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DMP mutual support thread part 13 !!

edited 13 March 2019 at 10:03AM in Debt-Free Wannabe
3.4K replies 475.2K views
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  • SystemSystem
    177.8K posts
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    You can always try and negotiate for 20 or 25%. No harm in trying :)

    Can I ask who the original creditors were for these 2 debts? I have a couple being handled by this DCA so it would be useful to know who is willing to play ball so to speak :)


    Hi January, yes one was with Lloyds and one Halifax. Both big debts, £5k+ and £7k+. That's why we are eager to get these sorted.
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    ploppy57 wrote: »
    Just saying Hi on our new shiny thread. Not been on for a while. Just posted on the F&F thread that we have heard back from W*scot re our F&F offer. We offered 15% and they have come back with 30%, this is for 2 of our debts. Can't afford to pay them both off at 30% but wondering if to write back and counter offer at 20 or 25% or whether to just settle one at 30%. Thinking the former actually, as got nothing to lose as even if they say no, we can still go with the one at 30%

    :hello:. Nice to see you again.

    I've just seen your post on the Full and Final thread and replied to it there.
  • Just started my DMP with stepchange this month been nice to have a bit more money and seemed to of managed much better than I was. My question is this hopefully someone can help. I'm a single parent, does your personal life have to stop on a DMP? I've started to see someone not sure how it will go. But when do you tell someone about your debt problems. Think If I tell him now he will run a mile. So come on guys it does boil over into your every day life. I'm feeling like my life should be put on hold for 8 year because of the debt I'm paying back.
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    Gill42 wrote: »
    Just started my DMP with stepchange this month been nice to have a bit more money and seemed to of managed much better than I was. My question is this hopefully someone can help. I'm a single parent, does your personal life have to stop on a DMP? I've started to see someone not sure how it will go. But when do you tell someone about your debt problems. Think If I tell him now he will run a mile. So come on guys it does boil over into your every day life. I'm feeling like my life should be put on hold for 8 year because of the debt I'm paying back.

    :wave: welcome to the thread. Congratulations on addressing your debts and starting a DMP. Things will get better from now on. See it as the start of the rest of your life:beer:


    I'm sure most people would say it's best to be completely honest with partners not least for the emotional support they can give. As to when to tell all, that's a difficult one. You say you've started seeing someone so I assume the relationship is quite new. If you don't feel he'll stay around if you tell him about your debt situation it might be a good idea to wait a bit. That may have it's drawbacks though as if he still feels he can't cope with it when the relationship is better established it would be a much more upsetting experience when it ends.


    I'm not the one to preach about about this though as I had massive debts of just under £57,000 in 2013:eek: and I never told my partner anything about it. I'm amazed how I managed to keep it all secret and he still hasn't an inkling that I am in a DMP. We have been together since the 1970s but have always kept our finances totally separate. I wasn't worried about him walking out (or throwing me out as the house is in his name) but he has an unpredictably violent temper which I daren't risk. I do know though that the stress and anxiety before I started a DMP when I was constantly terrified of him answering the phone to one of my creditor or, worse still, a debt collector knocking on the door was horrendous. Obviously once the DMP kicked in all that worry dissipated straight away but I still have little twinges of anxiety when I feel he might still find out somehow. That's one of the reasons I was hell bent on getting the debts paid off in the shortest possible time, I just want to be free of them and live a 'normal' life.


    Keep posting. Good luck:beer:
  • SadsecretSadsecret Forumite
    9 posts
    Second Anniversary First Post
    MoneySaving Newbie
    Hi, please could anyone offer some advice? I've been on my DMP with stepchange for almost a year and its the best thing I've ever done. Paying £700 pm on debts of £30,000 and seeing them come down is amazing. All except one (small) creditor has stopped interest. I assumed that was for the whole of my DMP but have today received a letter from Capital One stating "Thank you for completing your agreement with us, you have cleared your arrears and can now start reusing your card, interest and charges will be applied to your account in accordance with terms & conditions." Panicking!! Obviously I'm not going to use my card (cut up any way!) But should I contact them? Do I write or telephone? Will they stop interest again? Or is this just another standard letter as it doesnt mention my DMP arrangement? Any advice massivley appreciated. Thanks.
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • January2015January2015 Forumite
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    ploppy57 wrote: »
    Hi January, yes one was with Lloyds and one Halifax. Both big debts, £5k+ and £7k+. That's why we are eager to get these sorted.

    That's fantastic. I am so pleased for you :j

    The F&F may not be quite where you want / need it to be, but at least you know they are open to settle for a good discount.

    Well done :j:j:j:j:j
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • sourcratessourcrates Forumite, Board Guide
    21.7K posts
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    Sadsecret wrote: »
    Hi, please could anyone offer some advice? I've been on my DMP with stepchange for almost a year and its the best thing I've ever done. Paying £700 pm on debts of £30,000 and seeing them come down is amazing. All except one (small) creditor has stopped interest. I assumed that was for the whole of my DMP but have today received a letter from Capital One stating "Thank you for completing your agreement with us, you have cleared your arrears and can now start reusing your card, interest and charges will be applied to your account in accordance with terms & conditions." Panicking!! Obviously I'm not going to use my card (cut up any way!) But should I contact them? Do I write or telephone? Will they stop interest again? Or is this just another standard letter as it doesnt mention my DMP arrangement? Any advice massivley appreciated. Thanks.


    Hi,


    Could be a standard letter, but best to respond and tell them your situation will be more long term, you are on a DMP with stepchange, and request a permanent cessation of interest and charges to be applied to your account, until the full balance is repaid.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • January2015January2015 Forumite
    2.4K posts
    Fifth Anniversary Combo Breaker
    ✭✭✭✭
    Sadsecret wrote: »
    Hi, please could anyone offer some advice? I've been on my DMP with stepchange for almost a year and its the best thing I've ever done. Paying £700 pm on debts of £30,000 and seeing them come down is amazing. All except one (small) creditor has stopped interest. I assumed that was for the whole of my DMP but have today received a letter from Capital One stating "Thank you for completing your agreement with us, you have cleared your arrears and can now start reusing your card, interest and charges will be applied to your account in accordance with terms & conditions." Panicking!! Obviously I'm not going to use my card (cut up any way!) But should I contact them? Do I write or telephone? Will they stop interest again? Or is this just another standard letter as it doesnt mention my DMP arrangement? Any advice massivley appreciated. Thanks.

    Don't panic. Write back to Cap One and advise your financial situation has not changed since your entered your DMP. Your DMP will take xx years. Formally request that they continue to freeze interest and charges and default your account promptly. Advise that all other creditors have supported you by doing this (if they have).
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: I'm driving it down:j
    £1k emergency fund (member #84:j) £1k/£1k
  • 2017spark2017spark Forumite
    49 posts
    Third Anniversary 10 Posts Combo Breaker
    Hi all,
    I'm just starting to restart my self-managed DMP after considering getting SC to take over but I think id like to do this myself - especially around the option of snowballing etc.
    The one company I've had issues with in the past is Avant Credit, does anyone have any experience of them?
    The last time I spoke to them they wouldn't accept a plan that wasnt managed by a debt management company. I have now paid nothing to them for over 6 months, and indeed heard nothing from them!
    thanks X
  • sourcratessourcrates Forumite, Board Guide
    21.7K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    2017spark wrote: »
    Hi all,
    I'm just starting to restart my self-managed DMP after considering getting SC to take over but I think id like to do this myself - especially around the option of snowballing etc.
    The one company I've had issues with in the past is Avant Credit, does anyone have any experience of them?
    The last time I spoke to them they wouldn't accept a plan that wasnt managed by a debt management company. I have now paid nothing to them for over 6 months, and indeed heard nothing from them!
    thanks X


    Hi,


    Yes they are an American company and are quite evasive to deal with, they have recently been through a cash crisis which saw them settling loan accounts at a fraction of what was owed, in an attempt to bolster there cash reserves.

    Although they operate in the UK under FCA license, and are subject to the same laws and rules as any other financial institution operating in the UK, but they tend to run the business along American methods of working, which differ greatly to our own.

    You could do nothing, in time the account will be sold on, or, you can still make the suggested payments to them, they wont not accept them, and this, if anything, will even quicken the sale process.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
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