DMP mutual support thread part 13 !!

Sam2018

Finally made it to the end of this thread!

Thank you to everyone who has shared information and experiences, it’s very helpful to someone like me me who’s just starting out on this journey. 

CurlyTop11

Dad123456789 said:

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

Curlytop, what was the result of this? I have a debt with lendable and I have just cancelled my DD, expecting the same response

@dad123456789  Apologies, have only just seen this. I went back to them and said that I had sent them a letter already stating that I was entering a DMP and removal of implied right of access. I tried getting them to default me by saying they are using an aggressive approach. They got back to me and apologised and said that I could raise a complaint. They then said they would put my account on hold and could I provide them with reference number, or if I want to work with them directly, then they'll need to get a better understanding of my current financial circumstances. I didn't reply to this and I am hoping that they default me, but we will see.

bluebell_on_track

Hi one and all. Happy new year to you first of all- here’s hoping your 2024 is a good one. 

I am on a self managed DMP paying an amount a month to several creditors. All are defaulted now and have been for over a year. I live with my husband who knows about all this but none of the loans or defaults are in his name. 

How much can our financial connection jeopardise him when it comes to getting a car on PCP? He has a decent wage of about £60k and no adverse credit (apart from being married to me).  I know there’s nothing I can do about this but just wanted some advice or opinions. 

Best wishes to you all! 

3Commando

bluebell_on_track said:

Hi one and all. Happy new year to you first of all- here’s hoping your 2024 is a good one. 

I am on a self managed DMP paying an amount a month to several creditors. All are defaulted now and have been for over a year. I live with my husband who knows about all this but none of the loans or defaults are in his name. 

How much can our financial connection jeopardise him when it comes to getting a car on PCP? He has a decent wage of about £60k and no adverse credit (apart from being married to me).  I know there’s nothing I can do about this but just wanted some advice or opinions. 

Best wishes to you all! 

Evening and Happy New Year Bluebell. It didn’t hinder me and I am in a similar position (at the minute) to your husband.  👍🏻

restofmylife

Hi, I’m hoping someone can advise if this letter means that I have defaulted or is it just going to a collection agency before being defaulted and then sold? Thanks so much 

sourcrates

@restofmylife

They say they will default you, so keep checking your credit report for updates.

CRS don`t buy debts, they manage them on behalf of their clients, so your debt has been equitably assigned to CRS.

What this means is they can ask you to pay the debt, but do not own it, so cannot take recovery action against you as ownership is still in the hands of Quidie ltd.

restofmylife

@sourcrates Many thanks I will keep checking for the default. I am waiting for the debts to default before going self managed.

tksnota

@restofmylife - for this particular debt how long did you stop paying before you get this notice? 

Irgo

I've had a DMP with Stepchange for a couple of years but after a difficult year and multiple missed payments, they've had to cancel my DMP. I still think a DMP is the way to go and I can see myself being ready to start paying again around March so I'm thinking of this as an opportunity to start a self-managed DMP. I'm looking for some advice.

1. Will creditors be less likely to accept a DMP from someone who has a failed one? I imagine Stepchange have already informed my creditors that the DMP has been cancelled.

2. I've been checking my credit reports and I have a mixture of debts that are defaulted, late, open, "unknown" and some even say up-to-date. I've been reading that the best outcome is to get everything defaulted and the way to do that is to stop paying until that happens. How do you handle this when you've already been in a DMP and some debts are already defaulted?

Would it be that I'd set up the DMP as if I was paying everyone from the start, but only send the proposal out to the creditors that have already defaulted? Put aside the money that would have been paid to the other creditors and do what with it? Is there going to be an expectation to make some sort of back payment to the start of the DMP when each debt is defaulted?

3. I had to move house in the middle of last year and didn't quite get round to changing my address with everyone. It was always an out-of-mind kind of thing because I never really heard from anyone while with Stepchange. I need to get the addresses updated ASAP but I'm wondering how best. Quickest way would be to call but I'm worried about any awkward questions of "Stepchange cancelled your DMP, you owe us money, what now?"

4. As I said I'm looking at around March to start paying a DMP again (depending on how long it takes to get set up). All my creditors last had a payment in November. How likely are they to accept another 2 months of non-payment with the view of starting payments again in March?

restofmylife

tksnota said:

@restofmylife - for this particular debt how long did you stop paying before you get this notice? 

Hi, it was 3 months