DMP & Mutual Support Thread - Part 11

2spicy wrote: »

ITS DONE !!!!


..... Balance Transfer of £3401.68 has been made, DMP Officially Paid off !
No thanks to BarclayCard for never stopping adding interest and refusing to default us (We shall NEVER use your financial services ever again).

7 Years of "financial re-education" has made us wiser to the pitfalls of credit. Whilst we both agree we will probably use credit in the future, it will be used far more wisely.

:j:beer::beer::j:beer::j:beer::beer::j

Fantastic news, that came round so quickly happy dance :j:beer::j:j

Have you signed the debt free roll of honour - you've joined an elite group of debt busters

January2015 wrote: »

Thanks - I think we will start low, if they go to 50% or less we will most likely snap hands off, otherwise we will bank the money and keep plodding on with the DMP for a while. It's a balance between clearing the debt for a decent discount or keep paying monthly. For example if we have debt of, lets say £10k (because I have a few around that mark )

If they come back with 60% we would pay £6k now.
If we say no and bank the cash for now, we would keep paying monthly approx £100, so £1.2k per year.

So if we go back to them in a year to try again for a F&F we would then owe £10k less the £1.2k paid over the year = £8.8k

So offering a F&F on £8.8k and they accept, lets hope, a 50% offer. We would pay £4.4k which added to the £1.2k we have paid over the last year = £5.6k. This is only £400 less than the 60% offer at the beginning....so based on that, and to get rid of a large debt, it's worth considering.

This probably makes no sense to anyone but me:rotfl:

I could follow that, seems like a good plan to me - I think it's useful to keep in mind what you plan to do, helps to get through dark days. I

Good Morning All

As there is a little speculation going on about the F&F (P&F ) figures that may be available I thought.....hopefully without boring anybody I would advise what I have settled at and.....what is offered to me that I haven't settled (yet ) There are a couple of others where I haven't got into serious negotiations yet but these are the ones I know:-

The %ges below are the 'settlements' NOT the 'discounts'

Lowell (1) 24% (Involved a battle and two complaints)
Lowell (2) 28% (cheeky request to match the above on 2nd debt - not quite but not too shabby !!)
M&S 25%
Cabot (1) 40%
Cabot (2) 40% (wanted 60% but I insisted they match the other)
PRAT 65%
Gnat's Vest 80% (Non-negotiable...d'you get that? I said non-negotiable )

Thoughts........

M&S (unbelievably) an original predator who settles at that level :T . I would never have tried as low except I received a tip off from an MSE member so I did. I have seen some attractive settlements people have managed with HSBSee. Bear in mind HSBSee is the engine behind M&S Bank and the policy seems to be (pretty much) consistent across the two - I may obviously be wrong but would aim low with HSBSee to start with. Unfortunately I have no debts with HSBC (wot do I mean unfortunately :rotfl:??!!!)

Sadly my largest remaining debt is with the Gnat's Vest. I have not necessarily accepted the words of the call centre and have asked various agents at various times both verbally and in writing and all I repeatedly and consistently get is '80% non-negotiable.' I have CCA'd them and they are squeaky clean. The only action I could take is to stop paying them and let them sell on (or potentially take me to court themselves......dunno if they would do that or not. They led me to believe they would around three years ago if I didn't maintain the payment plan but it could be all talk....just dunno .)

You know what.......I am mellowing with age....... I don't think I will be teasing and taunting the Gnat's Vest. I will carry on with the payment plan until I finally go with 80% if the policy doesn't change in the meantime. The phone would ring non stop, the dirty letters would be thick and fast and after a long and very quiet period, once again 'domestic unrest' would be the order of the day !!

Happy Wednesday all!!

2spicy wrote: »

ITS DONE !!!!


..... Balance Transfer of £3401.68 has been made, DMP Officially Paid off !
No thanks to BarclayCard for never stopping adding interest and refusing to default us (We shall NEVER use your financial services ever again).

7 Years of "financial re-education" has made us wiser to the pitfalls of credit. Whilst we both agree we will probably use credit in the future, it will be used far more wisely.

:j:beer::beer::j:beer::j:beer::beer::j

Fantastic news 2spicy :T:T:T

Am absolutely delighted for you, huge congratulations :j:j:j

I'll never forget the lessons I learned from being a DFW and particularly from this thread and its predecessors, my life changed completely because of this and the future is certainly loads brighter

Don't forget to add yourself to the debt free roll of honour and wear your badge with pride

TTFTM x

PS: Hello to all DMPers new and old, you are definitely on the best thread on the best forum here :hello:

Brogden wrote: »

Good Morning All

As there is a little speculation going on about the F&F (P&F ) figures that may be available I thought.....hopefully without boring anybody I would advise what I have settled at and.....what is offered to me that I haven't settled (yet ) There are a couple of others where I haven't got into serious negotiations yet but these are the ones I know:-

The %ges below are the 'settlements' NOT the 'discounts'

Lowell (1) 24% (Involved a battle and two complaints)
Lowell (2) 28% (cheeky request to match the above on 2nd debt - not quite but not too shabby !!)
M&S 25%
Cabot (1) 40%
Cabot (2) 40% (wanted 60% but I insisted they match the other)
PRAT 65%
Gnat's Vest 80% (Non-negotiable...d'you get that? I said non-negotiable )

Thoughts........

M&S (unbelievably) an original predator who settles at that level :T . I would never have tried as low except I received a tip off from an MSE member so I did. I have seen some attractive settlements people have managed with HSBSee. Bear in mind HSBSee is the engine behind M&S Bank and the policy seems to be (pretty much) consistent across the two - I may obviously be wrong but would aim low with HSBSee to start with. Unfortunately I have no debts with HSBC (wot do I mean unfortunately :rotfl:??!!!)

Sadly my largest remaining debt is with the Gnat's Vest. I have not necessarily accepted the words of the call centre and have asked various agents at various times both verbally and in writing and all I repeatedly and consistently get is '80% non-negotiable.' I have CCA'd them and they are squeaky clean. The only action I could take is to stop paying them and let them sell on (or potentially take me to court themselves......dunno if they would do that or not. They led me to believe they would around three years ago if I didn't maintain the payment plan but it could be all talk....just dunno .)

You know what.......I am mellowing with age....... I don't think I will be teasing and taunting the Gnat's Vest. I will carry on with the payment plan until I finally go with 80% if the policy doesn't change in the meantime. The phone would ring non stop, the dirty letters would be thick and fast and after a long and very quiet period, once again 'domestic unrest' would be the order of the day !!

Happy Wednesday all!!

Very useful post Brogden - thank you for sharing :beer:
Unfortunately I only have a debt with PRAT - and am disputing the enforceability at the moment.

The others on your list don't yet feature on my list of DCAs or original predators - but I will file away the information just in case any of my debts get transferred to any of your list.

:beer: