DMP mutual support thread part 13 !!

funny_bunny

CCA - consumer credit agreement, original credit agreement signed with creditor after approval of CC/PL or OD etc. you can request a copy of that from your original lender (or DCA if they have it) under Consumer Credit Act of 1974.

debtfreeme2021

@funnybunny thank you , I read the link. Looks like keeping on top with the bank is a must unless I change my account . But then if I do go to SC they will see that as unfavourable treatment is that right @Moveslikeagger. I was under the impression that you don’t have to include all debts in a DMP with SC ? 

funny_bunny

debtfreeme2021 said:

@funnybunny thank you , I read the link. Looks like keeping on top with the bank is a must unless I change my account . But then if I do go to SC they will see that as unfavourable treatment is that right @Moveslikeagger. I was under the impression that you don’t have to include all debts in a DMP with SC ? 

SC would normally advise to open a new account not linked with any debts in DMP as those accounts will be closed. You can switch before starting DMP, if that's what they suggest and you go ahead with. Have a word with them to see what they say.

I would also suggest not to rush into anything, and do what you are most comfortable with when ready.

Moveslikeagger

You should include all non priority debts in a DMP. Stepchange will insist on it. I have always been self managed. That what I’m in control and pay how much I want when I want. 

Debts get sold and briefly disappear from your credit report but do come back on with the new owner. I wouldn’t worry about your credit report. It’s in a bad state whatever you do now. I don’t look at it. Default all your debts ASAP. Much better in the long run 

debtfreeme2021

@Moveslikeagger do you see self managed as a direct agreement with each creditor so more flexible?? Therefore if I go down the route of self managed I can still manage some of the debts and default on others ??? I don’t want to change banks as they also are our joint mortgage provider and I have cc with them too so wanted to try keep on track with that.  On another note I cancelled my DD’s but Halifax have sent a message to say they are cancelling the DD but will take last payment on the 20th. Do you know if they can do this if I have cancelled it with my bank?? Thanks 

debtfreeme2021

@Moveslikeagger on another note in terms of template letters , I’ve had a look at the links suggested but couldn’t find the one relevant to telling them I’m in financial difficulty is this on a different link ?? Thanks again for all the advice . 

Cpfc1234

debtfreeme2021 said:

@Moveslikeagger on another note in terms of template letters , I’ve had a look at the links suggested but couldn’t find the one relevant to telling them I’m in financial difficulty is this on a different link ?? Thanks again for all the advice . 

If you search national debt helpline template holding letters it has them all there for you. You just need to type account number add your address and print and send. That's what I used 

jwil

For everyone who wants to check their credit report - don't pay monthly for it.  You can get it for free through MSE Credit Club on here (Experian) and also from Credit Karma (Transunion).  I don't use any more so don't know if there's also a free equivalent for Equifax.  

debtfreeme2021

Thank you this is really helpful 👍🏻

Moveslikeagger

@Moveslikeagger do you see self managed as a direct agreement with each creditor so more flexible?? Therefore if I go down the route of self managed I can still manage some of the debts and default on others ???

Im not sure where you stand on this. If you did get a CCJ (granted thats very unlikely) the court would ask you to treat all your creditors fairly and pay a fair amount to each one. Sourcrates is the person to answer in more detail