DMP mutual support thread part 13 !!

restofmylife

Hello, Is this a threat or will the really visit?

Irgo

Irgo said:

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?

After looking into things further I've possibly answered my own questions. I'll let my creditors know I'm changing to self-managed and hope they don't question why the Stepchange DMP was cancelled. I'm assuming they won't really care if I'm making an effort to set up monthly payments again.

I'll calculate my monthly payments based on all my debts but only send proposals to those that have already defaulted. The others I'll just stop paying and wait until they default to send a proposal. The money I would have sent to these in the meantime can be put aside in an emergency fund (the lack of which was definitely what caused my Stepchange DMP to fail).

Feeling brave I rang Capital One to update my address and they ended up setting up breathing space to the end of February for me. That's one of my defaulted debts so that will help with waiting a couple of months to start paying again. I only have two other defaulted debts at the moment so I may ask them to do the same while I transition from Stepchange and hope they'll be as kind. 

I do have some more questions though:

1. Three of my debts are with Link Financial. One is defaulted but the other two are not. How do you deal with this when stopping payments to two of the debts but wanting to continue paying towards the defaulted one?

2. Do creditors expect you to pay on the same day of the month as you were with Stepchange? It would be useful if I could pick which day to pay and have it be the same for all creditors.

3. My partner and I each had a vanquis card which are now being managed by NCO Capquest. The vanquis cards are showing as closed as of August 2023 in our credit reports but NCO Capquest isn't there at all. Why might it be missing from our credit reports?

4. I had a Very account which is showing on my report as defaulted in August 2022, but it is now being managed by Lowell which has not defaulted. Do I need to try and get this debt defaulted again even though it already did previously before being sold off to Lowell?

sourcrates

Irgo said:

I do have some more questions though:

1. Three of my debts are with Link Financial. One is defaulted but the other two are not. How do you deal with this when stopping payments to two of the debts but wanting to continue paying towards the defaulted one?

2. Do creditors expect you to pay on the same day of the month as you were with Stepchange? It would be useful if I could pick which day to pay and have it be the same for all creditors.

3. My partner and I each had a vanquis card which are now being managed by NCO Capquest. The vanquis cards are showing as closed as of August 2023 in our credit reports but NCO Capquest isn't there at all. Why might it be missing from our credit reports?

4. I had a Very account which is showing on my report as defaulted in August 2022, but it is now being managed by Lowell which has not defaulted. Do I need to try and get this debt defaulted again even though it already did previously before being sold off to Lowell?

(1) Each account will have a unique reference number, pay the one you want to pay using the reference they provide for it.
(2) Makes no difference, you choose.

(3) Capquest may just be managing them on behalf of Vanquis, only a debts owner can report on it to the CRA`s.

(4) Lowell buy debts, they don`t manage them, a debt can only default once, the default date will be on the CRA entry, doesn't have to show twice, Lowell are just lazy.

sourcrates

restofmylife said:

Hello, Is this a threat or will the really visit?

Quite possibly yes, they are just self employed collectors, nothing to worry about, engage or ignore at your pleasure.

bluebell_on_track

3Commando said:

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.  👍🏻

Thank you! That is great to hear :-) 

ldn83

restofmylife said:

Hello, Is this a threat or will the really visit?

Are fieldcall used quite often by creditors or just Finio or other bad credit providers? I have unsecured debts with regular banks and providers and considering going into the default/dmp solution but concerned about getting home visits. Do most just send letters/calls then default? Thanks.

tksnota

can anyone tell me what's the difference with letter before claim, letter of claim and pre action letter?

The reason I asked because the forms from Citizens Advise are different from the debt camel link

Links outlined below

https://debtcamel.co.uk/letter-before-claim-ccj/

https://www.citizensadvice.org.uk/debt-and-money/action-your-creditor-can-take/if-youre-being-taken-to-court-for-debt/#:~:text='N9A%3A%20Admission%20(specified%20amount,your%20creditor%20owes%20you%20money

Dma76

restofmylife said:

Hello, Is this a threat or will the really visit?

There used to be recommendations to send a recorded delivery letter revoking their access, wether it works or not I couldn't tell you but I'm in the same boat after deciding enough was enough struggling to meet payments and living off virtually nothing.
Missed one payment with lendable and have fieldcall on my case already.
Other than that I'm going to sit tight, ignore everything and try and get defaulted then start a dmp, which seems to be the recommended action.


This is what I've found re the letter, I'm sure someone will chime in and say wether they pay any attention to it.

"Dear xxxx

Account Ref xxxx

Please be advised that I will only communicate with you in writing. I have noted your repeated attempts to contact me by telephone over the past few weeks/months and these have been duly logged by time and date.

Furthermore, should it be your intention to arrange a “doorstep call”, please be advised that under OFT rules, you can only visit me at my home if you make an appointment and I have no wish to make an appointment with you.

There is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and if you do so, then you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, police attendance.

Yours faithfully/sincerely,"
Don't sign, print your signature.

Now as far as I'm aware the oft is gone but the FCA exists which has similar guidance.

tksnota

Dma76 said:

restofmylife said:

Hello, Is this a threat or will the really visit?

There used to be recommendations to send a recorded delivery letter revoking their access, wether it works or not I couldn't tell you but I'm in the same boat after deciding enough was enough struggling to meet payments and living off virtually nothing.
Missed one payment with lendable and have fieldcall on my case already.
Other than that I'm going to sit tight, ignore everything and try and get defaulted then start a dmp, which seems to be the recommended action.


This is what I've found re the letter, I'm sure someone will chime in and say wether they pay any attention to it.

"Dear xxxx

Account Ref xxxx

Please be advised that I will only communicate with you in writing. I have noted your repeated attempts to contact me by telephone over the past few weeks/months and these have been duly logged by time and date.

Furthermore, should it be your intention to arrange a “doorstep call”, please be advised that under OFT rules, you can only visit me at my home if you make an appointment and I have no wish to make an appointment with you.

There is only an implied license under English Common Law for people to be able to visit me on my property without express permission; the postman and people asking for directions etc (Armstrong v. Sheppard and Short Ltd [1959] 2 Q.B. per Lord Evershed M.R.). Therefore take note that I revoke license under Common Law for you, or your representatives to visit me at my property and if you do so, then you will be liable to damages for a tort of trespass and action will be taken, including but not limited to, police attendance.

Yours faithfully/sincerely,"
Don't sign, print your signature.

Now as far as I'm aware the oft is gone but the FCA exists which has similar guidance.

That is very informative. Are you able to provide the same guidance under FCA with the excerpt?

restofmylife

sourcrates said:

restofmylife said:

Hello, Is this a threat or will the really visit?

Quite possibly yes, they are just self employed collectors, nothing to worry about, engage or ignore at your pleasure.

Many thanks