Frightened to take the step

Verbatim

Hello Hettie,

I was thinking about youtoday, well yesterday now. I am so glad that you are sorting things out and feeling more positive. Well done on standing firm with nationwide and congrats on your plan for f&fs.

Hope to see you around again soon.
hugs,
V

Radish72

Welcome back

Keep posting, think how far you have come in the last 6 months and then where you will be in the next 6 months

You got this far you will get to the end :T

pondskater_2

Hi Hettie, been reading your thread and just wanted to add my voice to the many who wish you well in your efforts to become debt free. Keep up the good fight.

dancingfairy

I'm glad things are looking brighter on the financial front. Hopefully this will make life less stressful and the medication works well for you as well.
Glad to hear you are still plodding on and looking forward to the day you will be debt free. It sounds like things are o.k? on the OH front as well which is good.
Best of Luck
df

hettiecarro

Thanks Dancingfairy.

I hope things are going ok for you also.

It's been a bit of a rollercoaster to get the medication right - but fingers crossed they seem to have got it sorted now.

Waiting for the released pension funds to come through and then I will be nagging everyone on here for advice on F & F settlements.

6 months ago this all looked hopeless - but despite my illness I am sure I will come out of all this a stronger person. I read the posts of the newbies sometimes and my heart goes out to them. Being in debt is a dark and lonely place to be - until you discover this forum.

Having the B**** to face your situation and keeping the goal in sight is the only way of dealing with it.

My spending habits have changed completely.

I have pointed a number of people to this site - just so they can avoid getting in the mess I found myself it.

It has also been good for the soul decluttering everything. I feel like I am giving my life a 'spring clean' - takes a lot of effort but looks great when it's done.

I'm rambling now - (Happy pills must have kicked in).

Hugs for now

Hettie

yellowduck_2

Your'e back!!! was just thinking about you and hoping you were ok. Glad that things have progressed in a more positive way for you although it sounds like it has been\is a voyage in choppy waters. Have a hug from me.

hettiecarro

Hi

Can anyone help please? As I explained in a previous post, I am awaiting some funds which will allow me to make full and final offers to my creditors.

I have received a letter from CapitalOne (they froze my interest etc for 6 months) and it is now up for review. They are requesting a new SOA which is fair enough, but they also want me to provide them with 2 months bank statements which I am reluctant to do. Not that I have any sums of money going into the account other than my benefit - but as my partner is paying the priority debts there are none of these showing on my bank statement obviously.

If you are around DarkConvict I wonder can you give me some advice on how to word my full and final settlement offers. I am very nervous about writing to my creditors:eek: (the money will not be available for a few more weeks), but I would like advice on what I should say and what should be my 1st offer in percentage terms?

I seem to be falling at the last hurdle:( and I need your expert advice on how to get this sorted once and for all.

Do I have to offer the same % to each of my creditors if I am not on a DMP?

Have read lots of threads on here - but still unsure how to proceed.

DarkConvict

My advice isn't expert by any means Its just what i have read on these forums since September 09.

Anyways, you do not have to provide them any bank statements, you only have to provide proof of your figures on an SOA at the request of the courts. If you do not want them to see your bank statements you do not have to show them, but equally a DMP is an informal arrangement so they do not have to freeze interest/accept reduced payments. I would go with refusing to send bank statements but do agree to providing an updated SOA. If they kick up a fuss that does cost you money it is upto you to consider what you wish to do.

The F&F offers, advice here - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

When on a dmp you should not give preference to creditors, F&F offers could be seen as preference but many people have done F&F offers on a DMP before anyway. If you are using a DMP provider like CCCS/PayPlan/National Debtline/CAB etc, inform them about it and see if they agree. Because if the creditor accepts your going to have to tell your provider to stop paying them anyway.

% Offers vary alot, debts with original creditors are likely to be much higher at least 50% but usually above 70%. Although MBNA has recently been making offers of 20-30% which is very unusual.
When the debt is with a debt collector, they have usually paid only 10-30% the value of the debt, so anything over that is profit (gross profit anyway). As such debt collectors accept must lower offers, somewhere between 20-50%. This is once again affected by how well you are paying, if it appears they will get paid (i.e. your paying them £50 on a £500 debt, they will wait it out, but if its £2 on a £2000 debt they are more likely to accept an offer than risk getting nothing)

Wording of the F&F templates is best left to the good old national debtline template. - http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6 (Section 5 - Full and final letter for any debt)

Just tag in the following, the funds are been made available from a family members for a limited time, so add in deadline date for them to reply of 14 days (put the actual date you expect a reply by), and also tag in that if they do not accept the funds will be offered to other creditors.

Just so you have enough money, don't make 20% offers to all creditors at once, send out only offers you can afford to make if they accept, only if they reject should you then offer to another creditor.

Verbatim

Hi Hettie, good to see you back.

I hope the f & f s go well. How has life been for you?

hettiecarro

Thanks Darkconvict for your reply. I am not on a DMP - only making token payments of £1.00 per month to each of my creditors.

I don't know whether I should wait until my debts are sold on before making F & F's.Do my creditors have to inform me that they have sold the debt? The money I am getting is likely to be all I can raise (my health is such that there is not much likelihood of a return to work as I am nearly 59 years old) - so I want to try to make sure I get agreement with as many creditors as possible.

I will send new SOA to CapitalOne in the meantime.

Should I mention the F & F at this stage or wait for the next reaction from them?

God this is giving me such a headache

In the morning I will post more details - maybe you can have a look. I have started to put together all of my creditors and apportioned what money I am getting between them all. Just don't know if I should offer it yet?

Sorry - I'm not making much sense.

Verbatim - thanks for your message. Hope you are ok.


Hettie