DMP mutual support thread part 13 !!

katius · 18 February 2019 at 6:48PM

We are year 3 year of a DMP with step change, due to be debt free March 2020

Starting debt £22,100 currently £5,500

Hoping to have it paid before Christmas this year by paying some off ourselves when we can afford more, getting quite excited at seeing it come down so quick now.

PennyLane2 · 18 February 2019 at 7:56PM

Hi NeverEndingDMP

Thanks so much for your help - really appreciated. Will go ahead as you’ve suggested, and am going to use the Nedcab plan as recommended by others.

Thanks again
PL

Dandytf · 18 February 2019 at 8:43PM

katius wrote: »

We are year 3 year of a DMP with step change, due to be debt free March 2020

Starting debt £22,100 currently £5,500

Hoping to have it paid before Christmas this year by paying some off ourselves when we can afford more, getting quite excited at seeing it come down so quick now.

Amazing, please continue your efforts.
I was 13K currently 3.5k approx.
End date June 2022 due to going part time during 2017.
I Hope to get this and next year past to dream of finishing what started 2012.

Palpitations · 18 February 2019 at 11:32PM

Hi all I’ve started my DMP with the helpful advice from this site, sent my holding letters and plan to start making payments around April time - this is where I get confused!

Do I now send my I&E to creditors with the date I intend to start paying and would I send this at the same time as asking for a copy of the credit agreement. Am I right in thinking some creditors sell on debt and some don’t and do I request in the letter that they default me?? If I later receive confirmation that debt is UE do I just stop paying?

I have received a letter from a dca for an amount outstanding for a bill on a lease car which I had, they have offered me a reduced total amount which I intend to negotiate however do I need to ensure this account is defaulted first and that the debt is enforceable?
Thank you in advance.

sourcrates · 19 February 2019 at 12:01AM

Palpitations wrote: »

Hi all I’ve started my DMP with the helpful advice from this site, sent my holding letters and plan to start making payments around April time - this is where I get confused!

Do I now send my I&E to creditors with the date I intend to start paying and would I send this at the same time as asking for a copy of the credit agreement. Am I right in thinking some creditors sell on debt and some don’t and do I request in the letter that they default me?? If I later receive confirmation that debt is UE do I just stop paying?

I have received a letter from a dca for an amount outstanding for a bill on a lease car which I had, they have offered me a reduced total amount which I intend to negotiate however do I need to ensure this account is defaulted first and that the debt is enforceable?
Thank you in advance.

Hi,

Your getting a bit confused and ahead of yourself here, you can CCA your accounts at any time, but this takes time, sometimes many months, and you can only do this for consumer credit act debts.

Work on the theory that most debts will come back enforceable, usually it’s only old, long defaulted accounts, that have been sold on a few times, that fail to provide compliant paperwork.

Whatamidoinghere · 19 February 2019 at 3:05PM

Hi new here and not sure if this is the way to post. Not very tech either. I'll post when I know this is the right way thanks

motivated · 19 February 2019 at 7:48PM

Whatamidoinghere wrote: »

Hi new here and not sure if this is the way to post. Not very tech either. I'll post when I know this is the right way thanks

It is the correct way. Post away

Palpitations · 20 February 2019 at 12:24AM

sourcrates wrote: »

Hi,

Your getting a bit confused and ahead of yourself here, you can CCA your accounts at any time, but this takes time, sometimes many months, and you can only do this for consumer credit act debts.

Work on the theory that most debts will come back enforceable, usually it’s only old, long defaulted accounts, that have been sold on a few times, that fail to provide compliant paperwork.

Thanks Sourcrates you’re right I am confused as it’s overwhelming particularly when you are at the start of the process and there is so much information to take in.

heavenlyharry01 · 20 February 2019 at 12:39AM

Hello

Its been a very long time since I’ve posted, but I wondered if I could call by for some advice.

The short story is my husband and I were trying to remortgage but with all our defaults and terrible credit, it’s a no go. So we are stuck in an NRAM together mortgage.
My question relates to the unsuccured loan side the NRAM together mortgage. I have an arrangement to pay with NRAM, and they are marking the account as arrears. I’ve written a number of times asking if they will default and they have said it’s not their policy.
I’ve managed to get all the other credit accounts we have defaulted by not making any payments and are now making minimal payments towards them. We had 11 creditors and we are down to 5 having make partial settlements on the others.
I really would like this NRAM account defaulted as this would help us to remortgage in the future as this is what is holding us back.
I’ve been scared to stop paying it due to the large balance (over £25,000) and it’s links to the mortgage.
Should I stop paying, write again or start the contractual payments in an attempt to improve our credit.
Many thanks in this somewhat unusual question.

emmajaynewithay · 20 February 2019 at 10:36PM

Hi All.

I started the process of getting a DMP in November after numerous sleepless nights as I realised I could no longer make payments on my £35K of loans/credit cards, and the debt was never reducing. I hadn’t missed any payments but was really depressed about never paying it off and seeing payments go up with the be FCA rules.

I felt so embarrassed as a 40 year old woman to be in that situation.

I was so scared but finally called. I have a DMP with PayPlanPlus which should see all my debt paid off in 2 years and 8 months as the majority of lenders seem to have frozen interest.

All the creditors bar one (for £1500) have accepted the arrangement and was feeling pretty good about it until I realised this is month when the default notices will this month and my credit score will be even worse than before.

This made me feel sad and ashamed all over again. Has anyone got any words of of encouragement for me? I was so sure I did the right thing getting a DMP but maybe I didn’t... although they all would have ended up in default anyway? I’m feeling very overwhelmed again.

DMP mutual support thread part 13 !!

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