DMP mutual support thread part 13 !!

sourcrates

lc2405 said:

Hi. Just after some advice. I am waiting for accounts to default to then self manage a dmp. I have had messages off Wescot saying they now manage account on behalf of PayPal and drs too saying same for Klarna. Are these just managing it for them and not defaulted? Anyone had dealings with these before? They have sent links to their sites to set up payment plans etc 

That`s all Wescott do, manage clients accounts on behalf of the lender.

Have you had default notices sent under sec 87(A) CCA yet? that`s what your looking for.

Until you get those, it hasn`t defaulted.

ditty1234

Hi just had a quick read, I am almost 6 years into a self managed debt management plan - or no plan.
I am paying a symbolic amount so debt has no view to clear.
I am not sure what I am asking here - do I just keep paying my minimum amount?
Should I try and send offers to clear - will they take 5-10 % offers? 
I think my first concern is to clear the lowest which is with HSBC managed by Moorcroft. Any ideas - its just under £1200 so I could potentially pay it out in a year or two! 
Any advice would be great. 

sourcrates

ditty1234 said:

Hi just had a quick read, I am almost 6 years into a self managed debt management plan - or no plan.
I am paying a symbolic amount so debt has no view to clear.
I am not sure what I am asking here - do I just keep paying my minimum amount?
Should I try and send offers to clear - will they take 5-10 % offers? 
I think my first concern is to clear the lowest which is with HSBC managed by Moorcroft. Any ideas - its just under £1200 so I could potentially pay it out in a year or two! 
Any advice would be great. 

Hi ditty,

Well token payment plans are not a long term solution, all they do is stop the debts from becoming statute barred.
Are your circumstances unlikely to change at all?

Have you ruled out insolvency/DRO?

If things are not going to improve financially then you should be looking to ask your creditors to write off your debts on the grounds that you will never be able to clear the balances, stick to a workable strategy rather than a wishy washy approach.

ditty1234

sourcrates said:

ditty1234 said:

Hi just had a quick read, I am almost 6 years into a self managed debt management plan - or no plan.
I am paying a symbolic amount so debt has no view to clear.
I am not sure what I am asking here - do I just keep paying my minimum amount?
Should I try and send offers to clear - will they take 5-10 % offers? 
I think my first concern is to clear the lowest which is with HSBC managed by Moorcroft. Any ideas - its just under £1200 so I could potentially pay it out in a year or two! 
Any advice would be great. 

Hi ditty,

Well token payment plans are not a long term solution, all they do is stop the debts from becoming statute barred.
Are your circumstances unlikely to change at all?

Have you ruled out insolvency/DRO?

If things are not going to improve financially then you should be looking to ask your creditors to write off your debts on the grounds that you will never be able to clear the balances, stick to a workable strategy rather than a wishy washy approach.

Thanks @sourcrates I have had a lot of other things that  are now sorted out, so I will s be looking to contact creditors in the coming weeks, as don't see ever being able to pay out full amount. 

Gewakefie

Hi guys!

im going to enter a dmp I’ve just uploaded all documents just need to sign the agreement, I was just wondering i have Monzo loan and flex that are going into my dmp, Monzo have already applied breathing space for 60 days without me barely asking I still want to bank with Monzo as my main bank but I’ve seen a lot of people talking about offset and opening new accounts?

should I not get paid into my Monzo bank anymore as now I’m scared they will just take my salary one month 

sourcrates

Never bank where you have debts, basic rule number one!!

Always get a new bank account before you start debt management.

tksnota

Hi,

I received a letter from Essex Law Limited demanding payment otherwise they will progress with court proceedings 

I raised a formal complaint with the company who owned the debt for extending credit even if I had defaulted and had DMPs setup with several creditors 

I’m still waiting for the outcome of my complaint which might take 8 weeks and if not favourable then I will escalate it to the Financial Ombudsman.

My question is the Law Firm is only giving me 4 weeks to settle the account which is earlier than the 8 weeks for the company to respond on my complaint. What is the action I need to take?

Gewakefie

sourcrates said:

Never bank where you have debts, basic rule number one!!

Always get a new bank account before you start debt management.

Why is this ??

only I have a friend who is on a dmp for a Monzo loan and flex but still uses Monzo as her main bank? 

sourcrates

Gewakefie said:

sourcrates said:

Never bank where you have debts, basic rule number one!!

Always get a new bank account before you start debt management.

Why is this ??

only I have a friend who is on a dmp for a Monzo loan and flex but still uses Monzo as her main bank? 

All banks have the right of what`s known as "set off".

This means that within certain parameters, they can take money owed to them by you, from any account held in your name within the same banking group giving only limited notice of what they intend to do.

So if you have defaulted debt with the bank you still bank with, and you have a credit balance on any other account held with them, don`t be surprised if it it gets taken.

Gewakefie

I have a debt with Lowell around 2k have been paying for years my dad has said that he will give me £400 and to ask them if they will accept it to close my account, is it ok to do this before entering my dmp with everyone else?

also I’ve been reading a lot on here and the advice is to default for a couple months and build a saving fund I’m just so scared to do this any advice?

with regards to offset I don’t know if I’ve done the right thing but Monzo have already applied breathing space for my loan and flex for 60 days as I messaged them, I also asked them if I keep using them as my main bank can they confirm they won’t offset anything? If they agree is it safe to keep using them as my main bank? It won’t be an overdraft that I owe it’s a loan and flex 

thanks for all your help this far