DMP & Mutual Support Thread - Part 11

sourcrates · 19 March 2017 at 9:51PM

Floopy2009 wrote: »

Just a quick one i have stopped payments in Feb on my credit cards etc and will be going self managed once defaulted and sold on. Just wondered how long does it take to get sold on and dca contact you i presume you will get a letter who the debt has been sold on to ?

Hi,

How long is a piece of string ?

It all depends on the creditor, they should default after 3/6 missed contractual payments, some drag there feet, others are on the ball, there is no way to tell beforehand.

You can write and ask for the account to be defaulted, that may help.

Floopy2009 · 19 March 2017 at 10:16PM

What about the companies that they sell it on to are they quick to contact you or you waiting around a month or two

Cheers

sourcrates · 19 March 2017 at 10:21PM

Floopy2009 wrote: »

What about the companies that they sell it on to are they quick to contact you or you waiting around a month or two

Cheers

Again, it's anyone's guess, some are fairly quick, others aren't.

Debts are sold on in bulk, they have to chase up every single one, on occasion they may not bother, if they feel a certain account may be unrecoverable, it just depends on a whole list of factors.

As a general rule it's within 3 months of sale.

Puzzcat · 19 March 2017 at 11:30PM

According to the fos the original creditor does not have to default before sale, they have said my original creditor and now dca are correct and they do not have to default the debt. This was a debt that I have been paying reduced payments to for over 3 years.. So yes you can ask, but they don't have to default.
Puzz

Stig_of_the_DMP · 21 March 2017 at 4:08PM

So, I am finally underway. We have sent our income and expenditure details to Stepchange and had the pack back, which we have returned. We have also contacted all of our creditors, who were remarkably helpful and sympathetic, all things considered. We are planning to start payments in July to allow ourselves to build up our emergency fund.

Is it weird that I actually feel quite excited about it? I am no longer terrified to look at my current account, I have started allocating money for differnet things rather than just living hand to mouth each month. I realise this is how most peiople actually live their lives, but the whole concept of planning and sticking to a budget is something that is totally new to me.

Stig

January2015 · 21 March 2017 at 5:05PM

Stig_of_the_DMP wrote: »

So, I am finally underway. We have sent our income and expenditure details to Stepchange and had the pack back, which we have returned. We have also contacted all of our creditors, who were remarkably helpful and sympathetic, all things considered. We are planning to start payments in July to allow ourselves to build up our emergency fund.

Is it weird that I actually feel quite excited about it? I am no longer terrified to look at my current account, I have started allocating money for differnet things rather than just living hand to mouth each month. I realise this is how most peiople actually live their lives, but the whole concept of planning and sticking to a budget is something that is totally new to me.

Stig

Well done - and really well done on giving yourself a good few months to build an emergency fund. We say it so often on here, but often people new to DMPland panic and feel they must pay creditors NOW. It usually takes a bit of persuading that nothing bad will happen. You have clearly not needed persuading and have taken to DMPland like a duck to water.

It is normal to feel excited / elated. The pressure of debt worry has lifted from your shoulders and you can start to see the wood for the trees. The debt is still there but you know you have a plan and it will not get worse and you can afford to live life.

Great to see you making fantastic progress. Now you've started the DMP, don't be a stranger - keep popping in and saying hello and updating us :beer: You really will find the support and motivation of this forum will help you get through the years of the DMP. I have been going for just over 2 years now and it really has flown by.

Stig_of_the_DMP · 21 March 2017 at 5:30PM

Thanks, January. It is only from reading advice on here that has given me the confidence to request a delayed start date and also to set a realistic rather than monk-like budget.

motivated · 21 March 2017 at 8:20PM

Stig_of_the_DMP wrote: »

So, I am finally underway.
Is it weird that I actually feel quite excited about it? I am no longer terrified to look at my current account, I have started allocating money for differnet things rather than just living hand to mouth each month. I realise this is how most peiople actually live their lives, but the whole concept of planning and sticking to a budget is something that is totally new to me.
Stig

Hi Stig

Well done on getting the ball rolling and you're not weird. I too am actually excited about our DMP too

Stepchange have been great. I can also relate to not being scared anymore about the bank and creditors etc. Mine were also very understanding, I was quite surprised to be honest. I'm still waiting to hear from 2 but I am not stressing about them yet.

As for the budget I am still getting my head round it. When you have been used to spending what you want when you want its difficult to keep track of a budget at first. I am getting my head around it now and you will too.

Its like a whole new fresh start so enjoy it and good luck with everything.
M

ella2ethan1 · 22 March 2017 at 11:42AM

Hiya and thank god for this thread!

I am going to set up a dmp so far I am up to date with all my creditors, I am going to contact Payplan later today so finally sort things out.

Is your advice on here to stop paying the debts straight away? And why to open a new bank account? I am taking it that my overdraft will be stopped when I start all of this?

And am I getting it right that if they all default then it will be off my credit file in 6 years?

I/we are drowning in debt and paying it all back there is no money left at the end of the month I am hoping that with this we will get some breathing space. Who sets the repayment figure payplan is it all based on the other income/outgoings?

Sorry for all the questions I'm sure you have all answered lots of times.:embarasse:embarasse

Sazzie23 wrote: »

Hi Henryyyy

I think this is answered already by outperform other fine DMPers, but just to be clear, If you are going to a DMP, there's no point continuing to pay, cancel your DD and CPA and tell them you are in difficulty and will be setting a DMP and will let them know.

Don't forget that defaults are your friend, (see my reply to Dancing Unicorn above).

Well done for making a start at facing your debts, and look forward to getting the budget under control. My advice is : Don't stretch yourself too far at first, it's tough starting a DMP, make life easy on yourself by having some slack in your budget, either by not declaring your overtime, your bonus or being creative with your budget

Saz

motivated · 22 March 2017 at 11:47AM

ella2ethan1 wrote: »

Hiya and thank god for this thread!

I am going to set up a dmp so far I am up to date with all my creditors, I am going to contact Payplan later today so finally sort things out.

Is your advice on here to stop paying the debts straight away? And why to open a new bank account? I am taking it that my overdraft will be stopped when I start all of this?

And am I getting it right that if they all default then it will be off my credit file in 6 years?

I/we are drowning in debt and paying it all back there is no money left at the end of the month I am hoping that with this we will get some breathing space. Who sets the repayment figure payplan is it all based on the other income/outgoings?

Sorry for all the questions I'm sure you have all answered lots of times.:embarasse:embarasse

Hi ella I am new to all of this too but just wanted to say DON'T PANIC!!! The experts on this thread will advise you what to do for the best. They saved me and I found the whole process so far fairly easy and pain free.
Someone will be along shortly i'm sure.

Good Luck
M

DMP & Mutual Support Thread - Part 11

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