Without a paddle... support for anyone starting a DMP in 2010 (part2)

true27

Regret - honey, those cupcakes sound delicious and what a great idea!!

mikon

true27 wrote: »

Mikon - I echo E2, getting passed to a DCA is good news! HSBC had to pass me over to their DCA before they could stop interest and they have been so easy to deal with

True27

Thanks for the response. I have contacted CCCS and explained to them what is happening and CCCS just said contact us when you receive the letter from the DCA.

true27

mikon wrote: »

Eyeopener 2 thanks for the response.

I am tempted to write to them and ask them to reconsider my offer after all I will have more disposable income in 2yrs. I have banked with them for 25yrs and the first sign of trouble and they ditch you. I just get worried when DCA are mentioned I have visions of them constantly ringing, knocking at my door all that.

I knew the good times would not last.

Honestly Mikon, the DCA is a good thing - it just sounds scary. They are more understanding, more likely to accept and of course they won't be applying interest and charges so the debt will be cleareds sooner. Unfortunately, banks have absolutely no loyalty so the 25 years won't mean much to them - at the end of the day, you're not making them money any more. It comes as a bit of a shock when that one hits home.

mikon

The sad thing is that this debt is my overdraft facility. So it would not have been repaid in the timeframe that I have proposed had I not got into financial difficulties. The overdraft would have just remained in place. The one thing I have gained from this is that if your not making money for the bank then your not valued and they drop you like a hot brick.

Is it worth writing to them and asking them to reconsider my offer. Should I tell them that in 18mths part of my mortgage will be paid off so I will be increasing the monthly payments or should I just wait for the letter from the Appointed Agent.

Any advice is much appreciated.

Regards

mikon

Is it worth sending the letter below to Barclays?

Has anyone done this before or should i just let it go to the appointed DCA?

LETTER

Thank you for your recent letter regarding our offer to repay an outstanding debt of £xxxx

I am disappointed that you have rejected my proposed offer on the grounds that the debt would not be paid within an acceptable period of time. We have banked with Barclays for over 25yrs and this is the first time we have encountered financial difficulties we look to yourselves to be sympathetic and supportive of our plight. I must emphasise that we do want to repay our debts.

I am disappointed you cannot accept the offer after all the debt will be repaid in 5yrs 1 months approx if we maintain the monthly payments of £xxxx I am hoping within this timeframe to increase the monthly payment which will in turn reduce the timeframe for repayment.

This will be achieved as some of my others creditors who have accepted the offers CCCS have made will be paid off within the next 2yrs and therefore will release funding that can be apportioned over my remaining creditors. Within this timeframe I will also receive incremental salary increases annually so therefore the periodic reviews that are carried out on my DMP will reflect this increase in salary. Finally in June 2012 a proportion of my mortgage will be paid off and therefore my monthly mortgage payments will be reduced and therefore more disposable income will become available to my creditors again this will reduce the term of the debt.

I ask you to re-examine my offer and look at this sympathetically and reconsider your decision in light of what I have included in this letter and accept my offer of £xxx per month. To ensure you are aware of our income/expenditure I ask you to build in periodic reviews.

I hope we can continue our relationship and look forward to your response.

Yours faithfully


Please let me have your thoughts. CCCS just told me to inform them when I had the name of the DCA in the interim they would continue to make payments to Barclays.

Also I am giving Barclays to much info in particular the mortgage info?

Professor_Pat_Pending

Personally Mikon I would let the CCCS do the contacting for you, it worked for me with BoS.
With regards to the DCA, it's a positive thing, very few people get a home visit and F and Fs become a realistic proposition starting at around 30% of ther debt I believe, plus you will definitely not pay any more interest.
It's probably the shock that made you react and write the letter, maybe have a cup of tea and if you are still really worried call the CCCS for advice. PP

mikon

Professor_Pat_Pending wrote: »

Personally Mikon I would let the CCCS do the contacting for you, it worked for me with BoS.
With regards to the DCA, it's a positive thing, very few people get a home visit and F and Fs become a realistic proposition starting at around 30% of ther debt I believe, plus you will definitely not pay any more interest.
It's probably the shock that made you react and write the letter, maybe have a cup of tea and if you are still really worried call the CCCS for advice. PP

Contacted CCCS but they did not seem to be that alarmed they just said let us know who the DCA is and we will send the payment to them.

Hopelessly_Hopeful

regret70 wrote: »

Thanks all for your comments.

no one turned up to the door thankfully but i spent all night jumping at the sound of cars going past.

rang cccs today, they sent my offers on 21st may but they havent heard anything from any of my creditors. the creditors i have spoken to have said they havent recieved anything and are getting impatient now. i have had a few letters from DCAs now as well.

i did a car boot on monday, i baked some cupcakes to sell ( i have been getting orders from work and friends too) and i sold all 30 of them, my husband has said we can have a go next weekend of setting up a stall for just cupcakes so hopefully that will make some pennies. i am making cupcakes for birthday presents now as everyone seems to love them loads and i have a friend whos twins are 1 next week, i cant really afford to but a present so ive offered to make their cakes instead.

anyway hope everyone is okay and no gremlins or injuries today!

That's a great mse birthday gift idea Regret, well done!

HHx

Hopelessly_Hopeful

Hi Folks

Mikon I'm with the others, I'd see the DCA as a positive step more chance of being in a position for full and final.

My car's been poorly again, got myself in a real state about it with having no cc to fall back on. I ended up being able to cover the cost with my emergency fund but CCCS were tops and said it would be ok to refund me my first months payment to them. Thankfully it hasnt been necessary so my dmp has properly started now, yippeee

I should be grateful my dfd is in about 3.5 years but CCCS told me its unlikely much of mine will get passed to DCA because of that. Just thinking every day is a step closer.

Dodgy hugs to everyone who fancy a bit of one!

HH x

mikon

Hopelessly Hopeful

Good to see your positive and that you were able to get the car fixed. thanks for your comments.

Regards