DMP mutual support thread part 13 !!

Newmum92

Hi all

Not posted on here for a while. I have been waiting for accounts to default and some creditors have written off balances kindly due to my mental state.

I have managed to tackle all of my creditors other than barclaycard and AA loans. I have a FOS complaint ongoing with barclaycard so I am waiting to see what I get back from that complaint.

I was also looking into doing an irresponsible lending complaint with AA loans (I do have justified reasons for the complaint). They are currently accepting £1 token payments though and I’m worried that they will pursue legal action or stop accepting token payments if I make the complaint - does anyone know if they can do that? Or would the complaint be dealt with completely separately? They are my biggest creditor with a £20k loan just FYI

Thanks in advance! 

Hols2021

GIB91 said:

Hi,

I’m considering a DMP. Can anyone advise the pros and cons? I have £35,000 worth of unsecured debt between 5 personal loans and 1 credit card. Currently haven’t missed any payments but just can’t afford this anymore and need a solution. StepChange have advised a DMP with my current situation which comes in at £185 per month for 16 years (I’m hoping to find a solution to sort it before then, but this will hopefully allow me some breathing space).

A few questions:-

1. One of my loans is with who I have my mortgage is with. It’s due for renewal in April and I’ll stay with the same lender. Should this cause an issue?

2. One of my loans is with my main bank account, as is the credit card. My joint account is on this account too which I use for all household bills. Should I keep this bank account for my main banking? Personally I don’t want to have to move the joint account as I don’t want to get into this with my partner. It’s my fault and my issue though and I need to deal with it.

3. Am I likely to be harassed with phone calls and letters? Are they best off ignored? I’ve deleted my direct debits for the time being.

Any other info would be appreciated.

Hi, 

We are roughly in the same position as you, we started this last January and stopped all payments. We decided not to go through SC and do it ourselves after reading up on the process on here. We did get some phone calls and letters but nothing too bad, I was expecting a lot worse. 

Our accounts took around 6 months to default and in this time we stopped all payments so we could get some money in our emergency fund. I had a loan and an OD with my main bank account so I had to open a new one as I didn’t want them taking my salary to put towards my debt. My husband has a £7k CC with our Mortgage providers, so far no issues and I have been advised on here it shouldn’t be an issue as your Mortgage is totally separate from your CC so fingers crossed! It was a long process getting the defaults added and we are still waiting on a couple a year later. I hope that helps a bit and everything works out for you  

sourcrates

Newmum92 said:

I was also looking into doing an irresponsible lending complaint with AA loans (I do have justified reasons for the complaint). They are currently accepting £1 token payments though and I’m worried that they will pursue legal action or stop accepting token payments if I make the complaint - does anyone know if they can do that? Or would the complaint be dealt with completely separately? They are my biggest creditor with a £20k loan just FYI

Thanks in advance! 

Everyone has the right to make a complaint if they are unhappy with the level of service they have experienced, you cannot be held to ransom by the perceived threat of legal action or anything else, should you wish to go down that road.

That is simply not how companies operate.

Stop over thinking things.

swansea_lad

Hi everyone

I am about to settle my DMP with Payplan. I have a Basic Current Account with Virgin Money. Do you think it would be worthwhile me applying to Virgin for a M Plus current account that offers an overdraft? Could this improve my credit score if i was accepted?  Im looking to improve my credit score. It will be interesting to see after paying off my DMP how much my credit score improves.  Thanks all

sourcrates

swansea_lad said:

Hi everyone

I am about to settle my DMP with Payplan. I have a Basic Current Account with Virgin Money. Do you think it would be worthwhile me applying to Virgin for a M Plus current account that offers an overdraft? Could this improve my credit score if i was accepted?  Im looking to improve my credit score. It will be interesting to see after paying off my DMP how much my credit score improves.  Thanks all

Swansea lad, credit scores are mostly irrelevant in this country, look at every post or thread where its mentioned, they will tell you the same thing, only you see that number, and its not seen or used by any lender, its simply there as a marketing gimmick.

Its your credit history that is important, not some old number some irrelevant company assign`s to you.

The number will go up or down with any change, good or bad, some bankrupts have a 999 score on Experian, that is how utterly useless they are in predicting your credit worthiness, so ignore the score, concentrate on paying your bills on time, and don`t stress over things that don`t matter.

debtfreeme2021

Good Afternoon

I‘ m about a year down the line in my self managed debt plan , all accounts in default , payment agreements reached will all that have been passed on for collection. I do however have two cc accounts where I have received no contact at all which I find strange . However one of the cc companies has just sent an annual statement , I don’t think they will pass the account on elsewhere but continue to manage internally . I’d like to make an offer of a monthly payment which I can manage within my budget ? Just got wondered if anyone has had experience of this after default where the account hasn’t been passed on? Thanks 

Wall69

Evening all,
Currently in year 5 of a DMP with Stepchange.  Still 30k plus to go split over 6 creditors, but currently paying an amount I can manage, no interest and no hassle at all but will be paying it for another 14 years if the status quo remains. 
 As much as I have learned to live with the payments on a monthly basis I would much rather it was all settled and debt was a thing of my past.
I know the steps I need to take are to save up some money, go self managed, then CCA request and then start the dialogue in respect of settlement offers. 
BUT
 - my anxieties and worries are if I start to do these things will it trigger the likes of PRA and Intrum to start taking action with me and I might end up with a CCJ?  Currently it seems the arrangement in place is keeping everyone happy and I am sooooo close to the defaults dropping off my credit file.  Should I just leave well alone? 
Any advice would be greatly appreciated. x

Cosmic-bee

Time for some help!
I've been on my DMP for just over 6 years. These are the debts, I've got rid of one 🙌 phew

PRA £1424
Barclays overdraft £1568
Westcott £6999
Virgin £10695

I offered them all 30% 4 years ago Tescos said yes

I lost my nerve since then and have been quite unwell so left it all as a slow burner

So 
Suggestions on what offered to try now would be appreciated, there's not much in the pot to offer at all so suggestions to get them on my side appreciated.

NB Disabled and unable to work and living on Disability Benefits. 
Currently paying £50pm on DMP

Thanks for reading and input appreciated.

GibbsRule_No3.

swansea_lad said:

Hi everyone

I am about to settle my DMP with Payplan. I have a Basic Current Account with Virgin Money. Do you think it would be worthwhile me applying to Virgin for a M Plus current account that offers an overdraft? Could this improve my credit score if i was accepted?  Im looking to improve my credit score. It will be interesting to see after paying off my DMP how much my credit score improves.  Thanks all

When I finished my DMP with PayPlan (how come they seldom get mentioned?) I had a basic account with Co-Op that was not a contactless card, so asked if I could have the next account up with them, I was told no, by then I had a nice savings nest egg with Co-Op savings account, that made no difference as the DMP had not long ended. This was a few years ago. I got a Capital One credit card (£500 limit) to use as contactless, this actually helped the credit score (agree they are pointless btw) as it supposedly showed I was managing my money. Enough time has now passed since the DMP ended so I swapped banks recently to take advantage of the £200 on offer. As soon as this happened Capital One gave me a new limit of £1500 I did not ask for it, as the last time I did I was turned down. So assume this was due to the new non-basic bank account.  I now have a nice sum of money behind me but if offered monthly payments, that are interest free, I always take them as they also show on the credit score.  If I could not pay off “now”, I would not take them though.

nicwantstobuy

Hi all
please can someone advise? 

I’ve never missed a payment, due to cost of living I’m really struggling & can no longer make ends meet. I can’t have an Iva as I rent. 

I’ve spoken to step change who advised dmp - awaiting processing. This is causing me MASSIVE anxiety and doesn’t sit well. From reading back a bit on here I’m now wondering if I need to wait a bit longer to do this or even if I should do it at all. 

My debts are 18000 first direct loan 512 pcm payments 
1000 Barclaycard 30 pcm  no interest
700 PayPal credit 10 pcm 

stepchange advised 160 pcm payments to be split across all, 12 years to repay … I’m 43 & want the debts repaid 

im wondering if I don’t pay the loan for 3 months & use money to repay Barclaycard & PayPal rather than go for a dmp 

what are your thoughts?