Paying off CCCS managed DMP early? and saving after this!

pinkie_pie

I've come into a small amount of money and while every cell in my body is screaming spend I know I need to pay off some debt

How do I go about this? Who do I pay first? Do I do it through CCCS?

And after I've done this, and I'm close to cleared it all off, where do I begin with managing the money I do have? Seen something on here about NSDs, what else??

fatbelly

Hi snowedunderitall

Your signature says:

Egg Card £2000, Liverpool Victoria £6000, Additions £700, HSBC1 £1200, HSBC 2 £130, Council £240

The council are not going to do a deal but the rest probably will. I suspect you may be better doing this yourself than getting CCCS to do it. Negotiations can be very drawn out. You will need £3k realistically.

This factsheet should get you started:

Factsheet | Full & Final Settlement offers

Have you cca'd Additions? If this was an account started before April 2007 and there is no signed agreement then I wouldn't offer them anything but get Shop Direct to agree not to pursue.

pinkie_pie

Can I do a deal to pay them less then????? Is that what you mean or am I confused?

And what's a CCA? I'm not entirely sure when my Additions account was started tbh, it was probably spot on around that time, maybe earlier...

pinkie_pie

Should have read your link before I replied! Sorry

I didn't know you could do this!

Funnily enough, the amount is exactly that, are they likely to accept it?

What if they don't, will they ask to take the money and keep on with repayments? Say two of them didn't, can I use the money from one and up the offer for another or will they look upon it as me having an endless pot of money?

And do I need to contact CCCS to halt payments before I make this offer?

Sorry for all the questions!

fatbelly

snowedunderitall wrote: »

Funnily enough, the amount is exactly that, are they likely to accept it?

Eventually, yes

snowedunderitall wrote: »

What if they don't, will they ask to take the money and keep on with repayments? Say two of them didn't, can I use the money from one and up the offer for another or will they look upon it as me having an endless pot of money?

If your repayments are small and will take many years to pay off the debt then most creditors can be persuaded to accept F&F. You should make it seem that the lump sum is coming from a relative who has offered to assist and is onloy making the money available for this purpose. If the eventual payment can come from a third party that gives a stronger argument for it being legally binding, but obviously the wording of their acceptance letter is important.

snowedunderitall wrote: »

And do I need to contact CCCS to halt payments before I make this offer?

The best deals I have done are where the client is either making £1 per month payment or no payment. I'm tending to a 'yes' answer to this one.


To request a copy of the credit agreement (cca) see this thread for standard letters. If Additions can't produce one and it pre-dates April 2007 then the debt is unenforceable. The same applies to Egg, LV and HSBC (not overdraft) so it's a good idea to do it to all of them. It's just that catalogue companies were notorious for giving credit without bothering to get a signature as required by the Consumer Credit Act.