DMP Mutual Support Thread - Part 12

AllTheHelpICanGet · 3 July 2017 at 9:00AM

Really enjoying seeing the posts from others who have recently gone down the self-managed route as I have recently taken the decision to do the same. I have CCA'd all my creditors (apart from one as I need to find an address for them &#55357;&#56883;) and my last payment to SC has been made today. I have letters prepared to go off to all my creditors advising them that I will be managing it myself from now on and am waiting hopefully to hear that some of my debts will not be enforceable. If any come back as unenforceable and I choose to stop making payments towards them (undecided yet - may do that and try and offer low F&F) does anyone have a template or suggestion for what wording I should use in my letter informing them that I will not be making any more payments?

Also, is it acceptable to use e-mail and e-mail them a pdf letter rather than post everything? (Just thinking of the cost!).

Lastly, and slightly off topic.... I have always felt that it was my responsibility to pay back everything that I borrowed and I have been slowly doing so over the last 8 years or so. My debts were built up after the failure of my marriage when, with little child support, I used credit to live on to keep a roof over my daughters head and food on the table. Over a number of years I got myself into £120k debt. Recently I have started to feel a little bitter that the banks and other financial institutions allowed someone earning about £20k a year to borrow that amount of money. I used the money because I felt I had no choice in order to live but should they not have had some responsibility for responsible lending? Does anyone else feel like that or is it me?

On the plus side I have paid off nearly £50k now....

Have a good day all!

AllTheHelpICanGet · 3 July 2017 at 9:11AM

Sorry, one more question! I have received notification from a couple of my creditors so far that my account has been placed on hold while they attempt to obtain the CCA info. What is the best course of action at this stage; continue to make payments or stop payments until I hear further? Thanks

vaper · 3 July 2017 at 9:13AM

AllTheHelpICanGet wrote: »

Sorry, one more question! I have received notification from a couple of my creditors so far that my account has been placed on hold while they attempt to obtain the CCA info. What is the best course of action at this stage; continue to make payments or stop payments until I hear further? Thanks

I think your account goes on hold while they try and find the information so no payments needed until they come up with the goods.

purplepaws · 3 July 2017 at 10:28AM

Good morning,
Following the great advice on here and after contacting the CAB, I have decided to go with a self managed DMP.
I have a few questions though, which you'll probably think are totally stupid but I'm going to ask them anyhow.
Please help if you can - I could do with putting the last few years behind me ASAP. Thanks in advance.

I have sent letters off to lenders asking for balances and to suspend interest etc. I am currently NOT in arrears with anyone. However, if I pay them all again this month I will have no money left for food, petrol, a life etc. I have a term-time only job so my wages will stop this month.

My question is can I just move my money out of my account so the DD's don't get paid or should I tell the CC people that I'm not able to pay them first, whist the letters (mentioned above) are still in the system?
I'm not sure how the DMP will be received if I go from one month paying as normal to next asking to pay a smaller amount?
Thanks once again.

zenshi · 3 July 2017 at 10:46AM

purplepaws wrote: »

Good morning,
Following the great advice on here and after contacting the CAB, I have decided to go with a self managed DMP.
I have a few questions though, which you'll probably think are totally stupid but I'm going to ask them anyhow.
Please help if you can - I could do with putting the last few years behind me ASAP. Thanks in advance.

I have sent letters off to lenders asking for balances and to suspend interest etc. I am currently NOT in arrears with anyone. However, if I pay them all again this month I will have no money left for food, petrol, a life etc. I have a term-time only job so my wages will stop this month.

My question is can I just move my money out of my account so the DD's don't get paid or should I tell the CC people that I'm not able to pay them first, whist the letters (mentioned above) are still in the system?
I'm not sure how the DMP will be received if I go from one month paying as normal to next asking to pay a smaller amount?
Thanks once again.

DDs I assume are the regular ones for paying credit cards? Don't just move money out, they will bounce and you'll be hit with charges from your bank. Have you enough time to cancel DDs?

You have written to them, so don't pay this month. Keep the money for living. Do a budget and see how much you can afford in DMP and YOU tell them how much you will pay them

sourcrates · 3 July 2017 at 11:15AM

AllTheHelpICanGet wrote: »

I have letters prepared to go off to all my creditors advising them that I will be managing it myself from now on and am waiting hopefully to hear that some of my debts will not be enforceable. If any come back as unenforceable and I choose to stop making payments towards them (undecided yet - may do that and try and offer low F&F) does anyone have a template or suggestion for what wording I should use in my letter informing them that I will not be making any more payments?

Also, is it acceptable to use e-mail and e-mail them a pdf letter rather than post everything? (Just thinking of the cost!).

AllTheHelpICanGet wrote: »

Sorry, one more question! I have received notification from a couple of my creditors so far that my account has been placed on hold while they attempt to obtain the CCA info. What is the best course of action at this stage; continue to make payments or stop payments until I hear further? Thanks

Hi,

Welcome to the thread,

A properly formatted request for information under sec 77/79 of the consumer credit act, must be made in writing, and be accompanied by the £1 statutory payment, if you have an old cheque book still, then use that, if not, its going to cost you £1 plus 50p charge, for each £1 postal order.

Whilst your account is "on hold" you are not required to make any payments.

Should any of your creditors be unable to comply with the request, and admit they dont hold the required information, as you say, you can either offer a small amount to settle, or just walk away, there are various template letters kicking around the internet, not all are factual, or up to date.

National Debtline has a range of sample letters, you can amend the "no offer of payment letter" and use that.

sourcrates · 3 July 2017 at 11:27AM

purplepaws wrote: »

Good morning,
Following the great advice on here and after contacting the CAB, I have decided to go with a self managed DMP.
I have a few questions though, which you'll probably think are totally stupid but I'm going to ask them anyhow.
Please help if you can - I could do with putting the last few years behind me ASAP. Thanks in advance.

I have sent letters off to lenders asking for balances and to suspend interest etc. I am currently NOT in arrears with anyone. However, if I pay them all again this month I will have no money left for food, petrol, a life etc. I have a term-time only job so my wages will stop this month.

My question is can I just move my money out of my account so the DD's don't get paid or should I tell the CC people that I'm not able to pay them first, whist the letters (mentioned above) are still in the system?
I'm not sure how the DMP will be received if I go from one month paying as normal to next asking to pay a smaller amount?
Thanks once again.

Hi,

Never, ever, ever prioritize unsecured debt repayments above your essential living costs, ever, how could you ever even think of doing so ?

Unsecured debts are "non priority" debts, which means they come last on the list for payment, if, after all your essential bills, including food, petrol etc etc, you dont have anything left to make payment with, then tough on them, they will have to wait.

Stop worrying about how you will be perceived by your creditors, they wont care, trust me.

If, and it sounds like you are struggling, stop all non essential payments for now, and save yourself an emergency fund, do this before you start self managing, save up at least 6 months, it sounds like you need this as a back up for the future.

Your creditors can wait, block numbers, throw there spammy letters in the recycle bin, self managing means looking after no one, thats you, you need to change the way you think about, and how you treat creditors, you dictate to them how things will be, not the other way around.

First thing you must do is cancel the DD`s to your regular payments, otherwise you will incur bank charges, remove all methods that creditors can use to take money from your account, including constant payment authority, direct debts, and standing orders.

Any further advice, please dont hesitate to ask.

AllTheHelpICanGet · 3 July 2017 at 11:39AM

Thank you for your reply Sourcrates. (Please can someone tell me how I mention a members name in my post properly?!) I have already send off my CCA requests; my question about corresponding via e-mail with the DCA's was with regards to other correspondance such as F&F offers as opposed to the CCA requests.... It would be less costly and more time efficient if e-mail was OK to use.

sourcrates · 3 July 2017 at 11:47AM

AllTheHelpICanGet wrote: »

I have already send off my CCA requests; my question about corresponding via e-mail with the DCA's was with regards to other correspondence such as F&F offers as opposed to the CCA requests.... It would be less costly and more time efficient if e-mail was OK to use.

Yes you can negotiate by phone/email.

But, please remember, to be legally binding, any agreed offer and acceptance, must be made in writing, an email would be ok, but nothing is as good as an old fashioned letter.

Again, National debtline has a template letter for making full and final offers, it is worded so to be legally binding on both parties.

sourcrates · 3 July 2017 at 11:49AM

AllTheHelpICanGet wrote: »

Thank you for your reply Sourcrates. (Please can someone tell me how I mention a members name in my post properly?!)

Just click on the "QUOTE" button, at the bottom of each message.

DMP Mutual Support Thread - Part 12

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