Is it time for a DMP or try to ride the storm?

CurlyTop11

fatbelly said:

Yes, just tell them you are self managing.

Thank you.

freshstart2023

We appear to have started our journeys towards getting a DMP in place around the same time so really enjoying following your thread 😁 …I only have one default so far but have missed 4/5 payments now on all other accounts and are hoping they follow suit soon so I can start making payments! 

CurlyTop11

freshstart2023 said:

We appear to have started our journeys towards getting a DMP in place around the same time so really enjoying following your thread 😁 …I only have one default so far but have missed 4/5 payments now on all other accounts and are hoping they follow suit soon so I can start making payments! 

@freshstart2023 I am the same with regards to the defaults. I only have one so far. It is a bit frustrating, as you want the clean edge, but just got to be patient I guess. I am hoping there aren't any that really drag on later than the others though. Good luck with your journey too!

freshstart2023

Thankyou, everything seems to have gone weirdly quiet so hoping that’s a good sign. Virgin we’re bombarding me with letters but that seems to have stopped…

CurlyTop11

I went back to Zopa to say I am doing a self-managed DMP and they said:

'Thank you for your reply.

If a Debt Management plan has been agreed through StepChange, we require StepChange to contact us with all relevant information we require to allow us to get this in place for you. Without StepChange contacted us directly we are unable to set a Debt Management plan.

If you would like to set an arrangement with Zopa, we can look at placing a recoveries plan for you. Before setting you up on a recoveries plan, we would take your Income and Expenditure into account to ensure any repayments are manageable for you.

Would you like to set up a recoveries plan with Zopa?'

Does anyone know the best way to go about this? Do I just say I am not required to provide an income and expenditure breakdown? I'm not sure what a 'recoveries plan' is?

Thanks all

sourcrates

@CurlyTop11,

Recoveries plan just a fancy name for an arrangement to pay directly with them.

They contribute to stepchange coffers so its only reasonable they want you to use them.

Zopa are quite unique in that they don`t send bad debts to debt collection companies, they will try to get you to set up a plan with them, and this may go on for a while, eventually they may sell the debt.

CurlyTop11

sourcrates said:

@CurlyTop11,

Recoveries plan just a fancy name for an arrangement to pay directly with them.

They contribute to stepchange coffers so its only reasonable they want you to use them.

Zopa are quite unique in that they don`t send bad debts to debt collection companies, they will try to get you to set up a plan with them, and this may go on for a while, eventually they may sell the debt.

@sourcrates thank you. I assume now I have defaulted the arrangement to pay/'recoveries plan' doesn't hit the credit report like an arrangement to pay would before a default?

sourcrates

CurlyTop11 said:

sourcrates said:

@CurlyTop11,

Recoveries plan just a fancy name for an arrangement to pay directly with them.

They contribute to stepchange coffers so its only reasonable they want you to use them.

Zopa are quite unique in that they don`t send bad debts to debt collection companies, they will try to get you to set up a plan with them, and this may go on for a while, eventually they may sell the debt.

@sourcrates thank you. I assume now I have defaulted the arrangement to pay/'recoveries plan' doesn't hit the credit report like an arrangement to pay would before a default?

Default status take precedence now, and as you know will remain so for 6 years regardless of what you choose to do.

CurlyTop11

sourcrates said:

CurlyTop11 said:

sourcrates said:

@CurlyTop11,

Recoveries plan just a fancy name for an arrangement to pay directly with them.

They contribute to stepchange coffers so its only reasonable they want you to use them.

Zopa are quite unique in that they don`t send bad debts to debt collection companies, they will try to get you to set up a plan with them, and this may go on for a while, eventually they may sell the debt.

@sourcrates thank you. I assume now I have defaulted the arrangement to pay/'recoveries plan' doesn't hit the credit report like an arrangement to pay would before a default?

Default status take precedence now, and as you know will remain so for 6 years regardless of what you choose to do.

@sourcrates I wasn't sure if an arrangement to pay would take back over in precedence and therefore be on my file for 6 years after the debt was paid off. Thanks for clarifying.

CurlyTop11

Hi all,

A little update on my situation. I have now had defaults off Zopa and Barclaycard. Yet to receive a default off the others yet, although from the letters I have so far received, I assume they will be soon (hopefully soon!).

I set up a payment to Zopa after default and emailed them to tell them this, Although they are still emailing me to set up an official payment plan with them and want me to do a detailed income and expenditure breakdown. I did say to them that I don't need to do this, but they just keep asking for it.

Barclycard have now sold the debt to PRA. I have received confirmation in the post of this, however PRA aren't on my report yet.

A couple of questions I have:

- Do I just ignore Zopa keep re-requesting the income and expenditure breakdown and paying them an affordable amount?
- Do I do a CCA request to PRA straight away, or do I wait a few months before doing this? (I will apply this same logic to others going forward also).

Many thanks as always for any help.