DMP mutual support thread part 13 !!

lilac888

OK, many thanks Sourcrates.

ditty1234

And HS8C has back dated bank loan default date to November 19, around the same time as all other defaults. Still no news on old overdraft though. 
If they eventually get the overdraft sorted int eh same way, then I can go and get the credit check for the phone deal I think once the default is backdated, at the moment he just has to deal. Tanks again everybody and I am almost ready to jump ship with SC and start token payments with the enforceable's over half term.

Penguin_

Hi all, quick question about a DMP. I am currently in a DMP with SC & owe circa £11k which I will be paying off in 5 years at the current rate. However, I may be coming into a little bit of money, not much but around £4000. I have heard about people settling debts with companies where they pay a lump over to them which isn't the full amount but it leaves it satisfied. Am I being too optimistic that the creditors would accept if I did this?

sourcrates

Penguin_ said:

Hi all, quick question about a DMP. I am currently in a DMP with SC & owe circa £11k which I will be paying off in 5 years at the current rate. However, I may be coming into a little bit of money, not much but around £4000. I have heard about people settling debts with companies where they pay a lump over to them which isn't the full amount but it leaves it satisfied. Am I being too optimistic that the creditors would accept if I did this?

Not an easy question to answer, it depends on so many variables, original creditors rarely give much in the way of a discount, older, sold on accounts have more luck in that respect, read through this thread, plenty of advice on making settlement offers, when to make them, and how.

ditty1234

Just a quick update my debt is currently more than halved in terms of what is active or unenforceable. So from next month I will start paying the credit card debt that is enforceable - they let me know this in August, and I only had the nerve to read it today. I sent them an email, and am hoping that as it is under the DMP w Stepchange they are not planning to take me to court just yet. My DMP was on hold and I will start again in November, but only what needs paying. 
I will organise the Self Managed DMP over half term, and write the one that is enforceable. (Barcl3y/PR4) will it be easier to get them to accept my payments if they are the same as what I paid through Stepchange or do I need to do a whole new I and E for them? If I do can they say no?
If you get a CCJ and you settle it before it goes to court/offer a small monthly payment - does it go on your credit file? I am asking as I am applying for citizenship this month and would be embarrassed to get a CCJ to mess it up, when I am intending to pay, in time.
Weirdly HS8C has taken about £80 off how much I owe on my old overdraft, but it is still not defaulted? Some things I just don't understand. I'm not complaining though! 

sunshinevicky

Hi all
So just a quick question... everything seems to have gone a bit quiet in the DMP front...  am self managing and stopped all payments back in June.... up until now I have been getting regular letters but I seem to have not had anything for a while... one has defaulted and I have is set up payment plan which is great but my other 6 creditors seem to be very slow! 2 have sent a notice of default and said I had 14 days to contact... I didn’t and still haven’t heard anything (been 4 weeks now) or seen a default go on my file.
Is this normal? TIA

mrjoshua88

Hi all

Trying to figure out the best option for my circumstances and had a few questions. My debt is around £25k, I am currently unemployed and receiving Universal Credit. I went through the SC tool and was recommended a DMP, mostly due to one of my loans being a guarantor loan. After going through my budget I can afford to pay £200 a month, until I manage to find work, in which case I’ll obviously increase my payments. 

After reading through some of this thread it seems that people often recommend defaulting on debts before going ahead with any plan. Is this even worth doing being that I have no proper income? (I also have £3k in my current account that I can use as an emergency fund whilst job searching. 

Thanks for any advice anyone can give. I’m at a point where I really need to get this weight off my shoulders now and hoping there is some light at the end of the tunnel.

DebtHurricane

I recommend pushing for defaults @mrjoshua88 as it stops ALL further interest/charges and means the negative data comes off your credit files 6 years from the default date. Otherwise, it stays there for 6 years after you’ve finished paying it off. Potentially many more years by not defaulting. 

DebtHurricane

Update: studio have finally defaulted me! Almost a year after no payments but better late than never!

mrjoshua88

Ok. So just to clarify: you simply stop paying anything until you receive a notice of default? Then it’s better to go into a DMP at this point?