Advice Needed Regarding DMP Offer .

mikon

Hi everyone

I have a DMP with CCCS. They have made Barclays Bank an offer in relation to a loan. Barclays have declined the offer, but stopped interest and charges. They have informed me that they are passing it over to the Banks Debt Recovery Team who will contact me in due course in the meantime I should continue to make the payment offered by CCCS.

What I want to know is will Barclays Debt Recovry Team refuse the offer after all Barclays have so why would the Debt Recovery Team accept the offer, can anyone advise?

This has really got me worried and stressed.

Has anyone been down this road with Barclays or can anyone advise.

Regards

Numpty_Monkey

Don't worry
just keep CCCS informed so they can make the changes as to where the payments go.
Its standard for banks to pass debts on to recovery teams or in house debt collectors, at the early stages
its just another department

Chances are they will accept the offer ( after a bit of huffing and puffing)
You are doing the best you can , making a fair offer based on what you can afford.

HTH

mikon

Thanks Numpty Monkey

Have you had experience of this with Barclays? I just wonder why they transfer it internally. It worried me.

Regards

Numpty_Monkey

No I've not expirience with barclays
It's just a standard things banks do, they are just moving it from department to department
or just moving it from one desk to another

mikon

Big Thanks

Numpty Monkey

MrsTinks

It's all about financial mumbojumbo... all businesses have "risk"s and your debt just became a "high" risk to them and will be reported on with other similar level risk debts to shareholders. That's all it's about really
(Ok so that's very simplified but you get the general idea - it's all about internal reporting more than anything else at this stage)

mikon

Mrs Tine

What I cannot understand is that if Barclays have not accepted the offer CCCS has made on my behalf why would the Debt Recovery Team accept it or do they?

MrsTinks

mikon wrote: »

Mrs Tine

What I cannot understand is that if Barclays have not accepted the offer CCCS has made on my behalf why would the Debt Recovery Team accept it or do they?

Because your debt moves from one risk category to another means that different criteria will be applied to recovering the debt. That means they may well accept the repayment you offer. They may decide that it wouldn't be cost effective to manage your debt for the time that it is projected to take for you to repay it and they may decide it's more cost effective to sell the debt to a 3rd party. That would move it from their "high risk" for the next 5 or however many years column to a partial loss in one year - end of having to report on it...

SO the short answer is - yes they may very well accept your repayment offer - but they may as easily sell the debt...

mikon

MrsTine wrote: »

Because your debt moves from one risk category to another means that different criteria will be applied to recovering the debt. That means they may well accept the repayment you offer. They may decide that it wouldn't be cost effective to manage your debt for the time that it is projected to take for you to repay it and they may decide it's more cost effective to sell the debt to a 3rd party. That would move it from their "high risk" for the next 5 or however many years column to a partial loss in one year - end of having to report on it...

SO the short answer is - yes they may very well accept your repayment offer - but they may as easily sell the debt...

MrsTine

The thing is that in 18mths 75% of my mortgage is cleared and therefore my offer will be substantially increased and also I get annual incremental salary increases. Is it worth contacting Barclays and letting them know this or should I just let them pass it through the normal banking process.

Regards

MrsTinks

I wouldn't worry about it - you have defaulted on the debt either way so just keep paying CCCS the agreed payment and it's likely they will eventually accept the payment - even if they sell it then you will owe that bit less and the new creditor will have bought the debt for a song and probably be happy with the repayment offer

stella63

Hi!!
I have exactly the same thing with Barclays. I started my DMP in december. Within weeks they had declined my offer then defaulted the account. They told me exactly the same as you that their recovery team would contact me in due course and have stopped interest and charges. I'm still waiting!! On the other hand, they refused my offer also for my overdraft, this has been passed on to debt managers ltd. I have had no official acceptance from them but have accepted two payments from me so fingers crossed they have accepted the dmp. Try not to worry about it too much, just keep making the payments and keep the CCCS informed if they do transer to a DCA, they will then transfer the payments to them. Good luck xx