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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 15,251Posts
    • 14,349Thanks
    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 198
    • ploppy57
    • By ploppy57 12th May 18, 4:50 PM
    • 743 Posts
    • 4,688 Thanks
    ploppy57
    Sometimes these companies just do not play ball.

    Its up to you what you choose to do.

    All i would advise you is that if Link ever start a claim against you, you will have a defense to throw at them.
    Originally posted by sourcrates


    Thanks Sourcrates...I think I may just resend the letter we sent in March, that told them we were ceasing payments and also mentioned that we had initially written in January. Will just add another quick note, saying "as you can see from previous letter...etc etc".
    All they have to do is send the paperwork and if it is showing that it is enforceable then we are happy to start paying again. Original debt was with BC, so not sure how good they are at keeping records....there is 3 accounts in total and all many years old.
    DMP March '15 57,549. Now 43,583. 24% paid. Went SM Feb '18 to get DF sooner.
    Emergency fund #231... 1500.
    Christmas '18 challenge... 300 /300
    "There's a Great Big Beautiful Tomorrow, Shining at the end of every day"
    • selinek
    • By selinek 12th May 18, 8:10 PM
    • 51 Posts
    • 24 Thanks
    selinek
    Quick question .....Wrote to Link in January requesting CCA...heard nothing at all from them so stopped paying. They have now written saying if we do not pay the outstanding amounts immediately, they will cancel our DMP and we will have to pay the full amount.


    As they have not sent required paperwork, surely this is now UE....so what would you do??
    Pay the outstanding instalments?
    Ignore the letter?
    Write again and let them know we are still waiting for relevant paperwork?

    Thanks as always guys


    Should add that we did actually write again in March to tell them we were stopping payments and again they did not reply
    Originally posted by ploppy57

    I have 3 accts with Link too. They have not complied with my CCA request I sent in in August 2017. They sent very similar letter which I have ignored. I know they have received request as they have applied the 1 fee to the outstanding debts , cheeky so so's . Until they come up with a compliant agreements then they will be getting nothing from me. I remember a couple of people on here had done the same thing with Link .
    • Just Afloat
    • By Just Afloat 12th May 18, 11:03 PM
    • 10 Posts
    • 3 Thanks
    Just Afloat
    Sourcrates/January, I have just lost my job, last time i was unemployed i was 40 and found no problem getting a new post but now, at 54, i think it will be impossible to get a job earning what i was... I currently owe 30k and have been paying 1150 a month to stepchange, most debts defaulted, Halifax CC not defaulted and now charging interest again. My question is, i have some saving's, but think I need to stop paying stepchange and go self managed as i only have a part months salary coming. If I write to creditors and tell them this, and only pay tokens, whats my chances of good settlement figures in December? I will be 55 and have 19k in old pensions i can use after taxes to offer settlements come December, or am i being stupid?
    LBM August 2015 70K 9 Creditors
    Current Status 43K 8 Creditors
    • January2015
    • By January2015 13th May 18, 1:15 AM
    • 2,194 Posts
    • 5,351 Thanks
    January2015
    Sourcrates/January, I have just lost my job, last time i was unemployed i was 40 and found no problem getting a new post but now, at 54, i think it will be impossible to get a job earning what i was... I currently owe 30k and have been paying 1150 a month to stepchange, most debts defaulted, Halifax CC not defaulted and now charging interest again. My question is, i have some saving's, but think I need to stop paying stepchange and go self managed as i only have a part months salary coming. If I write to creditors and tell them this, and only pay tokens, whats my chances of good settlement figures in December? I will be 55 and have 19k in old pensions i can use after taxes to offer settlements come December, or am i being stupid?
    Originally posted by Just Afloat
    From my experience it's unlikely you will get really decent F&Fs as early as December. I've been paying token payments for almost 2 years now (1 per month to each creditor). Most of them don't want to consider massive reductions yet. I am unemployed now and still they seem to want to wait.

    Even if you stay with SC - you can work with them to massively reduce the monthly payment to creditors. If you go self managed you can knock that right down to real token payments.

    Despite the above, creditors treat each case individually and you may have more luck than me. For example they may consider I have equity in my property and can therefore play a long game with me. If you rent, they may think - let's take what's offered whilst we can. This is just an example but as I said they seem to treat people differently and there is no rhyme or reason to their logic for calculating F&F discounts. You can but try
    DFW Nerd No. 1484 LBM 07/01/15 Debt was 95k I'm driving it down
    1k emergency fund (member #84) 1k/1k
    • Suseka97
    • By Suseka97 13th May 18, 9:46 AM
    • 409 Posts
    • 534 Thanks
    Suseka97
    Thanks Sourcrates...I think I may just resend the letter we sent in March, that told them we were ceasing payments and also mentioned that we had initially written in January. Will just add another quick note, saying "as you can see from previous letter...etc etc". All they have to do is send the paperwork and if it is showing that it is enforceable then we are happy to start paying again. Original debt was with BC, so not sure how good they are at keeping records....there is 3 accounts in total and all many years old.
    Originally posted by ploppy57
    I have 3 accts with Link too. They have not complied with my CCA request I sent in in August 2017. They sent very similar letter which I have ignored. I know they have received request as they have applied the 1 fee to the outstanding debts , cheeky so so's . Until they come up with a compliant agreements then they will be getting nothing from me. I remember a couple of people on here had done the same thing with Link .
    Originally posted by selinek
    I'm in the same boat with Link. They've failed to comply and I've written several times telling them so and also have stopped paying them since last July. I then posted something about this in the AAD forum and one of their legal beagles said to just stop contacting them and let the statute barred clock start ticking. So I've taken that advice and they've tried to call my OH a good number of times since, and we've blocked their number. As sourcrates advises -I've kept a copy of the paperwork they did send, which was just T&Cs with no true copy or reconstituted copy of the agreement and all my own letters in case further down the line they try some sort of court action.

    Basically all this tells me is that they are pretty incompetent or that they know they can't comply but will just continue on regardless.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
    • Suseka97
    • By Suseka97 13th May 18, 9:54 AM
    • 409 Posts
    • 534 Thanks
    Suseka97
    Sourcrates/January, I have just lost my job, last time i was unemployed i was 40 and found no problem getting a new post but now, at 54, i think it will be impossible to get a job earning what i was... I currently owe 30k and have been paying 1150 a month to stepchange, most debts defaulted, Halifax CC not defaulted and now charging interest again. My question is, i have some saving's, but think I need to stop paying stepchange and go self managed as i only have a part months salary coming. If I write to creditors and tell them this, and only pay tokens, whats my chances of good settlement figures in December? I will be 55 and have 19k in old pensions i can use after taxes to offer settlements come December, or am i being stupid?
    Originally posted by Just Afloat
    So sorry to hear you've lost your job and wish you good luck in securing future employment.

    If it were me I would go self-managed, tell your creditors of the situation and drop them all down to token payments, or better still - tell them that until you find employment you won't be paying anything. That may well force Halifax to finally default you (and I'd advise you to write to their MD to complain about the fact they haven't and push them to backdate the default). Seeing as you are unemployed there would be no point in them taking any further collection activity. Even if/when you get a new job or your pension lump sum - don't throw that at the debt, keep that as an emergency fund or for future F&Fs much further down the line.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
    • Just Afloat
    • By Just Afloat 13th May 18, 10:32 AM
    • 10 Posts
    • 3 Thanks
    Just Afloat
    Thanks January&Suzeka, I think I will go the tokens route and see what happens in the future, I also have equity in my house January so would probably be treated similar to you re full and finals, thanks again:-)
    LBM August 2015 70K 9 Creditors
    Current Status 43K 8 Creditors
    • ayupmeduck
    • By ayupmeduck 13th May 18, 10:47 AM
    • 31 Posts
    • 43 Thanks
    ayupmeduck
    I have a default notice from NatWest
    Originally posted by Onebrokelady
    How ling did that take? I've stopped paying since the beginning of the year and still waiting.
    CC1: 0/459.60 | CC2: 0/656.89 | CC3: 0/103.72 | CC4: 0/167.68 | CC5: 0/361.44 | DMP1: 0/4889.69 | DMP2: 0/1248.31 | DMP3: 0/767.73 | DMP4: 0/1740.18 | DCA1: 0/582 | DCA2: 0/481.16 | Total Debt Repayments: 0/11,458.37 (0%)
    • ayupmeduck
    • By ayupmeduck 13th May 18, 10:52 AM
    • 31 Posts
    • 43 Thanks
    ayupmeduck
    Things are finally starting to happen with Natwest. Got another letter from them the very next day saying they would be shutting down my accounts but not my loan account. They also included a i&o sheet to fill in.

    Let's see who they sell my debts onto
    Originally posted by ayupmeduck
    Well so far I've heard nothing
    CC1: 0/459.60 | CC2: 0/656.89 | CC3: 0/103.72 | CC4: 0/167.68 | CC5: 0/361.44 | DMP1: 0/4889.69 | DMP2: 0/1248.31 | DMP3: 0/767.73 | DMP4: 0/1740.18 | DCA1: 0/582 | DCA2: 0/481.16 | Total Debt Repayments: 0/11,458.37 (0%)
    • Danny008
    • By Danny008 13th May 18, 9:40 PM
    • 25 Posts
    • 7 Thanks
    Danny008
    I received a letter yesterday from Tesco bank asking for the full amount of the loan. My first payment from stepchange is due to come out on June 1st and they know this. Is this anything to worry about?
    • sourcrates
    • By sourcrates 13th May 18, 9:56 PM
    • 15,251 Posts
    • 14,349 Thanks
    sourcrates
    I received a letter yesterday from Tesco bank asking for the full amount of the loan. My first payment from stepchange is due to come out on June 1st and they know this. Is this anything to worry about?
    Originally posted by Danny008
    Standard creditors letter they must send out by law, and does not take account of your DMP.

    Nothing to be bothered about.
    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/
    • roo-dee
    • By roo-dee 14th May 18, 12:17 PM
    • 41 Posts
    • 205 Thanks
    roo-dee
    Hi all, I hope you dont mind me joining in. I have a couple of questions. to begin my debt had started to spiral over the last year and i just kept burying my head in the sand. it got to the point in the last couple of months that i have done what i swore i would never do and used the dreaded payday loans which has just made things ten times worse. Everything came to a head with me last week when i had to top up a payday loan to eat , I have no idea how the hell I am gonna pay that back in the time required. things then came to a head and i was just an absolute mess, I contacted stepchange and I am going to start DMP.

    I contacted stepchange and agreed a manageable amount every month, however, from what I can gather It would be best to hold off and and build up an emergency fund. From looking at things 5 months should be enough to build a small fund for anything that should come up. My question is do I just hold off sending back my pack to step change or do I send back straight away and contact them and tell them i would rather wait for a few months for payments to begin? In the meantime do I just stop the direct debits to the companies?

    Next thing i am loosing sleep over is contacting the companies themselves, I really will have to put things into writing as i am absolute mess and when I think about this situation never mind talk about it i get so worked up. Do I just inform them that i am in talks with stepchange and give them my ref no and tell them payments will begin in 5 months?

    Finally, this payday loan is making me ill, Its is new and I used it out of desperation i am worried about what they will do if I dont make payment on the required date, will they accept that i am working with stepchange.

    Thank you if you made it to the end of this ramble xx
    Dec 2015 Wins : On-line Raw food course Ugg Boots
    • Suseka97
    • By Suseka97 14th May 18, 12:33 PM
    • 409 Posts
    • 534 Thanks
    Suseka97
    ...........I contacted stepchange and agreed a manageable amount every month, however, from what I can gather It would be best to hold off and and build up an emergency fund. From looking at things 5 months should be enough to build a small fund for anything that should come up. My question is do I just hold off sending back my pack to step change or do I send back straight away and contact them and tell them i would rather wait for a few months for payments to begin? In the meantime do I just stop the direct debits to the companies?

    Next thing i am loosing sleep over is contacting the companies themselves, I really will have to put things into writing as i am absolute mess and when I think about this situation never mind talk about it i get so worked up. Do I just inform them that i am in talks with stepchange and give them my ref no and tell them payments will begin in 5 months?

    Finally, this payday loan is making me ill, Its is new and I used it out of desperation i am worried about what they will do if I dont make payment on the required date, will they accept that i am working with stepchange. Thank you if you made it to the end of this ramble xx
    Originally posted by roo-dee
    Hi there and welcome

    Okay, I can't help re the PayDay lender question because I have no experience of those, but am sure someone will be along to help with that shortly. So, in answer to some of your other concerns. Yes, 5 months is a good amount of time and I would hold off returning the paperwork and also tell SC that you are doing so because you need a healthy balance in your account before the DMP begins, add that you'd rather have an emergency fund of a sufficient amount to deal with the unexpected, rather than have to vary your agreement once its up and running.

    In the meantime you will have to contact your creditors, and if you can't handle speaking with anyone, you'll need to get those letters off sharpish - or email them if you can. These days as soon as someone contacts creditors they put an immediate 30 day hold on the account to allow time for the paperwork - so all you have to do is give them the SC reference and simply state you are in discussion with them about setting up a DMP and will be back in touch as soon as you are able. I wouldn't say it'll be 5 months then payments will begin - there is no need to give them a timeline just yet.

    As to your payments/direct debits, you need to put a stop to them now -and if you have any debts associated with your current bank provider, you'll need to get yourself a new one that has no links to those debts you intend to put into the DMP.
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
    • sourcrates
    • By sourcrates 14th May 18, 1:41 PM
    • 15,251 Posts
    • 14,349 Thanks
    sourcrates

    Next thing i am loosing sleep over is contacting the companies themselves, I really will have to put things into writing as i am absolute mess and when I think about this situation never mind talk about it i get so worked up. Do I just inform them that i am in talks with stepchange and give them my ref no and tell them payments will begin in 5 months?

    Finally, this payday loan is making me ill, Its is new and I used it out of desperation i am worried about what they will do if I dont make payment on the required date, will they accept that i am working with stepchange.

    Thank you if you made it to the end of this ramble xx
    Originally posted by roo-dee
    I posted yesterday on this very subject matter.

    Debt can be a worry, yes, we all know that, but........as i said yesterday.......there are debt solutions put in place by parliament, to deal with problem debt.

    The solutions are there, all you have to do is access them through the various debt charities, although a DMP is an informal arrangement, creditors will work with you, makes no difference if you took the loan last night or last year, life changes, things happen, creditors are well aware of this.

    It can be difficult at first, top hits on most search engines when looking for "debt help" brings up lots of private debt management companies who charge exorbitant fee`s, money certainly talks.

    Cancel the CPA for the payday loan with your bank, write and tell the companies concerned you are in financial trouble and are working with stepchange, they will not just ignore you, after the new regulations on payday lending came into force, most of the fly by night operators have gone, those who are left are all FCA registered, and must adhere to the code of conduct/lending code etc.

    You will be fine, anything you do not know, ask on here.
    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/
    • Slytherin
    • By Slytherin 14th May 18, 3:39 PM
    • 47 Posts
    • 59 Thanks
    Slytherin
    I've previously mentioned not have a great experience with Nationwide but I rang them with an update (delaying my DMP) and the guy I spoke to was absolutely brilliant. I explained as much as I could but he really didn't care - he picked up on somethings personally that had troubled me and was more interested in whether or not I had support. He's also whacked a no pay notice til. September!

    Anyway, something I thought of as unusual as he briefed me on F&F settlements which I was really surprised about. I don't have the cash for this currently but I imagined that banks weren't keen to encourage this, especially so early on. Obviously this chap wouldn't have a say in whether any F&F I proposed was accepted but I thought it interesting that he brought it up.
    • roo-dee
    • By roo-dee 14th May 18, 3:45 PM
    • 41 Posts
    • 205 Thanks
    roo-dee
    Hi there and welcome

    Okay, I can't help re the PayDay lender question because I have no experience of those, but am sure someone will be along to help with that shortly. So, in answer to some of your other concerns. Yes, 5 months is a good amount of time and I would hold off returning the paperwork and also tell SC that you are doing so because you need a healthy balance in your account before the DMP begins, add that you'd rather have an emergency fund of a sufficient amount to deal with the unexpected, rather than have to vary your agreement once its up and running.

    In the meantime you will have to contact your creditors, and if you can't handle speaking with anyone, you'll need to get those letters off sharpish - or email them if you can. These days as soon as someone contacts creditors they put an immediate 30 day hold on the account to allow time for the paperwork - so all you have to do is give them the SC reference and simply state you are in discussion with them about setting up a DMP and will be back in touch as soon as you are able. I wouldn't say it'll be 5 months then payments will begin - there is no need to give them a timeline just yet.

    As to your payments/direct debits, you need to put a stop to them now -and if you have any debts associated with your current bank provider, you'll need to get yourself a new one that has no links to those debts you intend to put into the DMP.
    Originally posted by Suseka97
    Thank you so much for the advice, i really appreciate it. I will get straight on the ball first thing in the morning writing my letters, and will stop dd's.
    Dec 2015 Wins : On-line Raw food course Ugg Boots
    • roo-dee
    • By roo-dee 14th May 18, 3:49 PM
    • 41 Posts
    • 205 Thanks
    roo-dee
    I posted yesterday on this very subject matter.

    Debt can be a worry, yes, we all know that, but........as i said yesterday.......there are debt solutions put in place by parliament, to deal with problem debt.

    The solutions are there, all you have to do is access them through the various debt charities, although a DMP is an informal arrangement, creditors will work with you, makes no difference if you took the loan last night or last year, life changes, things happen, creditors are well aware of this.

    It can be difficult at first, top hits on most search engines when looking for "debt help" brings up lots of private debt management companies who charge exorbitant fee`s, money certainly talks.

    Cancel the CPA for the payday loan with your bank, write and tell the companies concerned you are in financial trouble and are working with stepchange, they will not just ignore you, after the new regulations on payday lending came into force, most of the fly by night operators have gone, those who are left are all FCA registered, and must adhere to the code of conduct/lending code etc.

    You will be fine, anything you do not know, ask on here.
    Originally posted by sourcrates
    Thank you so much for the advice, I will cancel the CPA. I will no doubt be asking lots of questions as i am a nervous wreck, I am looking forward to getting a night sleep soon Thanks again xx
    Dec 2015 Wins : On-line Raw food course Ugg Boots
    • sourcrates
    • By sourcrates 14th May 18, 4:12 PM
    • 15,251 Posts
    • 14,349 Thanks
    sourcrates

    Anyway, something I thought of as unusual as he briefed me on F&F settlements which I was really surprised about. I don't have the cash for this currently but I imagined that banks weren't keen to encourage this, especially so early on. Obviously this chap wouldn't have a say in whether any F&F I proposed was accepted but I thought it interesting that he brought it up.
    Originally posted by Slytherin
    It really all boils down to pounds and pence, they will whey up how long it will take you to repay your debt at say 10 a month, verses how much they could sell the debt on for, and gain some tax relief on the balance.

    Or would it be better for them to accept a settlement offer from you and save time and effort.
    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/
    • mikebec2010
    • By mikebec2010 14th May 18, 6:07 PM
    • 7 Posts
    • 2 Thanks
    mikebec2010
    Firstly, thank you to all of you wonderful people for such a great and informative forum.

    Quick question if I may, I have been on a dmp with Stepchange since 2013. I had to give up my job due to a family loss and the debts soon got out of hand. Anyway over 4 years later I have decided to send CCA requests to my creditors. My largest debt is with PRA (sold by Barclaycard and previously Egg card).

    Whilst I appreciate there are no guarantees but if any of the debts do come back as unenforceable can I simply ask Stepchange to remove them from my DMP or will I have to go self managed if I choose to stop paying those creditors?

    Thanks!!
    • Suseka97
    • By Suseka97 15th May 18, 6:42 AM
    • 409 Posts
    • 534 Thanks
    Suseka97
    .....Quick question if I may, I have been on a dmp with Stepchange since 2013. I had to give up my job due to a family loss and the debts soon got out of hand. Anyway over 4 years later I have decided to send CCA requests to my creditors. My largest debt is with PRA (sold by Barclaycard and previously Egg card).
    Whilst I appreciate there are no guarantees but if any of the debts do come back as unenforceable can I simply ask Stepchange to remove them from my DMP or will I have to go self managed if I choose to stop paying those creditors? Thanks!!
    Originally posted by mikebec2010
    Although there are no guarantees; chances are the former EGG one will be UE. My OHs Barclays/Prev Egg account proved to be so. If that is the case then I guess you can ask SC to remove it from your DMP and state that you want to prioritise enforceable debts -but you may find that they are reluctant to do so (their ethos is to treat all creditors fairly) in which case you will have to go self-managed -which is much easier than people think, especially when you are experienced with DMPs. Good luck with the CCA request
    LBM Apr13: 14 Creditors / 85k+ owed / 11k outstanding (3 x UE / 3 x outstanding)
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