DMP mutual support thread part 13 !!

lillypoo

Are you going to wait for defaults @daffodil5?

daffodil5

No, I have seen that advice, and get why it might be better, but want to get this up and running, and have some back up savings as an emergency fund. As I'm not going to be looking to get more credit or another mortgage etc, and my age etc. I feel it's going to serve me better to get started and start paying off the debt. Also my work and business are both seasonal so I earn more over the Spring and Summer, less in winter, so I will still have the opportunity to save to cover the Winter payments. It could be another year otherwise if I wait six months?

Tryingnottobeskint

Hi all

Have been reading this thread for a few days.
Hope someone can be of assistance.

Nearly 3 years ago I realised I could no longer cope with my debts and I signed up to a DMP. Being ignorant and not fully researching I jumped straight into a plan. Did not default or save emergency fund. I also stupidly arranged a plan with a fee charging company as I did not know the charities did it for free (dumb I know).

Now I’m not particularly happy with how it’s going. I want to manage it myself now and take the £35 I have been being charged monthly and apply it to my creditors. At the same total monthly amount I was paying prior. I don’t want to go through all the set up with anyone else even though I know it would maybe be easier I’d rather have full control.

My question is after I let the company know I no longer wish to use their services, would you recommend making all the payments straight away after contacting my creditors or do you think it would be good to give myself a small EF. For reference one of my creditors has not yet defaulted still. I’m not sure if offering a little more not on the fee would help this.

any thoughts? Thanks all for your words of wisdom through these threads my hair is falling out slightly less now! 

san0910

Hi all,

Wondering if anyone has had much experience with Amazon NewDay CC and PayPal. Both defaulted 4 years ago, everyone sold on the debts apart from them and after the default notice neither bothered to chase me further. I've figured I may as well wait out the 6 years at this point but wondering if they've been known to get in touch years later? Amazon and NewDay also split after I defaulted as far as I'm aware, so I'm not sure who the debt would have been left with.

sourcrates

Tryingnottobeskint said:

Hi all

Have been reading this thread for a few days.
Hope someone can be of assistance.

Nearly 3 years ago I realised I could no longer cope with my debts and I signed up to a DMP. Being ignorant and not fully researching I jumped straight into a plan. Did not default or save emergency fund. I also stupidly arranged a plan with a fee charging company as I did not know the charities did it for free (dumb I know).

Now I’m not particularly happy with how it’s going. I want to manage it myself now and take the £35 I have been being charged monthly and apply it to my creditors. At the same total monthly amount I was paying prior. I don’t want to go through all the set up with anyone else even though I know it would maybe be easier I’d rather have full control.

My question is after I let the company know I no longer wish to use their services, would you recommend making all the payments straight away after contacting my creditors or do you think it would be good to give myself a small EF. For reference one of my creditors has not yet defaulted still. I’m not sure if offering a little more not on the fee would help this.

any thoughts? Thanks all for your words of wisdom through these threads my hair is falling out slightly less now! 

Take your time, save some cash, stop paying the DMP company, and cancel in writing.

Taking a 3/6 month break from payments whilst you consider your position is an excellent idea, and that will encourage your creditors to default you.

Have any of your accounts been sold, or assigned to debt collectors at all?

My advice would be to send written complaints to all those who have not defaulted you citing FCA guidance.

Impress on them it is unfair not to have defaulted you sooner as your credit file will now be affected for longer, ask them to rectify this and backdate the default 3 years.

Self management is a doddle, any help you need just ask.

sourcrates

san0910 said:

Hi all,

Wondering if anyone has had much experience with Amazon NewDay CC and PayPal. Both defaulted 4 years ago, everyone sold on the debts apart from them and after the default notice neither bothered to chase me further. I've figured I may as well wait out the 6 years at this point but wondering if they've been known to get in touch years later? Amazon and NewDay also split after I defaulted as far as I'm aware, so I'm not sure who the debt would have been left with.

Quite typical behaviour from them.

PayPal are not currently FCA regulated, although they are in the process of doing so, they tend to send there bad debts to collectors who will attempt collection a few times, then move on to something else.

If no one is chasing the debt, why rock the boat.

Tryingnottobeskint

sourcrates said:

Tryingnottobeskint said:

Hi all

Have been reading this thread for a few days.
Hope someone can be of assistance.

Nearly 3 years ago I realised I could no longer cope with my debts and I signed up to a DMP. Being ignorant and not fully researching I jumped straight into a plan. Did not default or save emergency fund. I also stupidly arranged a plan with a fee charging company as I did not know the charities did it for free (dumb I know).

Now I’m not particularly happy with how it’s going. I want to manage it myself now and take the £35 I have been being charged monthly and apply it to my creditors. At the same total monthly amount I was paying prior. I don’t want to go through all the set up with anyone else even though I know it would maybe be easier I’d rather have full control.

My question is after I let the company know I no longer wish to use their services, would you recommend making all the payments straight away after contacting my creditors or do you think it would be good to give myself a small EF. For reference one of my creditors has not yet defaulted still. I’m not sure if offering a little more not on the fee would help this.

any thoughts? Thanks all for your words of wisdom through these threads my hair is falling out slightly less now! 

Take your time, save some cash, stop paying the DMP company, and cancel in writing.

Taking a 3/6 month break from payments whilst you consider your position is an excellent idea, and that will encourage your creditors to default you.

Have any of your accounts been sold, or assigned to debt collectors at all?

My advice would be to send written complaints to all those who have not defaulted you citing FCA guidance.

Impress on them it is unfair not to have defaulted you sooner as your credit file will now be affected for longer, ask them to rectify this and backdate the default 3 years.

Self management is a doddle, any help you need just ask.

Thank you so much for this. Have been so stressed thinking it all over but I need to stop burying my head in the sand and paying fees to a company isn’t going to help anything further.

Have defaults and have been passed/ sold on 4/5 of my debts just the one remaining  that has not defaulted. Annoyingly it is with Nationwide who defaulted the credit card debt but not yet the personal loan. 

Have sat tonight and rejigged what I am currently paying and spread the fee over the creditors for when I go self managed. 

Can I call Nationwide and advise I won’t be making payments until defaulted or should this be only done in writing? Or would both avenues be better. 

I’m full of nerves but I think once I have told the DMP company I no longer need their services I will breathe a sigh of relief!

thank you agai. 

sourcrates

Tryingnottobeskint said:

Can I call Nationwide and advise I won’t be making payments until defaulted or should this be only done in writing? Or would both avenues be better. 

thank you agai. 

Its best put into writing, as it should get to the specific department.

Calls are just dealt with by a call handler who will not be up to speed with what you are asking.

happytimesahead

Hi all,

My Santander credit card has now finally defaulted and the debt has been passed to Wescot to manage on their behalf. 

I’m just wondering would it be potentially better, in the long run, to hold out longer and not commence any payments to Wescot, and wait for the debt to actually be sold on, rather than just passed to a collection agency to manage on Santander’s behalf? Just thinking in terms of potential future settlement offers.

Thanks in advance for any thoughts! 

lillypoo

I don't know what's BEST BUT my credit card defaulted abd was handed over to wescot to manage. They rang texted and wrote to me every few days for about six weeks, one letter had a very " we know where you live" threatening tone. I didn't answer or respond to any of their communications and they then wrote to me saying they were sending the debt back to the cc company. That was before Christmas and I've heard nothing since. So if you want to build up a bit more of an emergency fund I'd say you can safely ignore wescot for a couple of months ...from my own experience.