DMP Mutual Support Thread (Part 6)

scouselad1974

Hi Guys

I hope you are all well.

I have a couple of creditors on my CCCS DMP that have been passed to DCA'S, both have a low balance, £113 and £122 on the other, I've been paying both £5 a month for the past 3 months, before that I paid the original creditor.

Do you guys think that these companies would accept Full and Finals at this stage, or would they be happier accepting £5 a month.

Thanks in advance

ianmak

I'd imagine they would. Be warned though that the other creditors (& CCCS) may take exception, and say you're favouring the other creditors. However, you may get a way with it due to the low balance.

I had the same with Hfc, except they offered me a F&F of £75 on a £150 balance. I paid it off, though PP were very wary about it.

There's also other issues to think about, which Geoffmr posted on here ages ago. I'll see if I can track it down.

ianmak

JillyOJolly wrote: »

Hi All,

Catching up again and a couple of sticks I need to throw in the works....

If you offer full and final settlements the companies are under no obligation to mark your file "fully satisfied" bascially - because it isnt. You have only partially satisfied. Whilst most will accept an offer in the end this DOES AFFECT YOUR CREDIT FILE FROM THE DATE IT GOES ON. Please dont forget this. How can you ask for fully satisfied when you havent? It may be that the balance towards the end is made of interest and charges, but they are allowed to do this. You signed up to terms and conditions which state they will charge a fee (interest) for you borrowing their money, they are a business and you didnt get the money to spend from a mate for free for a bit. Some are very cruel I know, but be under no illusions or be disappointed if they accept, but only partially satisfy. I spent four years repairing my credit so actually paid of all balances in full after battling with full and finals and being horrifed at what partially satisfied actually meant. I rang CAB, National Debtline and Payplan as well as the creditors themselves who all confirmed this. I did this personally to begin with, but gave up after them asking for income and expenditure forms to be completed (by 3 creditors) from the person offering the gift. The ***** cheek of it. That took 6 weeks. In the end I handed it back to payplan, who were absolutely top rank in this field, one named person rang me EVERY DAY for an update and it was all done in less than a week. I have letters showing £0 balances, closed FULLY SATISFIED (I want to frame them but OH says no) ha ha

Also remember if you are with Payplan and you pay off small balances (2 of mine in the end were less than £100) the rest of your creditors will know and may say you have broken your contractual DMP agreement that they all get the same percentage at all times and call in the remainder of their debt on the basis that if you extra money for one, you should be able to find extra money for them all.

JOJ x

This may help.

ianmak

geoffmr1 wrote: »

I don't really agree that the creditor isn't under an obligation to mark your file as fully satisfied unless you don't include that in the full & final offer to them. Whenever I have offered f&f settlements I have always made sure that one of the conditions of the offer is that my credit file is marked as fully satisfied, if they don't want to do that then it's their choice but the offer is withdrawn. All the companies that have accepted my offers (& thats certainly not all of them) have marked my file as per the offer. On the other hand I had an overdraft debt with Nationwide which has been completely repaid including all charges etc & yet they refuse to withdraw the default on my file.

I also don't understand the payplan stuff. I'm with CCCS who obviously work in a different manner, however how can a creditor know how another creditor has been paid off?? How do they know you haven't received a refund of charges/PPI or that the creditor hadn't made a mistake with the total remaining?? Each account is a private matter & you're under no obligation to tell another creditor whats happening with other accounts.

And also this.

scouselad1974

Thanks for the replies, I may be best just plodding along and leaving well alone for the time being, I don't want to rock the boat, so to speak.

Thanks for the good advice as per usual.

ianmak

Didn't want to put you off doing it, just wanted to warn you...

scouselad1974

ianmak wrote: »

Didn't want to put you off doing it, just wanted to warn you...

Thanks Ian

I'm not to bothered about the impact on my credit file as that is trashed for the forseeable future, it is the fact that my other creditors may find out and say I am favouring one over another. Maybe I would be better off using any extra to reduce a priority debt that isn't part of my DMP, that way I may be able to increase my DMP payment sooner, meaning all of my creditors will benefit.

Or would I better off having an emergency fund decisions decisions

scouselad1974

Guys do any of you have a template that can be used when a creditor is asking for an increase to your monthly repayment as your account is under review. Basically Studio are asking me to increase my monthly repayment, but they are also asking me to sign and date the letter I have received.
Call me sceptic but this could be a ploy on their behalf to get a copy of my signature, as I am 100% certain that I did not return the credit agreement when I opened the account many moons ago.
I have just upped my payment via CCCS last month.

ianmak

Some would say yes.

Does the creditor know you've just increased payment through CCCS? What letter have you received from them?

I'd speak to CCCS explaining what the creditor is doing. Or perhaps have a chat to Studio, explaining that you can't give any more, and that you've already increased your monthly payment through CCCS.

scouselad1974

ianmak wrote: »

Some would say yes.

Does the creditor know you've just increased payment through CCCS? What letter have you received from them?

I'd speak to CCCS explaining what the creditor is doing. Or perhaps have a chat to Studio, explaining that you can't give any more, and that you've already increased your monthly payment through CCCS.

Hi Ian

Yes they received an increase last month, I have just drafted a letter explaining this.
I have a final question, is it ok to send creditors an up to date list of balances whilst on a DMP, or should I only let CCCS send this info.