DMP & Mutual Support Thread - Part 11

blisteringblue

sourcrates wrote: »

You usually read posts like this from people who have not experienced a particularly hard time with there debts.

Very sweeping statement there sourcrates, sorry if I am not DMP enough for you?

fermi wrote: »

One properly sold to a collector for a small % of it's face value, the original creditor has basically cut and run and taken that fee as all they will ever get paid back for it.

Doesn't then matter whether you pay the DCA 100% of it it or 0% of it; the original creditor who you actually borrowed from has already got all they ever will and will get no more no matter what you do.

Look, a DCA gets all it deserves, I'm not saying that. But a debt with the original company, who have not even slightly hassled you, defaulted and don't charge any interest, why should they not get their money back?

I guess it all depends on your moral compass these days? I borrowed it, I spent it, I am paying it back. Those with DCA's will eventually get F&F and will likely make money out of me, but they will get it.

January2015

I think each of us will decide using that moral compass blisterblue talks about.

I agree with both sides of the argument - we borrowed it, we should pay it, but also very much agree with Brogden's point that the banks should implement a fair process of a discount for settlement to debtors before selling debts to DCAs. Obviously this shouldn't be asap after debtor hits problems, but perhaps a set time period into a DMP. If at that point debtor either won't or can't settle for the % the bank offer then they can sell to DCA. That seems much fairer to me and to be honest the bank is likely to get back more, on average, than selling directly to DCA.

Brogden

Again, I salute Blisteringblue's moral compass and I have wittered on about 'moral compasses' on my own thread a few times before and for me his post is good to read .

There is something else I need to say here. We are a pain in the ar*e to a bank if they agree a discounted settlement for us. We are also a pain in the ar*e to them if they freeze interest on an account (as they nearly all do) or rebate charges. As I read through the threads, people seeem to assume that a freezing of interest is 'par for the course' and take it for granted. Well yes......it seems to be that way but it is still a valuable concession in our favour. The bank would not issue credit cards if they could not impose fees and charge interest. We are in default and we are a big disappointment to them !

OK......enough 'goody two shoes.'

What I am saying is that if interest is frozen we cannot say 'I am paying back everything to the original predator.' If interest is frozen then we're not. Time is money and interest should be payable. In essence we cannot divorce capital from interest......it is one and the same thing and if everybody was like us lot the global economy would collapse. If we are agreeing a discounted settlement then once again we are not paying everything back. So how far do we go and when does the 'moral compass' turn to indicate we are 'baddies' as opposed to 'goodies?'

I have learned whilst we have been having this debate and my own feelings have formed .

In general............

1. The banks aint too bad
2. Debt purchasing companies deserve everything they get.

Perhaps we had now better start talking about saving money on our shopping bills again:rotfl:!!

Happy new week everybody .

blisteringblue

Brogden wrote: »

In general............

1. The banks aint too bad
2. Debt purchasing companies deserve everything they get.

Amen, although I would say 2016 Banks ain't too bad, 2007 banks almost created financial Armageddon !!

But we all agree Bottom Feeding Debt Purchasing Companies deserve all that festers in my compost heap (if I had one )

sourcrates

blisteringblue wrote: »

Very sweeping statement there sourcrates, sorry if I am not DMP enough for you?

Hey Blister,

Nothing personal my friend.

I write from my own experience mostly.

I'm not knocking your efforts at all.
Majority of my debts were sold on pretty quick, back in the day, to DCA`s such as 1st credit, and a whole host of bottom feeders, so my experience has differed somewhat to yours.


Brogden, love your eloquent posts, but perhaps your right, shopping is less controversial lol !!

muppetscotland

Hi everyone - we have started a DMP to finally dig ourselves out of a hole of many years digging exacerbated by the recent plunge in oil prices and job woes.

I would love to record our progress at the bottom of our posts - is it called the "signature"? How do I get that onto my posts automatically?

The posts here and on earlier threads are literally showing me the way. Thank you.

sourcrates

muppetscotland wrote: »

Hi everyone - we have started a DMP to finally dig ourselves out of a hole of many years digging exacerbated by the recent plunge in oil prices and job woes.

I would love to record our progress at the bottom of our posts - is it called the "signature"? How do I get that onto my posts automatically?

The posts here and on earlier threads are literally showing me the way. Thank you.

Hi Muppet,


Click on your username, then click "public profile".


That takes you to your public profile page,


Click on the "user cp" tab,


That will open a list of options down the left hand side, one of those options is "edit signature" click on that, follow the instructions.

BelleBelles19

Hi I'm new here. My OH and I have posted off our direct debit mandate and list of creditors to step change today. I am scared - but relieved that we now have things sorted. It will take us 7yrs to be debt free.

I'm not really sure what happens next, is it best to call
Step change in a few days to ensure they have received everything or will they call me?

Our budget has been set and agreed. I am confident that it is achievable, however I am
Worried about not having an emergency fund although we have budgeted for this so it will build up over time (fingers crossed).

We have set up new bank accounts and transferred our direct debits for things like council tax, gas, electricity etc and cancelled all of the direct debits for our creditors. I have asked that our old accounts are closed and have been in contact with my creditors and OH with his, via their secure messaging service - which i wouldn't have thought of withoit reading this thread - thank you.

Have I missed anything important?

Little_Miss_Sunshine

BelleBelles19 wrote: »

Hi I'm new here. My OH and I have posted off our direct debit mandate and list of creditors to step change today. I am scared - but relieved that we now have things sorted. It will take us 7yrs to be debt free.

I'm not really sure what happens next, is it best to call
Step change in a few days to ensure they have received everything or will they call me?

Our budget has been set and agreed. I am confident that it is achievable, however I am
Worried about not having an emergency fund although we have budgeted for this so it will build up over time (fingers crossed).

We have set up new bank accounts and transferred our direct debits for things like council tax, gas, electricity etc and cancelled all of the direct debits for our creditors. I have asked that our old accounts are closed and have been in contact with my creditors and OH with his, via their secure messaging service - which i wouldn't have thought of withoit reading this thread - thank you.

Have I missed anything important?

Hello and welcome. We were in your position just before Xmas with our DMP due to begin 1/1/16.
We've decided to delay our DMP until July. This will give us time to save a emergency fund - important with no access to credit I feel!
We also decided to Cca all our debts and then prioritise which to pay ( or pay first depending on how you feel about cca requests). As a result £22k is enforceable (sorry to rub it in January !) and we are going down the self managed route. Don't rush - you're in charge no one else

Puzzcat

BelleBelles19 wrote: »

Hi I'm new here. My OH and I have posted off our direct debit mandate and list of creditors to step change today. I am scared - but relieved that we now have things sorted. It will take us 7yrs to be debt free.

I'm not really sure what happens next, is it best to call
Step change in a few days to ensure they have received everything or will they call me?

Our budget has been set and agreed. I am confident that it is achievable, however I am
Worried about not having an emergency fund although we have budgeted for this so it will build up over time (fingers crossed).

We have set up new bank accounts and transferred our direct debits for things like council tax, gas, electricity etc and cancelled all of the direct debits for our creditors. I have asked that our old accounts are closed and have been in contact with my creditors and OH with his, via their secure messaging service - which i wouldn't have thought of withoit reading this thread - thank you.

Have I missed anything important?

Hi and welcome to the best thread on mse...

Well done on getting started, the only advice I would give as mentioned by little miss sunshine is to delay your start to enable you to build up an emergency fund. I did £1 token payments for 3 months with no issues. It is up to you to decide when to start not SC. Just give them a ring and say you wish to start in ***.

Puzz.x