DMP mutual support thread part 13 !!

Brave_Up

Looking a little bit of advice.

I have started the ball rolling on going self managed.  My creditors were really helpful and all put my accounts on hold.  I am now sending letters to let my creditors know what I am offering to pay each month. Just wanted to check is there any way I should be making the payments to each creditor?  Is it OK to make a payment over the phone or should there be more of a paper trail?  Hopefully they accept my proposal so that I can get started.

Thanks

sourcrates

Brave_Up said:

Looking a little bit of advice.

I have started the ball rolling on going self managed.  My creditors were really helpful and all put my accounts on hold.  I am now sending letters to let my creditors know what I am offering to pay each month. Just wanted to check is there any way I should be making the payments to each creditor?  Is it OK to make a payment over the phone or should there be more of a paper trail?  Hopefully they accept my proposal so that I can get started.

Thanks

Good for you going self managed, however, an attitude change is required.

You don`t ask them to accept a specific amount per month, you tell them what you will be paying, according to your budget.

Your in control of this now, not them.

You ask for their bank details, as paying via online banking is by far the easiest.

You just start paying anyway, if they are unhappy, they will sell your debt on, and its rinse and repeat with the next owner, that`s what being self managed is all about, control handed back to you.

Good luck with it.

Brave_Up

Thanks Sourcrates.  Just have followed your advice to get where I am.  I am now feeling hopeful about paying my way out of debt.  Find it hard to change my mindset as I feel I am the one who owes them.  Hopefully this budget is sensible that I have sent. 

Thanks again

bluebell_on_track

Just a question I’m hoping someone can answer. If I have arrangement to pay markers which are then followed by a default (and default date), does the default start the 6 year timer or Will the AP markers mess that up and take longer?  Thanks in advance for the help. 

TheWickerMan

I've been in DMP with Stepchange for about 18 months now and all is generally going smoothly. After the inevitable first few months of bombardment, I have not really received any correspondence from any creditors apart from the occasional balance update. However, I have just received a letter from Lowell Group (original debt Aqua card) stating 'we placed your account on hold to give you some time due to your circumstances. We'd now like to get an update on your circumstances so we can discuss affordable repayments'

I thought I had checked my credit report (Credit Karma) ages ago to see that all accounts had defaulted but, sadly, I now see that this is the only one that is marked with a status of 'currently open' instead of 'default'. I can confirm that they have been receiving the regular DMP payments and the outstanding balance has reduced correctly

What is the best course of action?

a) completely ignore it?
b) don't reply to Lowell, but make Stepchange aware of the letter?
c) reply to Lowell, advising them that the payments will continue with Stepchange, and add that I want them to default the account as I feel they should have done many months ago?

I don't want them to start charging interest again, and I also don't want them to start bombarding me with correspondence again. But I do want that default off my account

Many thanks in advance

sourcrates

bluebell_on_track said:

Just a question I’m hoping someone can answer. If I have arrangement to pay markers which are then followed by a default (and default date), does the default start the 6 year timer or Will the AP markers mess that up and take longer?  Thanks in advance for the help. 

Default countdown starts from the date the default was registered.

It will be gone six years from that date, what happened prior to the default will no longer be relevant.

sourcrates

TheWickerMan said:

I've been in DMP with Stepchange for about 18 months now and all is generally going smoothly. After the inevitable first few months of bombardment, I have not really received any correspondence from any creditors apart from the occasional balance update. However, I have just received a letter from Lowell Group (original debt Aqua card) stating 'we placed your account on hold to give you some time due to your circumstances. We'd now like to get an update on your circumstances so we can discuss affordable repayments'

I thought I had checked my credit report (Credit Karma) ages ago to see that all accounts had defaulted but, sadly, I now see that this is the only one that is marked with a status of 'currently open' instead of 'default'. I can confirm that they have been receiving the regular DMP payments and the outstanding balance has reduced correctly

What is the best course of action?

a) completely ignore it?
b) don't reply to Lowell, but make Stepchange aware of the letter?
c) reply to Lowell, advising them that the payments will continue with Stepchange, and add that I want them to default the account as I feel they should have done many months ago?

I don't want them to start charging interest again, and I also don't want them to start bombarding me with correspondence again. But I do want that default off my account

Many thanks in advance

B and C.

You can inform stepchange, but, as they tend to be extremely busy, especially at this time of year, (always fresh meat after Christmas), your best off going with option C.

Make it a complaint, you`ll get a better response.

uonsjc31

Hi guys. So i posted a week or so ago talking about an email i received saying that a loan company may send a field agent to get me to contact the loan company. The loan company was Oplo, and the agent was with FieldConnect. 

Well a guy just knocked on the door. I told him what @sourcrates advised and that no business will be discussed at the door etc etc. I told him that will be all and i closed the door.

I watched out the window as he began taking pictures of my front door, partners car, the house, all whilst standing on my property. 

First experience of this and i handled it well. He left a letter talking about if you dont respond then further action will be taken. Default notice i assume. All other companies have been fine. But Oplo have been ridiculously consistent in phoning and emailing me. Ive stood my ground.

Just posting in case anyone else may be experiencing this.

Thanks all

swansea_lad

Hi all, i have been on DMP with Payplan since November 2019. Today i received a letter from Nationwide saying they are sending me a default notice.  It says "if the debt is still outstanding when the default notice expires we'll report the default to the Credit Reference Agencies"   does this mean i will have 6 years from this default notice before my credit rating could improve? It is only £343, would i be better off paying them the full amount.

sourcrates

swansea_lad said:

Hi all, i have been on DMP with Payplan since November 2019. Today i received a letter from Nationwide saying they are sending me a default notice.  It says "if the debt is still outstanding when the default notice expires we'll report the default to the Credit Reference Agencies"   does this mean i will have 6 years from this default notice before my credit rating could improve? It is only £343, would i be better off paying them the full amount.

It will stay for 6 years from the date the default is registered.

This is always a problem with smaller debts, which are not defaulted in line with guidance, they have waited over 2 years to default you, when guidance says 3-6 months.

You have to look at every case on its merits, but this is one reason we suggest you don`t enter debt management too early, not until all accounts are defaulted, if your likely to be in this arrangement for some time.