DMP & Mutual Support Thread - Part 11

tequilabird

Come home this evening to a lovely letter from Nationwide (copied to me as it has already been sent to SC on 22/08) stating that they will offer me a significant discount on my balance if I pay in full (which I can't as not in a position to do so). If I don't, they won't offer it again and I will receive a demand for full payment. The letter talks about legal stuff and is sent without prejudice. Should I be worried? Can't get hold of SC or NW as it's a bank holiday Having a major meltdown and at 8 months pregnant, it's just not what I need Please help!!

sourcrates

tequilabird wrote: »

Come home this evening to a lovely letter from Nationwide (copied to me as it has already been sent to SC on 22/08) stating that they will offer me a significant discount on my balance if I pay in full (which I can't as not in a position to do so). If I don't, they won't offer it again and I will receive a demand for full payment. The letter talks about legal stuff and is sent without prejudice. Should I be worried? Can't get hold of SC or NW as it's a bank holiday Having a major meltdown and at 8 months pregnant, it's just not what I need Please help!!

Relax.

"Sent without prejudice"

which basically means if you can't or don't take up there offer, nothing will change.
Just a standard letter they would send to a customer in arrears in an effort to settle.

It will not take the fact you are in a DMP into account.

Please think rationally about this !!!!

tequilabird

Thank you!

It was just the last bit that said that if I didn't accept within 7 days a demand for payment of the full balance would be sent

It also states that the benefits of doing this are that legal proceedings will not be taken. My head is not in the right place to be dealing with horrible letters like this at the moment.

sourcrates

tequilabird wrote: »

Thank you!

It was just the last bit that said that if I didn't accept within 7 days a demand for payment of the full balance would be sent

It also states that the benefits of doing this are that legal proceedings will not be taken. My head is not in the right place to be dealing with horrible letters like this at the moment.

They are entitled to do this at any time, but again, it won't take your DMP into account, and these letters are worded so as to confuse you.

Even if they took legal action, it's nothing to worry about, you are already repaying at an affordable rate, the court would just say continue with this arrangement, so there would be no benefit in taking legal action to the creditor.


And if the truth be known, original creditors never take legal action in the real world, unless you owe a hugh amount of money, it just means your account will be defaulted, and possibly sold on, all standard stuff.

Just ignore it and have a nice weekend !!!!

Sazzie23

tequilabird wrote: »

Thank you!

It was just the last bit that said that if I didn't accept within 7 days a demand for payment of the full balance would be sent

It also states that the benefits of doing this are that legal proceedings will not be taken. My head is not in the right place to be dealing with horrible letters like this at the moment.

Hi Tequila

STOP WORRYING right now, your baby is worth much more than your DMP and infinity more than the twerps at Nationwide. Demands for full payment usually preceded a default, so if you're not defaulted already then likely that's all that is coming your way. And/or your debts will move to a DCA. We used to call Saturday's defaults day as that's when the letters used to come out and people would like have a panic as the letters are very confronting and as SCrates says don't take into account the DMP.

So STOP WORRYING, and relax, and best wishes for next stages of pregnancy.

Saz

P.s. We like baby news on here, so please do share if you get time. Xx

System

Hello lovely people.

So we've been set up in a self managed DMP for 3 months ish now all fine. Everyone has stopped interest and charges, I was going to pay token payments for 2-3 months but didn't as they were adding charges and I hated seeing the debt going up.

So a 'What would you do' question now!
Our 3 accounts are interest and charge free and a payment plan is in place, when I last looked at noddle we had late payment markers on 2 of the accounts. Am i right to think that this situation could continue as is, with no major changes - so late payment charges / payment plans markers could stay on the account until debt is paid off (13 yrs at current rate) and then a further 6 years until it drops off file. Or will they wait a period of time and default me when they feel like it?

Or should I reduce payments to try and get them to default me so that how ever much I have paid off, it will clear from my credit file in 6 years.? To be honest that seems like the best approach....but...will they add on interest and charges again because the plan has stopped?

I am not particularly worried about getting credit again, but we do have a mortgage and may need to move for work at some point in the next 5 years or so...so I guess I am trying to think of the best approach in case we do need our credit file to be as "healthy" as possible to rent somewhere.

Thanks for sharing your views. i appreciate there probably isn't a perfect solution!
Thanks Ramble x

sourcrates

ramblehan wrote: »

Hello lovely people.

So we've been set up in a self managed DMP for 3 months ish now all fine. Everyone has stopped interest and charges, I was going to pay token payments for 2-3 months but didn't as they were adding charges and I hated seeing the debt going up.

So a 'What would you do' question now!
Our 3 accounts are interest and charge free and a payment plan is in place, when I last looked at noddle we had late payment markers on 2 of the accounts. Am i right to think that this situation could continue as is, with no major changes - so late payment charges / payment plans markers could stay on the account until debt is paid off (13 yrs at current rate) and then a further 6 years until it drops off file. Or will they wait a period of time and default me when they feel like it?

Or should I reduce payments to try and get them to default me so that how ever much I have paid off, it will clear from my credit file in 6 years.? To be honest that seems like the best approach....but...will they add on interest and charges again because the plan has stopped?

I am not particularly worried about getting credit again, but we do have a mortgage and may need to move for work at some point in the next 5 years or so...so I guess I am trying to think of the best approach in case we do need our credit file to be as "healthy" as possible to rent somewhere.

Thanks for sharing your views. i appreciate there probably isn't a perfect solution!
Thanks Ramble x

Hi,

As things stand your accounts will show the AP markers for a full 6 years after you Finnish repaying the debts.

They may never default you, there is no set time for this to happen, if you've come to an agreement, which essentially you have, they have no reason to default you.

It depends what's more important to you, having accounts defaulted quickly, or a smooth DMP.

You see the best way to do it, is to with hold payment right at the start, until you are defaulted, usually 6/8 months, then start your DMP with a file full of defaults, at least then you have a 6 year time frame when you know the defaults will be gone, AP markers can be a real nightmare.

I always advise people to do this at first before starting any payment plans, people rush in and start repaying, thinking it's the right thing to do, but there is an order and a sequence things should be done in, in order to avoid AP markers altogether.

Sazzie23

ramblehan wrote: »

Hello lovely people.

So we've been set up in a self managed DMP for 3 months ish now all fine. Everyone has stopped interest and charges, I was going to pay token payments for 2-3 months but didn't as they were adding charges and I hated seeing the debt going up.

So a 'What would you do' question now!
Our 3 accounts are interest and charge free and a payment plan is in place, when I last looked at noddle we had late payment markers on 2 of the accounts. Am i right to think that this situation could continue as is, with no major changes - so late payment charges / payment plans markers could stay on the account until debt is paid off (13 yrs at current rate) and then a further 6 years until it drops off file. Or will they wait a period of time and default me when they feel like it?

Or should I reduce payments to try and get them to default me so that how ever much I have paid off, it will clear from my credit file in 6 years.? To be honest that seems like the best approach....but...will they add on interest and charges again because the plan has stopped?

I am not particularly worried about getting credit again, but we do have a mortgage and may need to move for work at some point in the next 5 years or so...so I guess I am trying to think of the best approach in case we do need our credit file to be as "healthy" as possible to rent somewhere.

Thanks for sharing your views. i appreciate there probably isn't a perfect solution!
Thanks Ramble x

Hi Ramble,

I think AP markers are best avoided if you can, since you never know what life might throw at you in the future.

Of my 6 accounts, 2 defaulted in the first year, 3 in the year I went to tokens (2 years into DMP) and the other one is shown as up to date (I dunno why but as it is I just let it go over me).

Some people on here have requested a default from their creditor, probably worth a try if you haven't already, or the path of reducing payments is well trodden if you want to speed things up. :T

Saz

zenshi

I have a Barclaycard debt bought by link which is stated as defaulted on Noddle. However, the account is listed as a defaulted bank account NOT the credit card that it is

I have flagged this as inaccurate to Noddle who replied and said nothing they can do. I have sent letter to link asking for it to be corrected several weeks ago, maybe nearly a month ago

On the who,e scheme of things, it's probably not a big issue but it is incorrect and my file should be accurate

Is there anything I can or should do please?

sourcrates

zenshi wrote: »

I have a Barclaycard debt bought by link which is stated as defaulted on Noddle. However, the account is listed as a defaulted bank account NOT the credit card that it is

I have flagged this as inaccurate to Noddle who replied and said nothing they can do. I have sent letter to link asking for it to be corrected several weeks ago, maybe nearly a month ago

On the who,e scheme of things, it's probably not a big issue but it is incorrect and my file should be accurate

Is there anything I can or should do please?

Hi zenshi

Well as you say, in the grand scheme of things, it doesn't really matter what its listed as, it will still disappear after the 6 years has run out.


If it bothers you that much, then write and complain to the information commissioners office (ICO) they are responsible for inaccurate information on credit files.