DMP Mutual Support Thread - Part 12

sourcrates · 25 July 2017 at 8:54PM

acee wrote: »

sourcrates can you complain to payday lenders about unaffordable lending even when on a DMP or is it too late? Most of my debts are caused by taking a payday loan out on the very same day I've paid it back to the same company (stupid I know but I was desperate)
Sorry don't know how to reply direct to a message a user has posted on here
Thanks

Hi,

You can complain at any time.

If you think those loans were unaffordable, get your complaints banged in straight away.

NewUs · 25 July 2017 at 9:28PM

motivated wrote: »

Hi new us
I was also with SC for only 2 months, I then wrote to them explaining I was going SM. all letters I've used so far have come from the NEDCAB site. It generated the letters for me and I added bits in there about unforceen circumstances i.e.: car repairs, vet bills. I told each creditor I would be paying £1 for X amount of months and included my I & E form in there too. This was also generated by NEDCAB. I did increase a few things on my budget. So far none of my creditors have disputed it.
Good luck
M

Thank you Motivated. Do you mind if I ask how long you said you would be making £1 payments for? I will use NEDCAB site for letters and to help with increasing my budget a bit.

January2015 · 25 July 2017 at 9:52PM

Fraise70 wrote: »

Thank you so much.

That's really helpful.

I don't think an IVA is going to be an option as I had a failed IVA years ago. Kicking myself for getting into debt again.

Sorry for more questions but do you think having had a failed IVA in the past will be an issue re. a DRO if I go part time?

I feel so stuck, I'm paying back this current debt as well as a student loan at £100 per month so can't see any way to pay into a pension at the moment.

I really don't know if it's best to go part time sooner rather than later, and try for a DRO or to soldier on as much as possible in a job that has the potential to cause me real stress. I finally have an affordable rent after over 10 yrs renting (hence why I've got into this mess) and am fairly secure where I live for a few years.

I want to do the right thing but am unsure what that is re. my debts!

If you working hours/pattern and your debts are affecting your health, you need to look after yourself before worrying about your debts. The right thing is what's best for you - not what is best for your creditors. As long as you follow a recognised debt solution that is going to be acceptable to your creditors, they have to understand that people have health and mental (stress / depression etc) issues.

I wouldn't struggle on if it were me and I would move to part time, lower income and re-visit my debt repayment plans - but you must do what you feel comfortable with.

I don't know anything about IVAs other than what I've read. Sourcrates is probably your man for advice with regard to IVAs. However, I should think if you qualify for a DRO it shouldn't matter what debt solutions you have tried in the past ...... but that is just my thoughts and not necessarily correct.

Look after yourself :beer:

sourcrates · 25 July 2017 at 9:59PM

Fraise70 wrote: »

Sorry for more questions but do you think having had a failed IVA in the past will be an issue re. a DRO if I go part time?

It shouldn't be a problem, you can only have one insolvency every six years, if your old IVA has come off your credit files, then it's gone for good and no disclosure is nessessary.

Do you qualify for a DRO in every other respect ?

motivated · 25 July 2017 at 10:11PM

NewUs wrote: »

Thank you Motivated. Do you mind if I ask how long you said you would be making £1 payments for? I will use NEDCAB site for letters and to help with increasing my budget a bit.

The NEDCAB site has been brilliant for us and it's so easy to use. It saves all of my details and if I need any letters etc they are all there ready to edit and update and be printed.

I originally said to creditors approx 4 months for token payments but have since decided to continue for a few more. Halifax contacted me regarding the token payments, I just said to them that I will be continuing for a while yet (hopefully until December) as our circumstances haven't changed.

I'm hoping to carry on until they all default me. This will allow us to build up some more funds. I haven't heard from the other creditors since I wrote and told them my plans.
M

Fraise70 · 25 July 2017 at 11:17PM

I don't at the moment as working full time and SC have calculated that I should be able to make payments of £241 per month.

This doesn't leave a lot of wriggle room and it will take a while to build up a reasonable emergency fund.

I'm wondering if I should self manage and make some token payments for a while to get on my feet? It's been over a decade of worrying about money and not being able to save, living hand to mouth with over three quarters of my salary going on rent and bills. I finally have less rent to pay but in this silly debt and at the age of 47 without a pension. Mid life crisis anyone! :eek::rotfl:

Debtfreehopeful · 26 July 2017 at 6:14AM

Morning all! So I've just checked my credit report on Noddle and on the whole I'm making progress with getting accounts defaulted (I started payments for my self-managed DMP in May).
-Tesco loan, Tesco credit card, Barclaycard credit card- defaulted in May
-Santander credit card- BB 5- is there anything I can do about this?
-Aqua and Shop Direct (Very)- AR- has anyone had any luck writing to them to change it to defaulted- also any luck with getting Very to stop interest?
-Vanquis and Santander (overdraft)- DM

Once my payments started in May I only had calls for about another month before they stopped (I did write in all my letters to only communicate with me in writing!).
I have got an expensive time coming up though- car insurance (£330 end of Aug) and car service and MOT (approx £300 end of Oct). Do you think my creditors will be ok with token payments of £1 for about 6 months? I'm a bit nervous as so far they have been ok so worried about rocking the boat...
Thanks

DavesDevil · 26 July 2017 at 10:27AM

carbootcrazy wrote: »

Hi DavesDevil

Well done on your success with Wescot:T:beer:

Can I be nosy (just tell me to mind my own business if you prefer;)) but how small was the 'very small' debt they agreed under 50% on please?

I have 2 with them, the biggest being around £7000 still:eek: but the smaller one is just over £2000. Would be great to get 50% off the smaller one as I could afford that when I've done a few more months of token payments. I know they are managing these debts, they haven't bought them, so I wasn't expecting much leeway from them. Great news to know they are willing to accept offers.:T

Carboot of course I don't mind you asking. It was £249 I owed and I offered £120 which they accepted. I was going to offer £150 but thought I may need negotiation room! I also used the standard letter from NEDCAB. Hope that helps x

[Deleted User] · 26 July 2017 at 10:35AM

DavesDevil wrote: »

Carboot of course I don't mind you asking. It was £249 I owed and I offered £120 which they accepted. I was going to offer £150 but thought I may need negotiation room! I also used the standard letter from NEDCAB. Hope that helps x

Thanks very much:T

I think my £2000 might be too big an amount for them to accept less than 50% off. I haven't heard of anyone else except you having any joy with a F&F from Wescot:(. Hopefully someone else will be able to tell me otherwise;)

heavenlyharry01 · 26 July 2017 at 10:45AM

Car boot - I just settled with Westcot and got a 70% reduction.

DMP Mutual Support Thread - Part 12

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