DMP mutual support thread part 13 !!

SpaceCadet12

Oh what is a CCA? Never heard of that? Something I will look into.

MissXenetia26

I have been in a DMP since 2019 and have paid in excess of £20k off and have approx. £8k left to pay (should be debt free by April 2028). It's been a long hard battle and there have been times when I have thought of giving up and getting DRO/bankruptcy but there is finally light at the end of the tunnel.

tigergambit





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https://forums.moneysavingexpert.com/discussion/comment/81705395/#Comment_81705395

chrismoore1983

hi all, I’m in the process of setting up DMP with stepchange I don’t feel ready to go self managed. I have had to send some more documents over today. Can I specify what day I would like my first payment to be? I would ideally like the first payment to be taken 1st October so I have another payday to add to my emergency fund. I am not paying my creditors as advised in this forum and explained when contacted that I am in the process of setting up a DMP. Thanks all

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/82090510#Comment_82090510

Start from the position that you can do anything you like in debt management, you tell them what best suites you, and if they want to question it, they are free to do so, ok, good luck.

MissCarmen

Hi. Wanted to leave an update.

I have been on a DMP with Payplan for 2 years now (£219pm). I managed to pay off £18,000, mainly by selling an asset I had.

My debt is now £40,400 (ish).

I used to earn good money but my business crashed 2 years ago and my income hasn't fully recovered yet, although I have kept it steady enough to stick to my DMP payments. That coincided with losing some money on a bad property investment and also I had just bought up done up a house, using credit cards for the house reno, based on the income my business had been making previously, and voila, big debts.

I had relied on that I would be able to remortgage and pay the credit cards back, but when it came time I didn't have the level of income required to support the additional borrowing. Stupid move, I know that now.

I've just done the Payplan annual review which I HATE doing. I did my budget, then had to go through it all again on the phone with an advisor. It's done now and my payment offers to my 5 creditors have been sent off.

I've managed to come up with a lump sum of about £3000, and have just made a F&F offer to Capquest, who hold one of my defaulted debts of about £8000. Not really expecting them to say yes, but I wanted to start somewhere.

I still get really triggered by all of this and still get bouts of shame and depression, like when I did the Payplan review.

But I am facing it and it will be paid.

I am looking at some ways of freeing up more money, including the possibility of moving in with my boyfriend, which would drastically reduce my bills as I'd let my own house out to a tenant.

Anyway, just saying hello, and keep going everyone.

Also, always open to advice.

Thanks all.

MissCarmen

Oh… I forgot to say. The debt advisor at Payplan who did my review recommended an IVA for me. But when I looked into it it doesn't seem like a good option for me or anything I want to do.

EcoMeCB

Hi I'm in a DMP, I've recently sent CCA letters for the relevant debts and only one has got back to me so far. Given I sent the letters end of June, do I now assume the others haven't been found or how long would you wait? That's a significant proportion of debt that I could potentially stop paying. On that note, my DMP is via Stepchange, I assume I'd have to self manage if I decided to stop paying some of the debts? I'm also currently saving money in a help to save account to enable me to go for final settlement offers on remaining debts down the line. I don't think Stepchange allow this so am I better off just looking at self managing?

Makingabobor2

https://forums.moneysavingexpert.com/discussion/comment/82135438#Comment_82135438

We finished with SC & went self managed, in order to get some final settlements. We did manage a few good ones, but they don't seem to be so easy to get now. Good luck.

sourcrates

@EcoMeCB

Never "assume" anything, creditors are notoriously cagey about responding to letters like this, most of the time the request has to be passed back to the original lender, and they then have to physically search for the paperwork (if its an old debt) or for more recent accounts, find it on their systems, it all takes time.

I would allow 6 months for a response, there is also the distinct possibility no one else will get back to you, as there can be a tendency to ignore such requests, if that`s the case, your debt remains unenforceable until such time they do respond.

Keep copies of all letters sent.