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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 14,340Posts
    • 13,534Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    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 questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    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 are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
Page 122
    • Littlebigmoose
    • By Littlebigmoose 1st Jan 18, 11:00 PM
    • 25 Posts
    • 79 Thanks
    Littlebigmoose
    Hi,

    You simply write and ask them to default you, however, you need an emergency fund first, take time out, stop paying them, or just pay £1 a month to each one.

    Get a good pot of money saved, then start again, take as much time as you need, debt collection is a very long term process normally, all the better if every creditor defaults you, and sells on the debt, debt purchasers are much more amenable to discounts and payment plans.
    Originally posted by sourcrates
    sourcrates, thank you so much for your response. I feel a bit better. I just hate the constant threatening letters. 6 are defaulted, 6 are not and 12 do not even appear on any credit files. Who registers defaults-Original creditor or debt collection agency if the debt has been sold?
    GOAL: To build savings and be debt free
    (i) £1000 Emergency fund challenge- number 270... £0/£1000
    (ii) 1% Challenge 2018- number 23... 7%
    (iii) Sealed Pot Challenge11 - number 014...
    (iv) 3-6 month emergency fund challenge- number 92...
    • sourcrates
    • By sourcrates 1st Jan 18, 11:48 PM
    • 14,340 Posts
    • 13,534 Thanks
    sourcrates
    sourcrates, thank you so much for your response. I feel a bit better. I just hate the constant threatening letters. 6 are defaulted, 6 are not and 12 do not even appear on any credit files. Who registers defaults-Original creditor or debt collection agency if the debt has been sold?
    Originally posted by Littlebigmoose
    Letters are just recycle bin fodder.

    Some of them are actually quite funny, big bold letters, you must do this, you must do that, ha, you don!!!8217;t have to do anything.

    What you must remember, is that these letters are specifically designed and worded, so as to make you feel compelled to contact them, that!!!8217;s there entire purpose in life.

    My favourite one is when they say :

    !!!8220;despite several attempts to contact you, we have yet to receive a response!!!8221;

    Despite the fact you!!!8217;ve been playing letter tennis with them for months.

    Really, you can read and digest what they say, then file them in the bin, the only letters you must take notice of are !!!8220;letters before claim!!!8221; or any court papers, the rest are just garbage.

    Original creditors should issue default, but responsibility can be shared, when a debt is sold the new owner takes over responsibility for your information, as long as the original default date stays the same, all is well.
    Last edited by sourcrates; 01-01-2018 at 11:51 PM.
    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 are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Littlebigmoose
    • By Littlebigmoose 2nd Jan 18, 2:37 AM
    • 25 Posts
    • 79 Thanks
    Littlebigmoose
    Letters are just recycle bin fodder.

    Some of them are actually quite funny, big bold letters, you must do this, you must do that, ha, you don’t have to do anything.

    What you must remember, is that these letters are specifically designed and worded, so as to make you feel compelled to contact them, that’s there entire purpose in life.

    My favourite one is when they say :

    “despite several attempts to contact you, we have yet to receive a response”

    Despite the fact you’ve been playing letter tennis with them for months.

    Really, you can read and digest what they say, then file them in the bin, the only letters you must take notice of are “letters before claim” or any court papers, the rest are just garbage.

    Original creditors should issue default, but responsibility can be shared, when a debt is sold the new owner takes over responsibility for your information, as long as the original default date stays the same, all is well.
    Originally posted by sourcrates
    I am in awe of your strength and confidence. Once again thank you.
    GOAL: To build savings and be debt free
    (i) £1000 Emergency fund challenge- number 270... £0/£1000
    (ii) 1% Challenge 2018- number 23... 7%
    (iii) Sealed Pot Challenge11 - number 014...
    (iv) 3-6 month emergency fund challenge- number 92...
    • Suseka97
    • By Suseka97 2nd Jan 18, 2:36 PM
    • 295 Posts
    • 393 Thanks
    Suseka97
    Popping on to join in with the Happy New Year salutations and to wish everyone a great debt-busting 2018.

    Have been absent from the forum for a wee while (family issues and still working through them) but am now back to help/offer support where I can. Some may recall I went self-managed in Aug 17 and sent off CCAs to the six remaining creditors (Link and PRA Group). It took Link around 3 months to respond (never did acknowledge receipt of the CCA letters) - they sent back some of what is required (statements, T&Cs etc) but failed to include either a 'true' or 'reconstituted copy' of the original agreement (go figure!). So I'm currently playing letter tennis with them about that. The PRA group contacted me just after Christmas - but nothing to do with the CCA requests (which they did acknowledge), just the standard computer generated rubbish reminding me I'm behind with my payments -whilst offering me F&Fs which amounted to a 10% reduction on the amounts owed (3 accounts) so again a letter is winging its way back to them. So I've been saving what is a fairly substantial sum of money over the last x number of months and am fortunate to now have funds for some F&Fs when the time comes.

    I have to admit I do want to get the ball rolling again - so I have redone my I&E ready with either monthly payment offers (but lower than before) or an F&F. Am aiming to be debt-free now as soon as possible and certainly by the end of 2018. It's been a long haul (well 4 1/2 years or so) and I'm ready to move on. Most defaults will drop off in 2019 - one will stay on my OHs file until 2020 because the rotters (Cabot) won't backdate the default, but I can live with that.

    This forum has been a godsend over the years and 4+ years ago I could never imagine being this close to debt-freedom. So to all the newbies - stick with it and put your anxieties aside. The whole DMP malarkey is doable and don't let creditors bully or harass you - they are pretty much toothless. Nasty or threatening letters are par for the course and as sourcrates said in an earlier post - just bin fodder. Do stay in touch with creditors / DCAs -but don't let them dictate terms, its your DMP and up to you how you manage it.
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • Suseka97
    • By Suseka97 2nd Jan 18, 2:39 PM
    • 295 Posts
    • 393 Thanks
    Suseka97
    ... oh, I should add to the 'toothless remark' about creditors / DCAs - which is true, but only up to the point they consider court action. So don't ignore those letters and if you are unlucky enough to get one of those (warning before action type letters) just send an I&E and offer of payment. That pretty much shuts them up
    LBM Apr13: 14 Creditors / £85k+ owed
    Self-managed Aug17
    Current Status: 3 UE's and 3 with CCA's pending / £11k o/s
    • Dorastar
    • By Dorastar 2nd Jan 18, 9:24 PM
    • 1,832 Posts
    • 15,465 Thanks
    Dorastar
    Stepchange process gone through with advisor and sending out letters soon as there's nothing to even pay an official DMP with for now. Got to sit it out for now and carry on with the job searching and fingers crossed something turns up asap.
    Bank account meeting on Thursday to set up a shiny new account - with nothing in it lol
    Mr T 14370.78 Bank 4404.48 Mortgage £160,000
    Emergency Fund £3710 Blanket squares 29/60
    • wannabedebtfreetoo
    • By wannabedebtfreetoo 3rd Jan 18, 11:15 AM
    • 1 Posts
    • 0 Thanks
    wannabedebtfreetoo
    First ever post - new dmp nervous to say the least
    Hi,

    I have recently set up a dmp with SC - I have began with my first payment and received default notices from some of my creditors. I am very nervous that I will have bailiffs knocking on my door and creditors not accepting what I offer.

    Can anyone put my mind at rest?!
    • zenshi
    • By zenshi 3rd Jan 18, 12:03 PM
    • 1,001 Posts
    • 1,990 Thanks
    zenshi
    Bailiffs will only arrive after you get a CCJ and ignore it!

    You are paying your creditors via the DMP. Even if they don’t like it or say they won’t accept it, keep paying them. They will agree in the end
    LBM.....sometime in 2013 £27,056. 10 creditors
    May 18......£17,814.....7 creditors left 34% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £22,893
    £49,200 repayment mortgage ( July 16) £44,099
    • 2017spark
    • By 2017spark 3rd Jan 18, 2:42 PM
    • 29 Posts
    • 45 Thanks
    2017spark
    Hello all - quick update from me
    In November I ended my plan with SC and went self managed. I offered £1 token payments to all creditors for 6 months and most accepted - surprisingly easily!
    I've just completed my DMP with NEDCAB and am posting the offer letters to all tomorrow - with payments starting end May - to stick with token payments for 6 months
    NEDCAB have recommended £152 split between all creditors - SC was £344!! So already I can see a huge improvement
    I'm going to start saving what I can now my budget is more realistic and offer settlements as I can - and also snowballing (paying any available leftovers to smallest to clear - and then next smallest - and so on....) even a couple of pounds each month will make a difference! This is something I couldn't do with SC.
    Still a huge way to go (12 creditors, owe £22.5k) but its looking more positive!!
    Thanks all for the suggestions and support

    xx
    • 100kdeep
    • By 100kdeep 3rd Jan 18, 4:27 PM
    • 12 Posts
    • 13 Thanks
    100kdeep
    Hi all
    i have been with step change since august. i pay £500 a month (i was paying £2000 before i entered dmp land).
    all my creditors have frozen interest and issued default notices (including barclays). all running smoothley. i was worried that they wouldnt play ball but they are.
    i have 10 creditors so definitely less hassle to pay one payment to step change then let them dish it out.
    it would take me 20 years to pay off at the current rate but obviously the plan is to be saving for full and finals while i keep them at bay. (i have slipped up and booked a holiday to Florida with the pot id managed to save. whoops) .
    now that they have started to pass debts on and all have frozen interest i think its time to lower what i pay them (my wife can no longer contribute what she did as her costs have gone up or summit like that). i dont really want to self manage (cause im lazy) but is it just a case of telling step change that the income on MY dmp has gone down because of wife not contributing as much. or do you think they would want to see proof of this and do a full i and e?

    obviousley now wanting to think more about the saving full and finals rather than chipping at the total and want to avoid self managed as long as possible
    • kram
    • By kram 3rd Jan 18, 9:45 PM
    • 111 Posts
    • 98 Thanks
    kram
    Hello all - quick update from me
    In November I ended my plan with SC and went self managed. I offered £1 token payments to all creditors for 6 months and most accepted - surprisingly easily!
    I've just completed my DMP with NEDCAB and am posting the offer letters to all tomorrow - with payments starting end May - to stick with token payments for 6 months
    NEDCAB have recommended £152 split between all creditors - SC was £344!! So already I can see a huge improvement
    I'm going to start saving what I can now my budget is more realistic and offer settlements as I can - and also snowballing (paying any available leftovers to smallest to clear - and then next smallest - and so on....) even a couple of pounds each month will make a difference! This is something I couldn't do with SC.
    Still a huge way to go (12 creditors, owe £22.5k) but its looking more positive!!
    Thanks all for the suggestions and support

    xx
    Originally posted by 2017spark
    Well done, it's great to hear you doing so well going self managed.:

    K
    • January2015
    • By January2015 4th Jan 18, 4:32 PM
    • 2,095 Posts
    • 5,186 Thanks
    January2015
    Hi everyone

    My new year's resolution is to visit this site everyday This site keeps me so focused on pushing down my debts. I haven't let the debt busting slip too much, but have to admit it's not been my main focus of late (family takes priority).

    So day 1 of new year's resolution sorted. I've visited and said hello

    I've also just prepared an updated I&E to send off to creditors before they start asking for one.

    We've now cleared approx 52% of our debts - which feels amazing. Yes, we still have a big amount to clear - just over £45k. This will look massive to many, but to us it is just amazing. Three years ago we were heading towards being £100k in unsecured debts. I never dreamt we would be anywhere near our current balances just 3 short years later. And it really is 3 short years. Those years have just flown by.

    Happy new year everyone
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    [COLOR=Blue][SIZE=2]
    • Dorastar
    • By Dorastar 4th Jan 18, 5:31 PM
    • 1,832 Posts
    • 15,465 Thanks
    Dorastar
    That's amazing, gives me hope that we can clear our £20k once I've got a job that is!
    Mr T 14370.78 Bank 4404.48 Mortgage £160,000
    Emergency Fund £3710 Blanket squares 29/60
    • kram
    • By kram 4th Jan 18, 6:01 PM
    • 111 Posts
    • 98 Thanks
    kram
    Hi january2015,

    Great to see you back on the forum.

    Amazing how much you have cleared off your debts.

    I am going to read through your diary to pick up some tips / ideas.

    Wishing you & everyone on the forum a peaceful new year.

    K
    • January2015
    • By January2015 4th Jan 18, 7:40 PM
    • 2,095 Posts
    • 5,186 Thanks
    January2015
    Hi january2015,

    Great to see you back on the forum.

    Amazing how much you have cleared off your debts.

    I am going to read through your diary to pick up some tips / ideas.

    Wishing you & everyone on the forum a peaceful new year.

    K
    Originally posted by kram
    Hi

    My diary hasn't been updated for.... well since forever!

    Biggest tips I can give are to go self managed, to pay as little as possible to creditors to enable you to save for F&Fs, to chase down CCA agreements (only one paid off for us, but that was almost £11k off our debt balance in one hit).

    Finally, don't fall into the trap of thinking you can live a life with spare money - make sure you save that money for F&Fs. I have to admit for a few months we made use of every penny and didn't save for F&Fs, but in our defence we had family issues to deal with and it was just nice to be able to have funds immediately available when we needed them - we weren't deliberately using money we should have saved for F&Fs but it showed me how easy it would be to just fall off the wagon and spend money again

    Hopefully family now sorted and we can get on with debt busting with a vengeance
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    [COLOR=Blue][SIZE=2]
    • Rebeccadougherty
    • By Rebeccadougherty 4th Jan 18, 8:05 PM
    • 43 Posts
    • 20 Thanks
    Rebeccadougherty
    Hi all
    I!!!8217;ve nearly paid 3,00 now, via my step change DMP -yay it feels so good. But my savings don!!!8217;t seem to be going up, there always seems to be something coming up ie vet bills etc and my boyfriend and I will be moving to Northampton in the summer because of his job. I don!!!8217;t want to tell him about my debt as I am quite ashamed of it.
    What I want to ask is..... I!!!8217;ve read about people going self managed, paying as little as possible. What I don!!!8217;t get though is surely they will see you have more money spare and could continue paying the step change amount. I just don!!!8217;t understand how you do it. I don!!!8217;t know if that makes sense.... sorry!
    • Rebeccadougherty
    • By Rebeccadougherty 4th Jan 18, 8:05 PM
    • 43 Posts
    • 20 Thanks
    Rebeccadougherty
    That should be nearly 3,000 lol. I had several reduced payments as well. :/
    • Dorastar
    • By Dorastar 4th Jan 18, 8:51 PM
    • 1,832 Posts
    • 15,465 Thanks
    Dorastar
    Just asking what are CCA and I&E ? I'm ok with F&F now I've worked out it's not Florence and Fred from Tesco's
    Mr T 14370.78 Bank 4404.48 Mortgage £160,000
    Emergency Fund £3710 Blanket squares 29/60
    • January2015
    • By January2015 4th Jan 18, 9:32 PM
    • 2,095 Posts
    • 5,186 Thanks
    January2015
    Just asking what are CCA and I&E ? I'm ok with F&F now I've worked out it's not Florence and Fred from Tesco's
    Originally posted by Dorastar
    CCA stands for consumer credit agreement - the agreement signed when opening a credit account.

    I&E stands for Income and Expenditure. Creditors and Debt Collection Agencies (DCAs) ask for one when clients enter DMPs or other debt solution options. Once on a DMP creditors often ask for regular updates - once settled into a DMP this becomes a yearly thing.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    [COLOR=Blue][SIZE=2]
    • kram
    • By kram 4th Jan 18, 9:37 PM
    • 111 Posts
    • 98 Thanks
    kram
    Hi

    My diary hasn't been updated for.... well since forever!

    Biggest tips I can give are to go self managed, to pay as little as possible to creditors to enable you to save for F&Fs, to chase down CCA agreements (only one paid off for us, but that was almost £11k off our debt balance in one hit).

    Finally, don't fall into the trap of thinking you can live a life with spare money - make sure you save that money for F&Fs. I have to admit for a few months we made use of every penny and didn't save for F&Fs, but in our defence we had family issues to deal with and it was just nice to be able to have funds immediately available when we needed them - we weren't deliberately using money we should have saved for F&Fs but it showed me how easy it would be to just fall off the wagon and spend money again

    Hopefully family now sorted and we can get on with debt busting with a vengeance
    Originally posted by January2015
    Thanks for the tips, I was considering the self manged route & cca's etc but the only thing that is stopping me is that I'm due to renew my mortgage next year & did not want to cause any problems with the renewal. Am I being over cautious about this.

    K
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