DMP mutual support thread part 13 !!

Dandytf

@carbootcrazy
I think early 2021 is much better than mid 2022
My Sky. Contact is up for renewal from March 2019 -I could consider basic cable or online basic package for 2 years, wouldn't do any harm.
I appreciate the effects on cra reports are minimal whilst more defaults are due to drop off over next 3 years etc.
I just need to. Think how I can let SC know I'm increasing my payments by such a 'considerable' amount.
Forgot to add it could be nice to work towards clearer cra reports though not as important when I was full time.
--Edited--
What could be decent is any improvement in cra report to consider car finance in next 2 or more years-if it's possible at all with part time earnings (as discussed in mser's motor forums since early 2018 pcp decline)=Checkmyfie advised best to clear of dmp/defaults which could considerably be positive if applying for car finance in future.
Thanks carbootcrazy

Suseka97

Changingtimes wrote: »

Hi there.
Well I finally sent my DMP papers over to SC . They have emailed me saying they want to speak to me about my I and E Is this routine do they speak to everyone about their I and E prior to setting up the DMP?
Thanks

Back in the day we had a number of conversations with SC whilst setting up the DMP - mainly to clarify some points and also to ensure our I&E was realistic. Some things went up, others went down. So there's no harm in calling them - you should find it quite helpful.

Suseka97

carbootcrazy wrote: »

Sorry to overdo things:o but I've already posted the query below on the F&F thread. I decided to copy it here as that thread isn't as fast-moving

Has anyone any idea what the lowest % discount Link offer please. I know it would probably vary according to a host of circumstances, but a hint of what anyone else received from them would be a big help.

They didn't mention any counter offer in the letter but asked me to phone them to discuss a settlement. I get very flustered doing this sort of thing so want to be very well prepared before I do pluck up the courage to phone them later in the week.

Thanks

Any advice very welcome x

Hey CBC

Well its a start and it sounds like there's room to manoeuvre. I had a couple of Link letters drop on the mat yesterday - read them quickly and it was something about them wanting me to call to discuss settlements, so perhaps they are having a bit of a push on F&Fs to increase their collection figures for the year.

Anyway, whilst I have no experience in terms of % settlement figures, my advice is to keep everything in writing - I've read elsewhere that when they get you on the phone, they tend to push for more £s, so don't give them the opportunity and especially if you are likely to get a little flustered.

Good luck

OCTOBER

thank you sourcrates, and this whole thread really is such a support :T

can I ask any experienced DMP'ers - did you wait a long time for replies to your holding letters?
I have had 2 creditors reply straight away with understanding 'nice' letters
But the remaining 4 have not replied, however I am receiving phone calls of which I am not answering, I have asked for written correspondence only.
however, it makes me very nervous not knowing if they are just going to keep calling
thank you

DMP_Tiger

OCTOBER wrote: »

can I ask any experienced DMP'ers - did you wait a long time for replies to your holding letters?
I have had 2 creditors reply straight away with understanding 'nice' letters
But the remaining 4 have not replied, however I am receiving phone calls of which I am not answering, I have asked for written correspondence only.
however, it makes me very nervous not knowing if they are just going to keep calling
thank you

I have 5 creditors (3 cc's and 2 loans) and the replies that I received varied in timescale from a few days to a few months.....they all seem to work differently.

My own experience is that credit card companies were excellent and loan companies not so good.....and yes I also received lots of (unanswered) calls about the loans but 6 months on they have stopped now.

OCTOBER

DMP_Tiger wrote: »

I have 5 creditors (3 cc's and 2 loans) and the replies that I received varied in timescale from a few days to a few months.....they all seem to work differently.

My own experience is that credit card companies were excellent and loan companies not so good.....and yes I also received lots of (unanswered) calls about the loans but 6 months on they have stopped now.

thank you Tiger, I notice you have a diary and I am eager to read it - hope that is ok

MrsBunny

Hi all

We are 5 years into our DMP and thought I would just post our experience.

We entered a DMP with £30k of debt paying £350 a month through Stepchange. SC were brilliant, great advice and really put my mind at rest. 6 months into our DMP I found out I was pregnant. When I finished work for mat leave, I called them and we adjusted the payments to just £50 a month which was manageable but no one can prepare you for the amount of money you spend on nappies - even at Aldi! :mad:

Going back to work, we upped the monthly repayments to £120 a month and this is where we are still at. I do sometimes think what if we didn't fall pregnant etc the debt would nearly be paid off but you can not put things off, its like losing weight, I am taking the scenic route / long way round. If we waited until the debt was paid, I would have been in my 40's and might have struggled to conceive. Throughout the last 5 years, SC have been there for us.

I take my hat off to those of you who self manage, I couldn't do that.

I also read on here that someone asked a question about renting. We had to change rental properties after a couple of years on our DMP. As the debts were in my name, my credit score was very poor. I was upfront with a high street letting agent and they got me through the credit checks, we did also have good references from our previous landlords (they wanted the house back as going through a divorce) which I think did help. My husband has a good credit score which would of helped too.

The next chapter in our journey is seeing these defaults fall off my credit file, 2 years time they should be gone :j

To all those lurkers......don't worry, I am one too......take control, if you are not going to be coming into money or getting a better paid job/payrise any time soon, you might as well default now and take control rather than waiting a year or two and wishing you did it sooner. :T

ash28

Hi All,

I've been reading through this thread and the previous one and it has been really helpful as I was having a bit of a panic about my level of debt and ability to carry on paying, especially as Capital One had put up my repayments to bring the debt down more quickly - from £118 to £195 and with Barclaycard threatening an increase from £299 to over £500 a month it was an 'Oh sh*t' moment.

After reading the threads I decided in the end to do a self managed DMP using NEDCAB, especially as there are only 2 creditors and it seemed more flexible than Step Change.

My total debt is £16.9k - accounts are both up to date - until next week.

Capital One - £3.8k
Barclaycard - £13.1

Holding letters sent on Monday 10th, direct debits cancelled...eek!


I had an email this morning from Capital One saying the direct debit had been cancelled and to get in touch to arrange a way to pay....payment isn't due until 20th December.....

I have a bank account with Nationwide which has a small overdraft but don't need to open a new one....the first missed payment will clear the overdraft.

After reading on here about Barclaycard and payments of over 1% attracting interest, I'm going to tweak the I & E to bring the payments to just under 1%, currently over by £2 or £3.

I had planned to start and make payments to them in March....does that sound ok?

Barlcaycard used to be an Egg card taken out in 1998 - so I'm going to ask for a CCA - shall I wait until I have started making repayments before asking ?

Capital One card is from 2000 - is it worth asking for a CCA from them? And again, do I wait ?

Thanks for taking the time to read this.....my stomach is churning, it took me a day to press the cancel button for the direct debits and I've been on edge ever since.

[Deleted User]

Just a continuation of my F&F saga, Feeling really despondent actually as I was so hoping to be more or less debt-free by the end of this year as I have the funds to do it, so long as the settlements offered are good enough;)


Despite good advice offered I decided to bite the bullet and phone my creditor L... to see what their counter offer was likely to be. The very nice person I spoke to couldn't help (it was supposed to be the line to the settlement team:mad:) but said they'd contact them straightaway and get back to me within 48 hours. I wasn't holding my breath as it took them nearly a month to respond by letter before. I've now received an email from them with their offer of 65% payable. Er, no thanks, totally out of the question:(:(:(

Back to the drawing board then:(

January2015

ash28 wrote: »

Hi All,

I've been reading through this thread and the previous one and it has been really helpful as I was having a bit of a panic about my level of debt and ability to carry on paying, especially as Capital One had put up my repayments to bring the debt down more quickly - from £118 to £195 and with Barclaycard threatening an increase from £299 to over £500 a month it was an 'Oh sh*t' moment.

After reading the threads I decided in the end to do a self managed DMP using NEDCAB, especially as there are only 2 creditors and it seemed more flexible than Step Change.

My total debt is £16.9k - accounts are both up to date - until next week.

Capital One - £3.8k
Barclaycard - £13.1

Holding letters sent on Monday 10th, direct debits cancelled...eek!


I had an email this morning from Capital One saying the direct debit had been cancelled and to get in touch to arrange a way to pay....payment isn't due until 20th December.....

I have a bank account with Nationwide which has a small overdraft but don't need to open a new one....the first missed payment will clear the overdraft.

After reading on here about Barclaycard and payments of over 1% attracting interest, I'm going to tweak the I & E to bring the payments to just under 1%, currently over by £2 or £3.

I had planned to start and make payments to them in March....does that sound ok?

Barlcaycard used to be an Egg card taken out in 1998 - so I'm going to ask for a CCA - shall I wait until I have started making repayments before asking ?

Capital One card is from 2000 - is it worth asking for a CCA from them? And again, do I wait ?

Thanks for taking the time to read this.....my stomach is churning, it took me a day to press the cancel button for the direct debits and I've been on edge ever since.

Definitely send those CCA requests in now. There is a good chance they will be UE - always a possibility they are enforceable, but being accounts that old you have the odds on your side

Write and tell them you are in financial difficulty and are seeking support for your situation (mention Stepchange or one of the other charitites). Tell them you will contact them again once you have organised a viable budget. Don't bother paying them anything for now. When you write make sure you state in the letter that all communication must be done in writing and you do not give them permission to telephone you.

March sounds fine as a start date for payments - you can review that over the coming weeks if you find you need a bit longer.

Welcome to the forum :beer: