Settlement offer with Payplan ..

Deep_In_Debt

somuchindebt wrote: »

How do you avoid answering the question where the money comes from?

I didn't enter in to any discussions with them and told them at the outset that I wouldn't be. Like I say, I put myself in control and told them what I would offer and I was prepared to negotiate as I'd given low offers in the first place.

another_casualty

Hope you had a great Christmas everyone .
Will ponder for a bit.
Cheers

Fireflyaway

Hope it works out good. I have £27,000 with pay plan that I'm paying slowly, but I'm too nervous to tell them anything . I have changed name, address, income etc but not told them as I am worried the creditors might up thier action. The savings I have are to buy a house and I don't want them to come after it. The reason is this debt was accrued prior to meeting my husband and I don't want my past mistakes to mean my husband and child have to suffer. Others suggested asking for copies of the credit agreements as without it the debt might be unenforceable but I have wimped out. I'm too worried it will restart collection activity. You seem in control. let us know the outcome. Good luck.

sourcrates

Fireflyaway wrote: »

Others suggested asking for copies of the credit agreements as without it the debt might be unenforceable but I have wimped out. I'm too worried it will restart collection activity. You seem in control. let us know the outcome. Good luck.

Asking for information under sec 77/79 CCA 1974 is a right guaranteed to you under the terms of that act, for as long as a balance remains on your account.

Making a request for information under the above sections of the act will not restart collection activity, it will not start raining frogs either, the sky will not fall in around you, nor will the seas rise and engulf the land, as you are already paying the account, nothing will happen.

If you want to make a CCA request, do so, here, using this template letter :

https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx

somuchindebt

Fireflyaway, I understand you're keeping your head low.
I am with Step Change. I sold my house, paid a rent on a house for a year upfront and paid car finance off. I have bought new car. (old one gave to my ex as part of money settlement). I have money left to offer full and final settlements to my creditors, but I am not ready yet. I am on maternity leave, just separated from my husband, not sure if it's permanent or not. Of course, would like to have some money left not only for emergency fund but also would like to save money for a deposit to buy a house one day. Last default was only just under two years ago, so still have loads of time. But I think I have got to tell my creditors about change of the address, as if they send me correspondence, say taking me to court, or something, I wouldn't know. Unless of course I wanted to redirect my mail for years. I hope they won't start questioning that I sold my house and go for me... Difficult one. I told Step Change about change of address at the moment and will have to start contacting the creditors in the New Year...

another_casualty

Fireflyaway wrote: »

Hope it works out good. I have £27,000 with pay plan that I'm paying slowly, but I'm too nervous to tell them anything . I have changed name, address, income etc but not told them as I am worried the creditors might up thier action. The savings I have are to buy a house and I don't want them to come after it. The reason is this debt was accrued prior to meeting my husband and I don't want my past mistakes to mean my husband and child have to suffer. Others suggested asking for copies of the credit agreements as without it the debt might be unenforceable but I have wimped out. I'm too worried it will restart collection activity. You seem in control. let us know the outcome. Good luck.

Thanks firefly .

The only people who know my change of address, are Vodafone .
They have always been my mobile provider. When I moved, they seemed to be the best value broadband.
I may as well tell nationwide ( my bank accts with them ).

I'll tell Payplan , when my annual review is due . (Jan/Feb).
As sourcrates says, the wolves won't attack me as soon as I open the front door.
It seems that , so long as I'm still making the regular payments determined by Payplan then nothing will happen.

I wouldn't say I'm that much in control tho'.
When I phoned up Payplan to make an offer, I told them a white lie about how I got a large sum to make an offer.
When I wrote letters to creditors ( something that could've waited in hindsight ), I told them the truth.
Because I have cash to settle after selling my flat,I panicked as I don't want to go through it while I have time off recuperating after my illness/ upheaval.Plus , I have to make sure I have enough cash to buy a flat in my desired location.
I think in your situation, if you stick with Payplan , and you tell the truth, they will adjust the amount you pay when they give you your annual review.It wouldn't be by that much though by the sound of it.
Someone else on here could advise ?
Wishing you good luck also

Fireflyaway

Maybe morally I'm wrong but given the choice of a 'normal' life for my husband and child or increasing my payments / being told to hand over the money from the sale of my flat its obvious what I'd chose. If I give a true income and expenditure I doubt they will allow me to keep saving, they will want me to increase my payments. I have my mail redirected.....

abby1234519

Fireflyaway wrote: »

Maybe morally I'm wrong but given the choice of a 'normal' life for my husband and child or increasing my payments / being told to hand over the money from the sale of my flat its obvious what I'd chose. If I give a true income and expenditure I doubt they will allow me to keep saving, they will want me to increase my payments. I have my mail redirected.....

Theres no need for ANY sense of paranoia. Since starting DHs DMP, I've had a wage increase by 2k, OH went from being a student to being a student and a night worker (so increase of 11k)

I haven't changed the budget with our DMP provider because I'm building emergency savings and putting a larger amount towards my personal debt (the idea being I can clear that then concentrate on DMP)

There are no consequences, if for some silly reasons your DMP provider found out you'd sold your flat they can't force you to do anything about it. As for the mail redirection thing, creditors don't really care. It won't make a difference, and you can't redirect your mail for ever anyway. If they wanted to know where you lived they'd check your credit file and that would tell them where you lived.

another_casualty

Interesting stuff here .
I was under the impression that , once the creditors know you have excess cash ,they are allowed to snatch it from you .
I've learned a lot on mse . Conflicting advise at times .

Something keeps cropping up at the back of my mind :
There is a feature on payplan where you can make additional contributions
whenever you have spare funds. I did think of just putting in additional bits here and there ,and forget about the settlement offer altogether .

It'll be interesting to see what payplan say when I tell them I have No job etc.
TBH , I'm too worn out to care at the moment .

abby1234519

another_casualty wrote: »

Interesting stuff here .
I was under the impression that , once the creditors know you have excess cash ,they are allowed to snatch it from you .
I've learned a lot on mse . Conflicting advise at times .

Something keeps cropping up at the back of my mind :
There is a feature on payplan where you can make additional contributions
whenever you have spare funds. I did think of just putting in additional bits here and there ,and forget about the settlement offer altogether .

It'll be interesting to see what payplan say when I tell them I have No job etc.
TBH , I'm too worn out to care at the moment .

Of course they can't. They CAN request more money on the whole, well morally you borrowed it and now maybe you can afford to pay it back issue. They could take you to court if you have a large debt but that doesn't happen that often. And when that happened to me I just used the lump sum to pay the debt so I didn't get a CCJ and then continued as is with the rest of them. I saw it as an inconvenience as I didn't want to settle the debt that soon

What I am currently doing with OHs DMP is self managing it, i.e. left provider. I'm grateful that they set it up and now it's really easy for me to take over it. It's also easy for me to settle each debt one at a time. He owes 12k but hoping to settle for 6k overall - but settling one at a time. My DMP provider wouldn't let me do that