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  • FIRST POST
    • sourcrates
    • By sourcrates 18th Sep 18, 10:40 PM
    • 18,779Posts
    • 17,687Thanks
    sourcrates
    DMP mutual support thread part 13 !!
    • #1
    • 18th Sep 18, 10:40 PM
    DMP mutual support thread part 13 !! 18th Sep 18 at 10:40 PM
    Welcome to the DMP mutual support thread Part 13 !!

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

    There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be.

    We are non judgmental and all DMP related questions are welcome.

    Again the old thread was getting a tad long, so time, yet again, for a new one.

    The old thread can be found here :

    https://forums.moneysavingexpert.com/showthread.php?t=5623951


    This Forum tip was included in MoneySavingExpert.com's weekly email!
    Last edited by Former MSE Andrea; 13-03-2019 at 9:03 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
Page 114
    • fullofcold
    • By fullofcold 13th Nov 19, 12:44 PM
    • 41 Posts
    • 4 Thanks
    fullofcold
    Scrap that last question - I found the answer on the GP website. Thank you Sourcrates. This is a new area for me and I find debt very stressful.
    • sourcrates
    • By sourcrates 13th Nov 19, 1:47 PM
    • 18,779 Posts
    • 17,687 Thanks
    sourcrates
    I reckon about 7k in fee's. Is there a notice period? Like he has to give 28 days notice to come out of the agreement with them, or can he send them a letter saying that he is ending the agreement with them immediately?

    I work in finance, but not this arena so I am so glad I asked before I acted. I have been trying to tell him to get rid of GP since we have been together but he is the type to stick his head in the sand. I calculated that by staying with him his agreement would run for 50 plus years, yet if he had done it himself he would be nearly repaid by now ffs.

    Also is there any specific wording we need to use to give notice to end the agreement?
    Originally posted by fullofcold
    Look at the terms and conditions, but normally itís 30 days notice.

    Just say you want to cancel as you no longer require their services.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • fullofcold
    • By fullofcold 13th Nov 19, 2:31 PM
    • 41 Posts
    • 4 Thanks
    fullofcold
    Look at the terms and conditions, but normally itís 30 days notice.

    Just say you want to cancel as you no longer require their services.
    Originally posted by sourcrates

    Thank you, appreciate the help
    • Norfolk_Jim
    • By Norfolk_Jim 14th Nov 19, 5:40 AM
    • 1,232 Posts
    • 1,129 Thanks
    Norfolk_Jim
    ongoing
    Wife is thrilled today to recieve her PIP and NOT have to pay most of it to some CC - she is going to buy herself a small foldable mobility scooter for the car.
    Im still trying to see the GP to change or adjust my meds. I guess I will have to tell them Im going to hurt myself. I'm not but they would have to see me then. Our surgery have a weird way of getting an appointment.
    Feeling better but still tearful. I think its just stress but still need to review or change those meds
    • newlywed
    • By newlywed 14th Nov 19, 7:45 PM
    • 7,476 Posts
    • 24,369 Thanks
    newlywed
    I thought my dmp would never end. Started it in 2007, suffered redundancy that delayed it all, but my final payment has been made.

    Donít give up, donít stress... just keep plodding on and eventually you will reach the end of the tunnel and find the light is actually the lightness of being debt free!


    Kind of scared now though in case I get caught up in it all again

    DMP support thread (member #32)

    • smallie210
    • By smallie210 15th Nov 19, 8:58 AM
    • 19 Posts
    • 1 Thanks
    smallie210
    hi when a balance is marked as 'in arrears' in your credit score, will that stay there for 6 years? i know 'default' balances do but not too sure about in arrears. thanks a lot
    • sourcrates
    • By sourcrates 15th Nov 19, 11:18 AM
    • 18,779 Posts
    • 17,687 Thanks
    sourcrates
    hi when a balance is marked as 'in arrears' in your credit score, will that stay there for 6 years? i know 'default' balances do but not too sure about in arrears. thanks a lot
    Originally posted by smallie210

    Hi,


    Your credit file is a record of how you have conducted your financial affairs, most of the information is kept for 6 years, if you cannot find information to the contray, then assume its 6 years for everything.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Halfwaythere
    • By Halfwaythere 16th Nov 19, 11:01 AM
    • 13 Posts
    • 0 Thanks
    Halfwaythere
    Hi, I am even more confused now by my situation can anyone help! I have contacted my creditors who have not defaulted my account as from my understanding if I would have not paid my accounts they would have defaulted and have an impact on my credit file however mine are noted as in a DMP and this will affect my credit file for 6 years after I pay it off in full (2years) so would be in a worse situation than if I had defaulted.

    I logged my complaint with Sainsbury and they have given me back some interest and £50 for the complaint and I have said they can default if I wish. I rang them and asked if they could default back to 2018 when my DMP and they said they cannot as I am not in arrears she said she can manually default now if I wish as this is a new thing that has come into place in the last few months. However she advised me not to, she said if I default now this will impact my credit file for 6 years whereas if I pay it in full in two years as I am it will completely drop off my file at that point and not have any further negative impact. She read some things out to me but I am not very good at all this. Is she correct can anyone help please I am soooo confused ?!

    Thanks
    • Willing2Learn
    • By Willing2Learn 16th Nov 19, 12:03 PM
    • 4,762 Posts
    • 4,305 Thanks
    Willing2Learn
    Hi, I am even more confused now by my situation can anyone help! I have contacted my creditors who have not defaulted my account as from my understanding if I would have not paid my accounts they would have defaulted and have an impact on my credit file however mine are noted as in a DMP and this will affect my credit file for 6 years after I pay it off in full (2years) so would be in a worse situation than if I had defaulted.

    I logged my complaint with Sainsbury and they have given me back some interest and £50 for the complaint and I have said they can default if I wish. I rang them and asked if they could default back to 2018 when my DMP and they said they cannot as I am not in arrears
    Originally posted by Halfwaythere
    Is that correct? Is the account fully up-to-date? Did you always adhere to the original credit agreement? Surely if Sainsbury was included in your DMP, then the applicable account would have been in arrears...
    Last edited by Willing2Learn; 16-11-2019 at 12:06 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • sourcrates
    • By sourcrates 16th Nov 19, 1:52 PM
    • 18,779 Posts
    • 17,687 Thanks
    sourcrates
    she said if I default now this will impact my credit file for 6 years whereas if I pay it in full in two years as I am it will completely drop off my file at that point and not have any further negative impact. She read some things out to me but I am not very good at all this. Is she correct can anyone help please I am soooo confused ?!

    Thanks
    Originally posted by Halfwaythere
    Ok, basically if you repay this debt in two years, the whole entry will move to the closed accounts section of your file, then drop off entirly on the 6 year anniversary, defaulting it now will be of no benefit, it only benefits people at the start of a long DMP as defaults will drop off files earlier than AP markers, which stay on there 6 years after the debt is repaid.


    I would say carry on as you are, as your arrangement is only for a short time.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • Changingtimes
    • By Changingtimes 16th Nov 19, 2:06 PM
    • 56 Posts
    • 14 Thanks
    Changingtimes
    Another question. I am currently with Stepchange. I entered into a pretty short DMP (18 months) In Jan 18. In Aug /Sept I took a payment break due to an emergency and recommended payment in October. A couple of creditors have been paid and dropped off. I am seriously considering running the rest as Self managed. I wanted to start this in Jan 20. I have a small EF £300. What would creditors views be on me switching to SM and starring this in Jan? Would this be risky? To advise I have been paying £1000 a month from my salary and being able to do this due to family members helping me in other respects so I can pay the £1000. If I email creditors telling them SM from Jan and payments will commence then would that be acceptable? Any advice welcomed.

    DEBT FREE MISSION ☆☆DMP COMMENCING 01/01/19 ☆☆
    - CURRENT DEBT £22,000 - DEBT FREE BY OCTOBER 2020
    UPDATE 01/09/2019 - BUSTED £10,000 - CURRENT DEBT £12,0000
    • NeverendingDMP
    • By NeverendingDMP 16th Nov 19, 5:52 PM
    • 530 Posts
    • 1,773 Thanks
    NeverendingDMP
    I had a gap when i went from stepchange to self managed. I cancelled stepchange wrote to everyone to say im self managing and i will continue to pay x amount. on x day. I had a gap of about 6 weeks so i could miss paying for one month of my pay. No one minded and i had in effect a month off and time to set up direct debits etc
    35,213 - Jan 2018, 19799 remaining.
    Mortgage 77224- 71647 remaining.
    Make 2019- 2207/2019 EF =210
    • Halfwaythere
    • By Halfwaythere 16th Nov 19, 7:15 PM
    • 13 Posts
    • 0 Thanks
    Halfwaythere
    Forgive me if I am not getting it. So do you mean once it moves to a closed account and is paid in full it no longer as an effect on my credit rating ? Thanks
    • Norfolk_Jim
    • By Norfolk_Jim 19th Nov 19, 6:33 AM
    • 1,232 Posts
    • 1,129 Thanks
    Norfolk_Jim
    Forgive me if I am not getting it. So do you mean once it moves to a closed account and is paid in full it no longer as an effect on my credit rating ? Thanks
    Originally posted by Halfwaythere

    Whatever you do it will stay on your credit record for at least 6 years so yes it will have an effect on your credit rating for at least that long
    • Civic18
    • By Civic18 19th Nov 19, 9:50 AM
    • 11 Posts
    • 3 Thanks
    Civic18
    We began a DMP around 12 years ago with the embarrassing level of debt of £62k on loans and credit cards. We had 3 young children, our situation was overwhelming and it felt like we would never see the end of it. Having worked hard over those years we now have our last payment due on 1/12/19 - a situation we thought we would never be in! We've learned alot and the one thing I would like to share is however bad your situation is it's never hopeless. There are some brilliant sources of support and assistance out there and the main thing is to tap into those rather than 'burying your head in the sand' and hoping it will go away. We are so glad we did and we can now think about getting on with the rest of our life and never being in that situation again!
    Wishing everyone all the best on their debt free journey.
    • thejoyofdebt
    • By thejoyofdebt 19th Nov 19, 11:56 AM
    • 1 Posts
    • 0 Thanks
    thejoyofdebt
    stuck
    Hi,



    I'm not sure if I'm in the right place but looking for some advice if possible.


    I started my DMP with Stepchange 9 years ago and now owe around 3K. I've taken the step of going self managed, hoping to negotiate some decent settlements with the two remaining creditors.


    About 4 years ago I noticed that one of my creditors, Capquest (originally Marbles) had not applied a default and that my credit file was marked as being in a payment arrangement. I contacted them and requested that they apply the default retrospectively and they said they would look into it.



    In October 2017 the account was transferred to NCO although the legal owner of the debt was still Capquest.



    At the begining of this year (my 9th year of being in a DMP) I phoned Capquest to make an offer of a partial settlement as long as they agreed to apply the default retrospectively, the advisor said I would hear back by the 1st of March but they did not reply.


    I have since sent a CCA request to NCO, they replied saying that they have sent the request to Capquest (the legal owner) and that my account would be placed on hold. I had wrongly assumed that they would not take any further payments whilst my account was on hold but as I didn't inform StepChange, stepchange still continued to pay the account. When I realised this I suspended any further payments.


    In May, Capquest sent me a settlement offer of 50% reduction in my balance and an offer to mark my credit file as partially settled, but still no CCA. I did not reply.


    To date I have still not received the CCA. I have sent no further payments and Capquest continue to send monthly statements showing my outstanding balance (no interest added).


    Today I checked my credit score and the only blemish I have (as after 9 years the other creditors are not visible) is this Capquest debt! My file is mostly beig updated by them as being in a payment arrangement, interspersed with missed payment markers!


    My question is, can they do this after 9 years and if not, what do I do to sort this out?


    Many thanks
    • Dalasc
    • By Dalasc 19th Nov 19, 2:26 PM
    • 3 Posts
    • 0 Thanks
    Dalasc
    Hi
    Looking for advice to help my elderly mum with her DMP. She is 79 years old. The debts are from many years ago when struggling to keep a business afloat. Firstly the DMP and debts are solely in my mum’s name but the plan also takes into account my dad’s pensions, is this correct? My mum only receives a reduced married woman’s pension, no private pension but on review of the plan the company are suggesting a monthly contribution of £306. I’ve started a LPA for my mum as she is suffering from bad health and we should have the results of the MRI that the memory clinic organised soon. She files the paperwork from the DMP company and forgets to act on it. Would a mental health evidence & consent form completed by a doctor have any impact on the plan as the debt was created when she had no health problems?
    Many thanks
    • deebs83
    • By deebs83 19th Nov 19, 8:18 PM
    • 1 Posts
    • 0 Thanks
    deebs83
    Advice for a first timer!
    Hi everyone.
    I'm new to the world of DMPs and I would like some advice on my current plan. I've recently been through the StepChange website and they have suggested a monthly payment plan of £300, which would make my financial life much more bearable! From reading through some of the other stories on this forum I kind of think I know how to proceed, but would like some confirmation to ease my worries.
    1. I believe I should stop paying my current payments and put them instead towards an emergency fund. Should I do this for 3 or 6 months?
    2. Before I start the emergency fund, should I be writing to all my creditors to tell them I won't be paying for 3/6 months? Or just not pay? Ask them to default me? Ask them to freeze interest/fees?
    3. Should I delay sending the paperwork to StepChange during until the 3/6 months is up? If so, will they be ok with this?
    4. Say in the unlikely event I came into a bit of money, could I pay this into my DMP to lower the amount owing and number of months remaining? Similarly, if I find myself able to pay a little more each month, can I do this?
    5. When I have sent the paperwork to StepChange and the DMP is in place, will StepChange notify the creditors or will I have to do the communication?

    I think this is all for now. I apologise if I may have missed some of these questions being answered already. I would just like some confirmation to settle my worries on this.

    Many thanks in advance
    • Suseka97
    • By Suseka97 20th Nov 19, 7:37 AM
    • 874 Posts
    • 962 Thanks
    Suseka97
    .................... About 4 years ago I noticed that one of my creditors, Capquest (originally Marbles) had not applied a default and that my credit file was marked as being in a payment arrangement. I contacted them and requested that they apply the default retrospectively and they said they would look into it. In October 2017 the account was transferred to NCO although the legal owner of the debt was still Capquest.

    Today I checked my credit score and the only blemish I have (as after 9 years the other creditors are not visible) is this Capquest debt! My file is mostly beig updated by them as being in a payment arrangement, interspersed with missed payment markers!

    My question is, can they do this after 9 years and if not, what do I do to sort this out
    Originally posted by thejoyofdebt
    Unfortunately the answer is yes. Creditors or their agents are not legally bound to apply a default to your account. Something many of us can attest to and it does cause a lot of anguish at times. The end result when AP/AR markers are applied means that the debt remains on your file for 6 years from the date the account is finally settled - so as you are experiencing will have an impact on your credit file for far longer than if it were defaulted.

    The only thing you can do is to write a formal letter of complaint to Capquest, if they are still the legal owners of the debt. I had a default backdated by Halifax, some 12 months or so after it had been settled (and was still showing on my credit file). It will take a bit of persistence and certainly in the meantime don't make any more payments until they comply with your CCA request. Of course there is no guarantee they will backdate - but it's worth trying.
    • fullofcold
    • By fullofcold 20th Nov 19, 10:07 AM
    • 41 Posts
    • 4 Thanks
    fullofcold
    Well, my husbands credit report is showing as clear so we are trying to move now. Having put the house on the market we have had an offer, and an offer accepted on where we want to buy. Lender has advised that they will accept someone in an active DMP as long as it is under 50k, which it is.

    I have gone through a broker, and the decision in principle has passed, so I am keeping my fingers crossed for the full application later today/tomorrow. If it goes through we will be able to buy the new place, and release enough to get rid of the DMP.

    Please keep your fingers crossed everyone. I'm nervous as hell!
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