DMP mutual support thread part 13 !!

Fluffysocks23

Sorry, i made my own thread - I'll copy and paste it here as it seems like its the right place!

I'll try to keep this short and sweet!!

Currently in a DMP, with a debt-free date of 3+ years- if I stick to the agreed arrangement.

So i have 10+ creditors i owe money to, with just short of 20k debt.

Some of these debts have been passed to DCA, and ive recently been reading about CCA agreements.

Im just wondering what route to go down to become debt free (and hopefully pay less than owed)

Heres my plans i need advice on.

Plan A- stick to the DMP and be debt-free in 3+ years.

Plan B- Keep on the DMP and Work 70+ hours overtime every month for the next 12 months and be debt-free by this time next year.  

Plan C- Work extra hours, pay of the debts which are with the initial creditors, and issue the DCAs with a CCA (and pay them a token payment until i request a CCA from them) - here I'm unsure if I will have to cancel my DMP due to obviously settling preferred debts first.

Plan D- Cancel the DMP, apply for 60 days of breathing space, Work extra hours, offer creditors who hold the original debts full and final settlements, and pay token payments to the DCAs

Most of the creditors have defaulted me already in the last 12 months.
(one of which has defaulted me twice in a three-month period for the same debt- so I'm currently dealing with this)

Sorry for the long post I'm at a loss currently, I've had my head in the sand but I really want to turn my life around so i can get a mortgage in the next few years.

Dont know if I need to add this but I've not CCJs, nothing worth repossing, and I've also issued a few companies with complaints via resolver for irresponsible lending/unfair interest rates.

Any advice is helpful 

Thankyou

PS sorry wasn't short or sweet after all!

CurlyTop11

happytimesahead said:

Hi all,

I’m in the process of building up an emergency fund/ waiting for defaults prior to starting a DMP, which I’m hoping to do self-managed.
I’ve missed 2 payments so far on a loan with Lendable, and they’ve sent me an email this week stating:
“We'll visit you at home next week

You're falling behind with your loan repayments. 

If we do not hear from you or receive a payment within the next 7 days, we will instruct our representatives, Fieldcall Limited, to visit you at your home address to reconnect with you.”

I didn’t think they’d have people sent out to my house before defaulting to be honest so this is a bit of a surprise! Has anyone else had this?

I’m happy to block/ignore letters & calls whilst I wait for the defaults so I can get the DMP started, but having people knocking on the door is a bit of a step up, so I’m not sure whether to keep holding out for the default, or just bite the bullet and start reduced payments before they default the account. 

Any advice would be appreciated, thanks! 

@Atribecalledquest I have received the same email now, even after sending Lendable a 'remove implied right of access' and them responding to that email.

Did Fieldcall come out to your property and/or contact you beforehand?

Many thanks

happytimesahead

CurlyTop11 said:

happytimesahead said:

Hi all,

I’m in the process of building up an emergency fund/ waiting for defaults prior to starting a DMP, which I’m hoping to do self-managed.
I’ve missed 2 payments so far on a loan with Lendable, and they’ve sent me an email this week stating:
“We'll visit you at home next week

You're falling behind with your loan repayments. 

If we do not hear from you or receive a payment within the next 7 days, we will instruct our representatives, Fieldcall Limited, to visit you at your home address to reconnect with you.”

I didn’t think they’d have people sent out to my house before defaulting to be honest so this is a bit of a surprise! Has anyone else had this?

I’m happy to block/ignore letters & calls whilst I wait for the defaults so I can get the DMP started, but having people knocking on the door is a bit of a step up, so I’m not sure whether to keep holding out for the default, or just bite the bullet and start reduced payments before they default the account. 

Any advice would be appreciated, thanks! 

@Atribecalledquest I have received the same email now, even after sending Lendable a 'remove implied right of access' and them responding to that email.

Did Fieldcall come out to your property and/or contact you beforehand?

Many thanks

I wasn’t keen to risk it so I contacted Lendable telling them I was starting a DMP and offered them a monthly amount I could afford - before I heard from Fieldcall.

They said they would accept my lower amount for 1 month, whilst freezing interest for 30 days and would then expect the usual amount again (even though I reiterated this was all I would currently offer going forward and this was my DMP).

I’ve now made two payments at this lower amount, and I’ve started to get their initial missed payment emails again and they’re charging interest once more, so I’m expecting to go round in circles a bit until they finally default the account. 

NE2023

Hi all,

I am looking into starting my dmp in the new year and I am currently in the process of saving an emergency fund. I have missed last months payments to non essential creditors and I am planning on applying for breathing space this week.

my question is do I literally ignore all the calls/letters from the creditors until I have saved enough for the emergency fund and have been defaulted, or do I contact them to tell them I will enter the dmp soon?

Thanks in advance, bit of a newbie here 

CAL2727

Hi all! Does anyone have any experience with o2 issuing defaults? Is this normally done fairly quickly? Thanks 

happytimesahead

Hi all.

Im a bit confused with one of my creditors - Aqua. 

I’m waiting for the account to default before starting payments in a DMP.  They have sent a default notice about a month ago. 

They have now also just sent a letter saying that even though a default notice was issued as I have failed to repay - the account has now been closed, and they have passed the account onto Wescot to act on their behalf and arrange payment.

However the letter also says if I do not resolve the situation they ‘may give me notice they intend to register a default’. 

So I’m guessing this means they still haven’t defaulted the account, even though they have said the credit agreement has been terminated? 

I’m going to hold out until that default appears on my credit report before making any payments to Aqua/wescot…just want to check I’ve understood & this sounds sensible?

thanks for any advice!   

sourcrates

happytimesahead said:

Hi all.

Im a bit confused with one of my creditors - Aqua. 

I’m waiting for the account to default before starting payments in a DMP.  They have sent a default notice about a month ago. 

They have now also just sent a letter saying that even though a default notice was issued as I have failed to repay - the account has now been closed, and they have passed the account onto Wescot to act on their behalf and arrange payment.

However the letter also says if I do not resolve the situation they ‘may give me notice they intend to register a default’. 

So I’m guessing this means they still haven’t defaulted the account, even though they have said the credit agreement has been terminated? 

I’m going to hold out until that default appears on my credit report before making any payments to Aqua/wescot…just want to check I’ve understood & this sounds sensible?

thanks for any advice!   

The letters they send tend to be standard generic templates, they send to everyone, so the contents of said letter may not accurately reflect your situation, keep a keen eye on your credit file.

horizon1214

Hi all. 

I'm currently looking at getting a DMP from either StepChange or PayPlan. I have been trying to keep control of my debts for clearly too long & have ended up in more debt as a result. I'm in a little over 30k debt across credit cards, personal loans, store cards & overdraft. I haven't spoken to StepChange as all their stuff is done online, so I typed in all my debts, budget etc etc & their recommendation is a DMP. I have been talking to someone from PayPlan & they also recommend a DMP. 

NONE of my credit accounts are in default currently but it has got to the point now where I can't afford all the minimum payments, loan direct debits etc, so I feel I have no choice now but to enter a debt solution. I have seen various threads stating you shouldn't enter a DMP until my accounts are in default. I asked the PayPlan advisor this & she said all my accounts would go into default once the DMP has started. Is this correct?

I am getting really stressed out about what to do & what is right/wrong. Any advice would be greatly appreciated.

sourcrates

horizon1214 said:

Hi all. 

I'm currently looking at getting a DMP from either StepChange or PayPlan. I have been trying to keep control of my debts for clearly too long & have ended up in more debt as a result. I'm in a little over 30k debt across credit cards, personal loans, store cards & overdraft. I haven't spoken to StepChange as all their stuff is done online, so I typed in all my debts, budget etc etc & their recommendation is a DMP. I have been talking to someone from PayPlan & they also recommend a DMP. 

NONE of my credit accounts are in default currently but it has got to the point now where I can't afford all the minimum payments, loan direct debits etc, so I feel I have no choice now but to enter a debt solution. I have seen various threads stating you shouldn't enter a DMP until my accounts are in default. I asked the PayPlan advisor this & she said all my accounts would go into default once the DMP has started. Is this correct?

I am getting really stressed out about what to do & what is right/wrong. Any advice would be greatly appreciated.

It`s a difficult one currently, creditors are holding off on defaulting accounts due to the cost of living crisis.

This makes giving advice on what to do difficult, however, it is essential to save an emergency fund, so that should be a priority, fund that with the payments that would have gone to creditors, 6 months worth, or more, its up to you.

Debts subject to a DMP should naturally default, that is true, but entering an arrangement too soon, may result in AP markers instead, "arrangement to pay" these stay on file for 6 years after you have repaid the debts, so potentially a lot longer than a default.

So best advice is to save up that emergency fund first, then re-assess your position, all that will happen is the collection process will kick into gear, letters/calls etc etc, that stage can last from 6/18 months or even more.

horizon1214

Hi Sourcrates. 

Thank you for replying so quickly. So are you saying I should stop paying my debts? Stop paying the minimum payment on credit cards, cancel direct debits going to personal loans & save that money instead? 

What would I then do after 6 months of saving that money?