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  • FIRST POST
    • sourcrates
    • By sourcrates 18th Sep 18, 9:40 PM
    • 18,012Posts
    • 16,937Thanks
    sourcrates
    DMP mutual support thread part 13 !!
    • #1
    • 18th Sep 18, 9:40 PM
    DMP mutual support thread part 13 !! 18th Sep 18 at 9:40 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 8:03 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    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.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
Page 91
    • Marble030509
    • By Marble030509 16th Jul 19, 1:15 PM
    • 41 Posts
    • 7 Thanks
    Marble030509
    Thanks Suseka

    That is valuable information. I appreciate it. Is the self managed route easy to do? It scares me slightly that it will be all on us.

    Thanks again.
    • Suseka97
    • By Suseka97 16th Jul 19, 1:45 PM
    • 775 Posts
    • 888 Thanks
    Suseka97
    Thanks Suseka
    That is valuable information. I appreciate it. Is the self managed route easy to do? It scares me slightly that it will be all on us. Thanks again.
    Originally posted by Marble030509
    I know it can be scary, but in truth you've already done the hard bit by contacting your creditors and getting those defaults. Even if SC were to 'manage' this on your behalf, once that first part is done all they do is process and allocate your agreed payments on a monthly basis - which you are more than capable of doing. Go and have a read of the NEDCAB website about self-managing DMPs and I'm sure you'll soon realise it is that easy, yes.

    I just wish I'd have gone self-managed a lot sooner - but I do understand that at the outset this can all be very daunting. Which is where the good folks on here come into their own. We're here to support you along the way and there are many people who are opting to go straight into the self-managed route from the outset.

    You've got nothing to lose and as I said in my earlier post - will have much more control over the finances. Just use the SC I & E details, if you've already done that, or use the NEDCAB one. Once you know what your disposable income is the NEDCAB site helps you work out the pro-rata allocation and voila!
    • Whatamidoinghere
    • By Whatamidoinghere 16th Jul 19, 7:19 PM
    • 12 Posts
    • 8 Thanks
    Whatamidoinghere
    Hi all not been here for long time but just got a question two of my cc passed to PRA group anyone had any problems with them?
    • dragonsfire1981
    • By dragonsfire1981 16th Jul 19, 7:46 PM
    • 37 Posts
    • 14 Thanks
    dragonsfire1981
    Hi everyone, I'm just having a Personal Budgeting Plan setup by Debt Compare after Stepchange put me through to them.

    I've also just got a random call from the Moorcroft Group, who I have read a little about and know they take on debt sold by creditors, and like to hassle people. I refused the call as I didn't know who they were at first, and it was 8pm anyway. I'll probably speak to Stepchange or Debt Compare tommorow about it.

    From what it looks like Moorcroft Group don't have any legal right to make demands from you, and most of the time are just chancing it to tr and intimidate you?
    • sourcrates
    • By sourcrates 16th Jul 19, 7:52 PM
    • 18,012 Posts
    • 16,937 Thanks
    sourcrates
    Hi everyone, I'm just having a Personal Budgeting Plan setup by Debt Compare after Stepchange put me through to them.

    I've also just got a random call from the Moorcroft Group, who I have read a little about and know they take on debt sold by creditors, and like to hassle people. I refused the call as I didn't know who they were at first, and it was 8pm anyway. I'll probably speak to Stepchange or Debt Compare tommorow about it.

    From what it looks like Moorcroft Group don't have any legal right to make demands from you, and most of the time are just chancing it to tr and intimidate you?
    Originally posted by dragonsfire1981
    Moorcroft don’t buy debts, they haven’t done for a number of years.

    What they do do, is manage their clients debt accounts on their behalf.

    Debt compare are an accountancy firm, I’m curious as to why Stepchange would put you in touch with them ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    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.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • dragonsfire1981
    • By dragonsfire1981 16th Jul 19, 8:11 PM
    • 37 Posts
    • 14 Thanks
    dragonsfire1981
    Okay, so they used to be?

    I saw fleetingly you had dealings them them on some older threads. Is it the case most of their correspondence is basically BS in an attempt to make you flinch?


    Regarding Stepchange, originally I was being assessed for an IVA but in the end because I have assets (e.g. crypto) that I need to keep for my business, I wasn't put forward, so instead the Stepchange guy got Debt Compare to talk to me about setting up personal budgeting service-which I believe is similar to a DMP, though I'm not clear of the difference.

    Moorcroft donít buy debts, they havenít done for a number of years.

    What they do do, is manage their clients debt accounts on their behalf.

    Debt compare are an accountancy firm, Iím curious as to why Stepchange would put you in touch with them ?
    Originally posted by sourcrates
    • Suseka97
    • By Suseka97 17th Jul 19, 6:16 AM
    • 775 Posts
    • 888 Thanks
    Suseka97
    Hi all not been here for long time but just got a question two of my cc passed to PRA group anyone had any problems with them?
    Originally posted by Whatamidoinghere
    Of the few DCAs I had dealings with I'd have to say that PRA appear to be the most switched on and are actually very easy to deal with. As are Wescot, if you ever have dealing with them. PRA will have purchased your debt and Wescot just manage debts on behalf of the original creditor.
    • Louiseb1155
    • By Louiseb1155 17th Jul 19, 6:50 AM
    • 1 Posts
    • 0 Thanks
    Louiseb1155
    I am new here and have a few questions about a new DMP I am entering into.....i may be being totally silly here but how do I start a new thread I cant see it as an option anywhere 🤔 thank you
    • Willing2Learn
    • By Willing2Learn 17th Jul 19, 7:18 AM
    • 3,798 Posts
    • 3,392 Thanks
    Willing2Learn
    I am new here and have a few questions about a new DMP I am entering into.....i may be being totally silly here but how do I start a new thread I cant see it as an option anywhere �� thank you
    Originally posted by Louiseb1155
    Hi Louiseb1155 and welcome to the forum


    Follow the instruction in the video linked below:

    https://forums.moneysavingexpert.com/forumhelp.php

    Edit: Just realised the video does not say how to start a thread . Hold on a sec and I'll post a pic.

    Edit #2: Just open the main Debt-Free Wannabe board in your pc or laptop browser and then 'click' on the circled button
    Last edited by Willing2Learn; 17-07-2019 at 7:32 AM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Cem13009879
    • By Cem13009879 17th Jul 19, 6:22 PM
    • 8 Posts
    • 0 Thanks
    Cem13009879
    Final settlement, help
    Hello, I am currently in the process of setting up my own self managed DMP after being the stepchange since September. My balance is about £6000. My 3 main debts are £4440, £900 and £800. Iíve just been gift some money by a family member and having already paid the smaller debts of credit cards and few payday loans off and put some in to savings for a house in the future when my credit is better, Iím wondering what to do with the remaining balance, which is only about £2,000. My question is, should I just pay off the balances of 900/800, or be cheeky and offer final settlements? Obviously the final would be much much lower than they would like, but with my self managed I was only going to offer small amounts, as my reason for going SM was an increase in expenditure due to work/moving etc. Any advice would be much appreciated!
    • motivated
    • By motivated 18th Jul 19, 7:43 AM
    • 2,534 Posts
    • 5,691 Thanks
    motivated
    Morning all

    Just received 2 letters regarding our BCs. They are being transferred over to PRA who we already have 2 debts with them and they have been amazingly supportive and given us no stress whatsoever. We have been paying tokens to them and are both defaulted.

    Does this mean that PRA have now bought the debts as it doesn't actually say on the letters. They both say transferring.

    Edit: I've just noticed that Suseka97 seems to have answered my question a few posts back. Thank you. Hopefully then PRA will be open to offers in time
    M
    Last edited by motivated; 18-07-2019 at 7:59 AM.
    If you want the rainbow you have to put up with the rain
    EF - £1000
    • Suseka97
    • By Suseka97 18th Jul 19, 11:23 AM
    • 775 Posts
    • 888 Thanks
    Suseka97
    Morning all
    Just received 2 letters regarding our BCs. They are being transferred over to PRA who we already have 2 debts with them and they have been amazingly supportive and given us no stress whatsoever. We have been paying tokens to them and are both defaulted.
    Does this mean that PRA have now bought the debts as it doesn't actually say on the letters. They both say transferring.
    Edit: I've just noticed that Suseka97 seems to have answered my question a few posts back. Thank you. Hopefully then PRA will be open to offers in time
    M
    Originally posted by motivated
    Hi M,
    You should get something from PRA in the not too distant future that formalises the arrangement and it should be headed something like 'Notice of Assignment' - this is a legal requirement as it advises you that they have purchased the debt along with all the associated rights and obligations.

    The one other thing to note about 'debt purchasing' is that it is generally done in bulk and the 'purchaser' will likely only have paid pennies to the pound. I say this becuase it does make them more open to offers further down the line. I suspect their financial model is such that there is a certain threshold applied in relation to how much they'll discount debts, depending on a return on their investment, so to speak. That's also why you'll find them to be more customer friendly because its a very profitable business for them.
    • motivated
    • By motivated 18th Jul 19, 11:33 AM
    • 2,534 Posts
    • 5,691 Thanks
    motivated
    Hi M,
    You should get something from PRA in the not too distant future that formalises the arrangement and it should be headed something like 'Notice of Assignment' - this is a legal requirement as it advises you that they have purchased the debt along with all the associated rights and obligations.

    The one other thing to note about 'debt purchasing' is that it is generally done in bulk and the 'purchaser' will likely only have paid pennies to the pound. I say this becuase it does make them more open to offers further down the line. I suspect their financial model is such that there is a certain threshold applied in relation to how much they'll discount debts, depending on a return on their investment, so to speak. That's also why you'll find them to be more customer friendly because its a very profitable business for them.
    Originally posted by Suseka97

    Thanks Suseka.
    No doubt a letter will be winging its way to us and some F&F offers could be in the pipeline along the way
    M
    If you want the rainbow you have to put up with the rain
    EF - £1000
    • ditty1234
    • By ditty1234 18th Jul 19, 8:42 PM
    • 211 Posts
    • 1,430 Thanks
    ditty1234
    Hi ALL, don't really go on here much as my DMP is now up and running and I am just trying to ignore it - as in paying up and focussing on other things.
    The problem really is me and budgets, while I have been able to put away a few hundred so far for an EF I am scared for August and September when my income is extremely low, but it's also holiday time, and getting ready for new term - time. We are not going away and I feel quite mentally prepared - but just things like cooking and days out as in a bit of gas and possibly entrance or a cup of coffee even a couple of times is enough to tip the budget.
    I don't think I had any real questions - but a fact to share is that my first cc with NW is now defaulted, so 4 to go. My credit score is as expected red hot, but in a year or two when my debt is smaller than my annual pay and the defaults slide down a bit I hope it will be slightly better.
    I need to have the choice to move to a smaller rental accommodation in about 2 years when my (last) kid moves out(although his brother will probably move back in!
    Also would it make sense to pause my (small) contribution to DMP in Aug and Sept and then increase it in October, or at least start paying again? Would this also help bring about the last defaults?
    Debt Free Wannabe LBM Jan 2019 -£25.928/-£24.886 4% paid off
    EF £0 March 2019 /EF £700 in August 2019
    • ruby80
    • By ruby80 20th Jul 19, 10:39 AM
    • 15 Posts
    • 2 Thanks
    ruby80
    Does anyone have any recommendations for the best savings accounts for when you are in a DMP? I'm trying to save some money for F&Fs so have been looking at interest rates but I imagine most of the accounts will do a credit check? If you are saving for F&Fs where do you keep the money? Thanks in advance.
    • MovingForwards
    • By MovingForwards 20th Jul 19, 11:53 AM
    • 1,867 Posts
    • 2,168 Thanks
    MovingForwards
    I have just joined this forum,thank God I did as it's giving me a little bit of hope.Reckon I've got about 14 credit cards most defaulted from 2014 onwards(69k)I'm on a DMP with SC for about 4 years,I've only just realised that some may be unenforceable as they were opened before 2007.I've just requested CCA on 3 of them,all of them have been sold on but when the DCA sent me any letters I just burnt them as I was on DMP,Of course I now want to contact the holders of these debts to request CCA-Any advice?
    Originally posted by andythe cab
    Ask SC for a list of your creditors, the sed the creditors the CCA letter.
    • MovingForwards
    • By MovingForwards 20th Jul 19, 11:56 AM
    • 1,867 Posts
    • 2,168 Thanks
    MovingForwards
    Does anyone have any recommendations for the best savings accounts for when you are in a DMP? I'm trying to save some money for F&Fs so have been looking at interest rates but I imagine most of the accounts will do a credit check? If you are saving for F&Fs where do you keep the money? Thanks in advance.
    Originally posted by ruby80
    Savings accounts don't credit check they ID check.

    My savings accounts run between .25 - 1.50% interest.

    Without knowing which financial institutions you owe money to its difficult to recommend savings accounts.

    I run a dedicated current account for my debts, money builds up so I can do F&F offers.
    • InDebted2U
    • By InDebted2U 20th Jul 19, 2:03 PM
    • 347 Posts
    • 237 Thanks
    InDebted2U
    Hi. After some advice please.



    I have a DMP which was originally with 4 different creditors. Three debts are now held by the same company, who has just written to offer me 30% off. I'd been discussing with family the possibility of asking for a discount to pay it all off early, so the timing is perfect. However, the discount isn't! I'd need at least 45% off all debts to clear them.



    Do you think this is something they would agree to? How is it best to approach them about it and how long are they likely to take to respond? The offers give me 30 days.


    Would it be better to just try and find the extra money somehow? Desperately want to be debt free.
    2019 Targets
    run 500 miles (21.5/500)
    lose 50 lbs (0/50)
    clear all debts...


    • sourcrates
    • By sourcrates 20th Jul 19, 2:36 PM
    • 18,012 Posts
    • 16,937 Thanks
    sourcrates
    Hi. After some advice please.
    I have a DMP which was originally with 4 different creditors. Three debts are now held by the same company, who has just written to offer me 30% off.
    Originally posted by InDebted2U

    Hi,
    Which company are we talking about ?
    How old are the debts concerned ?
    Have you ever CCA`d these accounts ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    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.

    Helping you deal with problem debt.

    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • InDebted2U
    • By InDebted2U 21st Jul 19, 7:36 PM
    • 347 Posts
    • 237 Thanks
    InDebted2U
    Hi,
    Which company are we talking about ?
    How old are the debts concerned ?
    Have you ever CCA`d these accounts ?
    Originally posted by sourcrates
    Cabot
    About 12 years
    No, if I understand the question.
    2019 Targets
    run 500 miles (21.5/500)
    lose 50 lbs (0/50)
    clear all debts...


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