DMP Mutual Support Thread - Part 12

Suseka97 · 13 May 2018 at 9:46AM

ploppy57 wrote: »

Thanks Sourcrates...I think I may just resend the letter we sent in March, that told them we were ceasing payments and also mentioned that we had initially written in January. Will just add another quick note, saying "as you can see from previous letter...etc etc". All they have to do is send the paperwork and if it is showing that it is enforceable then we are happy to start paying again. Original debt was with BC, so not sure how good they are at keeping records....there is 3 accounts in total and all many years old.

selinek wrote: »

I have 3 accts with Link too. They have not complied with my CCA request I sent in in August 2017. They sent very similar letter which I have ignored. I know they have received request as they have applied the £1 fee to the outstanding debts , cheeky so so's . Until they come up with a compliant agreements then they will be getting nothing from me. I remember a couple of people on here had done the same thing with Link .

I'm in the same boat with Link. They've failed to comply and I've written several times telling them so and also have stopped paying them since last July. I then posted something about this in the AAD forum and one of their legal beagles said to just stop contacting them and let the statute barred clock start ticking. So I've taken that advice and they've tried to call my OH a good number of times since, and we've blocked their number. As sourcrates advises -I've kept a copy of the paperwork they did send, which was just T&Cs with no true copy or reconstituted copy of the agreement and all my own letters in case further down the line they try some sort of court action.

Basically all this tells me is that they are pretty incompetent or that they know they can't comply but will just continue on regardless.

Suseka97 · 13 May 2018 at 9:54AM

Just_Afloat wrote: »

Sourcrates/January, I have just lost my job, last time i was unemployed i was 40 and found no problem getting a new post but now, at 54, i think it will be impossible to get a job earning what i was... I currently owe 30k and have been paying 1150 a month to stepchange, most debts defaulted, Halifax CC not defaulted and now charging interest again. My question is, i have some saving's, but think I need to stop paying stepchange and go self managed as i only have a part months salary coming. If I write to creditors and tell them this, and only pay tokens, whats my chances of good settlement figures in December? I will be 55 and have 19k in old pensions i can use after taxes to offer settlements come December, or am i being stupid?

So sorry to hear you've lost your job and wish you good luck in securing future employment.

If it were me I would go self-managed, tell your creditors of the situation and drop them all down to token payments, or better still - tell them that until you find employment you won't be paying anything. That may well force Halifax to finally default you (and I'd advise you to write to their MD to complain about the fact they haven't and push them to backdate the default). Seeing as you are unemployed there would be no point in them taking any further collection activity. Even if/when you get a new job or your pension lump sum - don't throw that at the debt, keep that as an emergency fund or for future F&Fs much further down the line.

Just_Afloat · 13 May 2018 at 10:32AM

Thanks January&Suzeka, I think I will go the tokens route and see what happens in the future, I also have equity in my house January so would probably be treated similar to you re full and finals, thanks again:-)

ayupmeduck · 13 May 2018 at 10:47AM

Onebrokelady wrote: »

I have a default notice from NatWest:j

How ling did that take? I've stopped paying since the beginning of the year and still waiting.

ayupmeduck · 13 May 2018 at 10:52AM

ayupmeduck wrote: »

Things are finally starting to happen with Natwest. Got another letter from them the very next day saying they would be shutting down my accounts but not my loan account. They also included a i&o sheet to fill in.

Let's see who they sell my debts onto

Well so far I've heard nothing

Danny008 · 13 May 2018 at 9:40PM

I received a letter yesterday from Tesco bank asking for the full amount of the loan. My first payment from stepchange is due to come out on June 1st and they know this. Is this anything to worry about?

sourcrates · 13 May 2018 at 9:56PM

Danny008 wrote: »

I received a letter yesterday from Tesco bank asking for the full amount of the loan. My first payment from stepchange is due to come out on June 1st and they know this. Is this anything to worry about?

Standard creditors letter they must send out by law, and does not take account of your DMP.

Nothing to be bothered about.

roo-dee · 14 May 2018 at 12:17PM

Hi all, I hope you dont mind me joining in. I have a couple of questions. to begin my debt had started to spiral over the last year and i just kept burying my head in the sand. it got to the point in the last couple of months that i have done what i swore i would never do and used the dreaded payday loans which has just made things ten times worse. Everything came to a head with me last week when i had to top up a payday loan to eat , I have no idea how the hell I am gonna pay that back in the time required. things then came to a head and i was just an absolute mess, I contacted stepchange and I am going to start DMP.

I contacted stepchange and agreed a manageable amount every month, however, from what I can gather It would be best to hold off and and build up an emergency fund. From looking at things 5 months should be enough to build a small fund for anything that should come up. My question is do I just hold off sending back my pack to step change or do I send back straight away and contact them and tell them i would rather wait for a few months for payments to begin? In the meantime do I just stop the direct debits to the companies?

Next thing i am loosing sleep over is contacting the companies themselves, I really will have to put things into writing as i am absolute mess and when I think about this situation never mind talk about it i get so worked up. Do I just inform them that i am in talks with stepchange and give them my ref no and tell them payments will begin in 5 months?

Finally, this payday loan is making me ill, Its is new and I used it out of desperation i am worried about what they will do if I dont make payment on the required date, will they accept that i am working with stepchange.

Thank you if you made it to the end of this ramble xx

Suseka97 · 14 May 2018 at 12:33PM

roo-dee wrote: »

...........I contacted stepchange and agreed a manageable amount every month, however, from what I can gather It would be best to hold off and and build up an emergency fund. From looking at things 5 months should be enough to build a small fund for anything that should come up. My question is do I just hold off sending back my pack to step change or do I send back straight away and contact them and tell them i would rather wait for a few months for payments to begin? In the meantime do I just stop the direct debits to the companies?

Next thing i am loosing sleep over is contacting the companies themselves, I really will have to put things into writing as i am absolute mess and when I think about this situation never mind talk about it i get so worked up. Do I just inform them that i am in talks with stepchange and give them my ref no and tell them payments will begin in 5 months?

Finally, this payday loan is making me ill, Its is new and I used it out of desperation i am worried about what they will do if I dont make payment on the required date, will they accept that i am working with stepchange. Thank you if you made it to the end of this ramble xx

Hi there and welcome :hello:

Okay, I can't help re the PayDay lender question because I have no experience of those, but am sure someone will be along to help with that shortly. So, in answer to some of your other concerns. Yes, 5 months is a good amount of time and I would hold off returning the paperwork and also tell SC that you are doing so because you need a healthy balance in your account before the DMP begins, add that you'd rather have an emergency fund of a sufficient amount to deal with the unexpected, rather than have to vary your agreement once its up and running.

In the meantime you will have to contact your creditors, and if you can't handle speaking with anyone, you'll need to get those letters off sharpish - or email them if you can. These days as soon as someone contacts creditors they put an immediate 30 day hold on the account to allow time for the paperwork - so all you have to do is give them the SC reference and simply state you are in discussion with them about setting up a DMP and will be back in touch as soon as you are able. I wouldn't say it'll be 5 months then payments will begin - there is no need to give them a timeline just yet.

As to your payments/direct debits, you need to put a stop to them now -and if you have any debts associated with your current bank provider, you'll need to get yourself a new one that has no links to those debts you intend to put into the DMP.

sourcrates · 14 May 2018 at 1:41PM

roo-dee wrote: »

Next thing i am loosing sleep over is contacting the companies themselves, I really will have to put things into writing as i am absolute mess and when I think about this situation never mind talk about it i get so worked up. Do I just inform them that i am in talks with stepchange and give them my ref no and tell them payments will begin in 5 months?

Finally, this payday loan is making me ill, Its is new and I used it out of desperation i am worried about what they will do if I dont make payment on the required date, will they accept that i am working with stepchange.

Thank you if you made it to the end of this ramble xx

I posted yesterday on this very subject matter.

Debt can be a worry, yes, we all know that, but........as i said yesterday.......there are debt solutions put in place by parliament, to deal with problem debt.

The solutions are there, all you have to do is access them through the various debt charities, although a DMP is an informal arrangement, creditors will work with you, makes no difference if you took the loan last night or last year, life changes, things happen, creditors are well aware of this.

It can be difficult at first, top hits on most search engines when looking for "debt help" brings up lots of private debt management companies who charge exorbitant fee`s, money certainly talks.

Cancel the CPA for the payday loan with your bank, write and tell the companies concerned you are in financial trouble and are working with stepchange, they will not just ignore you, after the new regulations on payday lending came into force, most of the fly by night operators have gone, those who are left are all FCA registered, and must adhere to the code of conduct/lending code etc.

You will be fine, anything you do not know, ask on here.

DMP Mutual Support Thread - Part 12

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