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CCCS_Matthew

missi08 wrote: »

I recently visited my CAB and they gave me the paperwork to fill in and send to my creditors, which I did with my offer of payments.

My loan is with RBS and they have wrote back to me saying they can not accept it and will send me default papers in the post. However, I have stopped or defaulted on any of my payments!?

So Im a little confussed what to do now?? Ive sent them another letter saying Im sorry they cant agree to my offer, but my other creditors have and I cant change my offer to them in favour of their company.

Im just a bit confussed as what to do next???

Thank you for your reply.

Hi there.

If RBS have not accepted your offer, pay it regardless as they still have to acknowledge the payment. As you say, you cannot pay them anymore when you have your other debts to service. Stick to your guns and show them that you are not willing to negotiate and that you don't have any more money to offer.

Once you're in arrears to the equivalent of 3 months of your original contractual payments a creditor can issue a default notice. This is simply to update your credit file to show you were unable to pay the original amount. RBS may choose then to pass or sell the debt to somone else to deal with on their behalf, who may then be more receptive to your offer of payment.

Hope this helps,
Matthew.

CCCS_Matthew

sfiente wrote: »

Thanks

If I have a debt of 36k and I came in to 25k would CCCS proactively contact my creditors and ask if they would accept this as full and final settlement.

Also with MBNA, HSBC & Tesco Finance would you for see any issues with these clients freezing interest and charges?

Hi there.

If you were looking at making full and final settlement offers, this is something you would have to do. We could provide you with template letter and provide the advice but you would have to make the contact with your creditors.

If you were eligible for a lump sum IVA however, this is something that we would get involved with. A lum sum IVA is a legally binding agreement whereby a set amount is offered to your creditors collectively via an insolvency practitioner that settles your debts.

There are no hard and set rules to which creditors do/do not accept stop interest. The decision to whether they do would depend on the monthly offer of payment, the time it takes to clear the debt, and whether or not the rest of your living costs are considered reasonable. Creditors will consider stopping interest on a case by case basis, which is why it's impossible for anyone to say from the first moment you make contact with them to say they can guarantee stopping interest.

Hope that helps,
Matthew.

candypop

CCCS_Matthew wrote: »

Hi there.

The best thing to do is offer what you can afford without struggling to your creditors until the DMP starts. Don't worry if the amount is not as much as they will get through the DMP as in many cases it takes time to get your finances in order according to the budget so you're in a position to pay the first month on the DMP.

Some creditors will say that they will review the situation after a set amount of time. As standard we will review the situation after 12 months, which is something your creditors will be aware of. It's quite likely that NR will review the situation after 6 months and see you cannot pay anymore and extend the review period again. If they turn round and ask for more money, we'll still pay them regardless through the DMP - don't be pressured into paying anymore outside the DMP.

Good luck with the DMP.
Matthew.

Thanks Matthew. I paid the last installment of the full loan payment to NR on 1st March so in theory another payment wouldnt have been due till 1st April. As I start my DMP on 1st April. When would they recieve my first payment from yourselves am I right in thinking it will be the 25th April. I could afford to send them a token payment of £5 but that would be all. Do you think this would be okay or shall I just write to them to let them know my DMP starts on 1st april and to expect payment from yourselves.

CCCS_Matthew

candypop wrote: »

Thanks Matthew. I paid the last installment of the full loan payment to NR on 1st March so in theory another payment wouldnt have been due till 1st April. As I start my DMP on 1st April. When would they recieve my first payment from yourselves am I right in thinking it will be the 25th April. I could afford to send them a token payment of £5 but that would be all. Do you think this would be okay or shall I just write to them to let them know my DMP starts on 1st april and to expect payment from yourselves.

Hi again.

Yes, if your DMP started April 1st your creditors would receive payment on or around about the 25th April. So in theory, if you've made full payment in March and they get paid through the DMP towards the end of April, you'll still have made payment without missing a month at all which is good. If you want to offer a good will gesture of £5 you can do - but your creditors will be aware that they will get the money towards the end of the month on the DMP anyway.

If you haven't already done so, make sure you send off the 'Notification of a DMP' letter we would have sent you which helps to prove that you're coming onto a DMP.

Hope that helps,
Matthew.

sfiente

CCCS_Matthew wrote: »

Hi there.

If you were looking at making full and final settlement offers, this is something you would have to do. We could provide you with template letter and provide the advice but you would have to make the contact with your creditors.

If you were eligible for a lump sum IVA however, this is something that we would get involved with. A lum sum IVA is a legally binding agreement whereby a set amount is offered to your creditors collectively via an insolvency practitioner that settles your debts.

There are no hard and set rules to which creditors do/do not accept stop interest. The decision to whether they do would depend on the monthly offer of payment, the time it takes to clear the debt, and whether or not the rest of your living costs are considered reasonable. Creditors will consider stopping interest on a case by case basis, which is why it's impossible for anyone to say from the first moment you make contact with them to say they can guarantee stopping interest.

Hope that helps,
Matthew.

Thanks Matthew

I chose not to go down that route and instead I am starting a DMP paying £160 p/m. My total debt is 36k which means it would take a long time to pay off. I will be receiving a lump sum of cash in July 2012 and would use this to pay off my creditors. Looking at these figures is it likely that interest would be stopped? My budget is very tight and has been audited by CCCS.

Thanks again

CCCS_Matthew

sfiente wrote: »

Thanks Matthew

I chose not to go down that route and instead I am starting a DMP paying £160 p/m. My total debt is 36k which means it would take a long time to pay off. I will be receiving a lump sum of cash in July 2012 and would use this to pay off my creditors. Looking at these figures is it likely that interest would be stopped? My budget is very tight and has been audited by CCCS.

Thanks again

Most creditors are receptive to stopping interest on a DMP through the CCCS, although as I'm sure you can appriciate I can't indefintely say yes or no. If you have made your creditors aware that the DMP is only a short term solution until you get the shortfall that may also help your chances.

Regards,
Matthew.

candypop

Thanks again yes I did send the notification of DMP letter to my creditors with a token payment even if a payment wasnt due. I will send NR and others a token payment at the end of this month so I'm being fair on them all.

CCCS_Matthew wrote: »

Hi again.

Yes, if your DMP started April 1st your creditors would receive payment on or around about the 25th April. So in theory, if you've made full payment in March and they get paid through the DMP towards the end of April, you'll still have made payment without missing a month at all which is good. If you want to offer a good will gesture of £5 you can do - but your creditors will be aware that they will get the money towards the end of the month on the DMP anyway.

If you haven't already done so, make sure you send off the 'Notification of a DMP' letter we would have sent you which helps to prove that you're coming onto a DMP.

Hope that helps,
Matthew.

keithing-ger

What a wonderful service.

Could you advise me please relating to my own situation in Scotland?

I entered into a 4 year Trust Deed with debts of just over £23,000, all except one is in my name solely. The exception being a £4,000 joint overdraft with my wife. Under a Trust Deed my debts are obviously "taken care of", however the BOS are chasing my wife for the £4,000 overdraft even though they will be getting a dividend at the end of the 4 year period.

We are on a very limited income and I have estimated that genuinely we have about £20 per month to spare and thats not counting the times when we might need to have get the kids clothes or ANY treats whatsoever.

What would be the best advice in my situation regarding the £4,000?

Thanks so much.

PS - My wife also owes another bank from a few years ago about £1,000.

skintoflinto_2

Hi
We're starting a DMP in May with CCCS. Opened new bank account & are sorting DDs out, sending token payments & letters, etc. Problem is - my wages will be paid into the old account this month (Lloyds) but they are 1 of our creditors (we've got a loan with them). We were planning on leaving Lloyds to the very last minute before informing them BUT we have received a letter asking why the DD for the loan has been cancelled. The payment isn't due until after my wages go in. So...will it be ok to take the wages out over a few days, put them in new account & then inform Lloyds of the DMP?
Phew! That was a bit long winded! Hope it makes sense...;)

scouselad1974

Hi CCCS

I've had a DMP with yourself since June 2009 and all of my creditors accepted my DMP and agreed to freeze interest apart from one.

Anyway last month Aqua restarted collection activity as they say my plan had expired with them, they didn't bother letting me know before hand so that I could try and renegotiate reduced payments with them.

CCCS have re sent my DMP but Aqua continue to call a couple of times a day and will not accept my DMP even though nothing has changed since it first began, and I never missed a payment. They also say they have not received anything from CCCS even though CCCS sent everything that they asked for last month.

They refuse to stop calling me even after I have requested that all correspondance should be via mail only and have continued to call even after written confirmation from their complaints department that all calls will cease until March 30th whilst my complaint is dealt with. TBH the telephone calls do not bother me, I just can't understand why they will not accept my plan again when all of my other creditors have.

Should I just carry on as normal making payments via CCCS and hope that they pass my account to a DCA ? even though added interest and charges have now wiped out every payment I have made via CCCS for the past year.