DMP mutual support thread part 13 !!

Penguin_

That's me on the self managed DMP now, parting from Stepchange who were amazing at helping me set it all up originally. I have submitted CCA requests to PRA (x 3), Lowell & Intrum & have had replies back from PRA & Lowell who have said my account(s) are on hold at the moment. If & when they reply with the relevant paperwork I will set standing orders up for the same amounts as per my DMP with Stepchange. I have informed them, by letter that I am moving to self managed & have basically said that I'll resume payment when they supply CCA, is this correct to do?

Thanks

ditty1234

andythe_cab said:

Who was your original debt with mate?

that one is Bank of Scotland

Also - I love my self managed DMP - now that my debts are clear, defaulted and some not enforceable - I know where I'm at, and I have set up minimal payments and I will make extra payments on one loan to get it out of the way in a few years rather than in 10 years, I have very varying income across the year, therefor the low base line payments. ANd I now have money in my emergency fund, so it's time to start paying up. It has taken me 2 years to get to this point, but I only have one 'fresh default' and even though I don't care about my credit rating it has already gone from appalling to bad. #proudlypayingatmypace 

Headabovethewater

Hi I had the 3 cards default a while back but yorkshire bank overdraft still not. They have been taken over by virgin but 12 months on I've paid nothing and rarely hear off them.  I have sent ' please default letters' but get nothing in return. Should I start making token payments or keep waiting? A year seems a long time of no payments, getting worried it will suddenly escalate and also want to start chipping away at it but not incur interest later. Thank you for any advice

mrjoshua88

Just received a letter from Newday advising my credit agreement has been terminated and the account is now with their collections team. I’m assuming this means the account is now defaulted? Do I contact them, or wait for it to be sold on? Still waiting on a few other accounts to default. 

sourcrates

Headabovethewater said:

Hi I had the 3 cards default a while back but yorkshire bank overdraft still not. They have been taken over by virgin but 12 months on I've paid nothing and rarely hear off them.  I have sent ' please default letters' but get nothing in return. Should I start making token payments or keep waiting? A year seems a long time of no payments, getting worried it will suddenly escalate and also want to start chipping away at it but not incur interest later. Thank you for any advice

Bank accounts typically have to be dormant for some time before the bank takes action to default, and close the account.
A year is not untypical, 2-3 years is about average, don`t make any payments to it, computer will think its still being used, thus re-setting the clock.

Any interest added over this period, can be offset when the debt gets sold, by making a settlement offer to the new owner, usually a first shot across the bows figure would typically be around 30% of the balance, so it doesn't really matter what interest is added, as its likely you will never pay it.

Keep waiting, and lets the cogs turn, albeit very slowly.

sourcrates

mrjoshua88 said:

Just received a letter from Newday advising my credit agreement has been terminated and the account is now with their collections team. I’m assuming this means the account is now defaulted? Do I contact them, or wait for it to be sold on? Still waiting on a few other accounts to default. 

Wait till its sold on, creditor collections teams have some discretion when it comes to what they will accept in payment, but not as much as say Lowell or Cabot will have, or whoever ends up buying your debt.

The longer you can stall them, the more you can potentially add to your emergency fund.

Penguin_

So all the agencies have sent back the standard "We're looking into your request for the CCA & as a result won't ask for payment etc" at the moment, so am using the money that I'm not paying them to get my emergency fund up topped up. 

alistar

Hi there,

I was just after a bit of advice.  I have been in a debt management plan for a few years, with a few left to go.  Two of my accounts are with Shop Direct, one still active, one paid off recently but I have just seen on my credit file that neither are showing and have been removed.  Neither went to default so I am a little confused on why this may be?

Any advice?
Many thanks, Ali

moonlock

Hello all,
Been reading here for almost a year since I started a DMP with SC. Looking for a little advice please? 

I have debts totalling just over 50k and with SC I’ll be debt free around Feb 2033!  I have a mortgage that will end a couple of years before that all being well. 
Most of my debts have now defaulted except for a couple that have arrangement to pay. I’ve noticed that a couple of Credit card accounts were opened back in 2002 and 2008. I’m starting to wonder if going self managed might be the best way forward and send some CCA requests off to these old accounts. My husband is a little reluctant to leave SC. Any advice would be much appreciated. 
Thank you

Penguin_

moonlock said:

Hello all,
Been reading here for almost a year since I started a DMP with SC. Looking for a little advice please? 

I have debts totalling just over 50k and with SC I’ll be debt free around Feb 2033!  I have a mortgage that will end a couple of years before that all being well. 
Most of my debts have now defaulted except for a couple that have arrangement to pay. I’ve noticed that a couple of Credit card accounts were opened back in 2002 and 2008. I’m starting to wonder if going self managed might be the best way forward and send some CCA requests off to these old accounts. My husband is a little reluctant to leave SC. Any advice would be much appreciated. 
Thank you

I, like you, was with SC until very recently. I went self managed following the advice on here, mainly due to the amazing advice that Sourcrates gives, & I immediately informed all my creditors that I was doing this & sent off CCA requests. I am keeping everything the same in terms iof payments but all are aware that the payments will re-start following the receipt of the CCA. It seems a huge step to do but you are in more control when going self managed.