DMP & Mutual Support Thread - Part 11

sourcrates

Hi Broggers,

Very rare an original creditor takes you to court for a consumer debt.

Usual process is to either sell on accounts, or assign to a DCA.
They usually wash there hands of bad debts after so long, they get a bit back from the debt purchaser, and a bit more in tax relief.

It's normally the debt purchaser that can get litigious, but again, there are no hard and fast rules on this.

Jacobs

Hi DMPers. Not sure I'm a full member of your gang yet, as I only sent my forms off yesterday, but thought I would introduce myself. This is my second time of setting up a plan, the first time it only lasted 6 months, so here I go again.

Jacobs

And now subscribed

Boldhoof

Fairyfingers wrote: »

Hi this happened to me with a smaller debt I cleared SC just wanted confirmation from me and a few days after I emailed them it changed in my SC account.

Thanks for the reply, I emailed the copy of the letter and the proof of payment receipt I got when we paid online to Wescot. it is on pending, so hopefully it will disappear from our creditors list.

Boldhoof

Brogden wrote: »

Good Morning All

As there is a little speculation going on about the F&F (P&F ) figures that may be available I thought.....hopefully without boring anybody I would advise what I have settled at and.....what is offered to me that I haven't settled (yet ) There are a couple of others where I haven't got into serious negotiations yet but these are the ones I know:-

The %ges below are the 'settlements' NOT the 'discounts'

Lowell (1) 24% (Involved a battle and two complaints)
Lowell (2) 28% (cheeky request to match the above on 2nd debt - not quite but not too shabby !!)
M&S 25%
Cabot (1) 40%
Cabot (2) 40% (wanted 60% but I insisted they match the other)
PRAT 65%
Gnat's Vest 80% (Non-negotiable...d'you get that? I said non-negotiable )

Thoughts........

M&S (unbelievably) an original predator who settles at that level :T . I would never have tried as low except I received a tip off from an MSE member so I did. I have seen some attractive settlements people have managed with HSBSee. Bear in mind HSBSee is the engine behind M&S Bank and the policy seems to be (pretty much) consistent across the two - I may obviously be wrong but would aim low with HSBSee to start with. Unfortunately I have no debts with HSBC (wot do I mean unfortunately :rotfl:??!!!)

Sadly my largest remaining debt is with the Gnat's Vest. I have not necessarily accepted the words of the call centre and have asked various agents at various times both verbally and in writing and all I repeatedly and consistently get is '80% non-negotiable.' I have CCA'd them and they are squeaky clean. The only action I could take is to stop paying them and let them sell on (or potentially take me to court themselves......dunno if they would do that or not. They led me to believe they would around three years ago if I didn't maintain the payment plan but it could be all talk....just dunno .)

You know what.......I am mellowing with age....... I don't think I will be teasing and taunting the Gnat's Vest. I will carry on with the payment plan until I finally go with 80% if the policy doesn't change in the meantime. The phone would ring non stop, the dirty letters would be thick and fast and after a long and very quiet period, once again 'domestic unrest' would be the order of the day !!

Happy Wednesday all!!

Thanks for a brilliant post on F&F's. PRAT are one of mine, they refused the offer and didn't come back with a counter offer. Family are wanting to help, as long as it clears a debt, not spread over them all. Any suggestion on how long between sending a F&F and having it rejected should approach again? 65% to them is around £7000, so would have a big effect on our debts.

2spicy

Jacobs wrote: »

Hi DMPers. Not sure I'm a full member of your gang yet, as I only sent my forms off yesterday, but thought I would introduce myself. This is my second time of setting up a plan, the first time it only lasted 6 months, so here I go again.

Just starting off or established, your always welcome here.

2spicy

Just be weary about F&F settlements.
Im just starting to battle BarclayCard for an entry on my credit file that could see a 6 missed payment delinquency report on my file for the next 6 years. Make sure that F&F settlements are monitored and that any creditor isnt going to shaft you when they report the Partial Settlement.

FOS currently engaged and standing by ... Experian, Equifax and Noodle all notified about the dispute and letter in the post yesterday asking the creditor to withdraw the entry in the form of a complaint.

January2015

Boldhoof wrote: »

Thanks for the reply, I emailed the copy of the letter and the proof of payment receipt I got when we paid online to Wescot. it is on pending, so hopefully it will disappear from our creditors list.

It doesn't disappear from the list....but does sit there with a lovely £0.00

Ohhh that does look nice everytime you log in

bsclp118

I have been trying to "snowball" my debts since last September but things don't really seem to be improving, and I am going to be made redundant in September and likely have a rather large (£10k/year) drop in income. My boyfriend is on half the salary I am currently and although he has tried his best to help me out - if we carry on he's going to be in debt himself, which is good for neither of us!

So I am definitely going down the DMP route this time. Sending letters off to creditors today and I'm going to get in touch with stepchange.

Can anyone tell me if stepchange will hold off on setting up the DMP until April so I can get together a very small emergency fund, or should I just delay returning the forms to them? I have zero savings and I'm a bit scared about having no access to credit to cover anything that crops up....


G'ahhhh, even though I've been an avid reader of the forum for months now I still feel sick to my stomach thinking about whats going to happen next - I've never missed a payment before.

January2015

bsclp118 wrote: »

I have been trying to "snowball" my debts since last September but things don't really seem to be improving, and I am going to be made redundant in September and likely have a rather large (£10k/year) drop in income. My boyfriend is on half the salary I am currently and although he has tried his best to help me out - if we carry on he's going to be in debt himself, which is good for neither of us!

So I am definitely going down the DMP route this time. Sending letters off to creditors today and I'm going to get in touch with stepchange.

Can anyone tell me if stepchange will hold off on setting up the DMP until April so I can get together a very small emergency fund, or should I just delay returning the forms to them? I have zero savings and I'm a bit scared about having no access to credit to cover anything that crops up....


G'ahhhh, even though I've been an avid reader of the forum for months now I still feel sick to my stomach thinking about whats going to happen next - I've never missed a payment before.

Don't panic - easier said than done I know, but you will be fine.

SC will be fine with the token payments until April, but realistically is this going to give you enough of an emergency fund? We are almost at March now so if you've already paid Feb you are only talking of saving one month's money towards and emergency fund. I would advise saving a few months, i.e. paying a few months at token payments. Creditors will be fine with this and so will Stepchange. It's your DMP, you tell them what you want to do. Just explain to SC about the emergency fund.

Welcome to DMP mutual support - the happiest place on the DFW forum (in my opinion). Don't hesitate - ask away - we've all been there and some are out the otherside (not me...yet)