DMP Mutual Support Thread (Part 5)

Kudox

Hey Toffee, good to hear your OH has work at the moment, fingers crossed for you it lasts. DH may have work over next couple of days, don't want to get hopes up too much but struggling at the moment so hope it comes off.

Interesting about your letter from MBNA, have seen a couple of comments today on the boards saying similar, we have them as well but as you say have not the spare cash lying around to do anything about it:rolleyes:

It would be amazing to settle at least one though.

dlb

I think the question about the full and final spread between creditors, is meaning spliting what money you come into between all creitors based on what you owe and offer then all a full and final splitting the money between them.
There is a website cant think which it is offhand that shows you how to do this on a pro rata basis...this is really useful if you come into a big lump sum as you could wipe all debts in one swoop.

Ill see if i can find the link.

Kudox

marfan_not_martian wrote: »

Got all my paperwork done today ready to send to CCCS - have enclosed a covering letter asking them about increasing the shopping budget as previously mentioned so hopefully that will be ok I think I might phone them in the morning just to put my mind at ease. Why did I not think of that earlier doh!!!

Feel much better now that its all in hand and finally going to get on the road to being debt free.

Anyway off to relax with a glass of wine - just wanted to say thanks to everyone for all your support and advice it is very much appreciated.

:beer:

Good luck with it all, hope your debt free journey is a smooth one, enjoy your wine:beer:

dlb

You may have a lump sum that you need to divide up amongst several creditors. The usual way of doing this is to make 'pro-rata' offers. This means that each creditor gets a fair share of the money available. The creditor you owe the most to will get the biggest share of the money and the creditor you owe the least to will get the smallest share.

• Find out the exact outstanding balance you owe to each creditor.
• Use the formula to work out how much to offer each creditor.
• Use the following example on page three to help you.
• Send offers to all your creditors along with a table like the one shown on page three. It is helpful if creditors can see that they are all receiving an offer of a pro-rata settlement; then they know they are all being treated fairly.
• If some of the creditors refuse, then write to them again and ask them to reconsider. Point out if any of your other creditors have accepted the offer and explain your circumstances again. If your creditors still refuse phone us for advice and see what other options you may have.

FORMULA

LUMP SUM AVAILABLEX EACH DEBT÷ THE TOTAL AMOUNT YOU OWE TO YOUR CREDITORS= OFFER TO THE CREDITIOR

EXAMPLE
You may have £10,000 owing to four creditors. You can raise a lump sum of £4,000.
You owe:
£2,300 to Mastercard
£1,200 to a catalogue company
£4,500 to a loan company
£2,200 to the bank
Use the formula
£4,000
(LUMP SUM AVAILABLE)X £2,300
(DEBT TO MASTERCARD)÷ £10,000
(THE TOTAL AMOUNT YOU OWE TO YOUR CREDITORS)= £920
(OFFER TO MASTERCARD)
Your offer to Mastercard is £920. You then do the same calculation for each creditor, using each individual debt in the calculation.

This is from http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers#3

Full details of how to do full and final on there plus loads of other useful stuff too.

dlb

This may help the person who asked earlier how to go about full and finals

SAMPLE LETTER E

FULL & FINAL SETTLEMENT LETTER FOR ANY DEBT

Your Name:
Your Address:
Date

Name of Creditor
Address of Creditor

WITHOUT PREJUDICE

Dear Sir/Madam
Re: Account No/Reference No:
I write with reference to the money which you are claiming on the above account.
I can confirm that I am unable to offer to pay the money which I owe in full (Add details of your circumstances and financial situation). However, I can raise £ (put the amount which you can afford to pay) and I want to offer this as an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you or any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released from any liability.
I also request that, if accepted, you will mark any entry on a credit reference agency file relating to the above account as "satisfied" in full.
Payment can be made within (put the number of days or weeks within which you will pay) of receiving your written agreement of this offer and method of payment.
I look forward to receiving your reply.
Yours faithfully
(Your signature)

Toffee_Penny

Anyone recommend a really good photocopier?

I am thinking of making my own money to offer for my full and final offers :rotfl:

Toffee_Penny

Kudox wrote: »

Hey Toffee, good to hear your OH has work at the moment, fingers crossed for you it lasts. DH may have work over next couple of days, don't want to get hopes up too much but struggling at the moment so hope it comes off.

Interesting about your letter from MBNA, have seen a couple of comments today on the boards saying similar, we have them as well but as you say have not the spare cash lying around to do anything about it:rolleyes:

It would be amazing to settle at least one though.

Hey how's things lovey? Wow doesn't this site get busier every day?

Hope things turn round for you I really do, even a couple of days is better than none and will be a great boost to you.

Had a reply from MBNA regarding ppi with a different tick in the box than all the rest!!!!! Can you believe that? Desperately scouring the forums to find others in the same position, creditors seem too quick to want to pass you on to the Ombudsman at the minute, are they inundated with ppi reclaims then? Of course they are thanks to this site!

Anyone know if I can request the original application form they have sent as a copy? This could help me in my fight that it appears to be a different tick to the rest.

marfan_not_martian

Toffee_Penny wrote: »

Anyone recommend a really good photocopier?

I am thinking of making my own money to offer for my full and final offers :rotfl:

That is sooo funny :rotfl:

By the way how do I go about becoming a DMP Support thread member?

Kudox

Toffee_Penny wrote: »

Hey how's things lovey? Wow doesn't this site get busier every day?

Hope things turn round for you I really do, even a couple of days is better than none and will be a great boost to you.

Hey Toffee, thanks for that. Just having a carp time at the moment, hopefully things will look up soon.
Can't really get any worse :rotfl:
Got to keep on smiling.

Jolly2009

Hello,

Hope you don't mind me popping in. I was wondering if you anyone could advise on their dealings with the following:

Blair Oliver Scott - loan and cc have now been passed to these. Lady spoke to was really nice but wanted opions of those that have been there.

the other.....

Hillesden Securities Ltd - hsbc credit card have passed debt to there, again lady very nice but want a true opinion. Just in case.

Also Sainsburys CC (RBS) have now after a year started applying charges and late fee payments, anyone had any experience of this?? They say it's because I can afford the payments - derr - I am not even offering the full payment through my dmp,... weren't having any of it and now the debt is slowly going back up. They haven't responded to my letter re asking to stop etc - help!!!!

Any advice would be gratly received, its the first time debts have been passed to DCA and a little scared by this.

Thanks in advance, xx