DMP Mutual Support Thread - Part 12

[Deleted User] · 22 November 2017 at 10:27AM

Probably not the right place to ask this but as there's always lots of mention of setting up a clean bank account when starting a DMP I thought I'd try here first.

When on a DMP most of us are just eligible for a basic bank account. I opened one with Nationwide in 2013 and have run it in exemplary fashion (although not much chance of doing otherwise without an overdraft is there?). I have several savings accounts with them too for my eventual F&Fs. I have tried to upgrade to a better account with them (they have one where a related savings account earns great interest which I'm not eligible for without the current account:mad:). I was refused each time despite the fact that they 'know' me.

I watched Martin's TV show last night and saw mention of the money for switching accounts. I was particularly interested in the First Direct one and have just been on the bank website and saw this:

Who can apply?

You. Probably. If you're over 18, haven't been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years (or be in the process of doing so), and have a phone number and email address we can contact you with, we'd love to welcome you.

Do you think this means people such as me on a (now self-managed) DMP but still with debts and a rubbish credit history would have a chance? Has anyone else in a similar situation had any luck being accepted by First Direct?

Sorry, lots of questions but any advice would be really helpful. Thanks:beer:

Leanneglos1 · 22 November 2017 at 9:47PM

Hello, quick question if a company issue you a letter stating they may take you to court for a CCJ, they then send further letter beginning court proceedings, at what stage are the additional legal costs added??
By this I mean if I was to receive a letter but before going to court manage to come to an agreement before this, would this avoid any additional court charges?

sourcrates · 22 November 2017 at 11:03PM

Leanneglos1 wrote: »

Hello, quick question if a company issue you a letter stating they may take you to court for a CCJ, they then send further letter beginning court proceedings, at what stage are the additional legal costs added??
By this I mean if I was to receive a letter but before going to court manage to come to an agreement before this, would this avoid any additional court charges?

After judgement is granted.

igaveupnowimback · 25 November 2017 at 5:03PM

Hi, can't believe am couple years into DMP with SC, received letter from bank advising writing off CC debt which is substantial, closing ac and removing record from CRA's. Uncertain of this, would have expected them to sell to DCA which is what they did with the much smaller current ac balance. Tried call SC but closed. Anyone heard of this before ?

sourcrates · 25 November 2017 at 7:10PM

igaveupnowimback wrote: »

Hi, can't believe am couple years into DMP with SC, received letter from bank advising writing off CC debt which is substantial, closing ac and removing record from CRA's. Uncertain of this, would have expected them to sell to DCA which is what they did with the much smaller current ac balance. Tried call SC but closed. Anyone heard of this before ?

Occasionally yes, usually happens for one of three reasons.

(1) the debt is unenforceable due to lack of a credit agreement.

(2) the bank makes a commercial decision to write off the debt as you have no realistic prospect of ever clearing it,

Or

(3) chance, luck, good fortune, call it what you will, they do it for no reason whatsoever.

Don’t look a gift horse in the mouth !!

igaveupnowimback · 25 November 2017 at 8:02PM

Thanks Socrates, yes am only just holding back from jumping with joy as this would more than halve my total debt but think more likely THIS Experian scenario: "Often, when an account is written off ... creditor will sell the debt to a collection agency, balance on original account will be updated to zero. If so, you no longer owe the balance to the original creditor, but to the collection agency". So fear am going to be in a worse situation with potential for DCA to start calls, visits etc unless accept current payments via SC.

tonyace123 · 25 November 2017 at 8:49PM

Hi,just had a review a week ago with sc,this was because mortgage going up due to inflation rise,now the Halifax are saying they rejected my payment plan,the money sent to them is exactly the same amount should I worry about this or just ride it out,everything was running smoothly till this review I can't go self managed just yet not mentally strong enough just yet but getting stronger each week,any thoughts would be appreciated thank you

StopIt · 28 November 2017 at 11:23AM

tonyace123 wrote: »

Hi,just had a review a week ago with sc,this was because mortgage going up due to inflation rise,now the Halifax are saying they rejected my payment plan,the money sent to them is exactly the same amount should I worry about this or just ride it out,everything was running smoothly till this review I can't go self managed just yet not mentally strong enough just yet but getting stronger each week,any thoughts would be appreciated thank you

Don't worry.

If Halifax reject your payment plan, they'll sell the debt onto someone who will.

Most original creditors "reject" DMP payments, because they end up selling the debts, but say it in different ways. Some accept the fact you're in a DMP, but then sell the debt anyway!

Mulder83 · 28 November 2017 at 1:18PM

Been Self Managing my DMP since March and all things are going great.

Made an offer to lowell to give me discount of 50% towards my 3 store accounts, it wasn't accepted but they offered 20% which i agreed, 1 of the accounts will be closed in Jan with the 2 others being closed in April and August.

i issued a CCA request to Wescot for an account Lloyds TSB Consolidated Loan & Credit Card pre-2007, and also asked Robinson Way to knock of £895 (70% discount) off the for an original debt of £1214 with Barclay Card, i initially thought they would laugh out the door telling to me to buggar off but they asked me to complete and return the SOA

. So in return i issued a CCA request before i would complete the SOA, never be afraid to ask discounts from lenders whilst these will mark my credit file as partially settled my credit file is already ruined anyway.

Quickquid (loan sharks) had proof of my CCA but would only offer a 20% discount payment in full (£210) :mad:, so currently fighting my corner to get a monthly arrangement.

Capital One (Fredrickson) agreed my 50% discount on the debt being cleared in 3 months :T

So all in all next year is looking good to clearing all my debts, bearing in mind it was originally with SC to be cleared in 2020/21. :j

selinek · 28 November 2017 at 2:20PM

Mulder83 wrote: »

Been Self Managing my DMP since March and all things are going great.

Made an offer to lowell to give me discount of 50% towards my 3 store accounts, it wasn't accepted but they offered 20% which i agreed, 1 of the accounts will be closed in Jan with the 2 others being closed in April and August.

i issued a CCA request to Wescot for an account Lloyds TSB Consolidated Loan & Credit Card pre-2007, and also asked Robinson Way to knock of £895 (70% discount) off the for an original debt of £1214 with Barclay Card, i initially thought they would laugh out the door telling to me to buggar off but they asked me to complete and return the SOA . So in return i issued a CCA request before i would complete the SOA, never be afraid to ask discounts from lenders whilst these will mark my credit file as partially settled my credit file is already ruined anyway.

Quickquid (loan sharks) had proof of my CCA but would only offer a 20% discount payment in full (£210) :mad:, so currently fighting my corner to get a monthly arrangement.

Capital One (Fredrickson) agreed my 50% discount on the debt being cleared in 3 months :T

So all in all next year is looking good to clearing all my debts, bearing in mind it was originally with SC to be cleared in 2020/21. :j

That’s great news :T. What a great to start the new year.I sent CCA all 9 creditors. Only one has come back enforceable with one pending outcome. Had to send another CCA to westcot with fee payable to LLoyds TSB.westcot wouldn’t real with the request I would never have thought about sending a CCA REQUEST if it wasn’t for this thread. It is definitely worth doing it

The one that is enforceable is Capital One I feel encouraged by your experience to put in an F&F to them. Every little helps

. All debts have dropped my credit file some time ago. Helps knowing partial payment won’t show up

I’ve recently gone over from SC to self managed. What a great feeling of liberation! :A

DMP Mutual Support Thread - Part 12

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