Is this too good to be true?

GeorgeUK

Is this the only debt you have? If it isn't, are you delaing with the DMP yourself or through CCCS or some other organisation?

If you are with an organisation, part of the agreement is that you do not take out more credit so you will need to be very careful. Also you may not get a good interest rate as your credit rating may not be too good after bing in a DMP.

Have you requested a copy of the CCA to see if the debt is enforcable?

worried_user

I just thought I'd mention that in my experience the 30% offer has been pretty standard for the last few years with some companies.
I have been unfortunate enough to have seen a lot of various debt letters between mine and my ex's debts, even 3 for the same debt from different companies in a week and they have all at some time or another offered the 30% offer to pay it all off. If you already have a payment arrangement set up and are offered the 30%, unless you can afford it without borrowing money, I wouldn't bother as they will offer it or a lower one again in time. As for the £150 offers, as long as you have proof in writing I would take them up on it if you can afford it.
From what I have read most of you being offered this £150 deal are paying between £1 and £5 per month, which is in all honesty going to cost them more in admin on your account than they will recover from your debt. There is no way they can manage the admin on your account for £1 a month, therefore they are taking a loss from accepting your payments. The £150 will actually work out more profitable to them in the long run.
I have seen examples of £900000 mortgages being written off for under £1000 just because the person involved has been paying a very small amount every month for a year or two.

JOHNSTONE1

He has one other debt who we have arranged to pay directly not through the DMP. The DMP is with Byrom and Keeley who charge for their service so to clear this debt completly and pay the other one direct would be cost effective for us and clear the debt a lot quicker. The DMP is in his name and i f we weere to get the loan and pay this off it would be in my name no his, would that not make it ok.

Plus Byrom and Keeley are not very legit and dont really have a leg to stand on with anything i'm sure they wont be pleased that he's ditching them and dealing direct as they wont be getting their 17% on every payment he makes but, as they have messed up several times ( payed the wrog company for 6 months, which incured us cahrges!!!) So the can go Jump!

GeorgeUK

If you have joint accounts/mortgage then his credit rating will have an impact on yours. There's no harm in trying if you only have that one creditor and even if you don't get the loan (be careful about how much interest it is and don't get it secured against your property) you could contact CCCS to do a DMP through them. This would mean you can cut out the middleman and pay more towards the debt.

If they get stroppy and refuse a fair repayment plan, you can always use the CCA request as a fallback option to put more pressure on them.

JOHNSTONE1

Thanks for your help!

No we dont have any joint accounts so thats fine.

There nothing Byrom and Keely can do to enforce us using them is there? They in actual fact owe us money as they inccured charges to one of the debts by paying the wrong company for 6 months plus they still havent paid the 2 debts we do have even though we pay at the end of each month so they are making intrest out of our money and probably incurring us late charges. We owe them nothing as they took the first twp payments we amde and kept them completly and then they take their 17.5% every time we make a payment so they've made a lot of money out of an unfortunate situation anyway!

GeorgeUK

If your credit file is ok, then it might be worth doing. (settling for 43%)

Check your credit file (free at experian if you cancel within 30 days) and check that you are listed as being on the electoral roll and that they have the correct address for you. If there is nothing showing up here, then you will have a better chance of getting the loan. You can have about 3 credit checks in a 6 month period so watch how many you have and be selective of where you apply to.

I would also write to Tenon and ask they confirm in writing that they will accept £12,000 (after the bank agrees to the loan), in "full and final settlement" of the debt, and to include a "notice of assignment" which proves that they have the banks permission to collect the debt on their behalf. Only after they agree in writing to full and final settlement should you send payment - not before.

As for B&K, i would send them a subject access request (SAR) which under the Data Protection Act should allow you to see all the information they hold on you including your account details (cost £10). I would then write to them asking for a refund of all outstanding monies and damages for their incorrect payments to the wrong company forwhich you incurred charges.

Even if you don't go for the loan, you could still do a CCA request and see if the debt is enforcable - and go to CCCS to set up the DMP if required so you won't need to pay a fee.

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timdave

I phoned them today and said I could'nt get the 1500 they wanted, only had 1100
they hummed and arred for a while and said they would call me back.

15mins later if i pay now they will accept the 1100 full & final settlement.

So I paid 22% of debt, but at least i am now free of my defaults from the past, its worth using the same tactic as I did with them but go in much lower I think they will still accept it, if you are not hostile on the phone.

pop-tart

I've been trying to phone AK all week and keep getting their voice mail saying the office is closed, please leave a message, which i have still no ring back.

I was starting to think that maybe they have gone under?

GeorgeUK

WOAH!! Did you arrange this payment over the phone, or did you get them to send the acknowledgement in writing? If you don't get the written acknowledgement before sending payment, they may say that there was no agreement and still charge you the remainder, treating this as a partial settlement rather than a full and final.

JRP1414

I find it interesting that you've been unable to get in touch with Aktiv this week...

Last week, I sent CCA request letters to all of my girlfriend's loan companies. I sent them Recorded Delivery and of the 7 I sent, all 6 have been delivered and signed for... all except Aktiv Kapital's! It is just showing on the Royal Mail website as undelivered.

Coincidence? Or are they really struggling?