DMP Mutual Support Thread - Part 12

NeverendingDMP · 15 June 2018 at 10:37PM

Someone else will give you better advice so please keep checking the forum, but if you send CCA requests to your debts you can find out whether they are potentially enforceable in court. If they are not- post on here first for help then you could either stop payments, reduce payments or ignore and maybe start payments on your new debt instead. I think there is a link explaining CCA requests a couple of pages back. If not full and final settlement support thread or debt line webpage has info. Basically you send a standard letter with a cheque or postal order for a pound to your debts and they have to reply with legal info about your agreement and when you signed up. (Others will explain it properly) if they don't have everything which they might not if your debts are longstanding then they don't have as much power to chase you. Please let other posters tell you this better but for now don't panic. There are some very clever people on here who can help-its a real journey of discovery I promise.

John37 · 16 June 2018 at 12:03AM

Hi all,

I'm new to the forum, some advise would be great, I have been on a DMP for 9 years. I still owe my creditors 19k. I pay £60 a month to the debt company, £35 to them and £25 off 8 creditors. The DMP will take over 47years
to pay off at this rate. My citcumstances have changed alot in the past 4years for the better financially. My credit score is now 921 out of 999 on Experian and was shocked that it was that good. I have been thinking of the best way to pay the debt off, would a 19k Loan be a good idea to pay it off? Also if I do this through the DMP will the company take half the money? Or would it be a better idea to go straight to the creditors and pay directly to them? Also if the remaining balance is paid in full, will this show on my credit report as fully paid?

Sorry for all the questions,
Hope someone could point me in the right direction.

Thx JB.

sourcrates · 16 June 2018 at 12:41AM

John37 wrote: »

Hi all,

I'm new to the forum, some advise would be great, I have been on a DMP for 9 years. I still owe my creditors 19k. I pay £60 a month to the debt company, £35 to them and £25 off 8 creditors. The DMP will take over 47years
to pay off at this rate. My citcumstances have changed alot in the past 4years for the better financially. My credit score is now 921 out of 999 on Experian and was shocked that it was that good. I have been thinking of the best way to pay the debt off, would a 19k Loan be a good idea to pay it off? Also if I do this through the DMP will the company take half the money? Or would it be a better idea to go straight to the creditors and pay directly to them? Also if the remaining balance is paid in full, will this show on my credit report as fully paid?

Sorry for all the questions,
Hope someone could point me in the right direction.

Thx JB.

Hi,

First of all, ditch the fee charging debt management company, if your DMP is set to run 47 years, then you have been given very bad advice my friend.

£35 a month in fees thats £3780 they have fleeced from you !!!

Post up a statement of affairs in a new thread, and we will see if another solution may be right for you, and I dont mean a loan.

Defaults only stay on your file 6 years, so all yours will of gone by now, any settlement wont show on your credit file.

We dont encourage the use of fee chargeing DMCs on MSE.

Suseka97 · 16 June 2018 at 8:23AM

John37 wrote: »

Hi all,
I'm new to the forum, some advise would be great, I have been on a DMP for 9 years. I still owe my creditors 19k. I pay £60 a month to the debt company, £35 to them and £25 off 8 creditors. The DMP will take over 47years
to pay off at this rate. My citcumstances have changed alot in the past 4years for the better financially. My credit score is now 921 out of 999 on Experian and was shocked that it was that good. I have been thinking of the best way to pay the debt off, would a 19k Loan be a good idea to pay it off? Also if I do this through the DMP will the company take half the money? Or would it be a better idea to go straight to the creditors and pay directly to them? Also if the remaining balance is paid in full, will this show on my credit report as fully paid?
Sorry for all the questions,
Hope someone could point me in the right direction.
Thx JB.

Good grief.... £35 per month to your DMP providers, that's outrageous. Seriously, ditch them :eek:

Your credit score will have improved because, assuming all your debts have been defaulted - they will now have fallen off your credit reports. Are you debts all be handled/managed by DCAs? If so, the first place I'd start is by sending off CCA requests (plenty of info on that if you do a search on this tread). That way you will know if any are unenforceable. With that done and with information to hand you can then decide how to best to tackle each of them.

You could use the 'snowball' method and pick them off one by one. You could drop them all to token payments and save money so that you can then offer some F&Fs; depending on what you owe you might get some decent discounts. You've obviously been paying each of them such a low amount (£25 shared between 8) they would probably rather agree to F&Fs rather than continue with your payment plan for another 38 years.

But whatever you do or don't do - dump that fee charging DMP company.

Slytherin · 16 June 2018 at 9:36AM

Slytherin wrote: »

Hello everyone.

I'm moving into some temporary accommodation soon and after that, more temporary accommodation. It's all part of getting myself set up for cheaper living. Anyway, because I don't want the hassle of having to constantly update addresses and also because I'm going to be living with strangers for at least two properties, I've decided to set up a cheap version of a PO Box for my DMP and debt correspondence. In terms of privacy and ensuring no documents get missed during moves, I think this would be worth the £2 and loose change per month it would cost. My worry is - will creditors or StepChange take issue with this? I don't know why they would as I'm happy to declare where I'll actually be living. I just don't want to receive post until I have longer term accommodation sorted.

Sorry to bump but I know this is a busy thread and was really keen to get someone's thoughts on this!

[Deleted User] · 16 June 2018 at 9:45AM

Slytherin wrote: »

Sorry to bump but I know this is a busy thread and was really keen to get someone's thoughts on this!

Sorry you had no response so far, Slytherin:(. I hope someone will be along soon to advise you.

I can't help I'm afraid as I've had no experience of what you want help with. Good Luck:beer:

sourcrates · 16 June 2018 at 2:02PM

Slytherin wrote: »

Sorry to bump but I know this is a busy thread and was really keen to get someone's thoughts on this!

Hi,

Its fine, its a great idea, and no ones business but your own.

You do as you see fit, stepchange, and your creditors, have millions of customers between them, do you really think they have the time, interest, or resources to keep tabs on you, oh heck, that Slytherin blokes gone AWOL again....................of course they don`t, they won`t bat an eyelid, and will not even know or care.

Maverick87 · 17 June 2018 at 11:34PM

All going well so far...

Barclaycard x 2 card - 30 days of no interest (Making £1 payments)
Santander (1 card, loan and overdraft) - Sent secure message, wouldn't give me Standing order details or address to write to, said it had to be over the phone. They were fine, closed all accounts down and they are going to default, didnt even mention token payments to them. I will follow up with a letter though asking for a way to make token payments.
MBNA (2 cards) Heard nothing back from them yet, sent them a letter as no secure messaging service.

Feel really good at the moment. Set up 2 new current accounts and 5 online savings accounts to ensure we stick to the budget.

4 months of token payments now to get saving, and will do the CCA letters too now just incase

Happy days....keep it up guys and girls!

DMP_Tiger · 18 June 2018 at 8:58AM

Maverick87 wrote: »

All going well so far...

Barclaycard x 2 card - 30 days of no interest (Making £1 payments)
Santander (1 card, loan and overdraft) - Sent secure message, wouldn't give me Standing order details or address to write to, said it had to be over the phone. They were fine, closed all accounts down and they are going to default, didnt even mention token payments to them. I will follow up with a letter though asking for a way to make token payments.
MBNA (2 cards) Heard nothing back from them yet, sent them a letter as no secure messaging service.

Feel really good at the moment. Set up 2 new current accounts and 5 online savings accounts to ensure we stick to the budget.

4 months of token payments now to get saving, and will do the CCA letters too now just incase Happy days....keep it up guys and girls!

Barclaycard were very nice with me too. MBNA sent me a very similar letter to BC so you should hopefully be fine with them.

I've sent I&E plus details and balances of all creditors to BC, MBNA and Shawbrook as they requested but not had any response yet from Aqua (CC) or Barclays Loan. Not sure whether to send them I & E details anyway or wait until they respond to my first letter...

Slytherin · 18 June 2018 at 9:34AM

Thanks for your reply, Sourcrates. I think watching too many detective shows has got me thinking that everything looks suspicious.

DMP Mutual Support Thread - Part 12

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free