DMP & Mutual Support Thread - Part 8

Hopelessly_Hopeful

antk4 wrote: »

I've just received a 'final demand' letter from M &S cc. It says I have 48hours to respond and then they mention court, debt collectors and so on. Are these standard scare tactics bearing in mind I've been on DMP for 14months or should I be worried? They've also just issued me with a default. Thanks for your help.

The default is good news, sooner you have it the sooner they are off your record. People worry about defalts but APs are even worse on your record.

Standard scare tactics.

Write back, remind them you are in financial difficulty hence DMP and so you are not in a position to pay anymore. End!

Good luck

HHx

2spicy

925pws wrote: »

Is the debt still with your original lender or moved to a DCA? Are they offering you a F&F settlement? Whatever they are offering get it in writing. A decent F&F should be between 10-15% of original debt.

Remember, get whatever offer it is in writing!

Debt was sold to a DCA (Cabot from Egg).
They are offering a "Deal" as they asked me how much cash do I think I could raise and asked me to make an offer.
Total Debt is now £6000ish (origional debt was around £10,000), so I was thinking of offering them £3000 (donot have that cash at present, but could probably raise close to it in about 90 days)

Do you think I should go in and offer £1200 - 1500 and see if they bite for F&F settlement ?

Time_to_face_the_music

antk4 wrote: »

I've just received a 'final demand' letter from M &S cc. It says I have 48hours to respond and then they mention court, debt collectors and so on. Are these standard scare tactics bearing in mind I've been on DMP for 14months or should I be worried? They've also just issued me with a default. Thanks for your help.

When M&S grudgingly accepted our DMP, they stated that they would be reviewing the payment arrangements at the end of a 12 month period. Did you have a similar experience and is there a chance that they have been expecting you to contact them?

I hate M&S with a vengeance, they have been awkward since day 1 and refuse point blank to stop or reduce interest. I am having my very own one woman no more M&S knickers protest :rotfl:

Time_to_face_the_music

whattodo1967 wrote: »

Hi
Hope you dont mind me joining your thread.
Well have taken the plunge and and 1st payment goes to CCCS on 10th.

Have already had 3 creditors accept plan, but one today is threatening court action, so this has worried me a bit.

Hopefully its just the standard scary letter you hear about on here all the time.

I dont care what they do to me, but as anyone who has read my previous thread, I just dont want my Husband to have to much hassle.
He has been great about it all and is totally on board.

I would also like to thank you all for giving me the courage to finally do something about the debt, and to those who sent me pm's.

Will let you know how Im getting on.

Thanks again

Hello whattodo1967 :hello:

There is so much support, knowledge and experience on this forum and it's somewhere to rant or have a sound off on those bad days we all have sometimes. It's good to see you here and please stick around. :T

dfwsometimesoon wrote: »

Helpppppp... I have 3 loans with the same company... entering DMP with payplan... cancelled direct debits and have made £10 token payments to each also advised of DMP,have had no acknowledgment of this.

Have today received 3 letters advising of £30 charge on each for cancelling direct debit... now 2 loan payments are not yet due until end of this month so are fully up to date... so this £30 charge is for cancelling DD alone!! they have also stated on each letter that a provision of lending was that payment was made only by Direct Debit and should this not be reinstated by the next due date payment will be due in full :eek::eek: is this standard or should I be hugely worried ( as i am!!!)

Hi dfwsometimesoon and welcome :hello:

It can be a bit rough at first and sometimes your debts do appear to go up in the first month rather than down. People advised us to let it settle for a couple of months and even though I had the occasional panic, we have found it's all ok now and our debts are going down.

If they carry on with silly charges past the first few weeks, it is worth a call to the FOS, we have found them to be really helpful and they managed to stop £100 per month charges from Lloyds TSB which puts them up to our hero status :T

Time_to_face_the_music

speshfesh wrote: »

Sounds like they're just taking a chance on scaring you enough to get a larger monthly payment. What do your DMP providers have to say about it?

Whey hey look at you giving advice :T

Well done on getting the fee charging vultures off your back and out of your bank account too

antk4

Time_to_face_the_music wrote: »

When M&S grudgingly accepted our DMP, they stated that they would be reviewing the payment arrangements at the end of a 12 month period. Did you have a similar experience and is there a chance that they have been expecting you to contact them?

I hate M&S with a vengeance, they have been awkward since day 1 and refuse point blank to stop or reduce interest. I am having my very own one woman no more M&S knickers protest :rotfl:

M & S stopped interest and charges immediately for us and said they would review in 1 year. It was the tone of the letter that got me in a panic. Rang them today and spoke to a lovely girl who told me that it was a standard letter issued before a default. Default is being issued tomorrow, which I don't mind, better now than another couple of years down the line. She said court action etc would only occur if I stopped repaying debt.

Time_to_face_the_music

antk4 wrote: »

M & S stopped interest and charges immediately for us and said they would review in 1 year. It was the tone of the letter that got me in a panic. Rang them today and spoke to a lovely girl who told me that it was a standard letter issued before a default. Default is being issued tomorrow, which I don't mind, better now than another couple of years down the line. She said court action etc would only occur if I stopped repaying debt.

Oh that's good news, am so glad you got it sorted

Now what do we need to do to get them to default us ... maybe just wait for a year but oh the interest charges

speshfesh

Time_to_face_the_music wrote: »

Whey hey look at you giving advice :T

Well done on getting the fee charging vultures off your back and out of your bank account too

:DHa! It's quite addictive this isn't it?
I'll try to keep any 'advice' to common sense stuff until
I have more battlefield experience though I think!;)
I have to say though that some of the stories on the MSE forum are literally heartbreaking.:(

Hopelessly_Hopeful

Evening All

I just signed up to Noddle for a free credit report.
https://www.noddle.co.uk/

Impressed with the service ( report was another matter lol)

HHx

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

Evening All

I just signed up to Noddle for a free credit report.
https://www.noddle.co.uk/

Impressed with the service ( report was another matter lol)

HHx

Hi HH

I tried Noddle a couple of weeks ago and everything appeared to be there. It seems to be a great service for free, any ideas on how they are funded ... or don't I want to know?

We now have a fully functioning and newly MOT'ed car. It cost £424 which was much less than half of the quote from the dealership garage. Fortunately lots of our [STRIKE]crap[/STRIKE] ooops I mean treasure has been selling on ebay so CCCS can keep all of our money this month and we still get to eat