DMP mutual support thread part 13 !!

Willrdouglas1809

Hi,

Just thinking I'm needing some re-motivation regarding my DMP. Total figure at the start was around £22k which started March 2023 and I've now paid £14k (I've aimed at around £400 a month) and had hoped to have it paid by my 30th Birthday in Sept 2027 which is hopefully still possible

One of my debts only recently got defaulted due to Sainsburys selling their business to Natwest which has been a big knock for me as this default will be on two years longer then the rest and I still find it hard to just live a regular life when I can see people of a similar age looking to move out, have nice cars or whatever creature comforts. I know it's not it all cracks up to be and I would never buy a new car but it does just de-motivates me so much to not just to return to old vices (gambling was a big problem for how I ended up where I am) 

what can I do to keep focused? my girlfriend does help, but she's not in a similar position and was able to save a lot of money for the first time last year so I also feel so distant in that regards

sourcrates

Willrdouglas1809 said:

Hi,

Just thinking I'm needing some re-motivation regarding my DMP. Total figure at the start was around £22k which started March 2023 and I've now paid £14k 

One of my debts only recently got defaulted due to Sainsburys selling their business to Natwest which has been a big knock for me as this default will be on two years longer then the rest

I can see people of a similar age looking to move out, have nice cars or whatever creature comforts.

You`ve re-paid 14k, well done.

If Sainsburys didn`t default you within guidelines, then complain to them.

Ask them to backdate the default to when you first got into trouble with your payments, just like the rest of your creditors did, if you don`t ask, you don`t get.

The people with nice cars are likely living a lie, and are actually in twice as much debt as you are, creature comforts do not have to be financed with credit, ideally debt management should learn you to live within your means, and allow you to save for the things you want, otherwise you risk going back down the same old path again.

If you want to treat yourself occasionally, do so.

Willrdouglas1809

sourcrates said:

You`ve re-paid 14k, well done.

If Sainsburys didn`t default you within guidelines, then complain to them.

Ask them to backdate the default to when you first got into trouble with your payments, just like the rest of your creditors did, if you don`t ask, you don`t get.

The people with nice cars are likely living a lie, and are actually in twice as much debt as you are, creature comforts do not have to be financed with credit, ideally debt management should learn you to live within your means, and allow you to save for the things you want, otherwise you risk going back down the same old path again.

If you want to treat yourself occasionally, do so.

Thank you, I think it's just feels so long and yet still so far away, but not like I can turn back

I did log a complaint with Natwest around the default since they now own the business, I've got two theories why Sainsbury never sold it (1. held off selling any debt since my payment was so close to my actual or 2. Hold as much debt to bolster their company value) but don't think there's much I can do with them now. Hopefully the results of this is a back-dated default.

I think by default by not having as much spare income that I do try to live within my budget more, but trying to get some consistancy is the only way I'll overcome this and that's the bit I find the hardest. Something I need to work on this year

SpaceCadet12

When will I feel ok.   I have a few days where I feel ok, then next min I feel stressed and tense.  

sourcrates

SpaceCadet12 said:

When will I feel ok.   I have a few days where I feel ok, then next min I feel stressed and tense.  

About what exactly??

saving_88

Hi, Me again. So i have decided to self manage now. Most creditors have agreed to what i want to pay them. I have set up Standing orders etc.

Only ones that don't agree to my amount is Clearpay, Klarna and Pay Pal Pay in 3. I'm tempted to let them default and manage with a third party company after. Clearpay don't show on credit record, so happy with them.

I am going to offer settlement figures at a reduced rate. Then build myself up. My debt i have realised comes from feeling down, So overspending, taking forms of credit to buy nice stuff to make me feel better. I aim to solve this. But have to sort the current debts out first

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/81863939#Comment_81863939

OK, never seek creditor approval or agreement for what you want to pay them, you tell them what they will be paid, and you pay all your creditors as you see fit, you never ask for their agreement.

It makes no difference to you if they agree or not, you should just pay them what you have budgeted anyway, after all, they will not turn down your payment.

If they don`t like what you pay them, it just hastens the sale of the debt to a 3rd party that`s all.

MrsLD

I was one of those people who started a DMP before finding this thread and so didn't do a lot of things I have since learned make a big difference- I went straight from never missing a payment to being in a DMP.

That was in May 2023. I am due to finish the plan in October/ November 2027. All on track. I had 4 creditors, Barclaycard defaulted me and sold the debt to PRA Group pretty much immediately. Virgin have never defaulted me or suggested they might do so. MBNA and Lloyds until last month didn't default me either but have both now written to me to say they are closing my accounts (not a surprise, nothing to object to!) and sending me default notices.

I have just done written complaints to both pointing out that I have been in the DMP and making agreed payments for 33 months and that it is not reasonable to default me with a date of NOW- the default date should be within 3 months of when I started making the DMP payments so between May and July 2023. How likely is it that they will do this?

(NB- my dmp is with PayPlanPlus. They were great when I first set it up, since then they have been a bit pointless and just suggest I speak to my creditors whenever I have a query, else I'd go to them rather than bother you on here).

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/81876926#Comment_81876926

Yes by all means make a complaint about the default been added too late.

If they won`t back date it, you can still take it to the FOS to have the final say, try and make a good argument as to why they should backdate it, obviously it goes against guidance, but they may say they agreed to the arrangement you proposed.

I would use the fact that it was unfair on you to delay the default, as it will affect your credit worthiness for a longer period, than say someone who has ignored the debt completely and not paid anything, at least you have been paying the debt, see how that fly's.

MrsLD

Thank you :)

If their response is they agreed to the arrangement in May 23, I would want to argue that the only thing that has changed since then is that I now pay them more and owe them less so it makes a default being registered now even less reasonable! I have done the written complaints, kept it very brief and to the point and will see what they say.

People finding this thread whilst not yet in any sort of dmp, whether self managed or via Step Change etc- DEFAULT BEFORE YOU START. I know it goes against your instincts, mine were to avoid default at all costs, get a plan arranged, stick to it and never miss a payment- but my instincts were so wrong and this thread was so right.