DMP & Mutual Support Thread - Part 11

GrinC

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*

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.

I've just had pounds to pocket give me a settlement offer of £87 if I pay within 24 hours. I've said


"Thank you for the reduced offer. I am happy to pay this on the clear understanding that I will have written communication to state that neither Pounds to Pocket or any associate company will take any other action to collect or enforce this debt in any way and that I will be released from any liability.


Please advise me of this before I phone to make payment."


Lowell have offered me a 20% discount and I can set up a DD to pay in instalments. I've asked to pay one of them off entirely (at a new 'price' of £55) but I am stalling on the other one as it is quite a larger amount and I want to be realistic in my offers (and it's not even in my name!!!!)

Donna82

Hi guys i'm new to the forum and could do with some advice about my debt management plan please if anyone can help me out ? T.i.a .x

sourcrates

Donna82 wrote: »

Hi guys i'm new to the forum and could do with some advice about my debt management plan please if anyone can help me out ? T.i.a .x

Yep,
Welcome to the forum Donna82,

fire away !!!

January2015

Hello everyone

I'm feeling a bit flat today - having had a nice savings account towards F&Fs we have today paid a chunk off our secured loan instead. It made more financial sense to do that and reduce the term, and therefore, interest we will pay on the loan.

The flat feeling comes from the loss of security I felt at having those savings in the bank. I think if they had cleared some the debts at a discount I would have felt somewhat more triumphant because I would have seen one or more debts disappear.

Hey ho - I know in my head we've done the right thing. We've kept our emergency fund and topped it up a bit, so I know we will be okay. Back to scratch for saving up for F&Fs then

[Deleted User]

Donna82 wrote: »

Hi guys i'm new to the forum and could do with some advice about my debt management plan please if anyone can help me out ? T.i.a .x

Welcome, Donna. This is a brilliant thread, everyone is so supportive and helpful and have probably experienced all the problems that are likely to occur. Don't worry about asking what you might think is an obvious question, we all know there's a lot to get your head round when you start out on a DMP, so please ask away:)


By the way, it's such a big topic it might be best if you could ask about specific things that are worrying you rather than asking about the DMP as a whole.


Wishing you the best of luck. See you soon:beer:

January2015

Donna82 wrote: »

Hi guys i'm new to the forum and could do with some advice about my debt management plan please if anyone can help me out ? T.i.a .x

As sourcrates and CBC have already said - welcome

Ask away - we are all happy to help.

Jon81

I've been offered a 50% reduction on a balance for a full and final. I'd normally bite their hands off but currently don't have enough to cover it in one shot. Has anyone accepted a f and f but been able to repay it over say three months instead?

sourcrates

Jon81 wrote: »

I've been offered a 50% reduction on a balance for a full and final. I'd normally bite their hands off but currently don't have enough to cover it in one shot. Has anyone accepted a f and f but been able to repay it over say three months instead?

Lowell often offer you that option, have seen it with other DCA's too.

Wouldnt think it would be available as an across the board option though.

Sazzie23

January2015 wrote: »

Hello everyone

I'm feeling a bit flat today - having had a nice savings account towards F&Fs we have today paid a chunk off our secured loan instead. It made more financial sense to do that and reduce the term, and therefore, interest we will pay on the loan.

The flat feeling comes from the loss of security I felt at having those savings in the bank. I think if they had cleared some the debts at a discount I would have felt somewhat more triumphant because I would have seen one or more debts disappear.

Hey ho - I know in my head we've done the right thing. We've kept our emergency fund and topped it up a bit, so I know we will be okay. Back to scratch for saving up for F&Fs then

Hi January,

Just cos it's the right thing and the best thing, doesn't make it the easiest thing. Defo an argument for picking off a small debt next to keep your spirits up, might not make the complete best financial sense, but sometimes there's more to life than absolute figures:eek:.

Well done for saving the dosh and reducing any debts:T

Saz

abby1234519

I've now emailed Debt Managers and said they need to confirm in writing that I won't be chased for the rest of the debt as per advise further up thread. Have said once they send me a letter including bank details that I'll pay via internet banking. Obviously I was writing as my husband so when I say I'll pay I mean my wife will pay. Or is it the other way round as I am said wife!

I've cancelled PayPlan but still waiting for creditors to respond to letters which I sent before Christmas.