Help with DMP (PRA Group)

dacdesigns

Hi all,

I have been paying a DMP with stepchange for over a year now. I owe money:

NatWest Loan: £2,680
NatWest CC: £3,993
NatWest OD: £415
Barclaycard (Now PRA): £3,587

I was thinking of offering F&F with some money from a family member but I am worried PRA group wouldn't play ball with only just buying the debt however I keep seing posts on the net with PRA Group popping up and something about 3 letters. Can anyone give me advice on the 3 letters and is it something I can do?

I have had a call from PRA to confirm who I am and the amounts I'm paying. They have said the payments will stay the same with interest held but will do a review in 6 months. They have sent one or two letters just stating they are taking over the debt.

If I was to offer F&F on the above amounts, where should I be aiming for?

Many thanks in advance!

dacdesigns

Also, Do I have to offer a percentage to each and every debt? including all the amounts owed and offers made within the letter and will this be something StepChange will want to deal with it or do I do it myself?

Many thanks

sourcrates

The three letter trick is a fairytale, it relies 100% on the debts owner not been able to prove you owe the money, for example, by not been able to producie a valid credit agreement.

The same result can be achieved by sending either the "provit" letter, available from the stickies at the top of this forum, or a valid CCA request, to the creditor.

Most newish debts, that were taken out online, don't require written proof, just a reconstituted screenshot of your agreement is sufficient to prove liability.

Different matter with older debts, say from before April 2007, different rules may apply to these accounts.

If you are thinking of settling your accounts, do it yourself, don't involve any 3rd parties, you basically want to get each account settled for the least amount of money, for that reason, start low, you can always increase your offer, do everything in writing, so you create a paper trail, National Debtline has a very good template letter for this purpose, available from there website.

glentoran99

PRA are actually pretty good at accepting lower offers


start at 10% and go from there

dacdesigns

sourcrates wrote: »

The three letter trick is a fairytale, it relies 100% on the debts owner not been able to prove you owe the money, for example, by not been able to producie a valid credit agreement.

The same result can be achieved by sending either the "provit" letter, available from the stickies at the top of this forum, or a valid CCA request, to the creditor.

Most newish debts, that were taken out online, don't require written proof, just a reconstituted screenshot of your agreement is sufficient to prove liability.

Different matter with older debts, say from before April 2007, different rules may apply to these accounts.

If you are thinking of settling your accounts, do it yourself, don't involve any 3rd parties, you basically want to get each account settled for the least amount of money, for that reason, start low, you can always increase your offer, do everything in writing, so you create a paper trail, National Debtline has a very good template letter for this purpose, available from there website.

Hi,

Thank you very much for your reply. I have looked a little more into the 3 letters and this shouldn't help me at all with my debts being from with the last 5 years.

I think I might look at making offers direct and see where I get, I wouldn't be able to offer much but worth a try. If atleast one gets accepted I will be very happy! Would I be able to carry on with the DMP if one is accepted and paid in full? also would you add all the debts and offers in the letter and send it to each creditor?

Many thanks

glentoran99

dacdesigns wrote: »

Hi,

Thank you very much for your reply. I have looked a little more into the 3 letters and this shouldn't help me at all with my debts being from with the last 5 years.

I think I might look at making offers direct and see where I get, I wouldn't be able to offer much but worth a try. If atleast one gets offered I will be very happy! Would I be able to carry on with the DMP if one is accepted and paid in full?

Many thanks

Yes you can

dacdesigns

glentoran99 wrote: »

PRA are actually pretty good at accepting lower offers


start at 10% and go from there

Thank you I will start at 10%

glentoran99

dacdesigns wrote: »

Thank you I will start at 10%

I settled 3, one settled for 25% one for 70% and one I think was 75%


The one that settled of the lowest was the one that was getting the least amount on the DMP

dacdesigns

Just to add I currently pay £130 pm to StepChange for the above debts and have paid 2k so far. Would it help lowering the amount to StepChange first?

HaydenB

By coincidence I have just spoken to PRA given that Barclaycard have also just passed my debt onto them. I am working through all my creditors trying to get partial F&F settlements.

They first of all offered me 10% but managed to get them down to 25%. It is still more than what I was wanting to pay and it means I may now struggle to settle my other debts but am still grateful.

I simply said I was ringing up to try arrange a full and final settlement and took it from there.

dacdesigns

HaydenB wrote: »

By coincidence I have just spoken to PRA given that Barclaycard have also just passed my debt onto them. I am working through all my creditors trying to get partial F&F settlements.

They first of all offered me 10% but managed to get them down to 25%. It is still more than what I was wanting to pay and it means I may now struggle to settle my other debts but am still grateful.

I simply said I was ringing up to try arrange a full and final settlement and took it from there.

Is that 25% OFF the total amount or you just paid 25% in total?

Reads to me as 25% off the total, I was hoping for the other way around lol