DMP & Mutual Support Thread - Part 11

January2015

abby1234519 wrote: »

Just emailed PayPlan to give notice arrrrrgghhhh so scary! Been reliant on them for 2 years.

Good news is that a £912 debt has just agreed to settle for £300 which I will take out of my savings. Too good an opportunity to miss.

Heres to self managing DH's DMP!

Well done on the settlement - make sure you get agreement to the settlement figure in writing and confirming that you are making the payment on the clear understanding that, if you accept it, neither they nor any associate company will take any other action to collect or enforce this debt in any way and that you will be released from any liability.

Don't settle/make payment until you have that confirmed in writing.

GrinC

abby1234519 wrote: »

Just emailed PayPlan to give notice arrrrrgghhhh so scary! Been reliant on them for 2 years.

Good news is that a £912 debt has just agreed to settle for £300 which I will take out of my savings. Too good an opportunity to miss.

Heres to self managing DH's DMP!

Best of luck and well done on securing a fab settlement deal. I've been with Payplan since July 2014 and also planning on going it alone now I know I have fantastic support here.WE CAN DO IT!!!

January2015 wrote: »

Well done on the settlement - make sure you get agreement to the settlement figure in writing and confirming that you are making the payment on the clear understanding that, if you accept it, neither they nor any associate company will take any other action to collect or enforce this debt in any way and that you will be released from any liability.

Don't settle/make payment until you have that confirmed in writing.

That is fantastic advice - thank you.


I've just made an offer to settle with Pounds to Pocket - I owe a balance of £175.12 (I've paid over £400 already on an initial £200 loan) and they offered a final payment of £131.54 to be payable in 24 hours and a partial settlement notice to appear on my credit file. I've asked for it to be reduced to £100. Am I being cheeky? I cant find £131 in 24 hours but I might be able to manage the £100.


I'm currently also negotiating with Lowell. *fingers crossed*

January2015

GrinC wrote: »

I've just made an offer to settle with Pounds to Pocket - I owe a balance of £175.12 (I've paid over £400 already on an initial £200 loan) and they offered a final payment of £131.54 to be payable in 24 hours and a partial settlement notice to appear on my credit file. I've asked for it to be reduced to £100. Am I being cheeky? I cant find £131 in 24 hours but I might be able to manage the £100.


I'm currently also negotiating with Lowell. *fingers crossed*

It's never cheeky to go back with a counter offer

If they are prepared to settle for partial payment, their 'deadlines' of payment by x date or x number of hours is rubbish - they will wait a bit longer and still accept a settlement. They are just pushing their hand, so to speak. Do you really think that if you went to them with the £131 next week, instead on in 24 hours, they would say they had changed their minds and would only accept the full balance?

GrinC

January2015 wrote: »

It's never cheeky to go back with a counter offer

If they are prepared to settle for partial payment, their 'deadlines' of payment by x date or x number of hours is rubbish - they will wait a bit longer and still accept a settlement. They are just pushing their hand, so to speak. Do you really think that if you went to them with the £131 next week, instead on in 24 hours, they would say they had changed their minds and would only accept the full balance?

Thanks January 2015.

abby1234519

January2015 wrote: »

Well done on the settlement - make sure you get agreement to the settlement figure in writing and confirming that you are making the payment on the clear understanding that, if you accept it, neither they nor any associate company will take any other action to collect or enforce this debt in any way and that you will be released from any liability.

Don't settle/make payment until you have that confirmed in writing.

To quote (by email)

Thank you for your email. I can confirm that your offer of £300.00 to settle your account as stated in a previous email to clear the balance has been accepted. When paid the account will be closed with us and passed back to our client who will update your credit file as partially satisfied which can take up to six weeks.

January2015

abby1234519 wrote: »

To quote (by email)

Thank you for your email. I can confirm that your offer of £300.00 to settle your account as stated in a previous email to clear the balance has been accepted. When paid the account will be closed with us and passed back to our client who will update your credit file as partially satisfied which can take up to six weeks.

It might be sufficient, but personally I would go back and insist on them confirming that you will only make the payment on the clear understanding that, if they/their client accept it, neither they nor any associate company will take any other action to collect or enforce this debt in any way and that you will be released from any liability.

That's the important bit for me. Without this, marking the file as partially satisfied doesn't necessarily mean they, or another DCA, couldn't chase you in future for the debt (I think!)

sourcrates

January2015 wrote: »

It might be sufficient, but personally I would go back and insist on them confirming that you will only make the payment on the clear understanding that, if they/their client accept it, neither they nor any associate company will take any other action to collect or enforce this debt in any way and that you will be released from any liability.

It is essential, ABSOLUTELY ESSENTIAL, when making any settlement offer to a creditor, that you obtain there consent to the above wording.

If you dont, then that creditor, regardless of what they may of said on the phone, can sell on the remainder of that debt to another DCA and that DCA can then, quite legally, come after you for the rest of the balance.

This happens a lot, people think they have settled a debt, but fail to observe the legal aspects of the transaction, which are, get everything agreed in writing, then they can have no comeback against you.

This, and other template letters, are available on the National Debtline website, under the heading "sample letters".

[Deleted User]

abby1234519 wrote: »

Just emailed PayPlan to give notice arrrrrgghhhh so scary! Been reliant on them for 2 years.

Good news is that a £912 debt has just agreed to settle for £300 which I will take out of my savings. Too good an opportunity to miss.

Heres to self managing DH's DMP!

I know what you mean about the scary feeling after cutting the apron strings:eek:. I've done it with SC after 4 years and I'm still at the stage of setting things up with my creditors to deal with them myself. Will be glad when everything is up and running efficiently as I feel a bit adrift at the moment:o


I don't want to be intrusive or nosy but would you mind sharing the name of the financial institution that's given you such a brilliant settlement figure? Might give me the oomph to give it a go if it's one of my creditors;). Congratulations on negotiating such a mega deal:beer:

abby1234519

carbootcrazy wrote: »

I know what you mean about the scary feeling after cutting the apron strings:eek:. I've done it with SC after 4 years and I'm still at the stage of setting things up with my creditors to deal with them myself. Will be glad when everything is up and running efficiently as I feel a bit adrift at the moment:o


I don't want to be intrusive or nosy but would you mind sharing the name of the financial institution that's given you such a brilliant settlement figure? Might give me the oomph to give it a go if it's one of my creditors;). Congratulations on negotiating such a mega deal:beer:

V12 finance, company who are behind loans for places like AO.com or Evans bicycles. It was through Debt Managers LTD though

[Deleted User]

abby1234519 wrote: »

V12 finance, company who are behind loans for places like AO.com or Evans bicycles. It was through Debt Managers LTD though

Thanks, abby:T

Sadly, not one of mine:(