DMP & Mutual Support Thread - Part 11

flowerpotter_2

Snowbean - I had much more luck settling my defaulted debts then those that were not. My best was M&S Card £2500 debt settled for £500. That debt had been defaulted for three years on tiny repayments. Simply Be a none default debt refused and still refuse to consider any offer even 80%.

neiljmuk

flowerpotter wrote: »

Snowbean - I had much more luck settling my defaulted debts then those that were not. My best was M&S Card £2500 debt settled for £500. That debt had been defaulted for three years on tiny repayments. Simply Be a none default debt refused and still refuse to consider any offer even 80%.

Anyone,

How does a debt settled with reduced payment alter a D marker on your credit file (for defaulted debts) and does it do anything to delay the amount of time the debt is removed from your file (eg. payying a F&F on a debt 3 years into a default, will it still be gone in another 3 years, or delayed somehow).

How does a debt settled with a reducted payment appear on a non defaulted debt. Obviously I know that with what ever change it makes your waiting 6 years.

Are they considered detrimental to your file in anyway?

Cheers in advance...

flowerpotter_2

Even if you do a partial settlement the account still stays on your file six years from the date it first defaulted. It is usually marked as partialy satisfied with a zero balance and the default marker remains.

flowerpotter_2

I'm not sure about non defaulted debts as if they are marked as being in a DMP this can affect the time it takes to drop off your file even with a settlement.

neiljmuk

flowerpotter wrote: »

Even if you do a partial settlement the account still stays on your file six years from the date it first defaulted. It is usually marked as partialy satisfied with a zero balance and the default marker remains.

Awesome, so F&Fs are absolute win win all the way. Might bet a bit of money from shares to play with next year (if the brexit mob haven't all but destroyed our economy by then).

blisteringblue

grant1wish wrote: »

Has anyone tried to get a mobile phone deal whilst on a DMP with a shot credit history. I need to get my daughter a phone now she has started high school and didn't know if there was any point trying to get a monthly contract. Is it worth trying anyway, is there anything to lose other then the embarrassment of rejection?

Yes, we didn't push it but have managed a couple of SIM only contracts with 3. I only have my works mobile but wife and daughter are both on these. Just use sim free 2nd hand phones.

PS. Just do it online and it's only a computer that says no.

snowbean

flowerpotter wrote: »

Snowbean - I had much more luck settling my defaulted debts then those that were not. My best was M&S Card £2500 debt settled for £500. That debt had been defaulted for three years on tiny repayments. Simply Be a none default debt refused and still refuse to consider any offer even 80%.

Hmm, thanks flowerpotter, that's interesting. So I may end up having to force them to default me anyway, unless I'm prepared to pay the full balance.

Maybe I should have a go at trying to get them defaulted and also get the default backdated. I guess I can't really end up any worse off, seeing as the worse case scenario is don't get them defaulted, pay partial settlement, debt falls off credit file 6 years from now. Which would be the same as if they did default but refuse to backdate it?

flowerpotter_2

I think regardless of default status its still worth offering a partial settlement to a creditor as they don' t seem to have any set rules for dealing with clients negotiating settlements.

Newchapter

neiljmuk wrote: »

Anyone know if it's advisable to ask Stepchange for the BACS details they use for all my creditors, as opposed to asking each creditor, with a view to going self managed, or will they get funny about it given you are advising them of your intention to go self managed.

I was with Payplan, but decided to go self-managed after a lot of heartache and worrying if it was the right thing to do.

On Payplan (now SC), I was paying too much. I couldn't afford petrol to work and would sometimes phone sick because I actually couldn't get to work. I knew that I had to do something drastic, as I couldn't live with that stress.

Going self-managed was scary initially, but its easy. I pay less a month than with Payplan, I send 6 monthly updates to my creditors on my income/outgoings. It runs like clockwork. I keep an excel spreadsheet of my balances, monthly payment and dates of any correspondence.

My advice is to do what you feel comfortable with. For me, the hardest bit of the process was admitting to myself initially I had debt problems and taking positive action to do something about it. Whether you use a debt management organisation or self-manage, depends on your own anxiety levels, and whether the time is right for you, both have their pros and cons.

I was terrified of 'making a stand' to self-manage, but be reassured it was fine.

Good luck.

Newchapter

Puzzcat wrote: »

:T:T:T Well done cbc, that light at the end of the tunnel must be shining brighter every month...

Love Puzz. x

Well done Puzzcat. Good to hear you are making progress. Its inspirational, :j