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DMP mutual support thread part 13 !!

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  • They don’t have a choice whether to accept it or not. They still have to allocate the payment to your account and reduce your balance by that amount. Pay what you can afford. Eating and paying your rent is more important than any DMP
  • Skint2918
    Skint2918 Posts: 11 Forumite
    First Post
    Thankyou. They all have accepted and all quiet at moment and me lowering payment for 1month may set them off. Sending me letters and  unaccepting my dmp  I'm just worrying 
  • sourcrates
    sourcrates Posts: 31,471 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Skint2918 said:
    Thankyou. They all have accepted and all quiet at moment and me lowering payment for 1month may set them off. Sending me letters and  unaccepting my dmp  I'm just worrying 
    Situations change, they will have no choice, as you haven’t, don’t worry about it, DMP’s don’t fail, all that will happen is the debt may be sold, makes no difference to you, if that happens you still keep paying but to the new owner.
    Thats worst case scenario, really it won’t matter.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • JA81
    JA81 Posts: 16 Forumite
    10 Posts
    Just an update on where I am. At present all of the debts in my name are up to date, but there will be no payments made in September. In October lower payments will be made as discussed with SC. What are the chances of all of my debts being defaulted in 3 months?
    Drawn a line on increasing debt August 2020 at £33,587.
    January 2021 £32,149
  • natlie
    natlie Posts: 1,707 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Hi @JA81 its unlikely that they will default if they are up to date, I started my DMP in June with up to date payments one of my creditors is defaulting me in October but nothing from the others, 1 of them has said they they are going to restart full payments and interest soon. If you want defaults you need to stop paying them completely or pay them a tiny amount
    Nat
    DMP 2021-2024: £30,668 £0 🥳

    Current debt: £7823.62 7720.52 7417.94
  • Suseka97
    Suseka97 Posts: 1,571 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    JA81 said:
    Just an update on where I am. At present all of the debts in my name are up to date, but there will be no payments made in September. In October lower payments will be made as discussed with SC. What are the chances of all of my debts being defaulted in 3 months?
    As Natlie has said, you're not going to get quick defaults this way and if you take time to read back on this thread - you'll see how often we tell people that the best thing to do, before jumping into a DMP payment plan, is to stop making any payments for between 3 - 6 months (at a minimum).  More and more creditors are holding out on defaults - often they think they are 'helping' in doing so and simply don't accept that a default is better than AP/AR markers.

    Whilst SC are a great resource and help for those in financial difficulty, they will be keen to get the DMP up and running quickly and whilst that's not in itself a bad thing - it often results in much slower defaults, and sometimes a creditor will simply not default once a plan is in place.
  • JA81
    JA81 Posts: 16 Forumite
    10 Posts
    Suseka97 said:
    JA81 said:
    Just an update on where I am. At present all of the debts in my name are up to date, but there will be no payments made in September. In October lower payments will be made as discussed with SC. What are the chances of all of my debts being defaulted in 3 months?
    As Natlie has said, you're not going to get quick defaults this way and if you take time to read back on this thread - you'll see how often we tell people that the best thing to do, before jumping into a DMP payment plan, is to stop making any payments for between 3 - 6 months (at a minimum).  More and more creditors are holding out on defaults - often they think they are 'helping' in doing so and simply don't accept that a default is better than AP/AR markers.

    Whilst SC are a great resource and help for those in financial difficulty, they will be keen to get the DMP up and running quickly and whilst that's not in itself a bad thing - it often results in much slower defaults, and sometimes a creditor will simply not default once a plan is in place.
    Thanks guys.
    This makes sense. As a couple we have one debt that is already 6 months behind, so that is the one that is forcing the issue, as we don't want that to get to CCJ stage. I'll just keep a close eye on my credit file to see the changes over the next few months.
    Drawn a line on increasing debt August 2020 at £33,587.
    January 2021 £32,149
  • JA81 said:
    Suseka97 said:
    JA81 said:
    Just an update on where I am. At present all of the debts in my name are up to date, but there will be no payments made in September. In October lower payments will be made as discussed with SC. What are the chances of all of my debts being defaulted in 3 months?
    As Natlie has said, you're not going to get quick defaults this way and if you take time to read back on this thread - you'll see how often we tell people that the best thing to do, before jumping into a DMP payment plan, is to stop making any payments for between 3 - 6 months (at a minimum).  More and more creditors are holding out on defaults - often they think they are 'helping' in doing so and simply don't accept that a default is better than AP/AR markers.

    Whilst SC are a great resource and help for those in financial difficulty, they will be keen to get the DMP up and running quickly and whilst that's not in itself a bad thing - it often results in much slower defaults, and sometimes a creditor will simply not default once a plan is in place.
    Thanks guys.
    This makes sense. As a couple we have one debt that is already 6 months behind, so that is the one that is forcing the issue, as we don't want that to get to CCJ stage. I'll just keep a close eye on my credit file to see the changes over the next few months.
    I stopped paying in January, I had my first default after 6 months. Between 6 & 9 months, all but one of my accounts have defaulted. 9 in total. I am just waiting on Avant credit now which is my biggest debt and then they would've all defaulted. Hope this helps.
  • natlie
    natlie Posts: 1,707 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Thanks guys.
    This makes sense. As a couple we have one debt that is already 6 months behind, so that is the one that is forcing the issue, as we don't want that to get to CCJ stage. I'll just keep a close eye on my credit file to see the changes over the next few months.
    I believe you could start your DMP with just the one creditor if you wanted too and you can add the others as they default
    DMP 2021-2024: £30,668 £0 🥳

    Current debt: £7823.62 7720.52 7417.94
  • Hey guys 
     Great thread here loads of useful info  im in my first month of a self managed DMP ( previously stepchange ) and have  a couple of questions , . 
    1) one of my creditors ( moorcraft )  have accepted my proposal but have stated my payment is due on the 28th of each month !!
    the letter the sent was dated the 27th my payday is around the 28th so im concerned that i will forget on occasion to do it the same day  im i obliged to make this date or can i specify my own ?
    2) Ive had moderate success with my lower value creditors with cca requests ( so as to make full and finals ) my debt with moor craft has been  marked on my letter as  HOST FINANCE EX BARCLAYCARD  Im unsure who  my debt belongs to would it be moorcraft or host finance ? Is it acceptable to ask for a cca ? im not disputing the debt however if i can pay a fraction of  the current balance ( 3k ish ) then i could be in a position to make a settlement offer .

    nearly there 6k left on a 28k debt i can see the light finally 



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