Any advice on DMP's please.

[oldgirl]

Between us my OH and myself have £25k's worth of debt,

the biggest debt is to OH's Halifax credit card for £9k,

 

 

the rest is spread between 9 other creditors and includes a £2600 overdraft to Santander (and yes we are mortified for letting things get this bad)

 

We are in the process of setting up a DMP with StepChange as we are both in our late 60's

(I know old enough to know better) and don't want our sons to be left with having to sort stuff when we die.

 

I was wondering if anyone has had any dealings with StepChange,

they seem to have good reviews but I'd be interested to hear of any personal experiences from any forum users.

 

Our last car payment is due October 2015 and they reckon that if we pay more once this is finished then we will be debt free in 5 years,

there seems to be no other way tbh and we are at the end of our tethers.

 

Many thanks

[dx100uk]

have you ever questioned the legally of these debts by a CCA request

are any of these with debt collectors

 

 

have you looked at reclaiming any PPI

or

PENALTY charges [£12 fees for late/over

[Wintry]

Between us my OH and myself have £25k's worth of debt,

the biggest debt is to OH's Halifax credit card for £9k,

 

 

the rest is spread between 9 other creditors and includes a £2600 overdraft to Santander (and yes we are mortified for letting things get this bad)

 

We are in the process of setting up a DMP with StepChange as we are both in our late 60's

(I know old enough to know better) and don't want our sons to be left with having to sort stuff when we die.

 

I was wondering if anyone has had any dealings with StepChange,

they seem to have good reviews but I'd be interested to hear of any personal experiences from any forum users.

 

Our last car payment is due October 2015 and they reckon that if we pay more once this is finished then we will be debt free in 5 years,

there seems to be no other way tbh and we are at the end of our tethers.

 

Many thanks

 

Hi

 

Just following on from dx

 

Stepchange are a charity and will not charge you for a Debt Management Plan

 

They are basically funded by the creditors and receive a percentage contribution from them in relation to payments you make towards your Debt Management Plan but the main point is that the amount you pay in will all go towards paying off your debts.

 

There has been the age old debate on impartiality where Stepchange are concerned however they are a genuine charity that do not charge you for a DMP.

 

There is also a fair bit of discussion around on expenditure allowance figures

 

The main point is that with a Debt Management Plan like any other debt solution it is of absolute importance that you fully understand the situation and it is affordable and sustainable.

 

A Debt Management Plan is an informal arrangement however there does now seem to be a radical shift taking place in the debt & credit industry / advice sector where the customer is being put first, so in theory at least it should get easier and smoother for those seeking debt advice / remedies and currently subject to a debt solution.

 

With a Debt Management Plan flexibility can also be paramount as unexpected costs can and do arise as is the case with emergencies from time to time. My experience is that this in an area that is not always covered as well as it could / should be but that is my view and it would apear that all will improve.

 

Most important with any debt problem is that you get full & proper advice on all your options as to what is best for you and your family and that you fully understand as in my book they always come first.

 

My view is that when going down the DMP route then it is a no brainer going with a genuine free provider or managing your own plan if appropriate and you feel confident enough to do so. Having said this my opinion is that people should always have the right of fully informed choice.

 

Information from Citizens Advice below on Debt Management Plans / how they work & providers

 

https://nedcab.cabmoney.org.uk/remedy_4.asp

 

https://nedcab.cabmoney.org.uk/dmp.asp

 

https://nedcab.cabmoney.org.uk/dmptour.asp

 

It might help if you put up your SOA

 

Are you a homeowner for example?

 

Hope this helps

 

My opinions & views

 

Best Wishes

 

W

[Ford]

hi wintry

one thing of issue is re credit file markers re an arrangement to pay/on dmp which seem to have just as an adverse effect as a default but can be on there for longer than a 6 year default. in some cases such markers can be amended more favourably, as someone is actually paying.

any stepchange or other views on credit file markers?

[oldgirl]

Thanks everyone for your responses, dx, no none of them are with debt collectors, we have not missed any payments with anyone at the moment, have been scraping through by selling on ebay and using credit cards (daft I know) which are now maxed out.

 

 

We will follow your advice about claiming back charges and sending a CCA request, well worth looking into.

 

 

Thank you also Wintry, no we are not homeowners, after all essentials like rent, water rates, council tax, food etc we have £223 left to pay StepChange, have opened a new cashminder account with the Cooperative bank and now have to move everything over as of course Santander will no longer entertain us, especially as they are one of our creditors.

 

 

Thanks again and I will keep you all posted.

[Wintry]

Hi

 

Thanks for the info & you are welcome

 

Just a few questions if I may

 

What are the actual total debt amounts that you owe individually, in other words the total debt in your name & the total in your O/Hs name, you would need to include joint debt liability in both your totals - I ask this as you mention £9k alone in a credit card of your O/Hs

 

Have you fully considered all other options, including formal insolvency solutions?

 

Do you have any pensions?

 

The above would depend on your full circumstances of course.

 

Your full SOA affairs would help as would the I/E as worked out by Stepchange (I understand if you do not wish to put this information up)

 

Best Wishes

 

W

[Ford]

oldgirl

seems you dont have any defaults on these?

as i mentioned, would defaults be of a concern to you re obtaining future credit cf. an arrangement to pay/dmp marker?

maybe something also to consider when deciding on your course of action

[Wintry]

Hi ford

Agreed

 

W

[oldgirl]

Sorry I have not been here for a few days, will post soa later on today, no we do not have any defaults at the moment Ford, first payments missed this month to Capital One (me) Very & Kandco, Barclaycard due on the 3rd but will not be paying, will let you have all details later, thank you again.

 

Almost forgot, no defaults would not be a concern to us, we will not be applying for anymore credit.

[oldgirl]

Sorry it's taken me so long to post this list,

 

 

here it is in all its awful glory:

 

Aqua credit card, £1200, hubby

 

Capital One cc, £3570, hubby

 

Halifax cc, £9000, hubby (the one we are most worried about)

 

Very mail order, £1700.

 

The rest are mine below:

 

Barclaycard £4600

 

Capital One cc £750

 

Kandco £1000

 

Next £350

 

Opus cc £548

 

 

Then we have a joint overdraft of £2600 with the Santander,

 

 

our pensions at the end of December will be paid into our new Coop cashminder account.

 

 

We've sent off the forms to StepChange for our DMP but see on here that people have done their own

and we are wondering wether to go down that route,

it's like walking through treacle wondering what to do for the best.

 

 

We know that Halifax are going to be a pain,

have read on here how nasty they can be,

poor old hubby is not in good health and he is worrying more than me,

 

 

I suppose I'm a bit more hard faced but I hate seeing him worrying,

 

 

thanks for reading and the advice already given.

[Ftgab19]

You have come to the right place,

 

 

I've only been here a few months and the people here are great.

 

 

I was thinking the same thing when I started sorting out my debt.

And I can say it would be easier to have a debt management company [A FREE ONE!!] handle it.

But you can do the same thing with a few letters and a bit of time on a pc.

 

The first thing I would do is send a hold action on your account letter.

It’s just to give you a little breathing space.

Make sure you send all your letters recorded delivery, here is a link for you to make your holding letter.

 

Link for account’s just in your name:

https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx

 

Link for account’s in both names:

https://www.nationaldebtline.org/EW/sampleletters/joint-letters/Pages/Hold-action-on-your-account-%28joint-names%29.aspx

 

Why you wait start making a budget, here is a great website for getting one made.

https://www.nationaldebtline.org/EW/steps/step2/Pages/Step_2_11.aspx

 

After your creditors respond and agree to hold action, send a CCA request to all of them.

Because from what I’ve read on here,

I now wouldn’t trust any finance company, not even a bank.

There are great templates on here and just google “Company Name registered office address” and you should be fine.

 

Let the people here know what the creditors responded with to your CCA request.

 

Andrew

[renegadeimp]

Can you tell us who currently own and are chasing you for the amounts owed.

 

Have you reclaimed all charges or insurances.

 

Have you sent every company chasing you a CCA request