want to do a f&F on one of my debts but with cccs on dmp

thepinkladez_2

hello all i have just recieved £600 and want to use it to do a f&f on one of my debts.
i am with cccs on a dmp and i am sure the advisor told me (when i started) they have a department that can deal with that type of thing for me.

now do i have to use them or can i do it alone?

what it is, is i want to to get the best deal (wipe of the most money with this money-hope that makes sense!) so would i be better at doing this or them?

i have the following smaller debts so i would like to clear one of them completly:

metropolitan collection services: £1,995.00
mbna europe: £2354.67
egg: £764.00

obviously egg would be the sensible choice but would prefere to be able to clear one of the bigger ones!! have no idea if that is possible?

Broken_hearted

You can ask CCCS to negotiate a F&F for you, then rejig your payments if it is accepted.

GeorgeUK

I would definately go through CCCS in the first instance. If they don't get anywhere then i suppose you could then try it yourself.

Always wondered about that though - In a DMP you are supposed to treat all creditors equally. Does that mean that they would need to offer a F&F to MBNA for £600 if that was what you were going to offer Egg?

The only thing i would be careful about is saying that you have this extra money available in your account. As i said - not too sure how it works but if the F&F is refused, you wouldn't want them to insist that the available funds be split between the creditors in a partial payment.

Hopefully someone can give more detail.

thepinkladez_2

Broken_hearted wrote: »

You can ask CCCS to negotiate a F&F for you, then rejig your payments if it is accepted.

sorry having a dumb morning what do you mean by rejig the payments get them to clear one so i have more money per month to put towards the others?

thepinkladez_2

GeorgeUK wrote: »

I would definately go through CCCS in the first instance. If they don't get anywhere then i suppose you could then try it yourself.

Always wondered about that though - In a DMP you are supposed to treat all creditors equally. Does that mean that they would need to offer a F&F to MBNA for £600 if that was what you were going to offer Egg?

I dunno on that one! that would seem to make sense with the cccs trying to treat all debtors equally. But blimey i would need quite a lot of money to clear all equally and fully at the same time, so i assume that you can clear one!?

The only thing i would be careful about is saying that you have this extra money available in your account. As i said - not too sure how it works but if the F&F is refused, you wouldn't want them to insist that the available funds be split between the creditors in a partial payment.

Thats a really good point no way am i prepared to just had it over so everyone gets a bit extra this month! probably get a right bashing saying this but id rather keep the money and buy a few things we need, new central heating (need £300 to get new central heating through warmfrount but never can get together this much!)or new bedroom furniture for dd as she is still sleeping in her cot bed and her hand me down wardrobe is collapsing by the day!

Hopefully someone can give more detail.

Didnt think about these things did i!!why is this clearing debt thin never that easy!

rayday2

Personally I would put it into savings as you are only just setting it up you could jeopodise its early days. If you put it into savings and forget about it and one company starts being awkward and maybe pushing for a CCJ (not saying it will happen) then you could try to pay them off, all the time if will be getting interest so there is no harm done.

thepinkladez_2

rayday2 wrote: »

Personally I would put it into savings as you are only just setting it up you could jeopodise its early days. If you put it into savings and forget about it and one company starts being awkward and maybe pushing for a CCJ (not saying it will happen) then you could try to pay them off, all the time if will be getting interest so there is no harm done.

good idea in theory but i dont think i could do that i am still not great with money and this will just burn a hole in my pocket if i keep it to long! i would rather try and clear a debt with it!

Wannabesaver_4

I did F&F's about a year ago and i thought the CCCS coudl help you as well, but they cant. They will send you a template letter but they cant actually negotiate for them.

My advice would be to call Metropolitan first, its one of your biggest but also as its a DCA you may find they will take a lower offer because they probably bought the debt for not much anyway. When i did do my F&F's i did this with metrpolitan and they were one of the only ones to accept a offer. Cant rememeber what the figures were now but it was good.

Try them and negotiate with thier first offer. I would suggest offering £500 first and then you can come up to £600 when they try and up it (as they will).

Good luck

thepinkladez_2

thank you wannabe. that might be a good plan as metropolitan are hideous and would lve themoff our back! i sound so dumb but could you tell me what you said to them etc? i want to sound like im asertive and not be rail roaded into anything! also i assume you made them send you it all out in writing first?
another thing does anyone know if i shold hang fire with metroplolitan as i sent of the first cca letter to them and next wed their 12 days are up (they have cashed £1 cheque!) should i wait to see whether they can provide this first just incase they can't?

GeorgeUK

Are motropolitan a DCA?
Did you ask for the CCA and statement of account?

No harm in waiting a few more days i suppose - especially if they can't produce the CCA.

Wannabesaver_4

not sure about the cca query, but i am sure someone will be along who will know that better.

With regards to what i said to them, i sent them a letter, stating that i could raise £X to clear the debt with them and if accepted they woudl mark my credit file as Settled in Full - which is important as it means they cant come after you for the remainder in the future. Say that the offer is time limited to 14 days and you look forward to their reply. Also you could just try ringing them and saying stuff along the same lines. If i recall correctly, they came back to me saying they could accept X and i got them a bit lower and paid over the phone.

I'm not sure how successful our F&F's were TBH, Metropolitan was probably the most successful cos they are a DCA but be prepared that its not always easy and if they wont accept you may want to do what others here have suggested and put it in the bank for a while. If your worried about touching it, what about a notice period ISA, where you have to give a certain period of notice to access the money?