On DMP - advice needed

Unouan

Hi, I currently have a DMP on 8 accounts (interest frozen) -  I have sent CCA agreement requests for all and am hoping I'll get a positive response for at least some of the debt to render them unenforceable. As it stands, my DMP will finish September 2031. 

In the event all are still enforceable, I need a plan. Currently, I am on a DMP with MoneyPlus who take fees of c£50 a month. This is obviously not a good idea. 

I wanted to manage the DMP myself for the creditors that do provide valid CCA agreements. I can see on PRA Group's and Moorcroft's online portals that I can set up a repayment plan with them, which I'm hoping to reduce to as low as I can, due to me currently having zero savings and no emergency fund. I want to reduce my monthly outgoings so I can build up some savings. 

I am not sure how to approach things with Nationwide. Currently through my DMP I pay them a certain amount a month, which I can continue doing. Once they reply to my CCA request, and provided they are able to send a valid one, if I call them up and let them know I wish to pay them directly instead of going through a DMP company, what are the implications? Could I possibly offer them less?

Likewise with PRA and Moorcroft, if I tell them I am cancelling my DMP with MoneyPlus and pay them £10 for each account, what are the possible implications. Of course the debt will take longer to pay off, but I wanted to know more so what actions could be taken against me. 

Could Nationwide, PRA and Moorcroft possibly ask for higher payments AND be able to enforce this, in the event they have valid CCA agreements? Financially yes I could pay more, but by reducing, I can save about £300-£500 a month. 

IVA and bankruptcy are not an option due to my job.  

Themoneyshot

Collection on all the debts that you have cca requests with will be put on hold. Stop paying and use that time to build up an emergency fund. Bin off Moneyplus and self manage anything that comes back with a valid cca. Only pay what you can afford. They will have no choice but to accept. Down the line, when you can afford it, offer lowball settlement figures. 

Unouan

Themoneyshot said:

Collection on all the debts that you have cca requests with will be put on hold. Stop paying and use that time to build up an emergency fund. Bin off Moneyplus and self manage anything that comes back with a valid cca. Only pay what you can afford. They will have no choice but to accept. Down the line, when you can afford it, offer lowball settlement figures. 

I only sent of the requests today, my next payment through my DMP is due 28th September so I was hoping to get some kind of acknowledgement back from the creditors before stopping payment. It's unlikely I'll get any CCAs back by the time my next payment is due so will most likely not pay anything in Sept. I was planning on contacting Moneyplus mid-Sept to cancel the DMP but wasn't sure how to approach things with Nationwide. I'm concenrned they might ask for an SOA and therefore establish I could be paying them more than I currently am

Grumpelstiltskin

Cancel your payment to Money Vultures NOW.

Don't worry about what Nationwide feel or want, save all the money you can until you have had replies to the CCA requests, they could take some months before you get replies.

sourcrates

Absolutely nothing will happen.

Stop paying now, why wait ? just cancel your DD, and put it in writing to Money plus.

Accounts are automatically put on hold after a CCA request, and applies from when you send them, not when they receive it, no payment is necessary in the interim.

Should your accounts prove to be enforceable, then make arrangements yourself with your creditors, whatever is affordable to you, not them, fee free.

What debts do you have with Nationwide ?

As current accounts are not covered by CCA, cards and loans are.

Wait till Nationwide sell your debts, than start paying them again.

Unouan

sourcrates said:

Absolutely nothing will happen.

Stop paying now, why wait ? just cancel your DD, and put it in writing to Money plus.

Accounts are automatically put on hold after a CCA request, and applies from when you send them, not when they receive it, no payment is necessary in the interim.

Should your accounts prove to be enforceable, then make arrangements yourself with your creditors, whatever is affordable to you, not them, fee free.

What debts do you have with Nationwide ?

As current accounts are not covered by CCA, cards and loans are.

Wait till Nationwide sell your debts, than start paying them again.

The Nationwide is a credit card. Say that I could afford to pay them more than the £75 but that would mean I can't save as much as I hope to. I've been on the DMP since 2019, Nationwide defaulted the same year but haven't sold it the debt yet. The account was opened in 2011 so I'm banking on a lack of a CCA with this one

Grumpelstiltskin

If you have been on the DMP since 2019 and you have been paying £50 a month in fees since then just work out what you could have been paying off your debts if you had gone with a charity or done the DMP yourself.

RAS

Do please look up you agreement with Money bags and cancel, it as soon as you are allowed. Meantime, halt all the debt payments and put the money and the fee you've been paying into savings for full and final offers.

Do a realistic budget, and allocate the monthly debt payment prorata across the whole lot initially. If you get a year down the line, either try a full and final on the smaller compliant debts or temporarily increase your payments a bit.

Unouan

Thanks for your advice. I'll contact Moneyplus and get the DMP cancelled then will reach out to the creditors once I get a response from them to set up a payment plan directly

Grumpelstiltskin

Remember now you have sent CCA requests don't pay anything until you have valid proof of the debts.

Save the money until then and wait and see how long it takes them to get back to you with proof.