DMP & Mutual Support Thread - Part 11

Sazzie23

carbootcrazy wrote: »

I'd be very grateful if someone who's been down the CCA route could advise me please.

My 2 main debts are MBNA credit cards. A company called LINK are now handling this, I assume the debts were sold on to them. Has anyone had any experience of them? Are they reasonably helpful?

Would you advise just sending the one letter to LINK with my £1 Postal Order to cover both accounts or should I send a separate request for each debt?

Thanks:beer:

Hi CBC,

I'm not in the CCA gang but one of my MBNA is with link (only the smaller one for some reason) I owe less than £1500 to them and when they took over about a year ago they were very keen to tell me they'd be happy to a deal with f&f.

Although for me it's unlikely I'll get to an f&f it's one of the things that made me realise you don't have to pay back every penny to satisfy creditors.

Hello to newbies, lurkers and all who post here :wave::wave:

Sazzie23

sarahb7538 wrote: »

Hi fellow DMP'ers,

Hope everyone is well and plodding on through their DMP's. I've been away for quite a while, my DMP started in 2009 and I've been chipping away since. I'm nearly at the end now, still a way to go but definite light at the end of the tunnel. I had over £21k in unsecured debt in 2009 and I now have around £3000. I gave up my job during this period & went back to uni to train for a new career too. Not quite sure how I managed it but I did. I'm now on a mission to sort out my credit file ready for my next mission which is saving for a house and getting a mortgage in a few years. That's the plan, although it maybe a pipe dream if I can't sort my file. There are a few mistakes that need sorting.

I have just been reading through some of my posts from when I had my LBM and first started the DMP, when I was getting all the letters and calls. It brought a lot of the feelings I had at that time back. How sick I felt and how scary it was. I didn't tell my partner at the time, and I still haven't which I think was a mistake but it's a decision I made and stuck to it. We don't have any joint finances, so it has been easier that way, but I do think having someone supporting me in real life would have been better. But I also remember how helpful, friendly and understanding people were at that time, which defiantly helped me get through those initial stages.

I'm slowly beginning to feel I'm getting my life back, and I have learnt a hard hard lesson. I'll never have credit again in the form of credit cards/or store cards.

Sorry there isn't really much point to this post, I just wanted to post here again really. I'm going to stick around again I think for a while During this last push to get this DMP finished. :T

Wow, I think there's many points in this post, how well you've done for one, that there is an end, that you can make life changes whilst in a DMP, that you don't have to tell anyone if you choose not to, and that this thread is a great form of support when the going gets tough or you need inspiration, all fantastic points and welcome back and thanks for posting:D

make_the_change

Hi All,

I have opened a savings account for my emergency fund so another thing ticked off my list. Managed to move a couple of my payments into my new bank account, just one to go and then I can move my direct debits. Getting there slowly!

Is it better to post a letter to creditors explaining I will be making token payments or send a message via their online secure messaging service?

I am planning on starting my DMP in either April or May, probably the latter to build a sufficient emergency fund. This will start just before my 30th birthday too :eek: I am just worried that I haven't left myself enough money each month on my SC expenditure form. I want to make sure I am not restricting myself too much with finances. Maybe I should take another look at it and speak to them again.

sourcrates

make_the_change wrote: »

Hi All,

I have opened a savings account for my emergency fund so another thing ticked off my list. Managed to move a couple of my payments into my new bank account, just one to go and then I can move my direct debits. Getting there slowly!

Is it better to post a letter to creditors explaining I will be making token payments or send a message via their online secure messaging service?

I am planning on starting my DMP in either April or May, probably the latter to build a sufficient emergency fund. This will start just before my 30th birthday too :eek: I am just worried that I haven't left myself enough money each month on my SC expenditure form. I want to make sure I am not restricting myself too much with finances. Maybe I should take another look at it and speak to them again.

Hi,

Said it before, I'll say it again,

You MUST budget correctly to avoid an emergency becoming a crisis !!

Check it, then check it again !!

make_the_change

sourcrates wrote: »

Hi,

Said it before, I'll say it again,

You MUST budget correctly to avoid an emergency becoming a crisis !!

Check it, then check it again !!

I will I will I will! Thanks:T

Brogden

Puzzcat wrote: »

Hello dmp'ers..
Just a quick :j from me as I have today been interviewed for my job (been doing it 27 years, and 13 years where I am now!) And have just had the call to say I have my job still...so I can keep paying my lovely dmp....
Puzz.x

Great news Puzz :T!!

I'd definitely let you keep the job !! I'd give you a payrise too.......;)

2spicy

sullino wrote: »

"(Your home address)
Date:………..
(Creditor Address)
Without Prejudice
Dear Sir/Madam
Account No: …………………………

I write with reference to the money which you are claiming on the above account.

I can confirm that I am unable to pay the money which I owe in full as I am unemployed and claim no benefits nor have any assets. I have many debts which amount to a great deal and I am currently making token payments of £1 per month.

However, my father is prepared to offer me £xx. I want to offer this sum as an ex-gratia payment, in full and final settlement of the account. The payment will not be made unless the offer is accepted and if the offer is rejected these funds will no longer be available.

This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that I will be released for any liability. I also request that, if accepted, you will make an entry on all three credit reference agency files namely Experian, Equifax & Call Credit relating to the above account as "satisfied" in full.

Payment can be made within 14 days of receiving your written agreement of this offer and method of payment.

As advised no lump sum will be available until I have received written confirmation of all points in the above offer and if you are unable to accept my offer then I will regrettably have to withdraw the offer and continue to make monthly token payments.
I look forward to receiving your reply.

Yours faithfully"

How is this for a F&F offer template? Have I missed anything?

Looks good. If nothing else it will prompt them to make contact with you.
They may contact you and say they cannot accept the amount you offer, but would be willing to accept £XXX amount. Play the game with them, tell them you will have to discuss this.

Start your offer at around 40% of the total outstanding balance. From experience, some will bite, others will ask for 90% or reject the offer.

Good luck, Post up how you get on

2spicy

Haribo1 wrote: »

Hi I'm a newbie. Just got off the pc having filled in my income and expenditure on SC and they have advised a dmp. First question is what do I do first? I suffer severe depression and psychosis so am dreading all the phone calls and letters I'm about to start getting. Any advice welcomed. 😊

Loads of advice to give, were just 5 payments away from finishing our DMP, and have had a long 7 plus years. This thread and the previous ones have been invaluable.

You will be chased for "that extra payment" or "just a little more" .. stick to your guns, what you dont have, they cannot take off you.

You HAVE A RIGHT to live before they have a right to get paid.
Remember "ITS ALL A GAME" .. keep as much as you can (haircuts, pet food allowance, optician etc) and pay back what you can reasonably afford.
Every month, buy something for you ( a bottle of wine / box of chocolates ) just to remind yourself your human and your not being punished for seeking to end your debt.

** Learn the rules to the Game and play to your advantage. **.

Happy to answer any questions you may have and relay experiences relating to our DMP if that will help in any way.:)

Coinmachine

Haribo1 wrote: »

Hi I'm a newbie. Just got off the pc having filled in my income and expenditure on SC and they have advised a dmp. First question is what do I do first? I suffer severe depression and psychosis so am dreading all the phone calls and letters I'm about to start getting. Any advice welcomed. 😊

Re the phone calls, if you have online access to these accounts log in and go to your account details and delete any phone number you may have inserted if it allows you to, or change to a made up number.

I did this and in 2 years have only received one phone call about my DMP and I sent them away with a flea in their ear that I would only communicate with them in writing.

Brogden

Hi All . I know CCA's are all the rage with us lot at the moment. I have just posted this over on DFW but copied here in case anybody has any thoughts......
______________________________________________________
As we know I am having a CCA campaign on my remaining debts and yesterday received the second response. This is from Arrow Global who own a cc debt which was assigned from a Spanish company.......

'We thank you for your letter dated XXXX received XXXX and acknowledge your request for documentation pursuant to the Consumer Credit Act 1974.

We do not accept that we are the creditor as envisaged by the above statute. However, we are willing to assist in obtaining that which has been requested.......'


I do not necessarily think this will be of assistance to me but I have scanned the Consumer Credit Act 1974 and the definition of creditor is as follows:-

"creditor" means the person providing credit under a consumer credit agreement or the person to whom his rights and duties under the agreement have passed by assignment or operation of law, and in relation to a prospective consumer credit agreement, includes the prospective creditor;

As the rights and duties under the agreement HAVE been assigned to Arrow Global, how on earth can they not accept they are the creditor 'envisaged' by the act........?

Any comments are welcome and any opinions as to whether AG's text is purely a platitude in order that they do not look so foolish for not having in their possession what I have legal entilement to? OK.......they say they are obtaining it for me but.........???????????