How to manage paying off the dmp

So hopefully nearly at the end of our debt story…but need advice.
been with stepchange 10 years ….8 to go. We owe 26k . We are in a much better situation with our mortgage now paid off. Our income is less than our last annual review But obviously we have no mortgage now🥳 therefore more money left over each month.

we have £15k to make offers with. The debts are with 6 companies. 

Am I right thinking that we have to hand over the £15k to SC and they address the offers?
Our concerns are that the offers will be rejected any some….do they all have to agree?
look forward to any help?
can’t wait to have this hopefully all behind us…
«13

Comments

  • Rob5342
    Rob5342 Posts: 1,358
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    edited 2 November 2023 at 5:45PM
    Have they all defaulted? If so, then firstly send CCA requests to them all, if they can't produce the CCAs then the debt is unenforceable and you can simply stop paying. With debts that old there is a good chance the CCAs can't be produced.

    Once you've done that then approach the companies yourself and make an offer, start low and if they reject it wait 6 months and try again. Don't go through Stepchange as they have a very fixed approach to things and will just want to split your payment equally between everyone. Stepchange are funded by the creditors, so unfortunately that means their advice results in people paying far more towards their debts than they need to.
  • That’s interesting…

    we have never missed a payment. Does that mean not defaulted?

    we have our review soon so could be paying alot more each month as no longer have the mortgage…
  • Rob5342
    Rob5342 Posts: 1,358
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    Do they show on your credit file? If so do they show as defaulted or as a payment arrangement?
  • We have checked on Experian and they don’t show….
  • sourcrates
    sourcrates Posts: 28,542
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    edited 3 November 2023 at 1:06PM
    They won`t show after 10 years, defaulted accounts only show for 6 years, and are then automatically removed.

    Don`t let Stepchange anywhere near that money, do it yourself, start with CCA requests, see what comes back as enforceable, any that don`t you can stop paying and walk away from.

    Any you choose to settle, always start low, so you can increase your offer, don`t expect instant results, its more of a marathon than a sprint, it can take time, but it will be to your benefit.

    Always get agreement in writing as per the National Debtline template letter -

    Sample Letter - Settlement offer | Sample letter | National Debtline | National Debtline
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,324
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    I agree.  Don't go through stepchange and ask for CCAs to see what is enforcable and start with lowball F and Fs for the ones which are.  Ignore the ones which are not enforcable. 

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  • Thanks for your help. We will do as you suggest. Is there any issue with email instead of post ?
    Also as our SC review is due very soon what should we do. Concerned that as we no longer have the mortgage they will want all of the spare monies… however our income is now less than last year due to job changes..Do we tell them what we are doing.
    Reluctant to go through our budget with anyone 😬
    My heads spinning!
  • You are in charge of what you pay to your creditors no one else.

    Why not stop paying Stepchange and start doing your own DMP?
    If you go down to the woods today you better not go alone.
  • Sure but we will still need to send our income/outgoings to them straight away? 
    Just don’t want to make any issues for ourselves…
  • No If you are doing a DMP yourself you just tell each creditor what you will pay them, they cannot insist on your incomings and outgoings.
    If you go down to the woods today you better not go alone.
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