DMP- Best way?

Floss

Lolly18 said:

.... Iv got quite a decent emergency fund going (had to dip into it for breaks for the car when it went into MOT) so it’s now sitting at £2340...

And that's a perfect example of what it's for. I had to buy a new washer within 3 months of starting my DMP.

BlueLionKing

Enjoying following your journey. I've just began mine (after lurking before biting the bullet this month!). Keep us posted.


Blue

Lolly18

Thanks for the comments guys!

@sourcrates I’ll guess I’ll just sit tight for now then. 

As my Barclays is quite a small debt I am considering just paying that in full on my next pay day BUT then I’m thinking if it’s sold to someone else I might be able to get it at a reduced price to settle in full? Thoughts on this?

2021rdsunshine

Lolly18 said:

Thanks for the comments guys!

@sourcrates I’ll guess I’ll just sit tight for now then. 

As my Barclays is quite a small debt I am considering just paying that in full on my next pay day BUT then I’m thinking if it’s sold to someone else I might be able to get it at a reduced price to settle in full? Thoughts on this?

Yeah I’ve done that with 1 of mine, it was just over £400 . It’s 1 less creditor to deal with and not really worth the wait for a discount/reduced payment. It’s the beauty of a self managed  DMP, you do as you see fit 

Lolly18

IV GOT MY FIRST DEFAULT!

Vanquis have issued a default after 4 missed payments. Moorcroft have been contacting me about this debt.

so now would be the time to get in touch with Moorcroft and set up an affordable payment??

Feel like the ball is finally rolling!

BlueLionKing

Glad the ball is rolling for you 😊

I believe the next step would be to complete a CCA request, as you’d only commence your affordable payments once they’ve produced this for you (otherwise as I understand, it’s unenforceable until they do)… but others who are far more experienced than me will confirm 😊

Good luck 👍🏻

Blu

stu12345_2

only do a cca request if the debt is old and has been sold on at least once.
that doesn't mean do it if it's still with original creditor but they are using a debt collection agency to deal with the collections

Aimingforthegoodlife

Well done for taking charge and what a fab use of the emergency fund! Would love to keep following your progress, may be worth making this a diary when you are ready! First default! Woohoo!