I struggle to read, but want to run my own DMP

AudADHDGuyWithABrainInjury

Hi again 

so I have missed payments on my cards for the first time at the end of march

i have been unable to answer calls from the lenders due to anxiety, and am yet to write to them as ADHD to set out the request to receive communication in writing has said no quite firmly

im going to try and write to them this week and ask they write to me.

i hope I am still in the path to get a DMP with stepchange but understand I must wait until the lenders mark my debts as defaulted.

is that likely to take long and is there any way to speed up that process?

sourcrates

Not really, lenders use a mix of guidance and internal procedure to determine when to default, the FCA says a default can be registered after between 3/6 missed contractual repayments, so as most people pay monthly, that`s between 3 & 6 months.

Some will default quicker, some will take a bit longer, there is no way to know for certain.

If all of this is getting too much, with the waiting etc, there is nothing stopping you going to stepchange now, and setting up a DMP.

Your credit file is not the be all and end all, we only advise you do it this way to obtain the best outcome, but it can take time, and I suspect that may be an issue for yourself, I don`t want to give you conflicting information, its confusing enough as it is, but if things are stressing you out, don`t be afraid to go to stepchange, that`s all I`m saying.

enthusiasticsaver

There isn't a way to speed up the process but I agree with @sourcrates that you can approach Stepchange whenever to set up a DMP.  Your credit file will not see the defaults disappear though until 6 years after default date.  If it is stressing you out having this over your head maybe contact them to start the process of setting it up.  Have you saved a decent emergency fund?

Rob5342

AudADHDGuyWithABrainInjury said:

i hope I am still in the path to get a DMP with stepchange but understand I must wait until the lenders mark my debts as defaulted.

There's no must, people normally suggest that approach because your credit report is harmed for less time. It's a trade off between having Stepchange take care of everything for you  or having a clean credit report in a shorter time. Just go with what's most important for you. 

AudADHDGuyWithABrainInjury

Thank you for your responses all.

I think I can wait 6 months out for defaults.  It’s more annoying getting the calls than anything.

i suppose I’m still a bit worried that if I do try and wait for the creditors to issue a default, I’ll have debt collectors around or get a CCJ or be forced into an IVA or something like it before I go to Stepchange and ask them to setup a DMP.  But my worries aren’t so problematic my health is being affected, it’s just like a background white noise when I’m at rest for more than 30 minutes 

which is rare!!

Rob5342

They can't get a CCJ until they have defaulted the account, so you don't need to worry on thst front. They can send people to visit you at home but they don't have any more power than a double glazing salesman so again you don't need to worry. Until you hsve defaulted there is nothing they can do so you don't need to worry but of course they prey on peoples ignorance and try and make them worry about things that can't happen to try and scare them into paying. 

Juat block the numbers if you can or simply don't answer. Anything important will come in the poat. 

sourcrates

And you cannot be forced into an IVA or any other insolvency solution either, this is, I think, still a free country we live in.

AudADHDGuyWithABrainInjury

enthusiasticsaver said:

There isn't a way to speed up the process but I agree with @sourcrates that you can approach Stepchange whenever to set up a DMP.  Your credit file will not see the defaults disappear though until 6 years after default date.  If it is stressing you out having this over your head maybe contact them to start the process of setting it up.  Have you saved a decent emergency fund?

Hi I realise I’ve not answered your question 

I have 2 months rent saved, which is the best I e been able to do so far.  Would like to get it to 3 plus food and bills and am trying to a) bring in more money and b) save any extra I can 

AudADHDGuyWithABrainInjury

sourcrates said:

And you cannot be forced into an IVA or any other insolvency solution either, this is, I think, still a free country we live in.

Increasingly hard to think of the UK as a free country from my perspective, but good to know.

AudADHDGuyWithABrainInjury

Rob5342 said:

They can't get a CCJ until they have defaulted the account, so you don't need to worry on thst front. They can send people to visit you at home but they don't have any more power than a double glazing salesman so again you don't need to worry. Until you hsve defaulted there is nothing they can do so you don't need to worry but of course they prey on peoples ignorance and try and make them worry about things that can't happen to try and scare them into paying. 

Juat block the numbers if you can or simply don't answer. Anything important will come in the poat. 

Ok.  I’ll not answer the phone calls and ignore the text messages whilst keeping an eye on the post. 

Apologies for not responding sooner- went to Portugal to try and earn some cash (obvs didn’t pay for flight and accommodation that was part the remuneration) and got stuck in the power outage with no internet and no way home.  Flying back to tomorrow, client arranged a new flight home)