Starting Dmp advice and pcp advice

Movingforwardfinally22

Hi, 

I have been reading this forum for the last 12 months. In February I stopped payments so put away an emergency fund (which we have had due to a roofing issue on our house) so I would start getting defaults. still havnt recieved all the defaults. Would you start the dmp yet with it being 6 months making no payments as it’s starting to panic me? Iv got everything set up in the step change website I just need to press submit. Any examples of what others did? How long the defaults took? Etc would be appreciated. 

Also I have a car on pcp. The pcp is coming to an end next year. We only have one car and we need a car for the children and work. The car is perfect for us, perfect size, cheap to maintain and run. We want to keep the car but won’t have the balloon payment. I spoke to SC who said if we was able to they would be happy for us to refinance the balloon payment at the end so we could keep the car as it would also lower the monthly payment. Has anyone on a dmp been able to finance the balloon payment at the end of their pcp? Also how did you do it? 

Thanks 

Grumpelstiltskin

Why panic if the companies can't be bothered to default you?

Have you sent CCA requests for the credit cards and loans?

Keep saving as much as you can in your emergency fund.

Movingforwardfinally22

Because some have defaulted but some havnt. So the ones that have defaulted in worrying about them taking it further while I wait for others to default? 

sourcrates

Movingforwardfinally22 said:

Because some have defaulted but some havnt. So the ones that have defaulted in worrying about them taking it further while I wait for others to default? 

As per your other thread, original creditors don`t do much at all with regard to debt collection, they simply don`t have the time or the staff needed to deal with it.

Further action in 90% of cases will involve selling your debt, or assigning it to a collector, the other 10% no further action gets taken.

Legal action is only a real possibility when your accounts have been sold on, possibly more than once, and you ignore all contact with the debts new owner, your a long way off that scenario just yet, defaults can be hurried by making complaints to lenders, so if you want to start debt management now, that`s your choice entirely.

fatbelly

Movingforwardfinally22 said:

Hi, 

Also I have a car on pcp. The pcp is coming to an end next year. We only have one car and we need a car for the children and work. The car is perfect for us, perfect size, cheap to maintain and run. We want to keep the car but won’t have the balloon payment. I spoke to SC who said if we was able to they would be happy for us to refinance the balloon payment at the end so we could keep the car as it would also lower the monthly payment. Has anyone on a dmp been able to finance the balloon payment at the end of their pcp? Also how did you do it? 

Thanks 

What exactly did you have in mind when you say 'refinancing'?