DMP mutual support thread part 13 !!

Moveslikeagger

I’d wait until they all default and then start dealing with whoever is managing them. Might take 3 months, might take a year. I didn’t pay Tesco anything for a year until they defaulted. 

moonlock

Hello helpful people!

I've been with Stepchange for over a year now and looking to step away from them and go self managed. I have a lot of old big debts. I’m wondering if I should send off CCA requests first or part ways with SC and wait a few months (or longer) to request those.  Just looking for some advice as to which to do first? 

Many thanks

Penguin_

Hi Moonlock,

I did the same as you a few months ago & I closed my SC SMP & wrote to each creditor (4 in total) asking for the CCA. One has responded with the required documents so I have resumed my payments to them but I am still waiting for CCAs from the other 3.

Norfolk_Jim

Still suffering badly from depression and finding no relief. Most of my debts are now with PRA, one with wescot and one with the Nationwide. my DMP is with Stepchange and has nearly 26 years to run.

I'm worried now that my energy bill has gone up by another £30pm after a previous £20pm raise even though my supplier has gone bust. I'm told my new supplier might have even a higher rate. Petrol (When I can get it) has been steadily going up. Neither energy or Petrol are at my budgetted sum any more.

I am hoping at some point in the next 3 years I will be able to make some F&F offers but I'm hearing that PRA dont really go in for F&Fs. However, Stepchange have suggested at my last review that my DMP is going to run for so long Bankruptcy is their recommended action. I dont want to give up my house so I dont want to go down that route.

Although DMPs are meant to bring some relief, I continue to really struggle with my mental health.

All that is a very long run up to my question - Does anyone have any experiences to share with regard to PRA? Do they ever go in for F&Fs? Do they ever sell their debts on? I get the impression PRA business model is to buy up bbad debt for the long haul.

Im frightened (Pathetic isnt it , a 58yo man frightened) to call Strepchange and see if the budget can be changed - my debt free date would then be even further away. I hate my life , its barely worth living

andythe_cab

Mate please don't worry,I've been there 8 or 9 years ago with 80k debt on cards.Believe it or not YOU are in control now,your debtors should be having sleepless nights now,not you.I left SC& went self managed,I've been seriously ill&couldn't work so nobody got paid.All my debts fell off my credit report after 6 years&at the moment nobody gets paid.I can't emphasise enough that YOU are in control now,it's a game where you will outlast your opponent believe me.Good Luck&take the advice offered on here

sourcrates

Norfolk_Jim said:

Still suffering badly from depression and finding no relief. Most of my debts are now with PRA, one with wescot and one with the Nationwide. my DMP is with Stepchange and has nearly 26 years to run.

I'm worried now that my energy bill has gone up by another £30pm after a previous £20pm raise even though my supplier has gone bust. I'm told my new supplier might have even a higher rate. Petrol (When I can get it) has been steadily going up. Neither energy or Petrol are at my budgetted sum any more.

I am hoping at some point in the next 3 years I will be able to make some F&F offers but I'm hearing that PRA dont really go in for F&Fs. However, Stepchange have suggested at my last review that my DMP is going to run for so long Bankruptcy is their recommended action. I dont want to give up my house so I dont want to go down that route.

Although DMPs are meant to bring some relief, I continue to really struggle with my mental health.

All that is a very long run up to my question - Does anyone have any experiences to share with regard to PRA? Do they ever go in for F&Fs? Do they ever sell their debts on? I get the impression PRA business model is to buy up bbad debt for the long haul.

Im frightened (Pathetic isnt it , a 58yo man frightened) to call Strepchange and see if the budget can be changed - my debt free date would then be even further away. I hate my life , its barely worth living

Jim.

To my mind, you need to take time out my friend, stop your payments, get some money set aside as an emergency fund.

Tell stepchange its not working currently at this level, take some "ME" time, sort your budget and your priorities out.

These are unsecured, non essential debts, no matter the balance, they are not worth worrying yourself sick over, pay £1 per month, per debt if you have to, so what if they never get re-paid, in your circumstances they won`t be further enforced either, so why worry about it ?

Write and tell your creditors and stepchange, the effect all this is having on your mental health.
They will treat you accordingly, please, please, please sort out the budget so its in your favour, leave yourself wiggle room, what`s left is your disposable income, no matter the amount, that`s what they get.

PRA group don`t really go in for big discounts, so to counter act that, don`t pay them more than you can reasonably afford.

Good luck man.

Parkyp

Norfolk_Jim, please follow the above advise. Your health and well being in far more important.
@sourcrates you are an absolute rock on this forum, you certainly have a way of putting people as ease with debt issues. Thank you. 

debtfreeme2021

Hi all, after sending my first round of letters (National Debt Helpline) I have now started to receive letters from my creditors who have all asked for details of my budget as I referenced I was working on this as per the template . Should I respond with the budget or ignore . I recall a tip mentioned in an earlier thread to maintain communication with creditors even if this is now by post as I have requested . Thank you . 

Moveslikeagger

I did not pay anyone until ,y debts were defaulted. Tesco took a year the rest 5/6 months. I would not communicate until debts are defaulted then communicate with whoever is managing them. 

debtfreeme2021

@Moveslikeagger so did you just ignore the correspondence?? Thanks