DMP & Mutual Support Thread - Part 11

Boldhoof

January2015 wrote: »

Sorry, no idea. I paid off one of our creditors (Very) over a few months rather than the few pounds SC was paying them each month. We owed about £1.5k and it was going to attract buy now pay later interest if I didn't clear it by a certain date. So I worked like stink to clear it. I updated the balance each month on the online DMP account on SC website and it never changed. Eventually I was able to zero the balance and it went to pending for ages, but eventually just showed zero. The balance never increased after I had changed it each month.

Hope you sort this out. Well done on getting a F&F sorted. Another predator bites the dust:beer:

Thanks for the reply, no idea why SC would change my entry without asking me first. We have the letter it was from Wescot saying agreed amount, final settlement accepted, client will not sell on or pursue. Wonder if SC are waiting on a Wescot to confirm?

Just had a letter from Tesco CC today saying they will accept 60% as F&F. The family have agreed to help with this as well, so looks like another ending :-) once we make payment later in the week. The offer to help is on grounds it clears a debt, not spread over all debts. We did write to them all so far 2 have responded with F&F amounts they would accept.

January2015

Boldhoof wrote: »

Thanks for the reply, no idea why SC would change my entry without asking me first. We have the letter it was from Wescot saying agreed amount, final settlement accepted, client will not sell on or pursue. Wonder if SC are waiting on a Wescot to confirm?

Just had a letter from Tesco CC today saying they will accept 60% as F&F. The family have agreed to help with this as well, so looks like another ending :-) once we make payment later in the week. The offer to help is on grounds it clears a debt, not spread over all debts. We did write to them all so far 2 have responded with F&F amounts they would accept.

Perhaps scan and email SC the letter from Wescot to confirm.

Well done on the Tesco CC - you are really starting to slay those predators.:beer:

January2015

Boldhoof - I've just seen your LBM was December 2014, so one month before my LBM.

How hard did you have to negotiate to get F&F offers accepted and, if you don't mind me asking, what was the lowest % you managed to achieve?

We are just about to get almost £20k from a cash in on a pension and want to put this to the best possible with regard to F&Fs to reduce our debt.

Boldhoof

January2015 wrote: »

Perhaps scan and email SC the letter from Wescot to confirm.

Well done on the Tesco CC - you are really starting to slay those predators.:beer:

Just sent them a question via the website, will also send them a scan of the letter by email. Just hope SC don't take offence and decide to end our DMP. :eek:

January2015

Boldhoof wrote: »

Just sent them a question via the website, will also send them a scan of the letter by email. Just hope SC don't take offence and decide to end our DMP. :eek:

I shouldn't think they will, but the worst case scenario is you move to self managed. I feel much more in control now we are self managed. SC were great for the first year to give us the disciplined we needed to learn regarding money and debts but now we want to control who we pay, and what we pay. For example if you had been self managed you wouldn't be worrying about the balance on the Westcot account. You would know it was settled and that's it.

I'm sure you know, but make sure you keep a copy of the F&F agreement letter safe and sound. I have important letters filed safely (old fashioned file), scanned on my laptop, and a copy saved on a cloud drive just in case the house burns down one day :rotfl:

Boldhoof

January2015 wrote: »

Boldhoof - I've just seen your LBM was December 2014, so one month before my LBM.

How hard did you have to negotiate to get F&F offers accepted and, if you don't mind me asking, what was the lowest % you managed to achieve?

We are just about to get almost £20k from a cash in on a pension and want to put this to the best possible with regard to F&Fs to reduce our debt.

Sent all our creditors letters offering 40% of the full balances owed. Wescot replied saying couldn't accept that amount would accept 60% , Tesco CC phoned to say they couldn't accept and said they would write with an offer which again is 60%. The others just said no and no counter offer currently. Not sure on our next move regarding the ones that said no.

Boldhoof

January2015 wrote: »

I shouldn't think they will, but the worst case scenario is you move to self managed. I feel much more in control now we are self managed. SC were great for the first year to give us the disciplined we needed to learn regarding money and debts but now we want to control who we pay, and what we pay. For example if you had been self managed you wouldn't be worrying about the balance on the Westcot account. You would know it was settled and that's it.

I'm sure you know, but make sure you keep a copy of the F&F agreement letter safe and sound. I have important letters filed safely (old fashioned file), scanned on my laptop, and a copy saved on a cloud drive just in case the house burns down one day :rotfl:

Have the letters, will scan and do keep copies else where :-)

January2015

Boldhoof wrote: »

Sent all our creditors letters offering 40% of the full balances owed. Wescot replied saying couldn't accept that amount would accept 60% , Tesco CC phoned to say they couldn't accept and said they would write with an offer which again is 60%. The others just said no and no counter offer currently. Not sure on our next move regarding the ones that said no.

Thank you - you have given me hope. I have quickly worked out that we could clear £33k (approx) with our £20k based on your experiences:beer:

sourcrates

January2015 wrote: »

Thank you - you have given me hope. I have quickly worked out that we could clear £33k (approx) with our £20k based on your experiences:beer:

You tend to find the longer a DCA has your account, and dependant on the time of year, for example, approaching the end of the tax year, the larger the discount will be available.

Seen 30 to 50% off offered recently by Lowell on some accounts.

January2015

sourcrates wrote: »

You tend to find the longer a DCA has your account, and dependant on the time of year, for example, approaching the end of the tax year, the larger the discount will be available.

Seen 30 to 50% off offered recently by Lowell on some accounts.

Thanks - I think we will start low, if they go to 50% or less we will most likely snap hands off, otherwise we will bank the money and keep plodding on with the DMP for a while. It's a balance between clearing the debt for a decent discount or keep paying monthly. For example if we have debt of, lets say £10k (because I have a few around that mark )

If they come back with 60% we would pay £6k now.
If we say no and bank the cash for now, we would keep paying monthly approx £100, so £1.2k per year.

So if we go back to them in a year to try again for a F&F we would then owe £10k less the £1.2k paid over the year = £8.8k

So offering a F&F on £8.8k and they accept, lets hope, a 50% offer. We would pay £4.4k which added to the £1.2k we have paid over the last year = £5.6k. This is only £400 less than the 60% offer at the beginning....so based on that, and to get rid of a large debt, it's worth considering.

This probably makes no sense to anyone but me:rotfl: