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

Professor_Pat_Pending

Hopelessly_Hopeful wrote: »

Hi Mikon

I'd do it before, the less changes the better!

Good luck

HHX

Probably best before, as if you get the F and Fs it will put your pro rata payments to your remaining creditors up initially and hence you can then have a review and see what happens. PP

mikon

Professor_Pat_Pending wrote: »

Probably best before, as if you get the F and Fs it will put your pro rata payments to your remaining creditors up initially and hence you can then have a review and see what happens. PP

Prof P P

Did you use the calculation to work out the F & F offer or did you just pick a figure?

Mikon

Professor_Pat_Pending

mikon wrote: »

Prof P P

Did you use the calculation to work out the F & F offer or did you just pick a figure?

Mikon

Started at 20%ish and went from there really. PP

Hopelessly_Hopeful

Morning All

Fantastic day again, set to last all weekend. Shhhhh probably jinked that now!

:bdaycake:
Happy 30th Birthday Gabriella. Glad you had a good visit. Just think how much more wise you are. And as the DMP goes on and the debt nudges the way down you are in fact richer and richer every day.

PP did they make it clear from the outset the debt was being charged off (partially settled). I wonder if they discussed 2 prices, one for partial and one for fully settled. In some ways if I were in a position I'd consider partially settled as I'd like to think I never want credit again in the future. But then I think we never can be sure what twists and turns life has so think I may be tempted to hold out for fully settled. To throw a spanner in the works - been wondering how long 'partially settled' stays on the records for. If it's 6 years like a default then the sooner anyone is able to get a partially settled or charged off the better as we're in that particular fix anyway. Any thoughts anyone?

E2, have you thought about calling CCCS or the Debtline for advice on the implication of what that statement means? Be interested to hear how you get on.

Rambling again but if I have fully paid anything I am expecting accounts to be marked fully settled!

I'm off to the gym. Distraction therapy as I've got my eye on some bedding plants in Aldi. Have a good day everyone.

HHx

Professor_Pat_Pending

Hi HH, partially settled is fine as long as you have it IN WRITING that they will take no further action to claim the remaining balance, ie, they don't sell it to a DCA.
Partially settled also stays for 6 years like a default and interestingly I have found out that if any debt is not attempted to be collected for 6 years then it becomes statute barred (ie, gone), if only we could all disappear for 6 years!!! PP

gabriella90

mikon wrote: »

Hi everyone

Need some advice off you all.

I have decided to reduce my monthly payments to CCCS so I am going to ring them on Monday to start discussions I cannot continue struggling from month to month. So I am going to reduce the payments to the creditors and you know what if they apply interest again then so be it but at least I will be able to survive from month to month. I also want to get rid of my smaller debts so I am going to make F & F offers to 3 of the smallest creditors.

What i want to know is should i make the F & F offers before the review or wait until after the review. If i wait until after I just wonder if the small creditors may kick off and say I had money to make F & Fs if you know what I mean.

Any help would be much appreciated.

Going to make the call on Monday to CCCS .

Mikon

Hi Mikon,

Glad you've taken the decision to call CCCS, i agree with HH, I woud try and clear the smaller debts with F&F's first then give CCCS a ring. I'm sure the smaller debts will go for a settlement, good luck
G x

gabriella90

Professor_Pat_Pending wrote: »

Hi Gabriella, bit of both really, started in writing but did MBNA on the phone. The Opus one (20%) was just a cheely offer and tbh I'd forgotten about it then a few weeks later they wrote and accepted.
You have to be very careful re. wording, best thing to do is google Full and Final settlement and investigate. PP

Hi PPP before you paid MBNA did you get a letter from them stating you they wouldn't persue it/pass on etc. Don't know why i'm getting so excited as it'll take me a while i guess its just the thought of an earier debt free date.

Happy sunday everyone, my distraction therapy is ironing and dog walk, also haven't used the car all weekend oh the joys of money saving, i've turned into a nerd:rotfl:p.s my little money is book is def working!

gabriella90

Hello me again, a couple of questions folks

1.Just had a thought i checked my equifax credit file as i had an alert on it. It says my loan with RBS has been defaulted. I have not received a notice of default letter,do i give them a call regarding this or keep quiet??

2. - My car needs some major work shock absorbers, breaks and 2 new tyres eeeeeeeeeek, i'm tempted to give CCCS a ring and ask if i can send a token payment for a couple of months. There is the fear it may bodge things up, interest etc but i need the car for work and if i carry on much longer it may not be that safe. Thoughts please

Thanks guys

Hopelessly_Hopeful

Morning All.

I'm waiting for my credit report. Sorry can't answer the question, hopefully one of the others will be able to. I recall Dopey saying they can only default you once per account so the sooner it's on the better.

Sorry to hear about the car. I'd call CCCS and ask what your options are. I did this last year, one advisor said better to do one month of tokens another said reduce it for a few months. Touch wood it's been fine since but now coming up to service time etc. PResumably it would be better to keep the car on the road and spend the money before it breaks when it may do more damage and cost more. As you know no car no jon no dmp payment. So needs sorting. Hope you get a quick resolution to it.

HHx

Professor_Pat_Pending

gabriella90 wrote: »

Hi PPP before you paid MBNA did you get a letter from them stating you they wouldn't persue it/pass on etc. Don't know why i'm getting so excited as it'll take me a while i guess its just the thought of an earier debt free date.

Happy sunday everyone, my distraction therapy is ironing and dog walk, also haven't used the car all weekend oh the joys of money saving, i've turned into a nerd:rotfl:p.s my little money is book is def working!

Absolutely, wouldnt have sent the cheque otherwise, Payplan also advised this, you have to ask for it though, MBNA said we would never go back on our word, blah, blah but I insisted.

Reading up on it, the more dangerous part is paying them before the deadline they give you, there are a few stories of people sending cheques close to the final date given, it clearing later than that, they then have broken the deal and all the words in the world won't help you, they can then go after the balance. Hence I have checked regularly that both mine recieved the money. PP