DMP mutual support thread part 13 !!

Dixie80

I'm really glad to find this forum.  After almost 2 years of having panic attacks about money, and not knowing what to do or where to turn, I finally found out about DMP's.  I mulled over the idea for a couple of months before biting the bullet last week and speaking to Payplan.   I can't believe how easy it has been so far.  I know that I potentially could have handled my plan myself, but the anxiety that debt has caused me has consumed my mind at times.   Just to have someone else take control has lifted a tonne weight off my shoulders. 
My debts are around 15K, and I've spent the last two years literally having no money for anything other than paying these bills (two credit cards, two catalogues, and a bank loan).  My husband recently got made redundant, and it gave me no choice but to go for the DMP as the responsibility for all the household bills will fall to me until he can find a job.  
It all seems too good to be true, and I keep feeling like Payplan will turn around for some reason and decide that I can't have a DMP after all, that none of my creditors will agree to the terms, and I'll be in a worse situation.   I'm guessing that this is a normal feeling in these early days? 
I also know that I'll get bombarded with letters from my creditors.  Halifax are already sniffing around.  I had a letter today to say that I'm over the limit on my credit card and that it's been passed to "collections".   Do I just reply to this explaining that I've instructed PP to deal with my creditors and they will be in touch?   

sourcrates

Summer12 said:

Hello!! Longtime no post. All going well until an unenforceable debt sold on started hassling so wrote and asked for CCA paying £1 fee. No CCA several months later but statement turned up showing £1 applied to the account which now means I made a payment several yrs later to this unenforceable acc - do I write and ask them to remove it from the account or write and ask them to refund it as haven’t received my CCA or ignore it? TIA

FCA rules forbid this practice.
However, if it’s unenforceable, then it doesn’t really matter, but it begs the question why are you asking for CCA if it’s already unenforceable ?

sourcrates

Dixie80 said:

I'm really glad to find this forum.  After almost 2 years of having panic attacks about money, and not knowing what to do or where to turn, I finally found out about DMP's.  I mulled over the idea for a couple of months before biting the bullet last week and speaking to Payplan.   I can't believe how easy it has been so far.  I know that I potentially could have handled my plan myself, but the anxiety that debt has caused me has consumed my mind at times.   Just to have someone else take control has lifted a tonne weight off my shoulders. 
My debts are around 15K, and I've spent the last two years literally having no money for anything other than paying these bills (two credit cards, two catalogues, and a bank loan).  My husband recently got made redundant, and it gave me no choice but to go for the DMP as the responsibility for all the household bills will fall to me until he can find a job.  
It all seems too good to be true, and I keep feeling like Payplan will turn around for some reason and decide that I can't have a DMP after all, that none of my creditors will agree to the terms, and I'll be in a worse situation.   I'm guessing that this is a normal feeling in these early days? 
I also know that I'll get bombarded with letters from my creditors.  Halifax are already sniffing around.  I had a letter today to say that I'm over the limit on my credit card and that it's been passed to "collections".   Do I just reply to this explaining that I've instructed PP to deal with my creditors and they will be in touch?   

There’s no reason you can’t have a DMP, you can do one yourself if you have too, and creditors won’t refuse your money, if they are not happy, they simply sell the debt to someone else, so they are never refused.
You Don't need to respond to creditors individually, but you can write to them all and inform them of your intentions to go into debt management.
Try not to worry, it’s a pretty simple and easy process, you’ll soon get used to it.
Two things you must do-

(1) save an emergency fund
(2) aim to get your accounts defaulted as soon as possible 

Good luck.

Summer12

sourcrates said:

Summer12 said:

Hello!! Longtime no post. All going well until an unenforceable debt sold on started hassling so wrote and asked for CCA paying £1 fee. No CCA several months later but statement turned up showing £1 applied to the account which now means I made a payment several yrs later to this unenforceable acc - do I write and ask them to remove it from the account or write and ask them to refund it as haven’t received my CCA or ignore it? TIA

FCA rules forbid this practice.
However, if it’s unenforceable, then it doesn’t really matter, but it begs the question why are you asking for CCA if it’s already unenforceable ?

It’s been sold on and I wanted to see if the new owners had the CCA which did originally exist with the original creditor. However on some legal advice I was told this type of Acc (reserve) was u/e. New owner passed to solicitors who threatened legal action within weeks, I got scared and wanted to see if they even had the document, they haven’t produced it so far...

scrimpandsave

Hello All,
Hopefully I am in the right place. Myself and husband have roughly 20k debt. We are paying it, but struggle which can mean using credit when the car breaks or the boiler breaks etc as the money does not exist.

 I have looked in to a DMP tonight and have some questions for all you pros. Hope there is no such thing as a stupid question...

My main question is will doing a DMP knacker up my credit score? My debt to income ratio is already horrendous so I can’t get any credit anyway but my score is perfect. 

Second question is, I am looking at stepchange to help me do this. Do they speak to the creditors or do I. 

Third question is how are you all finding it? Do you feel like you can breathe again and is your debt now truly managed? I really want to sort things out, determined after the year we have all had to have a more positive and frugal tomorrow so I can get this weight off my shoulders.

Thank you to anyone who has any advice for me.
Should maybe add that our joint income is close in number to our debt 😬

Parkyp

Morning, I have a Barclaycard and Halifax cards that Both accounts got defaulted October/November Last year. They have now been taken on by PRA , all my previous years history payments and default from the accounts have gone and it starts from November this year as a default. Can anyone confirm if this is normal? 

sourcrates

scrimpandsave said:

Hello All,
Hopefully I am in the right place. Myself and husband have roughly 20k debt. We are paying it, but struggle which can mean using credit when the car breaks or the boiler breaks etc as the money does not exist.

 I have looked in to a DMP tonight and have some questions for all you pros. Hope there is no such thing as a stupid question...

My main question is will doing a DMP knacker up my credit score? My debt to income ratio is already horrendous so I can’t get any credit anyway but my score is perfect. 

Second question is, I am looking at stepchange to help me do this. Do they speak to the creditors or do I. 

Third question is how are you all finding it? Do you feel like you can breathe again and is your debt now truly managed? I really want to sort things out, determined after the year we have all had to have a more positive and frugal tomorrow so I can get this weight off my shoulders.

Thank you to anyone who has any advice for me.
Should maybe add that our joint income is close in number to our debt 😬

Hi,

Credit score is meaningless, just another marketing gimic to sell you stuff, your score may be "perfect" but only you see it.

Anyone who is concidering entering debt mangement needs to start thinking outside the box, credit files are the least of your worries here, and should not be a part of the decision making process.

Both yourself and stepchange can deal with your creditors, they are now well versed in dealing with debt management clients.

Most peoples first reaction is "why the hell didnt we do this sooner" so take from that what you will, it ends the constant cycle of borrowing/spending/borrowing/spending and allows you to live freely within your means again.

sourcrates

Parkyp said:

Morning, I have a Barclaycard and Halifax cards that Both accounts got defaulted October/November Last year. They have now been taken on by PRA , all my previous years history payments and default from the accounts have gone and it starts from November this year as a default. Can anyone confirm if this is normal? 

Hi,

As long as the original default date still shows on the entry then all is fine, if its changed, then you should complain to PRA.

natlie

Help please

My Paypa@l debt has been transferred to Mo0rcr0ft reading about them online they sound terrifying! i really don't want anyone calling to the house. Does anyone have any experience with them? Ive had no letters from them yet I've found out about this via Step Change

Thanks
Nat 

Parkyp

sourcrates said:

Parkyp said:

Morning, I have a Barclaycard and Halifax cards that Both accounts got defaulted October/November Last year. They have now been taken on by PRA , all my previous years history payments and default from the accounts have gone and it starts from November this year as a default. Can anyone confirm if this is normal? 

Hi,

As long as the original default date still shows on the entry then all is fine, if its changed, then you should complain to PRA.

Hi sourcrates, no my original default is no longer there just a shows pra as if a new creditor and defaulted November this year when it was originally last year. I will contact them, thank you for your reply