DMP and selling debts on - advice needed.

Starry-eyed_surprise

I know that someone here will know the answer. OH is on a DMP with cccs and one of his creditrors has offered him the chance (?) to pay an extra £3 a month (total) for two debts he owes them and he has to decide by 4pm tomorrow (Monday) what his answer will be. If he refuses, they have said they will sell the debts on. If he finds the extra £3 a month then they will keep his debts and continue to freeze the interest ( at least for now). The thing is, I don't know what to advise - cccs have said, quite rightly, that he must only do this if he can find £3 a month for his other creditors. If we try really hard to find the extra £15 a month in total that that this would need is this worthwhile to avoid having the debt passed on? What do you guys think? Or should we just say no and face the consequences of having the debt passed on. What happens if the debts are passed on?? Any comments gratefully received. p.s. There is a good chance that OH pay will go up a little soon.

postingalwaysposting

Starry-eyed surprise unfortuneatly i dont know anything about companies selling debts on but i just want to say you are doing great so far also if you can strecth to the extra each month (even if you have to have a tight few months before you oh pay increas) would it not be better than facing the unknown and maybe facing more interest/charges thus increasing your debt ~ my opinion...

Starry-eyed_surprise

Thanks for that posting. This is what I tend to think is probably the best thing too but I don't know how these things work.

madduck

I'm in a similar position. Been on a DMP for nearly 2 and a half years. Increased amount twice due to increase in salary - but unable to do so this year as salary hasn't increased. Had a 'conversation' with one of the companies last week who basically threatened that unless I increased my payment, they would have to take further action as it wasn't acceptable to them for payment levels not to increase on a yearly basis. "I couldn't expect to remain on a DMP indefinately".

I spoke to CCCS and their advice to me anyway was that I was paying as much as I could afford to and to hold firm. If they were making these kind of noises it might mean that they are preparing to sell on the debt and the company that they sell it onto are more likely to accept the DMP.

Don't know if that is the case or not, but am not looking forward to the next couple of months as this is the company who gave me the hardest time when I first started down the DMP route.

Starry-eyed_surprise

This sounds like the same situation madduck. Is it a good thing to have the debts sold on or not? Is this more likely to lead to ccjs or will these new agencies start charging interest on the debts again? OH has been on the DMP since March and after a rocky start creditors settled down and seemed to have accepted things. I know we can't just pay one creditor more just because they shout the loudest but if it keeps the status quo we wondered if it might be a good idea to try and find the extra somehow to keep things fair for all. Their 'ultimatum' runs out at 4pm tomorrow. I have asked OH to try to stall for time if poss while we try to find out whether it would be a good idea or not. If we pay just this noisy one then cccs will throw him off the plan so that is obviously not an option. It's a bit like living under siege at times isn't it!

Starry-eyed_surprise

Hope people don't mind if I 'bump' this thread. Any more advice would be very useful. Thanks everyone.

misscutiepie1984

from what i hear when they creditors sell on a debt they only get 10 - 15% of the total value in payment for the debt, so its a last resort ONLY!!!! so if you let it go down the road where the debt is passed on you may in fact be better off........... if you increase it now whos to say they wont ask for this again in the future!!!! and as they get the debt at a fraction of the cost anything they get above and beyond this is a bonus so i would imagine they would be more than happy to accept the payments...... so in my opinion its the creditors loss if they are to thick to say you are trying to pay back what you owe, they have made money out of the consumers for too long its about time we won the race!!!!

good luck

Amy

Emmzi

Pay £3 extra now.. and they'll ask you again for an increase in a few months.. and again.. and again.

Your DMP has you paying what you can afford. If you can afford more you need to go through DMP to treat all creditors equally.

Hold form. pay what you can, and if they sell - well, the new owner of the debt can't have more than you can pay, either.