DMP mutual support thread part 13 !!

Mapage

OK, Newbie here!

I won't bore you too much with the back-story but have been dealing with debt for more than 20 years. COVID, plus 2 very sick parents has pushed me to be more proactive about managing the debt. I have read so much on here (DMP mutual support 12 and 13 mainly) and you guys are amazing! Genuine inspiration.

I have 3x kids and a mortgage with about £120k of equity. Between me and my Mrs, we have £90k of debt across 2x PLs, 8x credit cards and 1 OD. My Mrs is aware of the situation but struggles with anxiety. If the personal life wasn't so bonkers, I would be going self-managed. But I just don't think I can take it currently. Hopefully in a couple of years though, as I am quite confident at least a couple of the debts will be UE.

We've been through the SC budgeting process and we are ready to start a DMP, giving about £1,200 per month to the unsecured creditors. 6 years and 1 month is the predicted duration.

So I have some questions, that I am hoping you guys can help with. Sorry if some of these sound silly, but forgive me and remember I'm new!!

1. SC keep saying I am eligible for breathing space. I know this is new, but has anyone gone on it? I am particularly interested in knowing what I 'have' to pay towards unsecured debt whilst in breathing space. I have no EF and I am thinking about going on breathing space for 60 days, paying nothing, building up some EF then starting the DMP with SC in about 55 days. Any experiences of breathing space would be appreciated!
2. My current account is with TSB and I have 1x CC and 2x PLs with TSB totaling about £30k. I want to change current account to Lloyds as we already have a joint account with them that the Mrs is familiar and comfortable with. But, we also have an MBNA CC with about £14k outstanding and Lloyds Group owns MBNA. Does anyone have any experience of an offset claim situation between Lloyds Bank and MBNA? I don't want to go through the hassle of switching to Lloyds only later to find them taking my wages to pay off MBNA.   
3. If not Lloyds, does anyone have any positive experiences to share about Starling Bank?! They are my potential back-up.

Thanks in advance guys. Even if all goes according to plan, I expect I will need more help over the coming months and years!!!

Cheers
Chris

PS - What on earth does :beer: mean??!!

sourcrates

Mapage said:

OK, Newbie here!

I won't bore you too much with the back-story but have been dealing with debt for more than 20 years. COVID, plus 2 very sick parents has pushed me to be more proactive about managing the debt. I have read so much on here (DMP mutual support 12 and 13 mainly) and you guys are amazing! Genuine inspiration.

I have 3x kids and a mortgage with about £120k of equity. Between me and my Mrs, we have £90k of debt across 2x PLs, 8x credit cards and 1 OD. My Mrs is aware of the situation but struggles with anxiety. If the personal life wasn't so bonkers, I would be going self-managed. But I just don't think I can take it currently. Hopefully in a couple of years though, as I am quite confident at least a couple of the debts will be UE.

We've been through the SC budgeting process and we are ready to start a DMP, giving about £1,200 per month to the unsecured creditors. 6 years and 1 month is the predicted duration.

So I have some questions, that I am hoping you guys can help with. Sorry if some of these sound silly, but forgive me and remember I'm new!!

1. SC keep saying I am eligible for breathing space. I know this is new, but has anyone gone on it? I am particularly interested in knowing what I 'have' to pay towards unsecured debt whilst in breathing space. I have no EF and I am thinking about going on breathing space for 60 days, paying nothing, building up some EF then starting the DMP with SC in about 55 days. Any experiences of breathing space would be appreciated!
2. My current account is with TSB and I have 1x CC and 2x PLs with TSB totaling about £30k. I want to change current account to Lloyds as we already have a joint account with them that the Mrs is familiar and comfortable with. But, we also have an MBNA CC with about £14k outstanding and Lloyds Group owns MBNA. Does anyone have any experience of an offset claim situation between Lloyds Bank and MBNA? I don't want to go through the hassle of switching to Lloyds only later to find them taking my wages to pay off MBNA.   
3. If not Lloyds, does anyone have any positive experiences to share about Starling Bank?! They are my potential back-up.

Thanks in advance guys. Even if all goes according to plan, I expect I will need more help over the coming months and years!!!

Cheers
Chris

PS - What on earth does :beer: mean??!!

You can take as long as you like before starting your DMP, the debt collection process can take months, even years, however some of your debts are quite large, and the creditor may be more, lets say, proactive, where that kind of money is concerned.

You don`t pay anything during breathing space, that is the idea, you do need a good emergency fund.

As for banking, the only words of wisdom there are, never bank where you have debt, setoff is always a possibility.

No idea about the beer, sorry.

Mapage

sourcrates said:

Mapage said:

OK, Newbie here!

I won't bore you too much with the back-story but have been dealing with debt for more than 20 years. COVID, plus 2 very sick parents has pushed me to be more proactive about managing the debt. I have read so much on here (DMP mutual support 12 and 13 mainly) and you guys are amazing! Genuine inspiration.

I have 3x kids and a mortgage with about £120k of equity. Between me and my Mrs, we have £90k of debt across 2x PLs, 8x credit cards and 1 OD. My Mrs is aware of the situation but struggles with anxiety. If the personal life wasn't so bonkers, I would be going self-managed. But I just don't think I can take it currently. Hopefully in a couple of years though, as I am quite confident at least a couple of the debts will be UE.

We've been through the SC budgeting process and we are ready to start a DMP, giving about £1,200 per month to the unsecured creditors. 6 years and 1 month is the predicted duration.

So I have some questions, that I am hoping you guys can help with. Sorry if some of these sound silly, but forgive me and remember I'm new!!

1. SC keep saying I am eligible for breathing space. I know this is new, but has anyone gone on it? I am particularly interested in knowing what I 'have' to pay towards unsecured debt whilst in breathing space. I have no EF and I am thinking about going on breathing space for 60 days, paying nothing, building up some EF then starting the DMP with SC in about 55 days. Any experiences of breathing space would be appreciated!
2. My current account is with TSB and I have 1x CC and 2x PLs with TSB totaling about £30k. I want to change current account to Lloyds as we already have a joint account with them that the Mrs is familiar and comfortable with. But, we also have an MBNA CC with about £14k outstanding and Lloyds Group owns MBNA. Does anyone have any experience of an offset claim situation between Lloyds Bank and MBNA? I don't want to go through the hassle of switching to Lloyds only later to find them taking my wages to pay off MBNA.   
3. If not Lloyds, does anyone have any positive experiences to share about Starling Bank?! They are my potential back-up.

Thanks in advance guys. Even if all goes according to plan, I expect I will need more help over the coming months and years!!!

Cheers
Chris

PS - What on earth does :beer: mean??!!

You can take as long as you like before starting your DMP, the debt collection process can take months, even years, however some of your debts are quite large, and the creditor may be more, lets say, proactive, where that kind of money is concerned.

You don`t pay anything during breathing space, that is the idea, you do need a good emergency fund.

As for banking, the only words of wisdom there are, never bank where you have debt, setoff is always a possibility.

No idea about the beer, sorry.

Thanks so much! Very much appreciated. I know the debts are large... sleepless nights a plenty for us! But what do you mean about the creditors being proactive. Can you give any examples of what you think them being more proactive might look like?

Noted on the current account. Think I’ll shoot for Starling to be (hopefully) safe! 🙏🏼

sourcrates

Mapage said:

sourcrates said:

Mapage said:

OK, Newbie here!

I won't bore you too much with the back-story but have been dealing with debt for more than 20 years. COVID, plus 2 very sick parents has pushed me to be more proactive about managing the debt. I have read so much on here (DMP mutual support 12 and 13 mainly) and you guys are amazing! Genuine inspiration.

I have 3x kids and a mortgage with about £120k of equity. Between me and my Mrs, we have £90k of debt across 2x PLs, 8x credit cards and 1 OD. My Mrs is aware of the situation but struggles with anxiety. If the personal life wasn't so bonkers, I would be going self-managed. But I just don't think I can take it currently. Hopefully in a couple of years though, as I am quite confident at least a couple of the debts will be UE.

We've been through the SC budgeting process and we are ready to start a DMP, giving about £1,200 per month to the unsecured creditors. 6 years and 1 month is the predicted duration.

So I have some questions, that I am hoping you guys can help with. Sorry if some of these sound silly, but forgive me and remember I'm new!!

1. SC keep saying I am eligible for breathing space. I know this is new, but has anyone gone on it? I am particularly interested in knowing what I 'have' to pay towards unsecured debt whilst in breathing space. I have no EF and I am thinking about going on breathing space for 60 days, paying nothing, building up some EF then starting the DMP with SC in about 55 days. Any experiences of breathing space would be appreciated!
2. My current account is with TSB and I have 1x CC and 2x PLs with TSB totaling about £30k. I want to change current account to Lloyds as we already have a joint account with them that the Mrs is familiar and comfortable with. But, we also have an MBNA CC with about £14k outstanding and Lloyds Group owns MBNA. Does anyone have any experience of an offset claim situation between Lloyds Bank and MBNA? I don't want to go through the hassle of switching to Lloyds only later to find them taking my wages to pay off MBNA.   
3. If not Lloyds, does anyone have any positive experiences to share about Starling Bank?! They are my potential back-up.

Thanks in advance guys. Even if all goes according to plan, I expect I will need more help over the coming months and years!!!

Cheers
Chris

PS - What on earth does :beer: mean??!!

You can take as long as you like before starting your DMP, the debt collection process can take months, even years, however some of your debts are quite large, and the creditor may be more, lets say, proactive, where that kind of money is concerned.

You don`t pay anything during breathing space, that is the idea, you do need a good emergency fund.

As for banking, the only words of wisdom there are, never bank where you have debt, setoff is always a possibility.

No idea about the beer, sorry.

Thanks so much! Very much appreciated. I know the debts are large... sleepless nights a plenty for us! But what do you mean about the creditors being proactive. Can you give any examples of what you think them being more proactive might look like?

Noted on the current account. Think I’ll shoot for Starling to be (hopefully) safe! 🙏🏼

Collection activity, as they call it, letters, calls etc, can be more frequent when larger sums of money are involved, that was all i was referring too, its nothing to be worried about.

Mapage

Thanks @sourcrates

Is there anything I can do (perhaps under GDPR) to stop the creditors calling? My Mrs, with her anxiety, probably won't deal well with that...

I have found a great example of a letter on this forum, when it gets to the point of harassment (below) but it is quite old and pre-GDPR.

Can I demand / insist that they only deal with me and the Mrs by post?

Thanks again 





Dear Sirs,

Account No: XXXXXXXX

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing. I have verbally requested that these stop, but I am still receiving calls and I now require all further correspondence from your company to be made in writing only. I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine. Be advised that any further telephone calls from your company may be recorded and used in evidence and I expect this harassment to cease immediately.

Yours faithfully




Sign digitally

sourcrates

Mapage said:

Thanks @sourcrates

Is there anything I can do (perhaps under GDPR) to stop the creditors calling? My Mrs, with her anxiety, probably won't deal well with that...

I have found a great example of a letter on this forum, when it gets to the point of harassment (below) but it is quite old and pre-GDPR.

Can I demand / insist that they only deal with me and the Mrs by post?

Thanks again 





Dear Sirs,

Account No: XXXXXXXX

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing. I have verbally requested that these stop, but I am still receiving calls and I now require all further correspondence from your company to be made in writing only. I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine. Be advised that any further telephone calls from your company may be recorded and used in evidence and I expect this harassment to cease immediately.

Yours faithfully




Sign digitally

Don`t use this, the OFT no longer exist.

Under GDPR you can request how you are contacted, just inform them you require contact in writing only, if they persist in calling, you will report them to the ICO, and file an official complaint.

Suseka97

Mapage said:

Thanks @sourcrates
Is there anything I can do (perhaps under GDPR) to stop the creditors calling? My Mrs, with her anxiety, probably won't deal well with that...
I have found a great example of a letter on this forum, when it gets to the point of harassment (below) but it is quite old and pre-GDPR.
Can I demand / insist that they only deal with me and the Mrs by post?
Thanks again 

Just send a short and straightforward letter stating you want all matters to be dealt with in writing. It may take a while for that request to filter through, so in the meantime you can block their numbers.  We used to get a lot of calls, more from the DCAs when debts were sold on than the OC - but that soon stopped when I said I would refer the matter to the ICO (as mentioned by Sourcrates), worked a treat!

Mapage

Thanks @Suseka97 and thanks again @sourcrates !

I need to get my head around this letter writing thing..... I haven't written letters for over a decade!! Sooo used to everything being on email.

sourcrates

Mapage said:

Thanks @Suseka97 and thanks again @sourcrates !

I need to get my head around this letter writing thing..... I haven't written letters for over a decade!! Sooo used to everything being on email.

Email is ok, but a letter is more official, is still required from a legal point of view in a lot of cases, and gives you a paper trail.

pp64

Good Evening Everyone.  
I have followed this thread for a year or so now and have followed much of the advice.  I have made the decision to take phased retirement in September and hope to use my lump sum to pay off my debts.  I have written to all my debtors offering F&F settlements - all those who have responded have rejected and asked for my I&E forms for when I retire, suggesting to me that they want to see whether I could continue my monthly payments through SC (which I could but just want things to be finished with).  I am thinking of going self-managed as one of my debts is unenforcable and I want to stop paying it.  I have read on here that you don't have to send I&E but the companies have stated that they won't consider a F&F payment without it.
Any advice?
Thank you.