults? TIA ☺️

Vicky, what do you think you should do ?

Because thats whats important here, we are glad to provide help and support, but its designed to help make you more self aware of what you need to do to achieve what you want, you say you want defaults, so the best way to achieve that is be persistant, ask them to default you, just do whatever it takes basically.

Good luck.

Thanks Sourcrates.... I’m sorry for being a bit needy..... my head was telling me to email back and tell them I would like to be defaulted but just wasn’t sure.... I do feel like I am getting better I just think it feels a bit scary waiting for these defaults.... but I know it is what I need to do! I shall email tomorrow and explain I would like the account to be defaulted if they don’t.... I shall wait for the default before offering up any payment! Thank you again 😃

Headabovethewater

My post got missed I think.  So do you start to making payments as each one is defaulted and sold on?  6 months on and only a couple have, expect current situation has delayed everything.   What is the longest someone has left it? Would I get away with, say 8 months?  Also,  though a default has arrived on paper it hasn't shown on clea*score yet, does it take quite a while to update? I'd hate to start to pay one not actually defaulted.  Thank you for any advice rreally finding it hard at mo.

DebtHurricane

Headabovethewater said:

My post got missed I think.  So do you start to making payments as each one is defaulted and sold on?  6 months on and only a couple have, expect current situation has delayed everything.   What is the longest someone has left it? Would I get away with, say 8 months?  Also,  though a default has arrived on paper it hasn't shown on clea*score yet, does it take quite a while to update? I'd hate to start to pay one not actually defaulted.  Thank you for any advice rreally finding it hard at mo.

Hi Headabovethewater,

I waited until most of my debts defaulted and I could see and screenshot it from my credit file (clearscore/credit karma/mse credit club) and only then did I start paying £1 a month as a token. 

Be wary of the default notice letters not turning into actual defaults. I received a ‘default notice’ for every single one of my debts, including the three remaining undefaulted debts. These last 3 never defaulted despite sending the default letter. 

As it stands, I’m now in the middle of complaints with them but not paying a penny. 

Wait til you see the default show on your credit report, then set up payments. Otherwise you just delay it more. 

HTH x

mdh1977

Hi everyone, I thought I would put a post up, I am just starting my self managed DMP using nedcab which really is a great reference, I have just stopped all my non-essential payments and I am getting my letters together, I have a couple of questions.

• Is getting a default the ideal thing as soon as possible to reduce the time with a bad credit score?

• Once payments have been accepted with the lender the leftover money do you continue a good emergency fund and then start saving to pay individual cards off? 
• I have a lowish balance card which I could probably pay off next month shall I wait before even thinking about this

 I may be rushing ahead here but I want to make sure that the money I have over goes to the right place, I am very keen to get things sorted as for too long I have been sat going round in circles, it feels really good to be actually making a difference to the mess, thank you

Suseka97

mdh1977 said:

Hi everyone, I thought I would put a post up, I am just starting my self managed DMP using nedcab which really is a great reference, I have just stopped all my non-essential payments and I am getting my letters together, I have a couple of questions.

• Is getting a default the ideal thing as soon as possible to reduce the time with a bad credit score?

• Once payments have been accepted with the lender the leftover money do you continue a good emergency fund and then start saving to pay individual cards off? 
• I have a lowish balance card which I could probably pay off next month shall I wait before even thinking about this

 I may be rushing ahead here but I want to make sure that the money I have over goes to the right place, I am very keen to get things sorted as for too long I have been sat going round in circles, it feels really good to be actually making a difference to the mess, thank you

To answer your questions...
(1) Yes, its the aim of a default, but also that's when all interest and charges stop for good.
(2) Absolutely, but you should build up a good EF before launching in to the DMP and then make an allowance in your plan so you can continue to build on that.  
(3) If you can pay off a lowish debt before you start, you may as well do so - it'll be once less debt to have to deal with.

It sounds like you've done your research and the NEDCAB site is a great resource.  The one piece of advice I'd give is just don't rush in.  Give yourself at least 6 months of saving what you would have otherwise been paying to service those debts to build up your EF and also, hopefully, to achieve quick defaults.  Then get a plan up and running and let it take care of itself, whilst you focus on living life without the stress of it all