DMP Mutual Support Thread - Part 12

Rosie1001 · 14 April 2018 at 8:21AM

I'm managing my loans with the same companies as my CC so they are not going into default

It's my CC ....the interest is staggering..I was paying £100 ... £80 was going to the interest

I do feel a bit better knowing there is help out there , I'm just scared of the letters I'm going to get

I'm on medication for depression and anxiety, I have made my creditors aware of this thou

My family are going to help me , they are going to pay money into my bank each month ..... so hopefully I will get thru this and approx 6 years be debt free for the 1st time ever

[Deleted User] · 14 April 2018 at 9:50AM

BeingDebtFreeStartsHere wrote: »

Got a call from the Co-operative today regarding our complaint. They have apologised and said that they are in the process of transferring the debt to Link Financial (to be completed by the end of May) and apparently their protocol is to issue a final demand letter prior to this transfer of debt. However they apologised as their letter did not make this clear and they said that we should not have received the default letters either following on from the complaint last year when they wrote to say they would not record a default on the account in the future,
The lady said they have put a cheque for £60 in the post as compensation

A have a few questions followng this......
1. Are Link Financial a DCA or will they just be managing the debt on behalf of The Co-operative?

2. We wanted to move to self managed asap however now this debt is in the middle of being transferred I am wondering if it is best to hold off and pay Link a couple of SC payments before writing to all of our creditors maybe August time with the plan to move to self managed and the offers of repayments.

Any advice gratefully received

Thank you!

BDFSH x

I think Link will have bought your debt from the Co-op. I had 2 MBNA CC debts which Link took over and the letters I had at the time from both Link and MBNA said as much. The wording was something like 'transferring all rights ' etc.

Stanleybasin · 14 April 2018 at 10:08AM

So I owe quiet a lot of money and the repayments are killing me, I’ve read through a lot of what’s been discussed on the board and although unfortunate it’s nice to know I’m not the only one.

I was going to use a company to hand it all over to but I’m thinking of just doing it myself, but wanted to make sure I’m on the right track first.

I was going to call all the companies and let them know I can’t keep up with repayments and offer them all £20, the goal being that they’ll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

Thanks for all your help.

EmergencyNurse · 14 April 2018 at 10:41AM

BeingDebtFreeStartsHere wrote: »

Hi Nat,

From what I understand current account information does not show on a credit file. None of my current accounts show up when I log onto my Noddle report - just loans/credit cards/store cards etc.

BDFSH x

Stanleybasin wrote: »

So I owe quiet a lot of money and the repayments are killing me, I’ve read through a lot of what’s been discussed on the board and although unfortunate it’s nice to know I’m not the only one.

I was going to use a company to hand it all over to but I’m thinking of just doing it myself, but wanted to make sure I’m on the right track first.

I was going to call all the companies and let them know I can’t keep up with repayments and offer them all £20, the goal being that they’ll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

Thanks for all your help.

Hi, I'm new on here too, but in that short time I have learnt some important things.

Don't use a paid for DMP service

Contact services such as StepChange, National Debtline, Money Advice Service, Citizens Advice Service (NEDCAB)

Many of the experienced forum participants initially used a service such as StepChange then once they got used to how everything worked, what the processes were and became more knowledgeable and confident; they then went self managed. From what I have read and researched the National Debtline site provides you with all the tools to successfully run your plan.

My advice would be to contact these agencies for a full and comprehensive review of your needs. I found them very helpful. My DMP starts in June and I'm the most relaxed that I have ever been over the last 20yrs.

Good Luck

sourcrates · 14 April 2018 at 10:45AM

Rosie1001 wrote: »

I'm managing my loans with the same companies as my CC so they are not going into default

It's my CC ....the interest is staggering..I was paying £100 ... £80 was going to the interest

I do feel a bit better knowing there is help out there , I'm just scared of the letters I'm going to get

I'm on medication for depression and anxiety, I have made my creditors aware of this thou

My family are going to help me , they are going to pay money into my bank each month ..... so hopefully I will get thru this and approx 6 years be debt free for the 1st time ever

Stanleybasin wrote: »

So I owe quiet a lot of money and the repayments are killing me, I’ve read through a lot of what’s been discussed on the board and although unfortunate it’s nice to know I’m not the only one.

I was going to use a company to hand it all over to but I’m thinking of just doing it myself, but wanted to make sure I’m on the right track first.

I was going to call all the companies and let them know I can’t keep up with repayments and offer them all £20, the goal being that they’ll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

Thanks for all your help.

Rosie,

Do not fret about collection agencies, just a posh name for a debt collector, they have to follow FCA guidelines these days, so must treat you fairly, they have all been on a bit of a public relations excercice of late, due to the appalling reputation some of them had, they are under threat of removal of their consumer credit license if they mis-behave, the ball really is in your court these days.

You have no reason to fear anything, and your DMP will run fine, normal life will continue as though nothing has changed.

Stanley,

Never use a fee charging DMC.

If you need assistance, use stepchange or one of the other free providers, it is easy to do this yourself, just don`t pay anyone to do it for you.

Summer12 · 14 April 2018 at 1:46PM

Stanleybasin wrote: »

So I owe quiet a lot of money and the repayments are killing me, I’ve read through a lot of what’s been discussed on the board and although unfortunate it’s nice to know I’m not the only one.

I was going to use a company to hand it all over to but I’m thinking of just doing it myself, but wanted to make sure I’m on the right track first.

I was going to call all the companies and let them know I can’t keep up with repayments and offer them all £20, the goal being that they’ll reject it and put the account into default. Which is a good thing right? And then negotiate an affordable repayment plan with whoever the account get passed onto.

Is this a good plan or have I got it waaaay wrong and would be better contacting a dmc?

Thanks for all your help.

Hi

Just thought a summary of my journey might help as I’m going self managed (not using any company or charity to set up DMP)

Once the good people on here gave me my confidence back I did the following:-

- Checked who my debt companies were affiliated with and moved my bank account (wages) to a new basic Acc (no overdraft)
- cancelled all direct debits and payments to debts, moved normal direct debits (inc payments in Child benefit, wages) to new account
- set up a savings account, see threads on here about how important an emergency fund is
- sent CCA requests to all creditors to see status of the accounts (enforceable in court or not) see All about debt website
- once replies were back wrote to creditors (that were enforcable) asking for 30 day breathing space (template on national debt line)
- once 30 days over wrote with Income and expenditure sheet making offers of token payments £1 to each for 6 months to build up emergency fund.
And that’s as far as I’ve got!
Hope this helps and good luck.

-

BeingDebtFreeStartsHere · 14 April 2018 at 2:09PM

carbootcrazy wrote: »

I think Link will have bought your debt from the Co-op. I had 2 MBNA CC debts which Link took over and the letters I had at the time from both Link and MBNA said as much. The wording was something like 'transferring all rights ' etc.

Hi cbc,

Yes the lady did say something about transfer of rights - thank you

BDFSH x

Rosie1001 · 14 April 2018 at 2:11PM

I've opened up a Santander basic account

Do u need to use this as my main account instead of Lloyds

I'm in default with them over my Lloyds CC not my loan thou ...that's running ok for now

I don't want to give up my Lloyds account ...I was just going to keep it for direct debits and standing orders ...

But as I owe them £7500 am I right in thinking I need to use the new account for my wages etc

Summer12 · 14 April 2018 at 2:41PM

Rosie1001 wrote: »

I've opened up a Santander basic account

Do u need to use this as my main account instead of Lloyds

I'm in default with them over my Lloyds CC not my loan thou ...that's running ok for now

I don't want to give up my Lloyds account ...I was just going to keep it for direct debits and standing orders ...

But as I owe them £7500 am I right in thinking I need to use the new account for my wages etc

Hi

They have the right to off set, so potentially they could help themselves to your wages going into the bank account to put towards your credit card debt. Use the Santander one so long as you have no other debts associated with Santander.

Rosie1001 · 14 April 2018 at 4:59PM

Thanks ...

I've just spend the last hour setting up all my DD to Santander , including Lloyds...good to know they can no longer off set

Thanks for all the advice ....much appreciated

DMP Mutual Support Thread - Part 12

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