DMP mutual support thread part 13 !!

mary_hinge wrote: »

Hi, I've had a dmp with SC for a number of years until February when I stopped payments and closed it down. I am currently contacting my 3 creditors to offer token payments but yet to receive an answers. I guess I'm wanting some experiences with Wescot, Link and Lowell please? Thanks. Ms H x

You'll be fine with Westcott, as had been said - they only manage, but my experience with them in the past was positive. I've no experience of Lowell - but don't expect to hear anything back from LINK in any sort of timely manner. They are dreadful at responding to letters, but that'll work in your favour if you are looking to drop them to tokens because it'll probably take them ages to notice :rotfl:

motivated wrote: »

Morning all

Just a quick question from me please.

Anyone have any idea how long creditors are likely to accept token payments for. My reason for asking is we will be currently going down to one wage coming in and things are about to get super tight in the Motivated household.

DH is off work and is unlikely to be paid in line with his employee conditions etc. He will probably be entitled to statutory sick pay which as far as I'm aware is about £90 per week :eek:

Unbeknown to me he has taken out a couple of loans with Satsuma thinking he was somehow helping. I have no idea what they will think or do. Now I'm at the point of what now!!


I feel a stress alert coming and need some reassurance, guidance and advice please as we have taken 52 steps backwards
M

Hi Motivated,

Sorry to hear things are bumpy right now.. Not sure if you are with a charity or self managed? I am self managed and have been paying each creditor a fiver per month since 2016 due to circumstances... all backed up with an i & e of course. No issues from any creditors...

Puzz. x

motivated wrote: »

Hi Puzz and thankyou

We are self managing and so far things have been ok. Dropped to token payments for a few months and all has been well. I am worried that adding more debt will just tip things over the edge.

I'm thinking of going to the bank this morning and asking them to stop any cpa payments from going and then writing to creditors (new ones included) and moving forward again.

Does this sound like a doable plan?
M

Sounds like a plan. X

Just thought I would update 6-7 months into my DMP for any newbies starting out.
I started with stepchange in September 2018 and after the first missed payments there were phonecalls and letters... I have 6 creditors. I unplugged the home phone and didn't answer my mobile and sent letters to them all explaining I was working with SC.
All accepted the much reduced payments and all stopped interest and charges straight away. I had no more phonecalls and very few letters.
It has been fairly plain sailing since then. I have done a review over the phone with SC due to a change in finances ( a reduction) and all was fine again.
5 out of the 6 creditors have defaulted me already - Tesco and Barclaycard being the most efficient there!
2 accounts - Barclaycard and MBNA have now referred the account on to PRA and Moorcroft respectively. I had my first phone conversation with Moorcroft yesterday and it was absolutely fine - they just took the SC reference and agreed the payment plan.


So I just wanted to say to anyone worrying about the first few months - it really isn't as bad as you think, more an admin task than something to keep you up at night worrying.
Next for me - well in the next few months I will go self managed. 3 accounts are pre-April 2007 so I will be sending CCA requests for those. My DMP won't be finished before the 6 year default markers are off but I will need to take a mortgage in my own name at that point so that is my goal!