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

Hopelessly_Hopeful

Want_to_be_free wrote: »

Dear PPP, you really know your stuff- and I am a bit confused, My DMP is with PayPlan/ So what you are saying is that I can offer settlement to just one of my creditors and not offer any to others? Would this be possible? I owe approx £600 to MBNA , this is the smallest debt I have, and I could offer them £540 to settle the debt.. What about others? Will they in return charge me interest? Is it better to save my money until I have lump some, lets say £5000 and offer that to my creditors?

I know £800 is not much but it is a lot for me and if I could get rid off one of my 5 creditors, however the smallest, I will be the happiest person

Hope you don't mind me butting in .... we are meant to treat them all fairly so unlikely that the dmp providor will say yes go ahead and pay one of them off as they are mainly funded by the creditors after all. People have successfully paid some off though. Good luck with it.

Vic, nice to hear from you. Hope the new pad is bliss, great that your plan is settling in. Mikon had some mega success with letters if you need any of them and Dopey is flying the flag for us with UEs.

Teds, did an Aldi run today. Fireworks sorted. We're all taking a dish so keeps costs down and plan for a good night.

Hugsto all

HHx

eyeopener2

Want_to_be_free wrote: »

Dear PPP, you really know your stuff- and I am a bit confused, My DMP is with PayPlan/ So what you are saying is that I can offer settlement to just one of my creditors and not offer any to others? Would this be possible? I owe approx £600 to MBNA , this is the smallest debt I have, and I could offer them £540 to settle the debt.. What about others? Will they in return charge me interest? Is it better to save my money until I have lump some, lets say £5000 and offer that to my creditors?

I know £800 is not much but it is a lot for me and if I could get rid off one of my 5 creditors, however the smallest, I will be the happiest person

Hi

PPP isn't on a DMP any longer and is going down the Uneforceable Route so try not to get the two confused.

If you break ranks with one creditor and pay it off you do run the risk of waking the beast and the others creditors wanting the same or charging interest again or worse. And we don't want that do we?

Be careful, might be worth having a chat with Payplan and see what they say.

Good luck and keep us informed me dear.

E2 (wishing it was Oct 2013 but then realising how old I will be :eek:)

newbeginning_2

PPP is still on DMP it's PDD that's gone for UE - I think - How confusing is that sentence!!!!

For what it's worth I'd definitely give it a go offering a F&F - after all if the creditor does accept then the others will get a little more when the DMP is re-worked. Anything that brings the debt free date a little closer has gotta be worth a shot!

Professor_Pat_Pending

Blimey, all a bit confusing, for the record I am still on a DMP, Dopey is on UE whilst I am simply trying to muster up the courage.

With the F and Fs, newbeginning is right, if a creditor takes the offer simply ring Payplan explain and from what I'm told they will rejig your payments, Payplan might tell you off, but it happens a lot and ultimately your 'other' creditors willl be getting more each month.

This is what I am aiming for at present I think. PP

Want_to_be_free

Dear All, many thanks for kind replies and sorry if I stirred a bit but it was not intentional. The money will be coming in January , it is my bonus - I will start pushing with MBNA around december, I hope they agree with settlement amount that I will be offering to them. Considering it all went ok, I will call PayPlan , will be told off but carry on with my DMP with increased payments to my other creditors. Pew ... I think I got it:o:o Thank you again. You guys are Fab x

eyeopener2

oops sorry, I got my people mixed up!

VicB

pure_dead_dopey wrote: »

Hi Vic

Good to see you back, I gave up the DMP and am doing UE, going OK so far...........

Hey PDD - what is UE? And why the change?

pure_dead_dopey

Hi Vic

Unenforceability see here http://www.all-about-debt.co.uk/

happy reading

mikon

Hi everyone

To some of the new people on here you will know who I am but to the people who have been here for the past 5-6 months well they know exactly who i am.

Well another legal jargon letter stating all different clauses from the lending code guidance and other articles as well as case studies has been sent to creditor asking for a full explanation as to why they have decided to charge interest mid way through and that this contravenes the lending code guidance which they subscribe to. Also have involved their Chief Ex to seek his views on being consistent.

I will let you know how I get on.

Hopelessly_Hopeful

mikon wrote: »

Hi everyone

To some of the new people on here you will know who I am but to the people who have been here for the past 5-6 months well they know exactly who i am.

Well another legal jargon letter stating all different clauses from the lending code guidance and other articles as well as case studies has been sent to creditor asking for a full explanation as to why they have decided to charge interest mid way through and that this contravenes the lending code guidance which they subscribe to. Also have involved their Chief Ex to seek his views on being consistent.

I will let you know how I get on.

Good luck Mikon. Am not gaving much luck with 2 of mine who only give me minimal hassle but interest rates still 22%so if you have a please stop interest one could you consider PM it to me please?
HHx