DMP mutual support thread part 13 !!

sourcrates

debtfreeme2021 said:

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

Well what else are you going to say to them ?

You want them to default you and sell on your debt, you are not looking to take them out to tea.

If you start having conversations with them, all they will do is propose some kind of temporary arrangement, just delaying things further.

Keep a keen eye on the post, by all means, but until you get the letters saying "Hi, we have bought your debt" you have nothing further to talk about.

moonlock

Hi again, 

I have now left SC and going self managed.  Have sent out CCA requests to all my creditors. All defaulted except for Next, I know I shouldn’t have been paying them but jumped the gun a bit when starting out and they have me down as AP. I haven’t sent Next a CCA request, I thought id just ignore them and hope that they eventually Default me, then id begin a payment plan.  Is this the correct thing to do? 

Many thanks in advance  

Moveslikeagger

debtfreeme2021 said:

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

Yes I just ignored until my debts were defaulted, then corresponded with whoever was managing them. Gives you time to build up an emergency fund. Get them defaulted asap then in 6 years they drop off your credit file 

jwil

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

I've been on a dmp since 2015, and until last year, was only paying £1 a month to each of my debts.  With my starting debt at £35k +, I was never going to clear them, however, I ignored that and hoped that eventually I would be in a position to settle.  I did settle one debt with PRA at 35% ish, but that was an unenforceable one.

Like you, I have a house and don't want to risk losing it.  My creditors have never queried my I&E, even though I've been paying £1 a month for years.  I am self managed and use NEDCAB https://nedcab.cabmoney.org.uk/dmp.asp.  Every 6 months or so I get a letter asking me to update my I&E and I do so.  I'd really recommend going self managed, it's no more work than doing it through stepchange, and you don't have to explain your situation or your choices to anyone.  If you need to change your payments, just write to the creditors, include an I&E and tell them the new monthly amount.  NEDCAB give you all the template letters, you just print them off and post them.  I haven't spoken to any of my creditors, it's all done in writing.  

You won't be the only one struggling with the increases in bills, they will have loads of people in this situation at the moment.   I agree with the others, put your payments down to a minimum, save what you are currently paying, and ignore your DFD.  Once 6 years pass from the date of your defaults, the debts will be off your credit report so the only ones who know you owe will be you and the DCA.  If you keep your payments as low as possible, you can save for F&F, and also have a bit of a life, don't feel you have to stop everything to repay your debts - you are in it for the long haul, you need to live as well.  

debtfreeme2021

@sourcrates @Moveslikeagger thanks both .

@sourcrates take them out to tea made me giggle thank you although it feels strange to ignore their communication after I’ve written and said I will be in touch using the template letter. 

Suseka97

Norfolk_Jim said:

Still suffering badly from depression and finding no relief.......

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

Oh gosh Jim, it's not pathetic and totally understandable given the current situation.  But do heed sourcrates, you know it makes sense

Just to emphasise that your physical and mental health are your priorities here - not unsecured debts.  Things are getting harder for lots of folks given the energy price hikes and fuel costs, to name but a few.  You really must make this budget work for you, not your creditors and really shouldn't give them a second thought, nor focus on the years ahead.  As has been said, if you carried on paying £1 a month for the foreseeable future, or nothing, until you can get some financial stability - then so be it.  Do write and let PRA know you are struggling with your mental health and will be taking time out, stopping payments until you are better able to manage the situation.

I have had some success with PRA on F&Fs, but these are unenforceable debts so they are more likely to accept discounts.  But I also wanted to say that I have helping out a family friend who has been struggling with depression and loss of income, although his situation is slowly improving.  I wrote to his creditors (his debts are still with the OC) and explained - that was 2 years ago now and he hasn't paid a penny.  They have been, somewhat surprisingly, sympathetic and just write from time to time for an update.  Obviously at some point they are going to want something put in place. but what I'm trying to get across is I get a sense that OCs and DCAs take mental health more seriously these days and realise being difficult will have a detrimental impact and they are more accountable on that score.

Above all, don't focus on your money situation - focus on you and your loved ones.

debtfreeme2021

@Norfolk_Jim just want to echo what others have said and say there is nothing more important in life than you and your family/friends. Navigating the hurdles of life is like sitting on a rollercoaster but nothing has to last forever . You are taking control and facing your situation step and step so finding a budget that works for you and seeking the right help and support it paramount. I’m new to this page so learning as I go and its nerve racking as I make baby steps . Try and keep going and you will get there in the end . 

Brave_Up

Good morning.  Looking for some advice. 

I have paid 6 payments on my SC DMP.  I have paid nearly £1000 and have just under 28000 to go.  I have had to use up all of my emgengy fund for car repairs and I have more to get done.  I have 4 creditors, 1 still has not defaulted me.  I have been reading about going self managed. Is it too early to make this change?  Would it be better to stick with what I'm doing for another few months?

If I go ahead what do I do?  I know this has probably been advised on here but I just need a clear plan.

1. Contact SC and advise them to stop taking payments. 
2. Contact my creditors and explain my situation. Can I ask for a couple of months break to get my car sorted?
3. Do I do out my own I & E and send it to them?
4. Do I not make anymore payments to the the card that has not defaulted me? Do I make contact with them?

Thanks

moonlock

Brave_Up said:

Good morning.  Looking for some advice. 

I have paid 6 payments on my SC DMP.  I have paid nearly £1000 and have just under 28000 to go.  I have had to use up all of my emgengy fund for car repairs and I have more to get done.  I have 4 creditors, 1 still has not defaulted me.  I have been reading about going self managed. Is it too early to make this change?  Would it be better to stick with what I'm doing for another few months?

If I go ahead what do I do?  I know this has probably been advised on here but I just need a clear plan.

1. Contact SC and advise them to stop taking payments. 
2. Contact my creditors and explain my situation. Can I ask for a couple of months break to get my car sorted?
3. Do I do out my own I & E and send it to them?
4. Do I not make anymore payments to the the card that has not defaulted me? Do I make contact with them?

Thanks

Similar situation I was in, Brave Up.  I was with SC for about a year and just recently gone self managed. I called and cancelled my plan with them, was really simple. I have sent letters to my creditors (mostly CCA requests) but a couple that I'm now self managing and told them ill pay what I was with SC.  Next are yet to default me as I was on an AP but I've just stopped payment and will wait for a default. 

I’m sure someone will be able to advise you on what else to do.

Moveslikeagger

Brave_up.. 
I have been self managed from the start. Cancel your step change payments and inform your creditors your going self managed but are in financial difficulty at the moment so can only afford token payments or no payments at all until you get yourself sorted. I had to do this and all creditors were fine. The one that hasn’t defaulted I wouldn’t pay anything at all until they do default you.