Self Managed DMP has officially begun!!

allystar

So, out of 9 debts, 4 have now defaulted… been written to by 2 DCAs for HSBC CC & Ratesetter Loan… still waiting on word from Tesco CC & Admiral have still to write about next steps.

i have set up my SO’s & written to both DCA’s informing them of payment amounts for next 6 months…Not sure if they’ll be happy as I’ve set payments low to try and save an emergency fund (not done well so far this year due to one or two issues).

Anyway, I hope this stops the phone calls…I have formally asked for all future contact to be by letter only!

I feel a sense of relief right now…til the next call!!

Thanks again to those of you who took time to respond to my queries…I know there will be more!

RAS

Well done, just remember that debt collector's are snails, they'd lose to the tortoise in a race. So it will take a couple of moths for the message to sink.

Meantime, block, or just tell them that you've set up a payment.

Rob5342

You've told them what they will be getting so that's it, don't even think about how they might view it. The debts will probably get sold on at some point and that's normally for around 10%, of their value. That means a seemingly low 1% repayment is actually 10% of what they have paid, so they'd have their money back in 10 months and have doubled it in 20.

allystar

So… ARC have emailed today asking for details of I &E. I have 30 days to reply and they’ll determine next steps (acting for Admiral loan)

I just ignore and keep the standing order payment as planned? Is that right?

2021rdsunshine

allystar said:

So… ARC have emailed today asking for details of I &E. I have 30 days to reply and they’ll determine next steps (acting for Admiral loan)

I just ignore and keep the standing order payment as planned? Is that right?

Has this debt defaulted already? If so you can start paying it by standing order as planned.
I have never provided any I&E to my creditors although some of them have asked for it at the beginning. However if they start being very insistent you can create a I&E to provide them just to have them off your back. It’s really up to you. I can guarantee you that they will accept your payment with or without an I&E. The way I see it is, this is what I can pay either they like it or not. You are in control of the situation, not them. 

Rob5342

Yes just keep paying them. You could reply omce to say you won't be providing the I&E but don't get into any further discussions. 

tigergambit

allystar said:

So… ARC have emailed today asking for details of I &E. I have 30 days to reply and they’ll determine next steps (acting for Admiral loan)

I just ignore and keep the standing order payment as planned? Is that right?

Has this defaulted?  I'm assuming it has as you're paying something. In which case, yes, ignore and carry on. If it hasn't them stop payments.

Further down the line you will need an SOA for them. This will be different to the one you use for budgeting. Remember that a DCA has no means of checking anything you put in an SOA but they will use it to build up a financial profile on you so best not to feed the beast until you want something from them.

allystar

Hi all, thanks for the responses. It has defaulted…I won’t reply to them and the meantime I will create an I&E to have ready for creditors that allows me to build my emergency/F&F fund over the coming years.