DMP mutual support thread part 13 !!

sourcrates

defected wrote: »

Hi

Please can you offer some advice i feel so stressed... I started my own DMP about 6 months ago. Wrote to all creditors etc, with incomings / outgoings and percent i could pay to each. As i expected (from reading through on here) i now have defaults and the debts have now been passed over to various debt management companies.

I am now getting continuous calls and letters saying i need to contact them to discuss repayment, or that they need to know who my dmp plan is with etc. One letter says i need to contact them to confirm residency etc. Do i really need to write to each one and explain what im doing?
thanks

Hi,

Write to each creditor, tell them your working with stepchange, and that any future contact must either be in writing or via stepchange only.

Tell them to remove your phone number from there records.

Under new data protection rules they must comply.

defected

motivated wrote: »

My debts were also sent to debt managements companies and when I wrote to them with my offer of payments and our I&E they were fine, honestly.

Add to the letters that you do not give permission for them to contact you by phone All correspondence needs to be in writing only and you will reply to them promptly.

Good luck

thanks, so i basically need to do it all the letters again now that its with debt management companies? its so stressful, i thought i could not think about it for a while. One debt company wrote to me straight away saying they had details of my plan and i could continue as normal, yet the same company wrote about a diff debt demanding more info...

motivated

I started on a DMP with SC and decided to go it alone. NEDCAB generated a letter stating that I am now self managing my DMP etc.
If you use the NEDCAB site it generates all letters for you. You can edit them and add the part about no contact by phone only writing etc. It generated our I&E which had all the creditors monthly payments on it. I just sent each debt company a letter and the I&E and waited for a response. All creditors accepted, no questions asked.

Defaults are good as the interest stops and you should now know the exact figure of each debt

Suseka97

Rebeccadougherty wrote: »

...... the initial loan was 5,000 I believe, and it has another 5000 on top of it as interest that I stupidly agreed to pay when I took it out. Another two grand and the amount I had will be paid and I'll be paying the interest.

Wowzer. Are you saying they've charged £5,000 interest on a £5,000 loan, surely that's unlawful. You must have some recourse through the FOS or similar financial watchman services? I'd refuse to pay the interest and take my chances in Court if it came to it... but maybe I've got the wrong end of the stick here.

motivated

Suseka97 wrote: »

Wowzer. Are you saying they've charged £5,000 interest on a £5,000 loan, surely that's unlawful. You must have some recourse through the FOS or similar financial watchman services? I'd refuse to pay the interest and take my chances in Court if it came to it... but maybe I've got the wrong end of the stick here.

I was also a sucker of everyday loans back in the day the interest was more or less double too. I managed to pay it up and claimed back £189 for PPI that I only had for a little while. They should be renamed loan sharks are us!

motivated

ChelbyH5 wrote: »

Hi all, I’ve had a good read through the posts and I’m after some general guidance. I looking at setting up a DMP with SC. What are the things to be careful of? Can I expect my creditors to be calling me and instructing bailiffs if I go ahead with this? The initial advice on the SC info is that i could consider selling my house. I really don’t want to explore that at all. Will there be pressure for me to do this? Thanks in advance

I was in the exact same boat as you. I thought the bailiffs were going to take my front door off and everything. . Sourcrates and everyone soon put me straight and on the right track. I'm still here and plodding along. Let me count how many people have knocked on my door about my debts over the past 2 years, Errrmmmm NONE, not one, zilcho,

As for the selling of your house I'm unsure but someone with more knowledge will be along and advise you further

Good luck and don't panic

Palpitations

Palpitations wrote: »

Hi all about to start my DMP self managed and trying to get my head around the process:
So I set up a basic bank account
Cancel DD’s
Sending holding letters - is this for a month?
This is where I get confused! When do I send cca requests and what difference does it make if they are e/uef?
Do I make a token payment at this point and how much?
When do I send statement of income/expenditure and do I suggest a payment with this and is this when the dmp starts??
Many thanks in advance

Could anyone help with this please?

Willing2Learn

Palpitations wrote: »

Hi all about to start my DMP self managed and trying to get my head around the process:
So I set up a basic bank account
Cancel DD’s
Sending holding letters - is this for a month?
This is where I get confused! When do I send cca requests and what difference does it make if they are e/uef?
Do I make a token payment at this point and how much?
When do I send statement of income/expenditure and do I suggest a payment with this and is this when the dmp starts??
Many thanks in advance

Palpitations wrote: »

Could anyone help with this please?

Hi,

You want to preferably get your creditors to hold/freeze your accounts for between 3-6 months, so that you are able to put aside a decent Emergency Fund. If you wish, you could make token payments.

With the CCA requests, you are requesting your creditors supply you with a copy of your credit agreements to determine whether they hold compliant paperwork. If a creditor is not able to supply a copy of your credit agreement then you can either choose to use this as leverage to get reduces settlement offers, or use it to end your repayments as the paperwork was non enforceable.

If it were me, I would send your I&E with your scheduled repayment offers, as supporting evidence to demonstrate what is affordable.

Money_Choices

Hello I’m new here.

I can’t sleep because I’m worrying about a particular issue. I am claiming JSA and looking for Admin work but am considering starting a DMP. I am wondering if having a DMP will reduce my chance of applying for vacancies or just those vacancies that require a credit check?

Please can someone help me and if this is not the right forum for my question it ok to move to a more relevant place.

Moneychoices

ChelbyH5

Thanks for the advice. That’s very reassuring! I’ve read a lot of posts suggesting that a new bank account is necessary. Why is this? I have an £800 OD on my account. Would it be best to transfer to a new one? Thanks again