DMP & Mutual Support Thread - Part 11

phoenixx

January2015 wrote: »

First response from letters to predators advising we are moving to self-managed DMP.

Offer not accepted as it is less than was offered by SC and SC had assessed we could pay more Account on hold for 30 days to allow us to seek advice from a 'certified debt management company'.

NEDCAB figures calculate differently to SC, and NEDCAB have more reasonable allowances for living costs.

We asked for details to set up a standing order. They haven't provided those details, so we cannot pay. I will write back and advise NEDCAB is recognised source of debt advice and management and uses recognised calculations for allocation of available funds to predators.

The fun begins

Is this your first predatory response, January15? Keep the faith and stand firm. Here at Phoenix towers another tax bill has entered the mix (a 'delightful' 4 figure surprise:(). As a priority debt, predators will have to wear token payments next month. Circumstances change and predators need to take this on board and act with more humanity and pragmatism. Of course NEDCAB are recognised! Hope you get it sorted with this company. :cool:

January2015

phoenixx wrote: »

Is this your first predatory response, January15? Keep the faith and stand firm. Here at Phoenix towers another tax bill has entered the mix (a 'delightful' 4 figure surprise:(). As a priority debt, predators will have to wear token payments next month. Circumstances change and predators need to take this on board and act with more humanity and pragmatism. Of course NEDCAB are recognised! Hope you get it sorted with this company. :cool:

Yes - first predatory response. I anticipate more in the same vein;)

Sorry to hear about the tax bill. However, on the bright side only us DMPers could reduce all non-priority debts without blinking to pay more to such priority debts as your tax bill.

I was chatting with Mr January about the mortage interest rate. We have been 1% above base rate for a number of years now. I said, for the first time ever when the rates go up I won't worry because the mortgage is a priority debt which just means there will be less to share amongst the predators.

I'm sorry we got into this mess in the first place, but I am not sorry I found such a wonderful group of people who have either been through, or are going through the same pickle we are in.

I've said it before, and I'll say it again....life is good :T

Boldhoof

sourcrates wrote: »

Hi,

First thing, CCA the accounts you wish to settle, a better deal can be obtained if paperwork is iffy.
As for what to offer, depends on outcome of CCA request really, if they are able to comply, then start around 40%, you can always negotiate upwards.

Template letter here :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Full-and-final-settlement-offers-%28sole-name%29.aspx

Thanks for the advice and link, will start the process over the next week.

Boldhoof

sullino wrote: »

Hi, I have now read through the Full & Final thread and created another as well as doing some research too over the past few days. This forum is so helpful. So just a thanks to everyone for sharing their stories and to everyone that helps

I've learned that a F&F is more likely when
- unsecured debt
- no assests
- original lender sells debt to debt collection agency (they buy the debt at a fraction of the price)
- the longer you are on a DMP
- reduce to token payments per month (£1-£5)

Important points
- Always negotiate in writing
- third party to pay settlement
- never tell them how much you have available
- start off at 10-15% with a DCA and work your way up
- original lenders tend to not accept that much of a discount
- ask for a CCA and account statement prior to making offer
- there isn't much difference in a settled or satisfied default
- defaults drop off your credit report after 6 years regardless
- nationaldebtline has a full section on F&F

I will now sort out my default first before sending out CCA's and then F&F offers. Thanks to everyone that helped and hope this post can help others

Thanks for the useful information.

Sazzie23

sullino wrote: »

Hi, I have now read through the Full & Final thread and created another as well as doing some research too over the past few days. This forum is so helpful. So just a thanks to everyone for sharing their stories and to everyone that helps

I've learned that a F&F is more likely when
- unsecured debt
- no assests
- original lender sells debt to debt collection agency (they buy the debt at a fraction of the price)
- the longer you are on a DMP
- reduce to token payments per month (£1-£5)

Important points
- Always negotiate in writing
- third party to pay settlement
- never tell them how much you have available
- start off at 10-15% with a DCA and work your way up
- original lenders tend to not accept that much of a discount
- ask for a CCA and account statement prior to making offer
- there isn't much difference in a settled or satisfied default
- defaults drop off your credit report after 6 years regardless
- nationaldebtline has a full section on F&F

I will now sort out my default first before sending out CCA's and then F&F offers. Thanks to everyone that helped and hope this post can help others

Great post Sullino, and good luck with your f&fs

Boldhoof

Hi all,

Just wondering if the amount that Noodle shows as the current outstanding balance, is what the creditor has told them, ie correct, or just a bit like SC what they think it should be given the amounts paid from the original setup of the DMP?

One other question, when we write to out creditors for a current statement of amount owed anyone any idea how long on average they take to respond?

Thanks

Fairyfingers

Morning all

After some kind advise and reading lots of others posts I have CCA my 4 CC debts!!! Two cards started in 1997 and two from 2003, so pretty old. Three are still with the original predators one sold to R@b!nson W@y. I posted the letters with out my signature, first class on Friday so I'm hoping for a reply by the beginning of Feb.
I'll keep you posted as to the out come. I'm starting to get mad with the predators, for irresponsible lending as a single parent on benefits at the time who was always honest about my financial situation to have one card in particular(BC) raise my credit limit to £11,000 was .....I have no words.

[Deleted User]

Fairyfingers wrote: »

Morning all

After some kind advise and reading lots of others posts I have CCA my 4 CC debts!!! Two cards started in 1997 and two from 2003, so pretty old. Three are still with the original predators one sold to R@b!nson W@y. I posted the letters with out my signature, first class on Friday so I'm hoping for a reply by the beginning of Feb.
I'll keep you posted as to the out come. I'm starting to get mad with the predators, for irresponsible lending as a single parent on benefits at the time who was always honest about my financial situation to have one card in particular(BC) raise my credit limit to £11,000 was .....I have no words.

Thanks, Fairyfingers:T. I think several of us thinking of going down that route will be very interested to hear how you get on.

I know exactly what you mean about being mad at the predators. I was pretty much maxed out on all my cards and using them to withdraw cash and doing lower interest balance transfers whenever available. Surely they should have seen a pattern developing where I was obviously in financial difficulties. But all they all did was 'up' my credit limits totally unasked for by me. I'm ashamed to say that I immediately grabbed it like a drowning man being thrown a lifeline . One of my cards went up to a limit of £15,000. The 2 with MBNA went up to £27,000 between them:eek:

Puzzcat

Boldhoof wrote: »

Hi all,

Just wondering if the amount that Noodle shows as the current outstanding balance, is what the creditor has told them, ie correct, or just a bit like SC what they think it should be given the amounts paid from the original setup of the DMP?

One other question, when we write to out creditors for a current statement of amount owed anyone any idea how long on average they take to respond?

Thanks

Hi,
The creditors update the amounts on noddle, it's nothing to do with sc. The amounts are usually 1 or 2 months behind. The creditors can also amend your debts on your sc account as I discovered recently. You can just ring your creditors and ask for up to date balances but you should be checking and updating your sc account regularly so you don't get any 'didn't know I was being charged interest' surprises!
Puzz.x

Sazzie23

Boldhoof wrote: »

Hi all,

Just wondering if the amount that Noodle shows as the current outstanding balance, is what the creditor has told them, ie correct, or just a bit like SC what they think it should be given the amounts paid from the original setup of the DMP?

One other question, when we write to out creditors for a current statement of amount owed anyone any idea how long on average they take to respond?

Thanks

Like Puzz says, Noddle is independent of SC and takes their information from creditors directly. Usually the date of the amount owed is showed. My mortgage and secured loan are usually within 6 weeks but CCs can be up to date or 3 months behind. Because I keep a spreadsheet of all my debts, it's easy enough to add the current total to the correct line of my spreadsheet and still watch what's happening to the totals.


Hopefully they won't take long to respond to your total owed requests.