Starting DMP

stu12345_2

I have looked at some of my creditors forms and they want to know everything, eg how much i spend on newpapers, magazines, how much i owe other creditors and how much i pay them,virtually everything. then its all attached to their "set up a debt management repayment method " with us section,
 well im sorry, i will be asking for their bank details( for setting up standing orders)  or i will click on the section, make a one off payment by card( which i will do monthly)..
If they write back saying, we need to know your financial details, im sorry they arent getting that..
I think the only folk that can force you to fill in an income and expenditure form is an insolvency practitioner or a court for a CCJ.


I think creditors want to see these forms, cos they want to see if you can pay a substantial, but affordable amount to them and you are actually in financial difficulty and  also you arent overpaying them ( missing out paying rent, gas, elect, etc)and then have right to claiming the debt repayment was unaffordable and that thus the creditor keep a good practice.and licence

stu12345_2

a disagreement I had with stepchange when I first joined them was I said I want to make low  monthly payments until I have 6 months salary saved up cos that is what I read on financial advice websites folk should have as an emergency fund.

 their answer was no chance.you are to make a payment that leaves you enough to pay your essentials  and leave you some left over whilst at the same time pay as much as you can to your creditors.
they said the 6 month rule is for folk not behind with debts and I don't qualify for that privelage.

 they then said they suggest a £50 a month emergency fund for repair to household goods etc.

so going via stepchange will never allow me to save up any decent amount of savings at the same time as paying money back to my creditors.
I now see the benefit of going it alone on my terms.

Floss

Beck50 said:

Yes I wouldn't fill out the forms they insist you do and instead make payments and like yourself save some up to offer f & f settlements.
But I'm just starting my journey so looking for the right path to take.

Stop all your payments until all your debts default. While you are waiting, save as much as you can into an emergency fund. Once you have your defaults, set up standing orders to pay your payments monthly.

Rob5342

stu12345_2 said:

it jsut seems sneaky the way creditors have arranged their repayment methods on their sites to get a d debit or recurring card payment method, as they know its garaunteed income for them, but again they are sneaky as they will only accept these emthods if you complete their income and expenditure sheets, and again only if they agree to  them.

They do carefully craft things to try and maximise their income, but they often provide their bank details to make payments to. With PRA for example it's quite easy to find their bank details in the ways to pay section. Cabot have their bank details on their website too but they are hidden away under several layers of FAQs.

stu12345_2

Floss said:

Beck50 said:

Yes I wouldn't fill out the forms they insist you do and instead make payments and like yourself save some up to offer f & f settlements.
But I'm just starting my journey so looking for the right path to take.

Stop all your payments until all your debts default. While you are waiting, save as much as you can into an emergency fund. Once you have your defaults, set up standing orders to pay your payments monthly.

what about folk like me that went to stepchange right from the start and made max payments per month and never got the chance to save a good emergency fund
.90% of my debts have defaulted now.and I guess if I now stop paying for months at a time the creditors are now in a stronger position to make more advanced  methods of recovery.
my option now  is to make much lower monthly payments for a long time to try to create a large savings/emergency fund
 I will do this by not filling in an income and expenditure sheet and go it alone.not via stepchange.
as stepchange will end the plan if I ask for no payments to be made for months.

Beck50

I will be doing payment's and dealing with it myself, if that for some reason fails, although I can't see why, then I'll have to go through someone like Stepchange.
My only concern is like you say finding their bank details and doing a bacs transfer or one off card payment's.
At least I'll be seen as trying to pay my debts off, which I know I have to but don't like being steam rolled as you never know what's around the corner.

stu12345_2

you log on to your creditors website.you need your  account  number for the debt eg  the credit card .bank loan number and you then can login .you see all the methods of how to pay just click make payment by card. and choose how much. then repeat next month again
I have looked at PRA and moorcroft sites they are easy to navigate

Beck50

Yes that's the same for me, chuck the idiots at Cabot in as well.
Probably do card payment but will start my journey within the next few days. Do you still get the calls even though your paying?

Rob5342

I'd strongly suggest doing bank transfers instead of card payments. It makes it much easier for you as you can set it up to be recurring but.most importantly you are in total control instead of telling them what to take from your card.

Beck50

Seriously Cabot & Mortimer Clarke for the past week 3 calls a day, this after sending emails and taking screen shot of my online email form filling letting them know about my circumstances. 
Yet they still chase all the others have been OK but not these clowns, they ring my old mobile that's on silent but it still makes me annoyed they ignore my correspondence yet I have no choice but accept theirs🤬🤬🤬🤬