Offered a F&F settlement - on DMP with Payplan

SallyBeans_2

Hi there, Can anyone see where I am coming from here?

Firstly....
I know that creditors will only accept F&F when they can see that it would take them years & years to get them mony back from you and for you to repay the debt or if they think there is no way that they will ever get the money back from you.

I also don't think that creditors would accept F&F settlements without seeing that you are in financial difficulties & been paying reduced payments. However...

I am planning to go to my creditors with £4,000 worth of debt (they've got back £8,000) since the DMP began... although folks, don't forget the interest they've added on, and on, and on... and I will say to them that I am going to go bankrupt as I have lost my job and £1,500 is all I have and will have, they either take it or leave it. I will also get a print out of all I have paid them to date (showing that I have more than paid them back what I ORIGINALLY owed them) and that I meet the criteria of being in financial hardship - or I wouldn't be on a DMP!

You may probably answer 'good luck' but to be honest, I don't mind paying back what I owe, or what I orignally borrowed, but what begrudge is when you're down, someone kicking you:mad:. In other words, they've racked up the interest on the payments I have made since the DMP started in 2008 and I have probably paid back the debt by now and more some, so I think that I will try this tact. I begrudge paying out more than is fair, and I think if I highlight to them that I have made these payments all along, and stcuk to my part of the agreement and lived a beans on toast life for the last two years, then really, enough is enough... wish me luck! :eek:

mummum2

Good for you, hope it all works in your favour, so Good luck!

MM2

Stuckinarut

Did u ask them to stop the interest? I have a loan with Barclays and they kept adding interest, and after the 1st year of my DMP I owed more than when I started. They refused to stop the interest when CCCS were writing to them. So I wrote a letter explaining that I was doing everything I could to make payments I was not avoiding the debt just couldn't afford to pay the whole amount and thought I was doing the right thing in contacting CCCS, yet I now owed more than when I started. I got a letter back and they had refunded over £400 to my account which were all the charges added since I started on the DMP.

So you might be lucky and they will accept your settlement amount.

Good Luck

SallyBeans_2

Stuckinarut wrote: »

Did u ask them to stop the interest? I have a loan with Barclays and they kept adding interest, and after the 1st year of my DMP I owed more than when I started. They refused to stop the interest when CCCS were writing to them. So I wrote a letter explaining that I was doing everything I could to make payments I was not avoiding the debt just couldn't afford to pay the whole amount and thought I was doing the right thing in contacting CCCS, yet I now owed more than when I started. I got a letter back and they had refunded over £400 to my account which were all the charges added since I started on the DMP.

So you might be lucky and they will accept your settlement amount.

Good Luck

Hi Stuckinarut,
What a very helpful piece of advice, thank you, you are very kind to take the trouble to reply. I'll certainly try your suggestion of a letter with all the creditors (4 of them) over the next few days and see if they would refund me. I think that is the first place to start.
I am sure these debt plan people (Payplan) are helpful in essence, especially being a barrier to the creditors in the early days, but to be honest, when it comes to fighting your own corner, you're very right, in that a well written and 'human' explanantion setting out their unfairness in black and white probably is the first step, before getting heavy with the 'take itor leave it's!!'.
Also, my parents have offered to pay off my debts, and I can pay them back each month interest free and within my means, BUT... they have said that they WON'T PAY A PENNY in interest charges to these 'outfits' so I could perhpas explain this also that I am willing to pay back what I ORIGINALLY OWED. I think a Court would also see that someone who pays back what they OWE is better than not paying back ANYTHING.
Many thanks again for your kind and helpful advice.
SallyBeans:beer:

gabriella90

Hi Sally,

Stuckinarut is dead right, send a letter a lot of people have had success with including myself. if you go on national debtline they have template letters for stopping interest and charges. They are also editable so you could add in them refunding the interest you have paid.

Good luck

Loafer

Stuckinarut wrote: »

Did u ask them to stop the interest? I have a loan with Barclays and they kept adding interest, and after the 1st year of my DMP I owed more than when I started. They refused to stop the interest when CCCS were writing to them. So I wrote a letter explaining that I was doing everything I could to make payments I was not avoiding the debt just couldn't afford to pay the whole amount and thought I was doing the right thing in contacting CCCS, yet I now owed more than when I started. I got a letter back and they had refunded over £400 to my account which were all the charges added since I started on the DMP.

So you might be lucky and they will accept your settlement amount.

Good Luck

Thats fantastic and well done. :beer: What address did you send the letter too as I am in a similar situation with Barclaycard and they refuse to freeze interest when I speak to them on the phone.

SallyBeans_2

Loafer wrote: »

Thats fantastic and well done. :beer: What address did you send the letter too as I am in a similar situation with Barclaycard and they refuse to freeze interest when I speak to them on the phone.

Yes, they... 'B'st*rd Barclays', seem to be very evasive when it comes to having an actual address to write to for this sort of thing. Can anyone provide an address for Barclays for this letter? or perhaps I shoud use the same address the debt statement comes from? any advice anyone?:j:o

pinkie_pie

Barclaycard
PO Box 5402
Northampton
NN4 1ZR