DMP & Mutual Support Thread - Part 8

The_mangler

It is my smallest debt, hoping Barclaycard will be a little more helpful seeing as I owe them 17k. The biggest relief is knowing I have CCCS to fight my corner for me, I cant tell you the weight off my mind it is to not be alone any more, plus all you helpful folks here

the_tooth_fairy

2spicy wrote: »

There is nothing to say that you cannot negotiate with creditors "if" you should come into a pile of cash ... That is .. if you are in a position to let the DMP run for a year or two, and can put aside a few pennies every month, there may be a point where you can speak directly to a creditor and ask if they will accept £XYZ as full and final payment of your debt to them.

We tried the direct contact approach after 6 months of our DMP being started as Mr Spicy recieved a works bonus but were knocked back by the creditor we approached who said basically "all or nothing"!! .. So they recieved their monthly agreed payment and nothing else... We then used the cash to pay off a "family loan" ... This was their loss.

Now, 3 years into the DMP, we recieve letters from 3 creditors almost quarterly asking us to contact them to discuss the possibility of them accepting up to 50% of the outstanding balance as a full and final settlement. Unfortunatly we donot have a few thousand spare or we would.

Payplan did advise at our last review that "if" we came into some money, they would be in a position to negotiate a reduced settlement with creditors

That's very interesting, 2Spicy! We haven't received any offers like that yet, I don't know if I'd be pleased or really frustrated if I didn't have the money to pay up!! May I ask who the creditors were, as you and I seem to be on the same time/debt scale. Thanks.

ttf

pheebs

Can I join please? See my sig for a quick look at our situation. I'll do a proper "hello" type thread ASAP

Time_to_face_the_music

pheebs wrote: »

Can I join please? See my sig for a quick look at our situation. I'll do a proper "hello" type thread ASAP

Hello pheebs and welcome

The first step is definitely the most difficult and you have already done that so well done :T

You will find the DMP Mutual Support Threads to be a mine of information and support. When I first came here I spent ages reading through the past threads and learned tons of stuff. People share their experiences and offer advice and there is always someone to listen if you need to sound off about anything. So please do stick around

925pws

Hello everyone :wave:

Just a little update. Nothing back yet from CCCS but I have now cancelled all direct debits to my creditors, also cancelled direct debits that haven't been active for some time - just really clearing up my account in general which is very theraputic.

I have also just paid £389.93 which clears the o/d on the Halifax account :j I cut up that card a while back. There is still an overdraft limit on there, does anyone know if I will still get charged for not using it? Or do I need to contact them to ask for the account to be closed? Just thinking out loud, think I might ask for the account to be closed. I have two other debts with them (loan and cc) so no doubt they will freeze it anyway.

You know, it is a relief to be back in charge. Although I am still terrified and ashamed that I got here in the first place. Losing my job has had an impact too but I have no doubt I will get something and as it has already been pointed out as one door closes another opens.

Here's to our journey together :beer:

Time_to_face_the_music

925pws wrote: »

Although I am still terrified and ashamed that I got here in the first place.

Don't be ashamed you got here, be proud that you are doing something about it now :T

925pws

Time_to_face_the_music wrote: »

Don't be ashamed you got here, be proud that you are doing something about it now :T

I know you are right TtFtM, I love your posts, they cheer me up no end and seeing your signature gives me hope

Time_to_face_the_music

925pws wrote: »

I know you are right TtFtM, I love your posts, they cheer me up no end and seeing your signature gives me hope

I'm always looking at signatures for someone who owes more money than us to cheer me up! :rotfl:

925pws

Time_to_face_the_music wrote: »

I'm always looking at signatures for someone who owes more money than us to cheer me up! :rotfl:

:rotfl::rotfl:
Think I owe more than you. I just haven't taken the plunge to add them all up yet! Printed everything out for CCCS and posted right away without looking

Time_to_face_the_music

925pws wrote: »

:rotfl::rotfl:
Think I owe more than you. I just haven't taken the plunge to add them all up yet! Printed everything out for CCCS and posted right away without looking

Oooh tell me, tell me, make me feel better! :rotfl:

When we added up our debts, we were gobsmacked at how much the total was. It was a really sobering moment

But now we love watching the total go down each month and tomorrow, CCCS payout day, the 25th of the month is now our favourite day , I will update our signature and we will have a smile at the new total. We already know that the dreaded NatWest overdraft is about to drop from the 4000s into the 3000s and we can't wait to see that one

We also have a sneaky few pounds from ebay sales this month which will take a little more off the total. We actually did very well on ebay but the long suffering car is due for a MOT and am not optimistic about getting through without spending money so most of the ebay money is in reserve for that

Though if it does ok, it will be even more paid back to the NatWest :j