DMP mutual support thread part 13 !!

sourcrates

debtfreeme2021 said:

Evening all

Just wanted to come on and say thanks again for all the support and advice .I’m about 5 months into the process now 3/6 accounts defaulted . 1 AP in place that I still haven’t had the courage to cancel yet  . Small EF fund started and growing, budget still a bit of WIP but about 80% there . Out of the 3 defaults I now have 1 payment plan arranged with PRA who have been very supportive. 2 payments made to Wescot online -  I need to pluck up the courage to call and discuss a plan . The 3rd I haven’t had any follow up since the default notification , it’s on my credit file so I’m patiently waiting further communication . The remaining 3 accounts keep sending me statements and asking me to contact their arrears team so again I assume I just keep holding out ?? I’ve got from being scared to open every letter , at one point something seemed to arrive daily , to almost monthly contact and less and less calls . I’m hoping in the next couple of months I will receive all defaults and can start to look ahead and count that clock down.  Thanks to this page which I found by chance I’m starting to feel that there might be a light at the end of the tunnel , I can see a future where I’m in control . I’m eternally grateful for your valuable advice . Thank you 🙏 

Just as a reminder, you don`t have to call anyone, most payment arrangements can be made from your online account with the debt purchaser, by messaging them, most even have that as a specific option, so you don`t need to phone anyone.

debtfreeme2021

Thanks @sourcrates , I want to set up a payment arrangement but the online system at Wescot doesn’t offer that so I have just been making one off payments at the moment . Unless I have missed it some how . Thanks again 

sourcrates

debtfreeme2021 said:

Thanks @sourcrates , I want to set up a payment arrangement but the online system at Wescot doesn’t offer that so I have just been making one off payments at the moment . Unless I have missed it some how . Thanks again 

In the "contact us" section, you can make an offer of payment on Wescot`s website.

Contact Wescot Credit Services 

debtfreeme2021

@sourcrates thank you 

PETRA798

Morning everyone
I have a dilemma - marital split, both trying to get mortgages with about £60K on a Stepchange DMP. He got his offer with a condition to pay off £31 (actually £3k less than he owes) and I got mine with a condition to pay off the whole lot £60k - same mortgage company - the Kensington. Trying to get my mortgage broker to adjust it. Question is, what happens if I don't pay the debts off within the 28 days from completion they have stipulated? Anyone had any experience of this - it will leave me with very little to set up my new home if I pay in full - i.e. no fridge, washing machine or furniture! If I can negotiate with the DCAs it might take a bit longer than 28 days I'm thinking...

Hols2021

Hi all,

I'm just looking for some advice please on the I&E forms for the DCA. Zopa said they would be sending a default out shortly and so have another CC so we want to start getting things together. I am cofused how to lay it all out though, i know obviously you list your income and then your outgoings but if say we have £300 left over to pay all our creditiors do i list all of these on the spreadsheet so each one sees what they are getting? i didn't tink this seemed right. Or if i just list the creditor it is going to on each sheet then it will looks like we have more money left over than we do as the excess is going to all the other creditors. i hope this makes sense sorry .....

sourcrates

Hols2021 said:

Hi all,

I'm just looking for some advice please on the I&E forms for the DCA. Zopa said they would be sending a default out shortly and so have another CC so we want to start getting things together. I am cofused how to lay it all out though, i know obviously you list your income and then your outgoings but if say we have £300 left over to pay all our creditiors do i list all of these on the spreadsheet so each one sees what they are getting? i didn't tink this seemed right. Or if i just list the creditor it is going to on each sheet then it will looks like we have more money left over than we do as the excess is going to all the other creditors. i hope this makes sense sorry .....

Always budget to your own benefit, the creditors don`t need to know what each is getting paid, just list the amount of disposable income you want them to see, then divide by each creditor, it does not have to be the actual figure available if you get my drift, its no ones business what you may or may not have left over.

sourcrates

PETRA798 said:

Morning everyone
I have a dilemma - marital split, both trying to get mortgages with about £60K on a Stepchange DMP. He got his offer with a condition to pay off £31 (actually £3k less than he owes) and I got mine with a condition to pay off the whole lot £60k - same mortgage company - the Kensington. Trying to get my mortgage broker to adjust it. Question is, what happens if I don't pay the debts off within the 28 days from completion they have stipulated? Anyone had any experience of this - it will leave me with very little to set up my new home if I pay in full - i.e. no fridge, washing machine or furniture! If I can negotiate with the DCAs it might take a bit longer than 28 days I'm thinking...

Have you got 60k kicking around in an old sock somewhere then ?

You won`t even get a response to a letter within 28 days from a DCA.

What will happen if you don`t pay the debt within 28 days ? I guess they may withdraw their offer.

It may be a lucky break for you, as Kensington are an absolutely atrocious company to deal with, and what they are asking is not realistic.

Hols2021

Another question sorry, today we received a letter from our Mortgage lender who we also have a credit card with and have not defaulted this but the letter says that they want us to know about financial help and services they have if we need help but as everything is up to date we don't need to do anything. We also cleared our Very account but also received a letter from them saying we can no longer use the account as they have been given information from the credit referece agencies? i wasn't aware that this happened. We have closed our account with Very as we don't want to have it but i didn't realise they were all fed information even if you have kept up to date with payments on certain accounts? I hope this doesn't cause problems with our Mortgage but i thought if we kept up to date with payments then there wouldn't be any issues......

sourcrates

Hols2021 said:

Another question sorry, today we received a letter from our Mortgage lender who we also have a credit card with and have not defaulted this but the letter says that they want us to know about financial help and services they have if we need help but as everything is up to date we don't need to do anything. We also cleared our Very account but also received a letter from them saying we can no longer use the account as they have been given information from the credit referece agencies? i wasn't aware that this happened. We have closed our account with Very as we don't want to have it but i didn't realise they were all fed information even if you have kept up to date with payments on certain accounts? I hope this doesn't cause problems with our Mortgage but i thought if we kept up to date with payments then there wouldn't be any issues......

Your mortgage will be fine, don`t panic, companies like Very either randomly credit check you, or they are made aware of changes to your credit file, and they can then choose if they still want to do business with you or not.

This applies to all unsecured non priority lenders.