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  • FIRST POST
    • sourcrates
    • By sourcrates 18th Sep 18, 9:40 PM
    • 17,398Posts
    • 16,396Thanks
    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.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
Page 78
    • ferret_lady
    • By ferret_lady 22nd May 19, 10:01 PM
    • 1 Posts
    • 1 Thanks
    ferret_lady
    I've been a lurker for a few weeks and just wanted to thank everyone for posting their experiences. It's given me the confidence to go self-managed for the both of us right from the start. I'm turning 23 and we've had a few impulses followed by a horrid vet bill and illness/decline in my mental health. We owe 25k and an end date of 2027 but there's a full time opportunity on the horizon for me so that could change significantly!

    I was having frequent anxiety attacks but after debt counselling and discovering the forum I've maybe had one or two. I have an amusing number of pets and they're all that keep me going, and I thought I'd have to give them up. After discovering the thread my panic eased and I've been able to begin applying for full time positions, so a combination of a DMP and (hopefully) better pay is going to allow me to keep them and I have never been happier.

    (If you have young pets, don't ever let yourself believe that they're young and you'll get away with not insuring them for a little bit - one exception to this put me several thousand down and my vets have been nothing but considerate in allowing me to pay the balance slowly).
    Last edited by ferret_lady; 24-05-2019 at 7:37 PM.
    • Azza7
    • By Azza7 24th May 19, 7:35 AM
    • 6 Posts
    • 4 Thanks
    Azza7
    Keep optimistic ferret lady and cuddle your pets.Its only my dog and this site that kept me going.He is an oldboy and vets bills increasing.Keep that end date in mind.......my dmp not started yet will finish in 2025 I will be 76 but debt free.I also suffer from anxiety .This forum helped me realise creditors dont hate you personally they just want to know you are not trying to run away from debt.You are brave to go self managed I think it gives you more control and as the wise people on here say YOU are in control.Think I will get confidence to go self managed some time in the future.Best to you x
    • Marble030509
    • By Marble030509 24th May 19, 11:13 AM
    • 32 Posts
    • 5 Thanks
    Marble030509
    Hi guys

    Sorry....another question.

    Received a letter from Moorcroft Debt Recovery this morning who are now dealing with my NewDay credit cards.

    They have said the following....

    "Unfortunately, at this stage we are unable to hold your account until September without further information from you, please fill in and return the enclosed income and expenditure form so that we can have a better understanding of your finances"

    As you know we are not starting our DMP until September and will contact Stepchange at the beginning of September to get it all set up. My question is do I send the form back to Moorcroft or simply leave it as I have already advised them of my plan?

    Thanks guys

    Enjoy the bank holiday weekend.
    • sourcrates
    • By sourcrates 24th May 19, 11:42 AM
    • 17,398 Posts
    • 16,396 Thanks
    sourcrates
    Hi guys

    Sorry....another question.

    Received a letter from Moorcroft Debt Recovery this morning who are now dealing with my NewDay credit cards.

    They have said the following....

    "Unfortunately, at this stage we are unable to hold your account until September without further information from you, please fill in and return the enclosed income and expenditure form so that we can have a better understanding of your finances"

    As you know we are not starting our DMP until September and will contact Stepchange at the beginning of September to get it all set up. My question is do I send the form back to Moorcroft or simply leave it as I have already advised them of my plan?

    Thanks guys

    Enjoy the bank holiday weekend.
    Originally posted by Marble030509

    Moorcroft only manage your debt on behalf of Newday.


    Moorcroft do not own your debt, only a debts owner can take legal action, (worst case senario) moorcroft can do nothing but advise their client, so you can just ignore them until your ready to start the DMP.
    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.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • clarehell
    • By clarehell 24th May 19, 8:42 PM
    • 4 Posts
    • 0 Thanks
    clarehell
    Hi Guys
    just wanted a bit of advice please , Myself and my husband have been on my debt management plan for a little over 4 years and have been given the opportunity by my brother in law to offer full and final settlements to clear my remaining £30k debt.long story short my husband suffered with the trauma 5 years ago of watching his identical twin being killed in an horrific accident whilst they were at work and he has suffered with severe flashbacks and depression. he has been off work sick and our debts ( credit cards and car payment and other bills escalated ) He has now gone back to work and is doing better with medication and counselling but this debt is a catalyst in his recovery
    i have contacted Step Change today and ask them how I go about full and final settlements , we have never missed a dmp payment and for the last 4 years we have plodded along so i am concerned that our debtors will refuse as they are being paid regularly .Step Change have asked us to make a payment of £14k for them to work with , they have suggested they offer 40 % payments across all our debts.
    does this sound achievable?
    • Suseka97
    • By Suseka97 25th May 19, 5:54 AM
    • 697 Posts
    • 821 Thanks
    Suseka97
    ....... Myself and my husband have been on my debt management plan for a little over 4 years and have been given the opportunity by my brother in law to offer full and final settlements to clear my remaining £30k debt...........
    i have contacted Step Change today and ask them how I go about full and final settlements , we have never missed a dmp payment and for the last 4 years we have plodded along so i am concerned that our debtors will refuse as they are being paid regularly .Step Change have asked us to make a payment of £14k for them to work with , they have suggested they offer 40 % payments across all our debts. does this sound achievable?
    Originally posted by clarehell
    To be honest, there's no way of knowing for sure- but there's no harm in trying. A 40% discount is a reasonable one if you can get it but as you say, you've been plodding along nicely for 4 years and so your creditors might not see they have much to gain from an early settlement. Most folks tend to get F&Fs accepted when they stop making payments or have been making significantly reduced ones - that's the usual tactic. That said, with £30k left to pay it suggests your DMP may be set to run for a good few years yet and so it might be attractive to them from that point of view. The only way you'll know for sure is by having a go - but if it were me, I'd take control of the negotiations myself. I can appreciate that in your particular circumstances that may not be your preferred choice. Good luck with it
    • sourcrates
    • By sourcrates 25th May 19, 10:05 AM
    • 17,398 Posts
    • 16,396 Thanks
    sourcrates
    Step Change have asked us to make a payment of £14k for them to work with , they have suggested they offer 40 % payments across all our debts.
    does this sound achievable?
    Originally posted by clarehell
    Once you hand that 14k over, you wont see it again.

    There is no guarentee stepchange will be able to achive 40%, and if they cant, they may pay whats been asked for, you may end up with all the money gone, and you still oweing certain creditors, its not a situation i would be comfortable with, you have no control over proceedings at all.

    Much better to engineer the situation yourself, ditch stepchange, go on reduced payments for a while, write and tell the creditors that work is slowing down, you may have to reduce your payments further, leave it a few more months, then tell them things are worsening, you are in danger of losing your job, at this point send CCA requests, find out which debts are enforcable, and which arnt.

    You can take the senario as far as you like, but the point is you must make the creditors beleive that the offer you are about to make them represents the best return possible, in the circumstances.

    They are under no obligation to take your offers, so you must engineer your situation to you own benefit, you must be astute and work the system to your advantage, the more points you have in your favour the better, the most important thing to remember, when you have successfully negoatiated the offers you are happy with, make sure you get everything in writing, that the money you are paying is accepted in full and final settlement of the account, and that the remaining balance will not be chased by them, or their agents.

    Its such a drawn out, quite significant process, it makes much more sense to do it yourself.
    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.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • survivor84
    • By survivor84 25th May 19, 11:21 AM
    • 25 Posts
    • 5 Thanks
    survivor84
    Hello,

    I have made my first phone call to step change today and have decided to embark on a debt management plan. I owe 30k on credit/store cards and have been making minimum payments for years. no court action or bailiffs or anything. I have very recently left my abusive marriage so I'm desperately trying to piece our lives back together. and the first step is sorting out the financial abuse that has occured. Just looking for advice and support really as I start this journey. Looking to open a different bank account to start transfering my wages and direct debits. Any advice on good ones? Thanks
    • sourcrates
    • By sourcrates 25th May 19, 11:52 AM
    • 17,398 Posts
    • 16,396 Thanks
    sourcrates
    Hello,

    I have made my first phone call to step change today and have decided to embark on a debt management plan. I owe 30k on credit/store cards and have been making minimum payments for years. no court action or bailiffs or anything. I have very recently left my abusive marriage so I'm desperately trying to piece our lives back together. and the first step is sorting out the financial abuse that has occured. Just looking for advice and support really as I start this journey. Looking to open a different bank account to start transfering my wages and direct debits. Any advice on good ones? Thanks
    Originally posted by survivor84

    You have had good responces already on your other thread.


    Nationwide, COOP cashminder, and Lloyds basic accounts are all good choices.
    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.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Jwatson
    • By Jwatson 25th May 19, 8:17 PM
    • 15 Posts
    • 4 Thanks
    Jwatson
    Hello all
    Just wondering if anyone can give a bit of advice regarding our current situation. We’ve been in a DMP for 9 months and our combined debt across 8 lenders now stands at about 49k. 6 of the debts are now with various collection agencies, 2 remain with the original credit card companies. We have managed to get our mortgage lender to agree to port our current mortgage to a new property, and we are going to downsize to pay off our debts.

    We have now sold our house, but are currently struggling to find a house to move into. We live in a city where houses are in high demand, and although we have put offers in on a couple of properties, we keep getting pipped to the post by first-time buyers and property developers. Moving further out or to a different town isn’t possible due to work and travel complications.

    We have found what we think is potentially our dream house, and in an effort to successfully purchase we are seriously considering upping our offer on it. The issue is that doing so will leave us without enough profit on the house sale to pay all of our creditors in full (as in 100% full and final payments), however I have seen lots of posts on here about negotiating reduced payments.

    The house we are trying to buy needs a bit of work doing to it; it’s totally liveable, but needs a few little bits like the electrics being checked out, and we’d like to put a new bathroom in if possible, as we’ve got two young children and the current bathroom only has a shower. Also the double glazing may need replacing.

    So the advice we’d like if possible is how would any of you handle the negotiations with the creditors? On paper it would look like we had just enough to pay everyone but in reality not due to house we would potentially be buying would need work. Do we go ahead with the increased offer, or should we try and find a cheaper house?

    I’m really sorry for the long post but it’s a lot to explain! Any advice would be super appreciated.
    • Suseka97
    • By Suseka97 26th May 19, 9:37 AM
    • 697 Posts
    • 821 Thanks
    Suseka97
    .......Just wondering if anyone can give a bit of advice regarding our current situation. Weíve been in a DMP for 9 months and our combined debt across 8 lenders now stands at about 49k. 6 of the debts are now with various collection agencies, 2 remain with the original credit card companies. We have managed to get our mortgage lender to agree to port our current mortgage to a new property, and we are going to downsize to pay off our debts.

    We have found what we think is potentially our dream house, and in an effort to successfully purchase we are seriously considering upping our offer on it. The issue is that doing so will leave us without enough profit on the house sale to pay all of our creditors in full (as in 100% full and final payments), however I have seen lots of posts on here about negotiating reduced payments.

    The house we are trying to buy needs a bit of work doing to it; itís totally liveable........

    So the advice weíd like if possible is how would any of you handle the negotiations with the creditors? On paper it would look like we had just enough to pay everyone but in reality not due to house we would potentially be buying would need work. Do we go ahead with the increased offer, or should we try and find a cheaper house?

    Iím really sorry for the long post but itís a lot to explain! Any advice would be super appreciated.
    Originally posted by Jwatson
    This type of situation really comes down to personal choice. Me - I wouldn't downsize my property just to pay off debts. However if your plan is to downsize and you have found your 'dream home' but need to up your offer - then you should do just that. Also, if the property needs work- which means you'll have less left to pay to your creditors, well so be it. Perhaps get the house move sorted first and see where you stand money-wise.

    Your priority has to be the house and your family, first and foremost - then comes your creditors. If you don't have a much money left to clear all your debts, you could clear some and continue on your DMP with the others. Of course to do that you'll need to be self-managed.

    As for reduced offers - I somehow doubt that'll be an option for you at this stage. In order to achieve substantial discounts people have generally sent in CCA requests (as a first step to check whether their debts are enforceable), if they are then great - that gives you leverage. Others have reduced their DMP payments down to a minimum (or tokens) for at least 6 months (often more).

    Go have a read of sourcrates response to clarehell's post on this topic. F&Fs take time and patience, but worth pursuing when the time is right.
    • Jwatson
    • By Jwatson 26th May 19, 10:04 AM
    • 15 Posts
    • 4 Thanks
    Jwatson
    We are downsizing not really linked to debt we are fortunate to live in a desirable area and where we would like to move to is not as expensive so therefore we have some money left. Thanks for the advice I will find the post. I def agree family and a home should come first as that will last longer than the debt
    • clarehell
    • By clarehell 27th May 19, 11:43 AM
    • 4 Posts
    • 0 Thanks
    clarehell
    Thank you very much for your response and great advice, I have booked in a call with StepChange to review my budget before we agree to go ahead , I have also looked on our credit files and a few of the credit cards are actually dated before 2007 , some as far back as 2004, should I request CCAís for these? We have also decided before we start negotiating that we will not be making the next DMP payment ( first time in over 4 years ) partly because my husband has not worked for 2 weeks as heís been in a state and either left early due to counselling sessions or been too medicated to concentrate. With his part wage and my wages I need to ensure essentials like our mortgage and council tax and prescriptions are paid.
    Hopefully this will also make our creditors realise the terrible situation we are in and they may accept our full and final offers !
    Thanks again x
    • SkintDad87
    • By SkintDad87 28th May 19, 1:28 PM
    • 17 Posts
    • 7 Thanks
    SkintDad87
    Holding?
    Afternoon all

    Hope your plans are all going swimmingly and the stress has been lifted, in this glorious Tuesday!

    Further to previous advice, I requested to start my self managed DMP, on 1st October 2019, last payments to creditors was made April 2019. They requested to see another income and expenditure form, with my wages while training, so I obliged and sent this to them. They are still responding, saying "we are unable to hold your account until 1st October" and prompting me to seek further advice from a debt company, or to call them...by not holding my account, I assume they are going to sell it to a DRA?

    On the plus side, Halifax wrote to me today, with my default notice - so that's 3 of the debts(largest ones) now defaulted!

    Thanks for all help and advice

    😁
    • SkintDad87
    • By SkintDad87 28th May 19, 4:25 PM
    • 17 Posts
    • 7 Thanks
    SkintDad87
    Repeating
    I know I've already mentioned about this...but just a clarification. Them saying they can't hold the account any longer, is that just a scare tactic, or will it be sold on as they don't want to deal with me? I know it takes a while before courts are involved etc, but numerous letter through the door...notice of arrears, notice of default, notice that contract is terminated...all scary words
    • Willing2Learn
    • By Willing2Learn 28th May 19, 4:35 PM
    • 3,235 Posts
    • 2,798 Thanks
    Willing2Learn
    All they are is 'scary words' that are coming from their auto-generated list of letters. It is all just a part of the process and nothing to worry about. They will just pass the accounts on to DCAs to manage or own. The only scary one you have to watch for is a Letter Before Action (LBA), but that will be ages away along the process...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • SkintDad87
    • By SkintDad87 28th May 19, 4:43 PM
    • 17 Posts
    • 7 Thanks
    SkintDad87
    😁
    Beautiful, thank you Willing2Learn! Also getting emails from companies asking why I can't pay until October, and can I just pay £00.01 a month...I still refused. Should I even reply to such emails, or leave it all until 01/10/2019?
    • Willing2Learn
    • By Willing2Learn 28th May 19, 4:48 PM
    • 3,235 Posts
    • 2,798 Thanks
    Willing2Learn
    You can reply if you want to, always by letter (Royal Mail). You could reiterate that you only consent to correspondence by Royal Mail, that the accounts will on hold until October 1st. You could give a reason for the delay for things such as emergency boiler repair, emergency car maintenance, that sort of thing. In my book, that isn't actually lying, as you are saving an EF to cover you against those types of unknown costs that will crop up from time to time...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • SkintDad87
    • By SkintDad87 28th May 19, 5:09 PM
    • 17 Posts
    • 7 Thanks
    SkintDad87
    You can reply if you want to, always by letter (Royal Mail). You could reiterate that you only consent to correspondence by Royal Mail, that the accounts will on hold until October 1st. You could give a reason for the delay for things such as emergency boiler repair, emergency car maintenance, that sort of thing. In my book, that isn't actually lying, as you are saving an EF to cover you against those types of unknown costs that will crop up from time to time...
    Thank you again. I have replied to say it was due to training in job (which isn't a lie) and coming off of shift work, therefore losing shift premium, therefore a lower wage until September, and payments will begin in October, when I will start to get paid normally again!

    They can be very pushy with wording, but I'm looking at the plus side, biggest debt and with 3 of the debts, Halifax have defaulted...that said, I only sent them a letter yesterday, stating I will start payments in October, and recieved notice of default today - will it be an issue to now move that date to October?
    • phoenixx
    • By phoenixx 28th May 19, 9:41 PM
    • 227 Posts
    • 817 Thanks
    phoenixx
    Debt free in sight...
    Itís been a while since I posted but a momentous day brought me back here - to the forum I visited first as a newbie about 7 years ago. I was too scared to post at first and lurked around for a while until I gained the courage to engage. We started out in 2011 with over £98,000 of unsecured debt. Credit cards, loans, overdrafts - you name it, we had it. We were barely surviving month-to-month. We went to Stepchange first and made rookie errors like trying to pay too big a monthly payment. Learnt our lesson there! Eventually we got the courage to self manage with help from contributors to this forum.

    Itís been years of hard slog, extra jobs, cutting corners and mental health issues. Our car is knackered and our house has had no attention for ages. Itís shabby and our clothes are old. But...today my husband rang Shoosmiths to pay off his last £3.85 from an original debt of £1800+ and we realised that was the last one! We still have the mortgage and I owe the Milkman a few quid but thatís it. To anyone who has supported me - thank you! I canít quite describe the feeling but I can tell you - there is light at the end of the tunnel and we are standing in it.
    DMP since August 2011
    DFD January 2018 hopefully sooner
    Debt at start: £98769
    Debt now: £24993
    Paid back: £73776
    Taking it one day at a time
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