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DMP mutual support thread part 13 !!

edited 13 March 2019 at 9:03AM in Debt-Free Wannabe
3.5K replies 480.1K views
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  • Cheers mate,i realise I eventually need to self manage if I'm going to get any benefit from any potential nonenforceable debts,although it's been nice not to be pestered by creditors while with SC,some creditors have sent discount offers which makes me suspect they're getting a bit twitchy as a few will fall off credit report in 2 years,also some accounts from 1997 to 2003
  • sourcratessourcrates Forumite, Board Guide
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    If they can’t provide the paperwork then they cannot be enforced in court, so you will not have to pay them if you so choose.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Thank you for the advice from january and Tiger on the previous thread.
    I have just requested my application pack from StepChange and they have said that my direct debit date will be the 19th of the month. 3 days before payday so will have to ask to move.
    I’ve seen others delaying their first DMP payments so they are able to add to their emergency fund. Can I just ring StepChange and request when this starts?
    Letters to creditors being printed and posted tomorrow and all direct debits cancelled.
    Feeling relieved and nervous at the same time if that’s possible 😂
  • Suseka97Suseka97 Forumite
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    angelrach8 wrote: »
    .........I have just requested my application pack from StepChange and they have said that my direct debit date will be the 19th of the month. 3 days before payday so will have to ask to move.
    I’ve seen others delaying their first DMP payments so they are able to add to their emergency fund. Can I just ring StepChange and request when this starts?

    You can determine which day and date the payments/DMP should start - so if you've only just requested the pack you can simply let SC know that you'll fill the paperwork in, but intend to delay start until x date. When you write to your creditors you can also indicate to them that you're in the 'process of 'setting up the DMP and that payment will commence in x months time.
  • January2015January2015 Forumite
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    angelrach8 wrote: »
    Thank you for the advice from january and Tiger on the previous thread.
    I have just requested my application pack from StepChange and they have said that my direct debit date will be the 19th of the month. 3 days before payday so will have to ask to move.
    I’ve seen others delaying their first DMP payments so they are able to add to their emergency fund. Can I just ring StepChange and request when this starts?
    Letters to creditors being printed and posted tomorrow and all direct debits cancelled.
    Feeling relieved and nervous at the same time if that’s possible 😂

    Stepchange used to collect direct debits twice a month, but I believe they have changed that now to a single option. If you visit the Stepchange website they list the options to make payments - if the DD date doesn't suit you, look at the other options.

    However you choose to make your monthly payment, SC need the payment by 16th each month - so this is always going to be prior to your payday. Your best best may be to phone SC and explain and ask to delay first collecton until the following month - at which time you will be using last month's salary to pay it .... if that makes sense. For example,
    • 22nd October - Paid from employer...... put SC money to one side (perhaps in a savings account so you can't touch it.
    • 18th November - transfer SC money back into main bank account ready for SC to collect DD
    • 19th November - SC collect DD
    • 22nd November - paid again and repeat process ready for next month

    The other altnerative, which may be less messy, is to arrange with SC to start the DMP one month later. You set up a standing order to pay SC the day (or day after) you get paid. SC will hold the money ready to make the payments to your credits the next month - as they would had you paid by DD.

    Hope all this makes sense... and helps :beer:
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • biker_robbiker_rob Forumite
    24 posts
    Eighth Anniversary Combo Breaker
    I've been referring to the Nedcab website, which is superb. Holding letters generated and modified with my request to be communicated to in writing only. 4 are ready to send, I'm holding back on the one to Barclays until I've moved any remaining monies to my new Natwest account, roughly 2 weeks. I also cancelled the Pounds to Pocket CPA on my debit card. I've started a folder for my DMP to keep all correspondence from my creditors in one place. Should have my EF together by the end of October then I can really get things moving.

    This is empowering, I feel like I'm taking control of my life again.
    LBM: August 2018
    Self-managed DMP started: Jan 2019
    Original Debt Jan 2019: £22,469
    Current Debt: £21,058
  • Hi all. Is there a website that gives a guideline on I&E amounts? For example what would be seen as a reasonable amount to spend on shopping and clothing etc for a family of 4 each month? Just wondering what the best template is to use for someone going self managed? Thanks.
  • Further questions....

    Am on a DMP with sc

    Wanting to go self managed, have read and understand the Nedcab site info

    The question is do I stop the sc payment before getting my self managed up and running?

    If it makes a difference all the debts that can are already defaulted(student loan can’t default I believe?)
  • SystemSystem
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    Just saying Hi on our new shiny thread. Not been on for a while. Just posted on the F&F thread that we have heard back from W*scot re our F&F offer. We offered 15% and they have come back with 30%, this is for 2 of our debts. Can't afford to pay them both off at 30% but wondering if to write back and counter offer at 20 or 25% or whether to just settle one at 30%. Thinking the former actually, as got nothing to lose as even if they say no, we can still go with the one at 30%
  • January2015January2015 Forumite
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    ploppy57 wrote: »
    Just saying Hi on our new shiny thread. Not been on for a while. Just posted on the F&F thread that we have heard back from W*scot re our F&F offer. We offered 15% and they have come back with 30%, this is for 2 of our debts. Can't afford to pay them both off at 30% but wondering if to write back and counter offer at 20 or 25% or whether to just settle one at 30%. Thinking the former actually, as got nothing to lose as even if they say no, we can still go with the one at 30%

    You can always try and negotiate for 20 or 25%. No harm in trying :)

    Can I ask who the original creditors were for these 2 debts? I have a couple being handled by this DCA so it would be useful to know who is willing to play ball so to speak :)
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
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