DMP mutual support thread part 13 !!

BooBoo77

I’ve got 3 accounts which defaulted at the end of Sept 2014 so am looking forward to seeing them disappear from my credit report soon. Do they just disappear instantly 6 years after the date of the default is or is there a lag like the lag in reporting activity on the credit report generally? I’m so looking forward to just having one default which was small and I managed to pay it off. Thanks 

ditty1234

There is a candle at the end of the tunnel - HS8C has defaulted my loan after a year and 4 months, not paying DMP for 4 months and a complaint. And guess what, overdraft now says that it has a DMP starting in August! S 5 steps back on that one, but I will withhold any payments until that one is closed and defaulted as well.
So at least a success, and 9 months after my other last default. 
SO 4 done and 1 to go. Thanks again for the help and inspiration from this forum. 

jon0108

Hi All, I am in the process of switching to self managed from Step Change and have done by budget and review. I noticed that Step Change were not pro rata ing my payments, so some creditors are getting abnormally high payments when looking at the outstanding balance while others were getting lower payments. Step Change explained to me that this is based on the Contractual payment that the creditors were due not the outstanding balance on the account. I wanted to check if others had encountered issues when going self managed and offering lower / higher amounts to the amounts that Step Change had been paying on their behalf.

thanks J

ditty1234

Quick question, is it normal that cca letters are woolly as in not clear if the evidence is there or not? I got a reply from NatWest, but I feel it is not a clear answer. Will have to read it again in the morning!

sourcrates

ditty1234 said:

Quick question, is it normal that cca letters are woolly as in not clear if the evidence is there or not? I got a reply from NatWest, but I feel it is not a clear answer. Will have to read it again in the morning!

If you mean full of "if`s", "what`s" and "maybe`s", then that`s generally par for the course with most creditors yes.

matthewhine

Hi, I've been on a DMP through stepchange now since the start of September and one of my creditors has said they are not going to stop interest until the account defaults. They said that it should default in a few months. I'm right in saying this is s good thing? (Although I'd rather they stopped interest now!)
I've not heard anything from my other creditors. Should I be contacting them asking them to stop interest? Or will stepchange have done this? 
Thanks in advance

sourcrates

matthewhine said:

Hi, I've been on a DMP through stepchange now since the start of September and one of my creditors has said they are not going to stop interest until the account defaults. They said that it should default in a few months. I'm right in saying this is s good thing? (Although I'd rather they stopped interest now!)
I've not heard anything from my other creditors. Should I be contacting them asking them to stop interest? Or will stepchange have done this? 
Thanks in advance

Never assume stepchange have done anything, last year more than 635.000 people called them asking for help, they simply don’t have the time or resources to follow up every single detail.

This is where you have to become pro-active, pester your creditors every week to stop interest, and default you, email them, write to them, ring them, be a right royal pain in the !!!!!!, make them listen.

Suseka97

matthewhine said:

Hi, I've been on a DMP through stepchange now since the start of September and one of my creditors has said they are not going to stop interest until the account defaults. They said that it should default in a few months. I'm right in saying this is s good thing? (Although I'd rather they stopped interest now!)
I've not heard anything from my other creditors. Should I be contacting them asking them to stop interest? Or will stepchange have done this? 
Thanks in advance

When SC contacted your creditors with details of your DMP arrangements, their letter template will no doubt have included a gentle request for them to consider stopping all interest and charges - as to what happens next, well some do and some don't depending on their companies policy and procedure on bad debts.  You are right in saying a default is a good thing and even though the creditor in question hasn't yet stopped interest, if they follow through with their promise of a default - a few months added interest won't make much difference.  But you do have to be proactive here and monitor the account status on all your debts and if, after 3-months, there seems to be no move towards a default you need to pester and complain and keep at it.

Default markers matter not only because at that point no further charges can be applied- but more importantly because the D will drop off your credit file at the 6-year anniversary from when it was applied and irrespective of whether there is still an outstanding balance to pay.  AP/AR or any similar marker stays on your file for 6 years after the account has been settled, or partially settled - so potentially far longer than a D.

scotty1971

I started my DMP with SC in April. So far only one of my creditors have defaulted and rest say missed payments. I wish I had came to this forum for advice first, as it looks like it would been better to let the accounts default before starting my DMP. What is the likelihood of my others creditors defaulting?  Do SC charge for managing your DMP? I know I should have checked all this before entering a DMP, but due to entering this plan so know one would find out. I never read anything, just signed and sent away as quickly as possible. Very stupid ok me I know. Thanks. 

Suseka97

scotty1971 said:

I started my DMP with SC in April. So far only one of my creditors have defaulted and rest say missed payments. I wish I had came to this forum for advice first, as it looks like it would been better to let the accounts default before starting my DMP. What is the likelihood of my others creditors defaulting?  Do SC charge for managing your DMP? I know I should have checked all this before entering a DMP, but due to entering this plan so know one would find out. I never read anything, just signed and sent away as quickly as possible. Very stupid ok me I know. Thanks. 

No, not stupid at all... many of us only happened across this forum after we'd started our DMPs.  Whether your creditors default quickly or not, no-one can say - but you are where you are and what you need to do is pester, complain and keep complaining until they do.  SC do not charge for their services, they are a debt charity - so that's better than others who've signed up with a fee charging company (and unfortunately many still do).