DMP mutual support thread part 13 !!

Hols2021

Newmum92 said:

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! 

Hi, Yes I got declined for these too, also a CC we had kept out as we only had a small amount on it have more than halved the credit limit, I didn’t realise all of this happened but we’re in too deep now so we need to wait for the defaults and take it from there. 

Newmum92

Hols2021 said:

Newmum92 said:

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! 

Hi, Yes I got declined for these too, also a CC we had kept out as we only had a small amount on it have more than halved the credit limit, I didn’t realise all of this happened but we’re in too deep now so we need to wait for the defaults and take it from there. 

Yeah I think when people have said here you get no access to credit, you just think about applying for new things rather than old credit cards etc. I was a bit surprised at the bank account thing, as the application only asks about bankruptcy and insolvencies so thought I would have been in the clear! 

April22

Hi Everyone

After years of thinking I could cope, experiencing multiple bereavements, and unfortunate health issues, I finally came to the realisation I needed help.

I have £104k of unsecured debt spread across credit cards and loans with; Shawbrook, Nationwide, AMEX, MBNA, Tesco, and Virgin.

Just openly writing this and being honest is a huge step for me.

I completed Step Change’s DMP forms yesterday - and today the plan has been set up to start on May 1st at £900 a month for the next 9.8 yrs.

I didn’t default and up until now have never missed a payment (I know you will tell me that was wrong because you want to get defaults but it’s how I’ve done things) 

I have read a lot of comments on here, and step change said the same to me - that it is what I can afford and not what creditors want me to pay - but I just wondered how long before people heard if their plan was ‘accepted’ by the creditor. I felt a sense of relief knowing I put the forms in, but still not at peace until I know this… 

And do they usually tell Step Change or myself? 

As I spend the next decade on this journey(!) I hope to share with this forum. 

The good and the bad… 

Thank you and nice to e-meet you all 

April x

April22

I also forget to mention.

I’m terrified of CCJ’s, Charging Orders, Petitions for Bankruptcy… 

I’m hoping the fact I never missed a payment and am trying to resolve things with a DMP means that these are just things I’m worrying about for no reason  

sourcrates

Hols2021 said:

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

Wait until the new owner writes to you, its not defaulted until you receive a default notice in written form, and the notice has expired and shows as default status on your credit file, no need to rush here.

Suseka97

April22 said:

Hi Everyone

After years of thinking I could cope, experiencing multiple bereavements, and unfortunate health issues, I finally came to the realisation I needed help.

I have £104k of unsecured debt spread across credit cards and loans with; Shawbrook, Nationwide, AMEX, MBNA, Tesco, and Virgin.

Just openly writing this and being honest is a huge step for me.

I completed Step Change’s DMP forms yesterday - and today the plan has been set up to start on May 1st at £900 a month for the next 9.8 yrs.

I didn’t default and up until now have never missed a payment (I know you will tell me that was wrong because you want to get defaults but it’s how I’ve done things) 

I have read a lot of comments on here, and step change said the same to me - that it is what I can afford and not what creditors want me to pay - but I just wondered how long before people heard if their plan was ‘accepted’ by the creditor. I felt a sense of relief knowing I put the forms in, but still not at peace until I know this… 

And do they usually tell Step Change or myself? 

As I spend the next decade on this journey(!) I hope to share with this forum. 

The good and the bad… 

Thank you and nice to e-meet you all 

April x

Firstly, its good you are now dealing with your financial situation and that you've found strength to come along and post on here.  

Now, as you've already pointed out - most of us would have advised you to hold out for those defaults but, ultimately, it's up to you if you want to jump straight in and see how things work out.  Hopefully your creditors will play ball and you'll get those defaults, because that ensures interest and charges stop (with a side benefit that the 6 year clock, to repair your credit file, starts ticking).

As to the question of how long it takes to hear back from creditors as to whether they've accepted the DMP offer - well, some will do so quickly, others may not - but whether they do or don't is irrelevant.  SC will simply send the proposed payment, even if they outright reject it.  You may hear from them direct, or you may hear nothing at all - every creditor is different.

All you need to do is trust the process and let matters take their course and do pop back again if you need any further help along the way. 

Good luck!

sourcrates

April22 said:

I also forget to mention.

I’m terrified of CCJ’s, Charging Orders, Petitions for Bankruptcy… 

I’m hoping the fact I never missed a payment and am trying to resolve things with a DMP means that these are just things I’m worrying about for no reason  

£104.000 is a lot of money granted, but as long as your paying it off, according to your budget, its unlikely further action will be taken, but you must be prepared to face these things if required, all can be dealt with, so don`t panic.

Just to go over your thoughts about creditors accepting your DMP, as Suseka97 has said, they still get paid anyway, the creditor just sells the debt on, that`s all that will happen, and then stepchange just pays the new owner, there`s usually a period of introduction and change over, but its all quite normal stuff.

natlie

Hi,

I’m 2 years into DMP now and I had a from MBN* this week who had transferred my account to Westcott saying they’d made a mistake last year when they defaulted me as I had continued to make payments and that as a gesture of goodwill they have deleted the default and cleared my £4100 balance. Anyone heard of this before, I can’t believe it!!!!
thanks
Nat

Parkyp

Omg, what a result. Don’t get many creditors giving that amount as a good will Gesture. One less debt now 👏👏👏

sourcrates

natlie said:

Hi,

I’m 2 years into DMP now and I had a from MBN* this week who had transferred my account to Westcott saying they’d made a mistake last year when they defaulted me as I had continued to make payments and that as a gesture of goodwill they have deleted the default and cleared my £4100 balance. Anyone heard of this before, I can’t believe it!!!!
thanks
Nat

Yep, occasionally they mess up, and the easiest and most efficient way to deal with the matter is to make a commercial decision to write off the debt, and clear your credit file of all information relating to it.

Well done.