DMP mutual support thread part 13 !!

tksnota

Hi

One of my loans has been sold to ACI Perch. Can anyone in this forum share their Account Name and Details so I can setup a standing order?

//tksnota

DebtFreeWannabe27

Any advice on what I can do to force defaults?
@sourcrates
I think I read on another thread that FCA reg. is for lenders to default after 3-6 months of missed payments. Is that true, and if it is, should I be contacting my lenders to complain?

For context, I stopped payments to Halifax in April this year, but it only shows on my credit file since June and they still haven't defaulted my account (4 missed payments). MBNA have sent me minimal correspondence and are showing missed payments from May on my credit file but I stopped payments in March (5 missed payments). Finally, I stopped payments to Virgin in March and it shows on my credit file from April (6 missed payments). Seems like there is a bit of a lag with things showing on my credit file. Should I sit tight until the end of the year and see what defaults are added or should I contact them now about this? Can I also ask for defaults to be backdated to the date of the third missed payment? TIA

sourcrates

The situation regarding defaults is quite fluid, and differs by lender, long standing FCA guidelines appear to be conflicting with recent advice to treat customers fairly due to the cost of living crisis, and try to avoid defaulting for as long as possible.

Some lenders are adhering to that advice, others are not, its pot luck I'm afraid.

JohannesW

Started my DMP and most of my accounts have defaulted, waiting for a few more. The one account which has defaulted a few months back was given to Moorcroft. I contacted them yesterday to set up a standing order with them, but they were insistent on giving a 6 months hold on the account. And said they will contact again in April 2025 to discuss.  Is that okay?
Then to dbl check, once i have an account that has defaulted, and whoever writes to me, I set up a standing order with them. 

My end goal is hopefully to get a discounted amount that I can settle. 

Been reading through all the forums and have learnt alot!!!

Suseka97

katielouisa said:

Thanks @Suseka97 🙂
I’m new to the process. Cancelled my DD’s (loans and credit cards) and recently missed the first of many missed payments 😁 so starting to get emails and calls etc. I’m just wondering, can DCA’s come to my home, or is that just for Council tax debt? 

I read a post on another page recently about just not paying these companies at all, as apparently they’ve already been paid out by insurance - is this correct? Is there any option of not paying them whatsoever if I don’t care about my credit score? 

And if I do pay them back, at what point will this be, do I contact them once defaulted or wait for them to contact me again? What if they go to debt collection without defaulting first? Sorry for all the questions, it’s all a little confusing! Thank you so much ☺️ 

Hi Katielouise and sorry for the late reply.  Ok, so firstly DCA's can come to your property if/when, over time, your debts are sold on by the original creditor.  Now, that's probably a ways down the line for you - but either way it's nothing to be concerned about.  DCA's are not bailiffs and you can just 'politely' tell them to go away.  

Now, I'm not quite following your comment about not paying these companies because they will already have been paid out by insurance.  It would be helpful if you could clarify that a little bit more.  

Are you planning to self manage a DMP?  if so. it might be worth having a look at the NEDCAB website which has a whole lot of really useful info about managing a DMP.  Overall, what you are looking to achieve is for your creditors to default your accounts, which then means interest and charges stop - until then, your debts will increase.  To do that you have to stop paying them and be prepared for a barrage of letters or emails.  

As for your credit 'score' that's largely irrelevant and only used as an indicator to you for the potential of further borrowing.  What matters is your credit file, which is what lenders look at - now, as you say, you don't want to be borrowing any more money (which is right) so your credit file status doesn't really matter, unless you are looking for a mortgage (remortgaging is doable when in a DMP, just saying).

My best advice is to gather as much knowledge about your situation as you can and the NEDCAB website - along with others, is a great resource.  

Suseka97

saving_88 said:

Hi There, 
So i have been on here a while. My aim is to now save. My Debts have defaulted so interest is paused etc. So i have lowered my DMP payments from 100 to 48 pounds a month. I have also gone to self managed for PRA via their website. I understand i have to pay debts, But as they are defaulted right now. I may as well have a good quality of life for 6 years until defaults disappear and save some. 
Now one creditor has not defaulted. I hope this makes them too. 

My question is, can creditors reject the new payment and take legal action etc. 

Hi there, sorry I don't know your backstory and you say you've been on here a while, so from what I can gather you are pretty much clued up on what you need to do and it sounds like its working for you, aside from the one creditor who has not defaulted.  Are you still paying that creditor?  if so you need to stop - or, make a complaint.

Creditors can reject payment plans, but whether they go down the legal route largely depends on how litigious they are and how much they are owed.  Even if one did, then you have a right to respond and can always avoid a CCJ by entering into a fair repayment plan.  The key here is to stay on top of correspondence and stay in control of the situation.

When I moved from a managed (Stepchange) DMP to self-managing I eventually stopped all payments and due to the timescale involved, was about to go down the CCA route.  I'm not sure how easy that is these days with the digital footprint of loans and CC's - but even when some of the DCAs were able to produce paperwork, I still reduced my previous payments to a more 'comfortable' figure that allowed me to live without hardship.

tksnota

I want to start with the affordability process. What’s the steps I need to do? What will be the most common reasons  I can use for those who successfully get FOS agreed to the reasons?

Sly72

tksnota said:

Hi

One of my loans has been sold to ACI Perch. Can anyone in this forum share their Account Name and Details so I can setup a standing order?

//tksnota

ACI UK LIMITED

Sort Code: 60-00-01

Account Number: 48848042 

natlie

Hi

Just popping back to say I’ve paid off my DMP today, it’s not all of my debt but it is over £33k gone. I have around £4,400 still to pay off a loan. 

I am grateful for all the advice and support I had and good luck to everyone starting their DMP it’s a good move 

Nat

sourcrates

natlie said:

Hi

Just popping back to say I’ve paid off my DMP today, it’s not all of my debt but it is over £33k gone. I have around £4,400 still to pay off a loan. 

I am grateful for all the advice and support I had and good luck to everyone starting their DMP it’s a good move 

Nat

Well done, and congrats on your success.