DMP Mutual Support Thread - Part 12

Puzzcat · 14 September 2017 at 5:19PM

susieA wrote: »

Thank you for your responses. So just to break it down...

Go through stepchange helpline to get a reference number

Write to debtors and say I'm setting up a dmp with stepchange this is the reference number with them and I'm going to pay £1 until it's been set up

Wait a month

Ring stepchange and say I wish to go through with the dmp

Wait a month then send back the paperwork that I'm assuming they send me

Then start the dmp and hopefully have everyone agree.

Is that kinda the process?

Thanks again guys, really appreciate it

That's about it , but I never spoke to anyone at sc, did it all online.
Puzz

kram · 14 September 2017 at 8:19PM

Here's a link to the sc debt remedy tool:

https://www.stepchange.org/Debtremedy.aspx

Get the ref no & away you go.

Good luck

K

henrryyyy · 15 September 2017 at 1:10PM

since going it alone I wrote to all my creditors offering token payments, quite a few didnt reply, most rejected and 1 accepted for a year(although the account has been closed on my credit file so maybe sold on?)

A friend offered to help me out and with his help I made a couple of of F&Fs which subsequently cleared a £950(450 arrears) loan with 118118 for £250, and a £3900 debt with bamboo for £1200.
Amazingly 118118 made me that offer not the other way round, and i undershot bamboo thinking they would raise me up, but they didnt.

My other debts are credit card debts and overdraft, so i'm guessing they wont be as easy to negotiate with(although im not currently in a position to do F&Fs to them yet) 2 of these have been sold to dca's. I'm working my backside off doing 50+ hours overtime a month which will help greatly.
its almost 6 months to the day that I bit the bullet and started my dmp journey, its amazing how empowered you feel when dealing with your creditors, (thanks to some blunt words of advice from sourcrates

) I realise now how blind I was when I was scared of my creditors, borrowing from one company to pay another etc. and I feel going through these hard times now isnt a bad thing, I have learned so much about credit and debt, that its a lesson that will help me through the rest of my life.

good luck everyone!

Bewildered_Banshee · 15 September 2017 at 7:14PM

Stepchange have now written to my creditors with my payment plan.
I had a letter from nationwide today saying that as it's going to take so long to pay them back, they've stopped interest and charges and will issue a default notice now. it also says they'll not take any further action as long as I pay my regular payments.
This seems a bit too good to be true - is this usual?

January2015 · 15 September 2017 at 7:55PM

henrryyyy wrote: »

since going it alone I wrote to all my creditors offering token payments, quite a few didnt reply, most rejected and 1 accepted for a year(although the account has been closed on my credit file so maybe sold on?)

A friend offered to help me out and with his help I made a couple of of F&Fs which subsequently cleared a £950(450 arrears) loan with 118118 for £250, and a £3900 debt with bamboo for £1200.
Amazingly 118118 made me that offer not the other way round, and i undershot bamboo thinking they would raise me up, but they didnt.

My other debts are credit card debts and overdraft, so i'm guessing they wont be as easy to negotiate with(although im not currently in a position to do F&Fs to them yet) 2 of these have been sold to dca's. I'm working my backside off doing 50+ hours overtime a month which will help greatly.
its almost 6 months to the day that I bit the bullet and started my dmp journey, its amazing how empowered you feel when dealing with your creditors, (thanks to some blunt words of advice from sourcrates ) I realise now how blind I was when I was scared of my creditors, borrowing from one company to pay another etc. and I feel going through these hard times now isnt a bad thing, I have learned so much about credit and debt, that its a lesson that will help me through the rest of my life.

good luck everyone!

Fantastic post. In the words of Mr Punch..... "that's the way to do it"

Suseka97 · 17 September 2017 at 9:12AM

henrryyyy wrote: »

.....its almost 6 months to the day that I bit the bullet and started my dmp journey, its amazing how empowered you feel when dealing with your creditors, (thanks to some blunt words of advice from sourcrates ) I realise now how blind I was when I was scared of my creditors, borrowing from one company to pay another etc. and I feel going through these hard times now isnt a bad thing, I have learned so much about credit and debt, that its a lesson that will help me through the rest of my life.
good luck everyone!

Great news and good luck with any future F&Fs (not that I think you'll need it). You've now got your head in the game and rather than let creditors dictate, you are in control

Bewildered_Banshee wrote: »

Stepchange have now written to my creditors with my payment plan. I had a letter from nationwide today saying that as it's going to take so long to pay them back, they've stopped interest and charges and will issue a default notice now. it also says they'll not take any further action as long as I pay my regular payments.
This seems a bit too good to be true - is this usual?

Sounds about right. No point flogging a dead horse (as the saying goes). An early default is good and you'll probably find they'll sell the debt on to a DCA in the next few months anyway. I don't have debts with Nationwide, but did with Halifax and whilst they were slower off the block - they eventually defaulted and sold on to Wescott. They even backdated the default when I pressed them for it. From what I've read on here lately it seems that a lot of creditors (particularly banks and building societies) are defaulting much quicker and accept whatever payment plan is offered; eventually selling on so they no longer have to deal with the debt.

btoTHeg · 17 September 2017 at 11:57AM

Hi all,

I'm currently in a DMP with StepChange and have paid off £20k so far and have about 5 years left to pay, I currently owe about £28K across 5 lenders.

Barclaycard (Now with Link Financial Services) £3200
Virgin £5700
Nationwide £2100
NatWest (Now with Westcot) £11000
Sainsburys £6000

I have received £2K recently that I'd like to use to make full and final settlement offers to a couple of my creditors to reduce what I owe and also to reduce the amount I'm paying monthly on my DMP.

I spoke to StepChange and they have advised me that I can't clear off some debts without annoying the other creditors I owe money to. They have said that the creditors I dont pay may feel that I am not treating all my debts fairly and may cancel the agreement I have in place with them.

I'm really not sure what to do or how to approach this as I really woul like to get myself debt free as soon as I can but I cant afford to make a F&F settlement offer to them all.

Any advice would be really appreciated

Thanks

sourcrates · 17 September 2017 at 1:55PM

btoTHeg wrote: »

Hi all,

I'm currently in a DMP with StepChange and have paid off £20k so far and have about 5 years left to pay, I currently owe about £28K across 5 lenders.

Barclaycard (Now with Link Financial Services) £3200
Virgin £5700
Nationwide £2100
NatWest (Now with Westcot) £11000
Sainsburys £6000

I have received £2K recently that I'd like to use to make full and final settlement offers to a couple of my creditors to reduce what I owe and also to reduce the amount I'm paying monthly on my DMP.

I spoke to StepChange and they have advised me that I can't clear off some debts without annoying the other creditors I owe money to. They have said that the creditors I dont pay may feel that I am not treating all my debts fairly and may cancel the agreement I have in place with them.

I'm really not sure what to do or how to approach this as I really woul like to get myself debt free as soon as I can but I cant afford to make a F&F settlement offer to them all.

Any advice would be really appreciated

Thanks

Hi,

Best not to involve your DMP provider in these matters, thats always the response you will get.

Realistically the only account you will be able to clear with 2k is the Nationwide account, make a full and final offer to them, using the National Debt-line template letter (available from there website).

If its accepted, get them to confirm it wont be chased again, in writing, pay them, then just ask stepchange to remove them from your DMP.

Thats how others approach this.

btoTHeg · 17 September 2017 at 2:48PM

Thanks for the good advice Sourcrates, when I get StepChange to remove the debt can I also get them to reduce the direct debit payment I'm making to them?

I'm currently paying £489 a month and Nationwide is £49 of that, from experience do others drop their monthly payment or leave as is?

Thanks again

sourcrates · 17 September 2017 at 3:05PM

btoTHeg wrote: »

Thanks for the good advice Sourcrates, when I get StepChange to remove the debt can I also get them to reduce the direct debit payment I'm making to them?

I'm currently paying £489 a month and Nationwide is £49 of that, from experience do others drop their monthly payment or leave as is?

Thanks again

Stepchange are just the service provider of your DMP, they are a debt charity, not a regulatory body, if you want to lower your payment, you tell them that you want to lower your payment.

The DMP is yours, all they do is act as a 3rd party, passing on your payments to your creditors, you are the one in charge.

DMP Mutual Support Thread - Part 12

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