DMP mutual support thread part 13 !!

Jonnychang87

sourcrates said:

Jonnychang87 said:

Jonnychang87 said:

sourcrates said:

Jonnychang87 said:

Good afternoon all. I have received my 1st email today after starting my dmp. Moorcroft have emailed to say they are working on behalf of fluid. Can I assume my credit file has been defaulted as its not showing on there.
Cheers

No, never assume anything, unless you have had a default notice issued under sec 87(1) CCA giving you 14 days to clear the arrears on your account, then no, you won`t have been defaulted.

Moorcroft may just be chasing your arrears and nothing more.

Cheers for your reply. I can see my account has been terminated. But still no default. Moorcroft are ringing a few times a day. Do ignore and wait for the default or speak to moorcroft?
Cheers

Update I have been issued a default notice but nothing is showing on the credit file. 

A default notice issued under sec 87(1) CCA has a 14 day response window, after which a default can be registered, check again in a months time.

So ignore moorcroft for now? 

sourcrates

Moorcroft are just a collection company acting on behalf of the creditor, they will only be looking to collect the arrears, to get you back up to date with payments, your not looking to get back up to date with payments are you, you are wanting the account to default, then start debt management.

So yes you ignore Moorcroft, as they play no part in your plan.

mrosie

A question about starting a self-managed DMP. I have not missed a payment on anything yet, but I am about to.

When I miss the payment, should I then write a letter explaining my situation and ask them to default, or do I ignore everything from them until they default and then write a letter with a payment offer?

mrosie

Ah, I have just seen this in one of the read this guides:

"So, counterintuitively, approaching your creditor to come to an arrangement could penalise you more than simply stopping your payments and ignoring your creditor until the account defaults."

Which I think answers my question. I will just ignore until the account defaults.

Jonnychang87

sourcrates said:

Moorcroft are just a collection company acting on behalf of the creditor, they will only be looking to collect the arrears, to get you back up to date with payments, your not looking to get back up to date with payments are you, you are wanting the account to default, then start debt management.

So yes you ignore Moorcroft, as they play no part in your plan.

Thanks for everything. Basically I told moorcroft that I was starting a dmp and would they accept £1 a month and stop trying to collect. They said yes and that the client wanted more per month so the default will happen in July. Ideal 👍 did i miss anything? 

Headabovethewater

Thank you for any advice, 5 years on and 2 of my defaulted are with pra who have never sent a settlement offer - should I write direct to mbna and barclays? Has anyone had success?  what happens after the 6 years, I carry on paying but do they have any more powers?

Also the 1000 overdraft I had with Yorkshire, taken over by virgin and now nationwide, has never defaulted despite me sending letters. Is it normal for banks? Any suggestions or do I just start making some payments, I'm concerned they will then add alot of interest, whereas each statement they have sent has kept it at the same amount.

sourcrates

Headabovethewater said:

Thank you for any advice, 5 years on and 2 of my defaulted are with pra who have never sent a settlement offer - should I write direct to mbna and barclays? Has anyone had success?  what happens after the 6 years, I carry on paying but do they have any more powers?

Also the 1000 overdraft I had with Yorkshire, taken over by virgin and now nationwide, has never defaulted despite me sending letters. Is it normal for banks? Any suggestions or do I just start making some payments, I'm concerned they will then add alot of interest, whereas each statement they have sent has kept it at the same amount.

PRA are notorious for NOT accepting settlement offers, however, some posters have had limited success, but it will depend on your circumstances.

Debts you are curranty paying will always be enforceable at any age, unless they can`t find the credit agreement of course, so even if the account has dropped off your file, its still collectable.

For the limitation act to apply, there must be 6 clear years without written acknowledgement or payment.

Banks don`t always add interest to delinquent accounts, it does depend how much you are in the hole to them, but if you can make payment to it, then it will clear quicker.

Headabovethewater

sourcrates said:

Headabovethewater said:

Thank you for any advice, 5 years on and 2 of my defaulted are with pra who have never sent a settlement offer - should I write direct to mbna and barclays? Has anyone had success?  what happens after the 6 years, I carry on paying but do they have any more powers?

Also the 1000 overdraft I had with Yorkshire, taken over by virgin and now nationwide, has never defaulted despite me sending letters. Is it normal for banks? Any suggestions or do I just start making some payments, I'm concerned they will then add alot of interest, whereas each statement they have sent has kept it at the same amount.

PRA are notorious for NOT accepting settlement offers, however, some posters have had limited success, but it will depend on your circumstances.

Debts you are curranty paying will always be enforceable at any age, unless they can`t find the credit agreement of course, so even if the account has dropped off your file, its still collectable.

For the limitation act to apply, there must be 6 clear years without written acknowledgement or payment.

Banks don`t always add interest to delinquent accounts, it does depend how much you are in the hole to them, but if you can make payment to it, then it will clear quicker.

Thank you, I am still unable to work, currently in the support group, not looking like I will be able to return so I am thinking to perhaps write direct to mbna and bypass pra as i have got nowhere with telling them as far as final settlements?

The bank overdraft is 1,100

LeedsOnTheUp

Hello all. I am on a self-managed DMP and have managed to set up payments to creditors that I can afford (£120 a month on debts of around £30000). I am due to get a pay increase of around £15000 per year later on this year but I don't really want to tell the creditors that. What are my options here? I don't think I can outright lie about what I am being paid but could I perhaps, take up smoking cigarettes instead of vaping, which hypothetically would cost a lot more money and leave me less to pay out? I would prefer to save the money for F&F than increase payments.

sourcrates

LeedsOnTheUp said:

Hello all. I am on a self-managed DMP and have managed to set up payments to creditors that I can afford (£120 a month on debts of around £30000). I am due to get a pay increase of around £15000 per year later on this year but I don't really want to tell the creditors that. What are my options here? I don't think I can outright lie about what I am being paid but could I perhaps, take up smoking cigarettes instead of vaping, which hypothetically would cost a lot more money and leave me less to pay out? I would prefer to save the money for F&F than increase payments.

Debt management is an informal arrangement, you are under no obligation to tell them anything, let alone what you earn, its basically non of their business.

Save the money and do as you wish, you don`t have to tell anyone, especially your creditors.