DMP mutual support thread part 13 !!

lulabelle01

I’ve received a letter from one of my creditors accepting the monthly payment I’m able to make. In my original letter I stated I wouldn’t be able to start paying for 3-4 months due to needing to build an emergency fund. The letter hasn’t referenced this and has stated that from my I&E they can see I can only afford x amount a month and I should pay this every 30 days. Are they expecting me to start paying ASAP?

Willing2Learn

Hi lulabelle,

That is probably an automated letter. If it were me, I would stick to the plan you set out in your original letter. Build your EF

jubilee63

Hello, i'm hoping somebody can give me some advice. I have been paying a DMP/company for the last nine years. i have five debts in total with about 12,500 left to pay off and so have decided to self manage from now on as i hope to increase payments in the new year. I cancelled the direct debit with the company i have been using a few days ago and they were quick to write and query my cancellation so now i am worried that i have acted stupidly and risk upsetting the credit card companies. My question is what should i do now, write to all and ask for proof of the credit agreement and then hope for some full and final offers. Do i continue paying the same payments as previously as i certainly do not want to default again on these debts. Any advice would be appreciated.

Suseka97

lulabelle01 wrote: »

I’ve received a letter from one of my creditors accepting the monthly payment I’m able to make. In my original letter I stated I wouldn’t be able to start paying for 3-4 months due to needing to build an emergency fund. The letter hasn’t referenced this and has stated that from my I&E they can see I can only afford x amount a month and I should pay this every 30 days. Are they expecting me to start paying ASAP?

They probably are, yes - but that doesn't mean you have to. If it makes you feel less worried, just write back acknowledging their letter and restate that you will commence payments on xx date. You can offer to send tokens between now and then if you wish, but I wouldn't bother myself. Just stick to your plan, it'll be fine.

jubilee63 wrote: »

Hello, i'm hoping somebody can give me some advice. I have been paying a DMP/company for the last nine years. i have five debts in total with about 12,500 left to pay off and so have decided to self manage from now on as i hope to increase payments in the new year. I cancelled the direct debit with the company i have been using a few days ago and they were quick to write and query my cancellation so now i am worried that i have acted stupidly and risk upsetting the credit card companies. My question is what should i do now, write to all and ask for proof of the credit agreement and then hope for some full and final offers. Do i continue paying the same payments as previously as i certainly do not want to default again on these debts. Any advice would be appreciated.

Don't panic - and well done for taking control of your DMP.

Okay, this is what I would do. Get hold of all the information from your DMP provider about who holds the debt (original creditor or DCA), along with the outstanding balance and payment (account) details. Then write to each of them advising that from x date you will be handling your DMP and include in that letter your CCA request. You can add that once they have provided the requisite information you will make arrangements to continue with the agreed (former) payment amount. That's what I did and a year on I've not made any payments to the (then) 6 debts because they took ages to reply and 3 out of 6 couldn't satisfy the requirements of the CCA request.

In terms of defaults - you can't be defaulted twice for the same debt, so no need to fret on that point.

Brindle_79

Hi all,

I’ve just discovered this thread after spending a lot of time on the SC website. It’s very reassuring to read others in a similar situation, and even better to read that there is light at the end.

I’ve competed the SC assessment and a DMP has been recommended. My debt has mostly been through credit cards and it’s getting to a point where it’s becoming a daily worry.

I’ve requested the pack in the post from SC but my main concern is the impact on my wife. She is fully aware of the situation but worried about her credit file and also we have a joint account and mortgage with Nationwide. Payment for the mortgage comes out of the joint account. We have just agreed a new 5 year fixed deal so that’s ok, but worried about what may happen after (in terms of a new deal with Nationwide)and more worryingly, if I do go down the DMP route can they change my current mortgage deal?

I have a loan and overdraft on my current Nationwide account so just anxious about how it will effect my mortgage once Nationwide are aware of the DMP

Any advice would be appreciated

Thank you

Suseka97

Brindle_79 wrote: »

Hi all,
.......
I’ve competed the SC assessment and a DMP has been recommended. My debt has mostly been through credit cards and it’s getting to a point where it’s becoming a daily worry.........my main concern is the impact on my wife. She is fully aware of the situation but worried about her credit file and also we have a joint account and mortgage with Nationwide. Payment for the mortgage comes out of the joint account. We have just agreed a new 5 year fixed deal so that’s ok, but worried about what may happen after (in terms of a new deal with Nationwide)and more worryingly, if I do go down the DMP route can they change my current mortgage deal? I have a loan and overdraft on my current Nationwide account so just anxious about how it will effect my mortgage once Nationwide are aware of the DMP. Any advice would be appreciated. Thank you

.

Firstly welcome and congratulations for acting on your debt situation.

One of the first rules is that you cannot bank with any provider that you have debts with - this is because of the right to offset. So if the Nationwide loan and overdraft are going into the DMP you are going to have to change banks. That should not affect your mortgage arrangements as they stand now, it is a completely separate product and a priority debt that will be factored into the DMP payment. Seeing as you've just fixed for 5-years, that's good news and I wouldn't worry about thinking too much further ahead than that - you will be able to re-mortgage with them again but just might not get the best deal in terms of rate.

I think your focus needs to be on getting the ball rolling with the non-priority debt situation you are in and go from there, but don't rush - take your time and read back on this thread, you'll find a lot of people in your situation who are just starting out and will probably find the answers to many of the questions now mulling around in your head.

Good luck!

lulabelle01

Had my final reply from RBS today regarding my 2 credit cards they’ve accepted my repayments and have passed the debts on to be managed by wescot. So I’m guessing now I wait for them to be in touch? I feel like I’ve had wins with my creditors but today I got home to find my husband talking about moving house (we rent) and now I’m worrying about my credit file when it comes to renting another house. Does anyone have any experience with this? I’m clearly not going to pass any credit checks and he’s pretty oblivious to my DMP.

backandevenmorebroke

Has anyone else experienced seriously slow responses from their creditors? I've had a few holding responses, a few who asked for my I&E and responded to accept/reject token payments.

However, there are still a few of my creditors who I have now sent 2 copies of the letter to who have yet to respond to even acknowledge them. They are sending out the usual missed payment and default letters but nothing in response to mine. I wasn't too fussed but it's been going on Since July now and I have noticed they have started removing the accounts so I can't see them when logging on to online banking so I'm going to have to write to them again to ask for bank details to set up a standing order. Just wanted to know if this is normal or whether I should be doing more?

OCTOBER

i've had no replies regarding my holding letters up to now.
but, today a creditor has rang me at work !!!! I don't even know how they have the number.
feel really anxious, it is embarrassing to say the least
I have told them I cannot accept personal calls at work

Oriax

Hi all,

Been lurking and picking up all your excellent advise .. just thought I'd add my experience so far to this invaluable knowledge base.

30/11/18 was my LBM. After 30 years of seemingly never ending debt I finally acknowledged I could no longer go on living this way. I had always prided myself in my 'bills first' mantra, however upon nearing the end of my credit options, a serious health condition for my wife and a realisation that I would be retired and still paying off interest on debts I had paid off many times over, I had a quiet word with myself. When your using your CC to stock the fridge it's time to change.

I have chosen the SC DMP route and I'm scared to death, I hate not paying my way properly but I know I have to do this. My holding letters went out on Monday and today I cancelled my creditors direct debits while my plan is being set up.

Now I am forewarned of what is to come if feel some much better and really cannot thank all contributors to this thread enough, I really wish I had done this sooner.

To anyone delaying pushing that button, as I did numerous times, don't, you finger won't fall off

The journey begins ...