DMP mutual support thread part 13 !!

Ex_welsh_borrower

Strange positive today, had a letter from Lloyds saying that back last year they contacted me to notify me of a default unless I made a payment. We'll I have been making payments through SC but not the contractual amount so the account was defaulted and passed to PRA.

Anyway letter yesterday said they shouldn't have done this because I made a payment and have decided to pay of the £2.5k debt to put this right.

Checked with Lloyds, PRA and SC and its legit, Is this a legislative change I'm not aware of? Are my other defaults that I've also made payments on up for challenge too.

Happy but confused. 

Debt is lower than my income now 😊 small wins on the road to DFD

Hols2021

sourcrates said:

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.

Thank you again Sourcrates for your advice, it had me worried 

wildheart83

Hello, I used to be active on here a long time ago but recently signed back in as I meander my way along the road to being debt free.

After a pretty rotten couple of years I have entered into a DMP, starting in May with SC since I have around £52k of unsecured debt. 

My accounts are only just going into arrears now, until this week I hadn't missed a payment. I realise I probably should have let them default before starting my DMP but it's probably too late now to push the start of the DMP back until everything has defaulted. 

How bad is it likely to get with regards to contact from creditors? With all DDs cancelled, the texts/emails have started but I suspect when they realise they're not getting their money it'll only get worse

Hols2021

wildheart83 said:

Hello, I used to be active on here a long time ago but recently signed back in as I meander my way along the road to being debt free.

After a pretty rotten couple of years I have entered into a DMP, starting in May with SC since I have around £52k of unsecured debt. 

My accounts are only just going into arrears now, until this week I hadn't missed a payment. I realise I probably should have let them default before starting my DMP but it's probably too late now to push the start of the DMP back until everything has defaulted. 

How bad is it likely to get with regards to contact from creditors? With all DDs cancelled, the texts/emails have started but I suspect when they realise they're not getting their money it'll only get worse

Hi,

We are on our third month of missed payments now and have decided to try and go self managed, we have around £65k between us but at the moment it's not been overly bad with calls and letters....i hope i don't regret saying that! we've both had some calls 5/6 times a day but we have blocked the numbers now and we are starting to receive letters now saying if we don't pay the arrears they will issue a default. Hopefully you'll have the same

Moveslikeagger

Once defaulted and a payment set up sorted with whoever is managing your debts you wont hear much at all. Every 6 months or so I have to send an I&E to them and they accept and I dont hear from them for another 6 months. After the initial flurry, it almost disappears. Nothing to worry about

Rob5342

Moveslikeagger said:

Once defaulted and a payment set up sorted with whoever is managing your debts you wont hear much at all. Every 6 months or so I have to send an I&E to them and they accept and I dont hear from them for another 6 months. After the initial flurry, it almost disappears. Nothing to worry about

This is how its been for me too. I had a few letters and calls to start with but once I said I was using Stepchange they just asked for the reference number and said they'd put my account on hold until they'd heard from them. I barely hear anything from any of them now.

PrettyWoman

I have missed between 1 and 3 payments on my accounts, some put my account on hold, and a couple gave me a payment holiday which I didn’t ask for but I think they think they are helping 🙈 I’ve just checked my credit report and the missed payments are being reported but no defaults yet as it’s still early days. For somebody with no patience at all this is a long long process but my emergency fund is building and I am keeping my I&E up to date for when I start my DMP.

I’ve blocked most of the numbers now so very few phone calls, I am getting texts asking me to call them and notifications through the apps but still just ignoring everything as I wait for defaults 🤭

jwil

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...

I had this condition on a previous mortgage.  I didn't clear the debt and nothing happened.  However, I was so stressed they'd call it in.  I don't know how often they check.  If you can't get the condition removed, and if you can pay it off I would.  You could always try freecycle/freegle or selling sites for bits you need temporarily.

Hols2021

Hi,

A couple of days ago i received an email from my CC saying they have now terminated my credit agreement and the full balance is now due. It says they may now sell it to a DCA and i should call them giving them my income and expenditure etc. I've not received a Default Notice yet and there is nothing showing on my credit file. Do i wait until i get this becuase if i call them and make an agreement to pay x amount is this when they could mark an AP on my credit file? i've missed 3 payments so it's all happened quite quickly. Do i wait until i get the default through and a letter from a DCA? Thanks

Newmum92

Hi,

Have any of you been able to take advantage of the bank account switch offers? I am at the very early stages of my journey currently setting up token payment plans, so I’ve missed a few of my payments so far.  Naively, I thought I would still be able to get a new bank account and applied for the £150 switch reward offered by both first direct and NatWest, but both declined me 😩 I am surprised I’m already being turned down for a bank account as I haven’t even had any defaults issued yet! Was looking forward to some free money, boohoo!