DMP mutual support thread part 13 !!

Dave10uk_2

Hi everyone, long time reader, first time poster in need of some advice.


I started a DMP with Stepchange about six months ago after finally admitted I had a debt problem, about £20k over 5 creditors and all is going swimmingly. Problem is I kept a couple of cards active for those 'just in case' emergencies and now I am struggling with these too. Since I have the defaults on my credit file from my DMP I have no qualms about defaulting on these too but am wondering if I could reorganize my DMP or if I should restructure my debt into an IVA.


I avoided this option previously as I have a share scheme at work but since I am thinking about leaving this role soon, I would loose the majority of share incentive anyway so it is less of an issue.


I realize now I cannot handle credit so my plan is to have to finish all credit commitments as this cycle will just repeat and repeat (as it has last ten years)


I have about 5k over 4 creditors in addition to my established DMP. Starting to panic again so any help or ideas would be helpful. Thanks

leanne12345

Hi, I haven't posted on here for a long, long time but was after a bit of advice if I may. Most of our debts defaulted around 2 years ago, but we had one that wouldn't so I stopped making any payments to this. Today I have had the default notice through the post. I can't remember what happens now- do I get anything to say that it has actually been defaulted? Should I just leave it a month or so and contact them with my offer of monthly payment?
Thanks

Willing2Learn

Dave10uk wrote: »

I started a DMP with Stepchange about six months ago after finally admitted I had a debt problem, about £20k over 5 creditors and all is going swimmingly. Problem is I kept a couple of cards active for those 'just in case' emergencies and now I am struggling with these too. Since I have the defaults on my credit file from my DMP I have no qualms about defaulting on these too but am wondering if I could reorganize my DMP or if I should restructure my debt into an IVA...

… I have about 5k over 4 creditors in addition to my established DMP. Starting to panic again so any help or ideas would be helpful.

Hi Dave10uk and welcome to the forum. Please contact SC urgently, as you need to amend your current plan, as it is no longer valid. Don't be down-hearted though as many before you have made the same mistake, by holding on to their credit cards. I respectfully suggest you destroy your cards. Cutting them up into little pieces may be therapeutic too

leanne12345 wrote: »

… Most of our debts defaulted around 2 years ago, but we had one that wouldn't so I stopped making any payments to this. Today I have had the default notice through the post. I can't remember what happens now- do I get anything to say that it has actually been defaulted? Should I just leave it a month or so and contact them with my offer of monthly payment?

Hi Leanne,

If it were me, I would write to the creditor requesting that they back-date the default to when you were 2-3 months in arrears of the original agreement. This would be consistent with ICO guidelines. And yes, you can make a formal repayment plan now for this debt, (once the notice period has expired) Well done for holding your ground and not paying them.

Suseka97

leanne12345 wrote: »

Hi, I haven't posted on here for a long, long time but was after a bit of advice if I may. Most of our debts defaulted around 2 years ago, but we had one that wouldn't so I stopped making any payments to this. Today I have had the default notice through the post. I can't remember what happens now- do I get anything to say that it has actually been defaulted? Should I just leave it a month or so and contact them with my offer of monthly payment?
Thanks

I wouldn't do anything until you've checked your credit file/s to confirm the default. What you generally get in the mail (and others please correct me if I'm wrong) is a notice of a possible/or intention to default. The standard blurb is usually that if you don't continue with payments/make arrangements to pay then your account might be defaulted and that doesn't always follow suit. But if the wording on your letter says something different, be guided by W2L.

leanne12345

Suseka97 wrote: »

I wouldn't do anything until you've checked your credit file/s to confirm the default. What you generally get in the mail (and others please correct me if I'm wrong) is a notice of a possible/or intention to default. The standard blurb is usually that if you don't continue with payments/make arrangements to pay then your account might be defaulted and that doesn't always follow suit. But if the wording on your letter says something different, be guided by W2L.

Willing2Learn wrote: »

Hi Leanne,

If it were me, I would write to the creditor requesting that they back-date the default to when you were 2-3 months in arrears of the original agreement. This would be consistent with ICO guidelines. And yes, you can make a formal repayment plan now for this debt, (once the notice period has expired) Well done for holding your ground and not paying them.

Thanks both, yes it is does only state that they 'may' take further action etc. so as you say I will wait and check credit files, then follow the above advice. Thanks again!

jools1985

Hi everyine I have not posted in this forum for a while as all has been going OK. My first DMP payment with Stepchange is due to go out on Monday and I've built up a little emergency fund.


I've had a letter from RBS today telling me my debt with them has been transferred to Wescot and any further communication I have should be directly to Wescot.



I sent a CCA request to RBS in August as I have had this credit card since 1997. RBS wrote back to me stating they were looking for the paperwork. Would anyone advise me to remind RBS about the CCA request again? I don't think I can ask Wescot about it? My debt with RBS is £10525 and my biggest one. Should I be doing anything about the CCA request?


Thank you in anticipation....

sourcrates

jools1985 wrote: »

Hi everyine I have not posted in this forum for a while as all has been going OK. My first DMP payment with Stepchange is due to go out on Monday and I've built up a little emergency fund.


I've had a letter from RBS today telling me my debt with them has been transferred to Wescot and any further communication I have should be directly to Wescot.



I sent a CCA request to RBS in August as I have had this credit card since 1997. RBS wrote back to me stating they were looking for the paperwork. Would anyone advise me to remind RBS about the CCA request again? I don't think I can ask Wescot about it? My debt with RBS is £10525 and my biggest one. Should I be doing anything about the CCA request?


Thank you in anticipation....

Hi,

The debt remains unenforceable until they respond to you.

So you should do what you think best.

[Deleted User]

jools1985 wrote: »

Hi everyine I have not posted in this forum for a while as all has been going OK. My first DMP payment with Stepchange is due to go out on Monday and I've built up a little emergency fund.


I've had a letter from RBS today telling me my debt with them has been transferred to Wescot and any further communication I have should be directly to Wescot.



I sent a CCA request to RBS in August as I have had this credit card since 1997. RBS wrote back to me stating they were looking for the paperwork. Would anyone advise me to remind RBS about the CCA request again? I don't think I can ask Wescot about it? My debt with RBS is £10525 and my biggest one. Should I be doing anything about the CCA request?


Thank you in anticipation....

I'm glad things are going well for you and that you've managed to build up a little emergency fund prior to your DMP starting. I wish I'd done the same but I hadn't discovered this thread and the wonderfully helpful people who post here when I dived into myt DMP with no preparation:o

As for Wescot, they are OK, or at least they have been with me. No hassle and the only contact was by letter from them every so often with a statement of my payments. They were the company who helped me to settle the only 2 of my debts I've managed a F&F for so far, one of these being a RBS/Mint credit card debt:j. I spoke to them on the phone, they couldn't have been more helpful and the whole experience was very satisfactory.


If you need to contact anyone from now on about the RBS debt you have to do it via Wescot. They don't buy debts and it hasn't been sold on to them but they are responsible for all dealings on it now. They will probably have to refer queries back to RBS. It would be far easier, I know, to be able to cut out the 'middle man' as it were but that's how it works. Any further information on the CCA request and subsequent paperwork that may emerge should come to you from Wescot.


Once a CCA request has been acknowledged collection of payments on that account are 'on hold', in other words you don't pay anything until they provide the necessary compliant paperwork. I was waiting over 10 months for CCA paperwork from my 1997 Tesco CC debt and all that time they never collected a penny:j. It all helped to increase the EF. I'm not sure how this works with Stepchange, whether you have to notify them or if Wescot does. Maybe someone else will come along and advise you. I can't recall what happened in my case, sorry:o


As for reminding RBS/Wescot about the paperwork again, what would be the point? Given that they shouldn't be taking payments until they provide something I'd be tempted to let sleeping dogs lie;). RBS should have put Wescot in the picture about the CCA request but you never know with these things. Some creditors are more efficient than others!

jools1985

Thanks for your detailed reply carbootcrazy. It's good toknow Wescot are OK to deal with. My debt is also an ex Mint/RBS Advanta card too. I'm not going to do anything about it yet as I don't want to rock the Stepchange boat and I do owe the money. I'll probably go self managed at some point though and then see if I can negotiate some F&F's.



Thanks again

[Deleted User]

jools1985 wrote: »

Thanks for your detailed reply carbootcrazy. It's good toknow Wescot are OK to deal with. My debt is also an ex Mint/RBS Advanta card too. I'm not going to do anything about it yet as I don't want to rock the Stepchange boat and I do owe the money. I'll probably go self managed at some point though and then see if I can negotiate some F&F's.



Thanks again

Thank you:T

Self-managing is definitely the way to go when you feel ready for it. I salute those who do it right from the start but a lot of us need the reassurance of someone like Stepchange holding our hand through the scary early days. It 'only' took me just over 4 years before I developed the confidence (thanks to the wonderful advice from posters on here:T) to self-manage:o. I needed the flexibility by then and have never regretted the decision to do it,


Good luck:beer: