Step change to self managed?

Jambobabi

Hi all!

I'm looking for some opinions from anyone that may have gone on to a self managed DMP from step change?

I have been with SC for 3 years and 50% of my debt has been paid

I currently owe:
Cabot Financial - £6,386 (defaulted)
Moorcroft/Arrow - £2,034 (defaulted)
Capital One - £1002 (defaulted)
Yorkshire Bank Card services - £492 (NOT defaulted)

As the YB card hasn't been defaulted (not sure why as it's been 2 years paying £23p/m), I want to pay this in full from my emergency fund to stop another default going on my credit file.

I have also had an offer from Moorcroft/Arrow to settle at 50%, so a £1k saving

I think it's best to settle the two mentioned debts above, then go self managed, as I'm aware that Step change want me to treat all debts fairly. Although I could just change the balances to zero in the SC portal and see if they contact me?

Has anyone else gone from SC to self managed? Is it easier/better/worse?

I'd love some opinions before making a decision

Thanks in advance! J

sourcrates

Hi,


Lots of people do this, it kind of takes back control and gives you much more freedom in your dealings with creditors.


We have a dedicated DMP support thread, I dont know if you were aware of that, but it can be found here :


https://forums.moneysavingexpert.com/discussion/5897083/dmp-mutual-support-thread-part-13


Lots of answers to relevant questions can be found there.

MovingForwards

It's a lot easier to manage f&f offers when you self manage.

Grab a cu of tea / coffee, get comfy and read through the above link from Sourcrates, it gives the much needed confidence boost to go it alone.

Willing2Learn

Jambobabi wrote: »

Yorkshire Bank Card services - £492 (NOT defaulted)

As the YB card hasn't been defaulted (not sure why as it's been 2 years paying £23p/m), I want to pay this in full from my emergency fund to stop another default going on my credit file.

2 points:

• I do not recommend using your Emergency Fund (EF) to settle any of the accounts. Your EF should only be used in an emergency, so that you don't need to use any credit.
• ICO guidance states that an account should be defaulted once the account is 3-6 months in arrears of the original agreement. It does not matter that you have come to a repayment arrangement. Whilst YB are not compelled to comply with the guidance, they must have regard to it. I would ask YB to mark the account as defaulted, backdated to when you were 3-6 months in arrears of the original credit agreement. This would mean the toxic data is removed from your credit files years earlier...

Jambobabi

Thanks everyone

I'll take a look through the relevant info

really appreciate it