DMP & Mutual Support Thread - Part 11

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  • Hi Newcastle Paul,

    So are you saying that you made a F&F settlement to one of your creditors directly and just changed the balance online to 0 without actually speaking to StepChange? And then Stepchange just spread the amount you were paying differently so others were getting more?

    I ask as we have five overdrafts on our DMP which we've set up. However, three of them are only about £250 each. Two with lloyds and one with Halifax. Im wondering if it is worth getting in touch with them in a few weeks to find out a F&F figure?

    But I thought step change said all creditors need to be treated equally so you couldn't do this? Will the other creditors find out and get cross as some have had preferential treatment?

    Thanks,

    Futuredebtfreecouple
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    edited 9 October 2016 at 10:59PM
    Hi Newcastle Paul,

    So are you saying that you made a F&F settlement to one of your creditors directly and just changed the balance online to 0 without actually speaking to StepChange? And then Stepchange just spread the amount you were paying differently so others were getting more?

    I ask as we have five overdrafts on our DMP which we've set up. However, three of them are only about £250 each. Two with lloyds and one with Halifax. Im wondering if it is worth getting in touch with them in a few weeks to find out a F&F figure?

    But I thought step change said all creditors need to be treated equally so you couldn't do this? Will the other creditors find out and get cross as some have had preferential treatment?

    Thanks,

    Futuredebtfreecouple

    I did it a few months ago with my smallest debt, an overdraft with Santander, of under £300. I didn't bother with a F&F offer or anything, I just paid it off. I phoned Santander to get the exact balance and then paid over the phone with my debit card. I wanted this particular debt gone and don't plan paying off any others mainly because they are for much bigger amounts and I don't have the money to do it:o


    I adjusted my balance to zero for that account on SC like NewcastlePaul mentioned. My SC review was due shortly after so I told the woman there what I'd done. She said it was OK just the once but not to do it again as they don't approve of giving any creditor preferential treatment:eek:.
  • Hi Newcastle Paul,

    So are you saying that you made a F&F settlement to one of your creditors directly and just changed the balance online to 0 without actually speaking to StepChange? And then Stepchange just spread the amount you were paying differently so others were getting more?

    I ask as we have five overdrafts on our DMP which we've set up. However, three of them are only about £250 each. Two with lloyds and one with Halifax. Im wondering if it is worth getting in touch with them in a few weeks to find out a F&F figure?

    But I thought step change said all creditors need to be treated equally so you couldn't do this? Will the other creditors find out and get cross as some have had preferential treatment?

    Thanks,

    Futuredebtfreecouple



    Because I had such a high debt over a long period of time I had paid a lot of PPI. I was fortunate enough to be able to claim it all back (details in the link in my signature)


    I then contacted Stepchange and said I was going to use this money to offer Full & Final settlements to all of my creditors.
    I explained that I would be writing to them all and offering 20%
    and then each month keep reoffering but adding 10%) to the balance. As that was treating all creditors fairly and the same they were happy with it


    By the time I had got to 60% there were only 2 creditors left.
    the 2nd settled for 70% and the outstanding creditor (Idem) said it was the policy not to offer a F&F figure and they were happy to keep receiving DMP payment each month.


    Each time I got a settlement figure I would change the balance to 0 and also explain that they had been offered the same.
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • Sazzie23
    Sazzie23 Posts: 2,634
    First Post First Anniversary Combo Breaker Post of the Month
    Forumite
    Hi Newcastle Paul,

    So are you saying that you made a F&F settlement to one of your creditors directly and just changed the balance online to 0 without actually speaking to StepChange? And then Stepchange just spread the amount you were paying differently so others were getting more?

    I ask as we have five overdrafts on our DMP which we've set up. However, three of them are only about £250 each. Two with lloyds and one with Halifax. Im wondering if it is worth getting in touch with them in a few weeks to find out a F&F figure?

    But I thought step change said all creditors need to be treated equally so you couldn't do this? Will the other creditors find out and get cross as some have had preferential treatment?

    Thanks,

    Futuredebtfreecouple

    I had a PPI and paid off our joint account overdraft. Actually it happened by mistake rather than by design but that's another story. Did me a favour as it was our only joint debt. Anyway SC asked me about it and I told them as the PPI was from a joint loan it had to go into the joint account, and they were happy about it.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
  • Hi Newcastle Paul,

    So are you saying that you made a F&F settlement to one of your creditors directly and just changed the balance online to 0 without actually speaking to StepChange? And then Stepchange just spread the amount you were paying differently so others were getting more?

    I ask as we have five overdrafts on our DMP which we've set up. However, three of them are only about £250 each. Two with lloyds and one with Halifax. Im wondering if it is worth getting in touch with them in a few weeks to find out a F&F figure?

    But I thought step change said all creditors need to be treated equally so you couldn't do this? Will the other creditors find out and get cross as some have had preferential treatment?

    Thanks,

    Futuredebtfreecouple



    You can either the same % to all or say you did.
    You then tell SC that the debt is now 0.
    They wont know what you paid to get it to that.


    I went by the book but you have to do what is best by you and your family
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • Today my Argos account should have been paid off, so I went to check online and bask in glee etc, and they've added a £12 late payment fee due to SC's payment falling over the weekend and not arriving until Monday. That's really annoyed me, how is that fair? I've sent a message to SC I hope they can query & get a refund.
    ¤ £25k paid off with Stepchange DMP ¤ Debt Free 01/09/17 ¤
    ¤ Saving for a house deposit by '19 ¤ Savs @ £20,000 ¤


  • Sazzie23
    Sazzie23 Posts: 2,634
    First Post First Anniversary Combo Breaker Post of the Month
    Forumite
    Today my Argos account should have been paid off, so I went to check online and bask in glee etc, and they've added a £12 late payment fee due to SC's payment falling over the weekend and not arriving until Monday. That's really annoyed me, how is that fair? I've sent a message to SC I hope they can query & get a refund.

    Hi LumpySp

    Have you tried ringing Argos and asking for a refund ? Likely they'll do it as reclaiming the money ip will probably cost them more than waiving the fee. Quote I just heard in rip off Britain is to say to the call handler, 'can you understand how I'm feeling?'. Good luck
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027 :T

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
  • Grrr, my work messed up my expenses this month and ended up 4 days late. Cue a begging phone call to the bank to not bounce stuff !! Luckily they were OK about it. Need to get my emergency back up as don't like cutting it fine. Maybe a couple of months without DMP payments ;):whistle:
  • To offer f&f settlements does the debt need to have been sold on?
    DMP Started June 2016
  • Puzzcat
    Puzzcat Posts: 4,200 Forumite
    To offer f&f settlements does the debt need to have been sold on?

    I believe to get a good deal yes..
    Christmas 2020 £109
    I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
    £60062/25384.84 - 13222.60k UE

    MY DIARY
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
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