DMP & Mutual Support Thread - Part 11

Puzzcat

BelleBelles19 wrote: »

Thanks puzz. SC said that it would be included in my budget as a priority secured debt. I'm confused and stressed, went out to my car 3 times today in the hope it will have miraculously fixed itself and work - no surprise it didn't!

I would choose that option then, at least you wouldn't have to worry about constant repair bills...!

Puzz. x

Boldhoof

2spicy wrote: »

Lets turn this around .. "if" one of your creditors contacted you and said "We will accept £XYZ to settle your account early" ... and you are able to "source a family loan" to cover the F&F, then that is done between the creditor and yourself. SC cannot argue with you, only state that all creditors must be treated equally.
Now .. "if" you were to contact all your creditors and ask if they are willing to settle F&F & if no one accepts, there is nothing to say you cannot pay off the creditor that said they would accept a reduced payment. You have up to that point treated all cfreditors fairly.

"if it were me", then I would (as I have done) speak to the creditor that has agreed to accept a F&F, settle the account and simply advise SC that they had accepted a F&F and request they be taken off the DMP.;);)

Remember, SC are administering the DMP for you. You still have the final say.

Thanks for your sound advice. As you say at the end we do have the final say. We have managed to clear another debt, one to Tesco Bank, they came back with a counter offer and the family member agreed to the amount, so its now another F&F done. We have 3 left, written to them today each with an amount agreed by the said family member, 2 off them are our biggest, the other low.

Sazzie23

BelleBelles19 wrote: »

Thanks puzz. SC said that it would be included in my budget as a priority secured debt. I'm confused and stressed, went out to my car 3 times today in the hope it will have miraculously fixed itself and work - no surprise it didn't!

Really feel for you, my car is around the same age and really suffers in the cold weather, last night I tucked the engine and battery up with a blanket and it worked - well maybe it was because I hadn't left it so long to get cold, but it started at -5 when its been failing at -1 so I was chuffed to pieces.

The risk of buying something cheap is that there are no guarantees you won't have the same problem again next year, of course that can be true of something expensive too..... Probably best to do what feels right for you (cop out sorry).

Puzzcat

Boldhoof wrote: »

Thanks for your sound advice. As you say at the end we do have the final say. We have managed to clear another debt, one to Tesco Bank, they came back with a counter offer and the family member agreed to the amount, so its now another F&F done. We have 3 left, written to them today each with an amount agreed by the said family member, 2 off them are our biggest, the other low.

So you are transferring your debts from the creditors to your family, hope you can pay them off in the time arranged? Nothing worse than owing family money...
Good luck
Puzz.x

sourcrates

Sazzie23 wrote: »

Really feel for you, my car is around the same age and really suffers in the cold weather, last night I tucked the engine and battery up with a blanket and it worked - well maybe it was because I hadn't left it so long to get cold, but it started at -5 when its been failing at -1 so I was chuffed to pieces.

The risk of buying something cheap is that there are no guarantees you won't have the same problem again next year, of course that can be true of something expensive too..... Probably best to do what feels right for you (cop out sorry).

99% of starting problems in the cold are down to a worn out battery sazzie.
You might find a new battery will sort it !!

Boldhoof

Puzzcat wrote: »

So you are transferring your debts from the creditors to your family, hope you can pay them off in the time arranged? Nothing worse than owing family money...
Good luck
Puzz.x

I didn't say I was transferring this debt to a family member, just because they are paying it off, does not mean I have transferred it to them, nor is it there view either.

There are a lot worse things than owing family money, as our family knows too well.

Scottishmummy

Time_to_face_the_music wrote: »

My moral compass was definitely on the same side as blisteringblue's, we borrowed it, we wanted to pay it back, every single penny. I never tried for CCAs or full/partial final settlements, it just didn't feel right for us.

Where I did fight tooth and nail was to get every single penny of interest stopped and would not rest until that had happened, Stepchange couldn't/wouldn't fight it, so we went self managed and I got it all stopped. I really can't understand when people say oh well they have lowered the interest so I'll settle for that.

We all are different and we all take differing paths, what feels right for one won't for another, just as long as we all get debt free in the end, that will do.

TTFTM x

This was our thoughts too - we borrowed - we need to pay back. We did not ask for CCA's or F&F's either however we have now got to a stage where out of our original 13 debts, one is clear and six have had the original debt paid back and what we are still paying them is what they added in charges and interest after we went on the dmp - they all took months to finally stop interest and charges. SC don't seem to agree with us now asking them for CCA's or offering F&F's so we are considering going self-managed so we can do this. We also have an insurance payout due next year and SC want us to spread it out between everyone whereas we would rather use it for F&F's. If we tell SC we are going to change to self-managed will they give us all our creditors payment details or will we need to start from scratch and request them direct from the creditor?

I just need clarification on bank accounts and CCA's - they don't have them do they?

sourcrates

Scottishmummy wrote: »

I just need clarification on bank accounts and CCA's - they don't have them do they?

Sorry, what are you asking ?

January2015

Scottishmummy wrote: »

This was our thoughts too - we borrowed - we need to pay back. We did not ask for CCA's or F&F's either however we have now got to a stage where out of our original 13 debts, one is clear and six have had the original debt paid back and what we are still paying them is what they added in charges and interest after we went on the dmp - they all took months to finally stop interest and charges. SC don't seem to agree with us now asking them for CCA's or offering F&F's so we are considering going self-managed so we can do this. We also have an insurance payout due next year and SC want us to spread it out between everyone whereas we would rather use it for F&F's. If we tell SC we are going to change to self-managed will they give us all our creditors payment details or will we need to start from scratch and request them direct from the creditor?

I just need clarification on bank accounts and CCA's - they don't have them do they?

I've just gone self-managed - having been with SC for one year. SC sent me statements of who had been paid what, which account was with which DCA now. They did not send creditor/DCA addresses or bank sort code and account details to make payments. I did ask but they said the information they hold is different to that which would be used by individuals.

So I used the NEDCAB template letter to write to each creditor (I had all addresses except one) and in that letter I offered them an amount for my monthly DMP payment and I also asked them to send me bank account information to enable me to set up a standing order for regular monthly payments. You will have to write to creditors anyway and let them know you are going self-managed so it's no problem to ask for the bank details.

I took the opportunity to take two months of £1 token payments again (as our emergency fund had been depleted) and also changed our payment date from 1st to mid month. This suits us better and I figure they never got the payment until mid month anyway by the time it had gone from me to SC and then on the the creditors.

It really is easy to do, and so much less hassle. I have already made our first F&F offer to one of our smaller creditors. I couldn't have done this with SC.

We are also due a fairly significant sum soon which we plan to use to make more F&Fs. SC would have wanted this spread across predators and it would just have evenly reduced our debt balance. But we are hoping to reduce it by almost 40% through F&Fs. That's massive for us.

Scottishmummy

sourcrates wrote: »

Sorry, what are you asking ?

I seem to recall that there is no point asking for CCA's for bank accounts because we would never have signed one for them anyway or am I mixing them up with something else?