DMP mutual support thread part 13 !!

mrjoshua88

Definitely the right thing to do, just figured that by 7 months some might have defaulted by now! 

jannej79

Good evening everyone!

I have been reading through this post for days now before deciding whether to embark on a DMP for £26000 of non priority debt (MBNA, SAINSBURYs CC, BARCLAYCARD) I have completed a budget with SC but it only leaves me £90 to pay a month so I am unsure yet if it will be accepted. 

I have not yet or ever missed any payment but can not sustain it any longer.

One question I can’t seem to find an answer too is anybody based in Scotland. Does this make a difference on government advice websites it seem to recommend doing a DAS?

Thanks in advance for any advice 

debtwoes17

Hi I am on year 2 of DMP with StepChange and all creditors have defaulted me except creation whom I have a loan and credit card with. They have marked my credit file as an arrangement to pay and refused my complaint letter asking them to default the accounts. I’m thinking of now moving to self managed and stopping all payments to creation until they default - is this a plausible plan or should I be doing something else? 

tinybull

debtwoes17 said:

Hi I am on year 2 of DMP with StepChange and all creditors have defaulted me except creation whom I have a loan and credit card with. They have marked my credit file as an arrangement to pay and refused my complaint letter asking them to default the accounts. I’m thinking of now moving to self managed and stopping all payments to creation until they default - is this a plausible plan or should I be doing something else? 

Going self managed gives you the control to decide which creditors receives payment and who doesn't. In my self managed DMP I concentrate on those creditors that have defaulted my accounts and holding out on those that I am still waiting to default me. I am now 9 months in of not paying and building my emergency fund. It seems like a long drawn out process. But no nasty letters as of yet

Cpfc1234

tinybull said:

debtwoes17 said:

Hi I am on year 2 of DMP with StepChange and all creditors have defaulted me except creation whom I have a loan and credit card with. They have marked my credit file as an arrangement to pay and refused my complaint letter asking them to default the accounts. I’m thinking of now moving to self managed and stopping all payments to creation until they default - is this a plausible plan or should I be doing something else? 

Going self managed gives you the control to decide which creditors receives payment and who doesn't. In my self managed DMP I concentrate on those creditors that have defaulted my accounts and holding out on those that I am still waiting to default me. I am now 9 months in of not paying and building my emergency fund. It seems like a long drawn out process. But no nasty letters as of yet

Hi there, How are you finding self managed? How long did the defaults take. My holding letters are posted as we speak and wondering what to expect. Many thanks

tinybull

Cpfc1234 said:

tinybull said:

debtwoes17 said:

Hi I am on year 2 of DMP with StepChange and all creditors have defaulted me except creation whom I have a loan and credit card with. They have marked my credit file as an arrangement to pay and refused my complaint letter asking them to default the accounts. I’m thinking of now moving to self managed and stopping all payments to creation until they default - is this a plausible plan or should I be doing something else? 

Going self managed gives you the control to decide which creditors receives payment and who doesn't. In my self managed DMP I concentrate on those creditors that have defaulted my accounts and holding out on those that I am still waiting to default me. I am now 9 months in of not paying and building my emergency fund. It seems like a long drawn out process. But no nasty letters as of yet

Hi there, How are you finding self managed? How long did the defaults take. My holding letters are posted as we speak and wondering what to expect. Many thanks

I sent out my holding letters in November 2020 and the first defaults started coming in June 2021. Out of the 7 creditors I am still waiting on 3 to default me. All the defaulted accounts were passed on to Moorcroft and Capquest. Since they took it over the phone calls have increased to a point it feels harassing. Maybe because I am not answering them. What I did before I sent out the holding letters I bought a sim card and transferred all my banks to this number. Somehow Capquest found my work mobile number? Not sure how. I cannot remember any of my creditor's calling me on this number for as long as I can remember. Maybe I used it a long time ago to set up the account?

I think the long delay in being defaulted took me by surprise... Maybe it has something to do with the pandemic. After I sent out my holding letters most creditors stopped charging me interest. I think there are many people in the same boat and maybe they are trying to be helpful by giving people some breathing space? I guess that is the whole purpose of the holding letter, isn't it?

I have now sent out offer letters with my financial statement to those that defaulted me and waiting for a response. I do note that both debt collectors have portals to make it easy to make payments. For now I have ignored that and asked them for standing order mandates... 

It can be a little bit stressful in the sense that there is no one to support you, telling you, now you have to do this and that. That is why I find this forums so valuable.

Cpfc1234

Thank you for the advice. I suppose its just sit tight until I get to where you are now and save like mad for emergencies. But like you said many people in same boat and the forums are very helpful. Good luck in your quest to become debt free, cheers

jannej79

Can I ask a quick question to the group regarding a new dmp?

I have four creditors one being next directory with a balance of approx £700,

I have enough credit on on of the credit cards included in the dmp to transfer this?

Would you advise this or not?

is there any benefit of having less number of defaults?

thanks

Suseka97

To all the newbies starting on their self-managed journey - the thing to remember is the wheels of debt collection turn very slowly and even more so given the Covid situation.  You can imagine many creditors and DCA staff have been working from home and perhaps still are.   You will not get quick responses, nor necessarily quick defaults - that part takes time and steely nerves to hold out until they do.

The only time to worry is if you start getting letters that might indicate some form of court action - but seriously, that takes a very, very long time and usually only happens if you completely ignore them and do not acknowledge the debt.  

Some creditors and DCA's are more litigious than others, and if your account debt is substantial (I'm speaking of an individual one, not the whole combined) then they are more likely to pursue vigorously.  Overall, in my experience, there is no rhyme nor reason to how a DCA might treat a particular debt, or how eager they may be to get their full investment (having only purchased the debt for a small percentage of its worth).

The best way to handle things is to stay in control and keep watch on how the account is being handled, push for defaults and keep pushing.  Stop making payments if a creditor is being stubborn and complain - loudly and forcefully (albeit politely, no point in getting irate).  If you read back on this thread you'll hear of many successes and advice on how to get things going and how to stay on track.

Good luck  

swansea_lad

Received this from Payplan yesterday

We are writing to you in relation to your account with MBNA International Ltd, reference 4129851686497631.

This creditor has informed us that they have rejected your offer of repayment. Whilst they will continue to accept payments from you, they may decide to add interest or charges to the amount owing. This is because the offer of repayment is more than the contractual payment due under your credit agreement.

You don't need to take any action about this, but we should both keep an eye on how much interest is charged as the amount might make an alternative debt solution more suitable.

If you have any questions or would like to discuss the situation with us, then please do not hesitate to drop us a message on your PayPlan Plus account or call 0800 316 7155. We will be happy to review your case at any point to make sure that a DMP is still right for you.

Kind regards,

The PayPlan team


Payplan said that you can apply to get defauls removed when you have paid off the debt. Anyone know if this is worth a try?