Leaving CCCS to manage my own DMP so I can obtain settlement figures

harrywillsucceed

Interesting thread as I am also with CCCS on a DMP. Does F & F stand for full and final? CCCS suggested when I started that a DMP is best cos u completely pay back ur creditors. Just wondered if the F & F will adversley affect ur credit rating in the long run?

Clare_B_4

I was in this situation recently - I had been on a DMP with CCCS for 4 years and received some money from HSBC for PPI misselling.

I spoke to CCCS to get their advice and they told me to contact my creditors directly to make offers. My initial offers were, as expected, turned down but I managed to negotiate full and final settlements with all of them and I'm now debt free! I just kept CCCS informed of when I had made the settlements so they didn't send any further payments.

There's no reason why you shouldn't approach your creditors directly; your debt is still with them, it hasn't transferred to CCCS. Good luck.

sickasachip13

Yep, Clare_B, exactly my experience too.

CBI

harrywillsucceed wrote: »

Interesting thread as I am also with CCCS on a DMP. Does F & F stand for full and final? CCCS suggested when I started that a DMP is best cos u completely pay back ur creditors. Just wondered if the F & F will adversley affect ur credit rating in the long run?

I'm not well up on it, but I understand an F&F will show settled on your credit history but not settled in full.

sickasachip13

It will be marked as 'Settled' with an extra note of 'partial settlement'

Oneday77

A properly negotiated F&F shows as fully settled and there is no outstanding balance. It also ensures that they don't seel on the shortfall to a debt collector. A partial settlement would allow for any shortfall to be sold on. So an F&F looks as good as you paying the full balance on your record.

The CCCS online account management tool allows you to adjust balances. So if you pay a balance off outside the DMP, all you need to do is adjust the online balance they do the rest. Where it was complicated for CBI is they wanted to keep the existing payments to creditors the same but pay less to the DMP to pay back a relative.

sickasachip13

Interesting, that is different to what National Debtline told me - they said it would be marked as Settled, but with a note of partial settlement, even when it was completely F&F'd - if you see what I mean?

From Experian explanatory notes on credit markers:

Marked - Partial settlement
The lender has reported that:
• the debt was included in a voluntary arrangement which has now ended;
• the debt was included in a bankruptcy order which has now been discharged;
• the lender has accepted a smaller amount in full and final settlement; or
• the lender has repossessed the asset and is no longer chasing the debt.

*confused*

DVardysShadow

sickasachip13 wrote: »

Interesting, that is different to what National Debtline told me - they said it would be marked as Settled, but with a note of partial settlement, even when it was completely F&F'd - if you see what I mean?

....

*confused*

I think it depends what you negotiate at the time of giving the F&F. If it is accepted by the creditor as a FULL and Final Settlement, there is no reason I can see for it to be marked as Partial, when everyone agrees it is a FULL settlement.

sickasachip13

National Debtline told me it was remain with an additional note of 'partial' so that the references on the credit report would differentiate between a person paying off the full amount owed and a person paying some of the amount owed, but this being accepted as a total settlement.

I'm going to query it though, so thanks for the info, because if I can get rid of the 'partial' I'd be happy.