DMP Mutual Support Thread - Part 12

moneyangel22

moneyangel22 wrote: »

Also I have another question about one of my credit cards...they took me to court in 2013 and obtained a charging order against my house. If I CCA them is it likely to be enforceable then even if they cannot provide the agreements anymore?

Thanks

are they likely to accept a F&F? and if so would they remove the order against the house in full?

MK-4

Finally got all direct debits set into the new bank account. Now starting to create the 'hold action' letter to email to all my creditors, but do I need to include my budget (SOA / I&E) at the first contact?

January2015

MK-4 wrote: »

Finally got all direct debits set into the new bank account. Now starting to create the 'hold action' letter to email to all my creditors, but do I need to include my budget (SOA / I&E) at the first contact?

If you have your I&E ready, then I would send it. If not, don't stress too much, just get those holding letters off.

Basically, the more information you send to creditors to support your plans for DMP the more likely they are to accept your plans. That's my theory anyway :cool: Unless there's information in your I&E you don't want them to see yet, then why wouldn't you send it?

MK-4

January2015 wrote: »

If you have your I&E ready, then I would send it. If not, don't stress too much, just get those holding letters off.

Basically, the more information you send to creditors to support your plans for DMP the more likely they are to accept your plans. That's my theory anyway :cool: Unless there's information in your I&E you don't want them to see yet, then why wouldn't you send it?

Thanks January,
I am still trying to finish my budget based on SC and want to make sure that everything is covered. So not keen to send it out only part done then have to revise it later.
Possibly get the email sent, followed up by a letter with the I&E / budget?

System

Well finally heard back from Newday today. I had offered to settle at 50% now we are starting self managed. This is the smallest debt we have (only £260) and the only one never sold on or defaulted.
They have refused my offer but said they would settle at 75% (£195) and that they would then update my credit file as showing a default for the remaining £65!! Decided this is not a good option as all our other defaults are going to be falling off in 3 to 4 years so don't want to start another one now.
Going to try and settle in full in the next couple of months from the F&F fund that we are now saving. Can't see the point in starting another default now, just to save £65.
Hey ho, some you lose and some you win. Will see how we get on with some of the others in the future.:)

[Deleted User]

ploppy57 wrote: »

Well finally heard back from Newday today. I had offered to settle at 50% now we are starting self managed. This is the smallest debt we have (only £260) and the only one never sold on or defaulted.
They have refused my offer but said they would settle at 75% (£195) and that they would then update my credit file as showing a default for the remaining £65!! Decided this is not a good option as all our other defaults are going to be falling off in 3 to 4 years so don't want to start another one now.
Going to try and settle in full in the next couple of months from the F&F fund that we are now saving. Can't see the point in starting another default now, just to save £65.
Hey ho, some you lose and some you win. Will see how we get on with some of the others in the future.:)

Sorry to hear Newday were less than helpful. I'm not surprised though as I had no luck with them either:mad:. Like you my smallest debt was with them but I wasn't in a position to offer a settlement when I contacted them. I just wanted them to default my account in line with all my others which were defaulted in 2013.


The person I spoke to on the phone was charming and very understanding but said their policy was not to default:mad:. No success trying to persuade her so I just let it go.


As your debt with them is very small and you are not going to benefit from early settlement why don't you just pay Newday at the agreed rate and let paying it off take it's full course? That way you can keep the lump sum you plan to use to clear the debt and use it towards a payment to another creditor who might be more amenable to a F&F. settlement.

System

carbootcrazy wrote: »

Sorry to hear Newday were less than helpful. I'm not surprised though as I had no luck with them either:mad:. Like you my smallest debt was with them but I wasn't in a position to offer a settlement when I contacted them. I just wanted them to default my account in line with all my others which were defaulted in 2013.


The person I spoke to on the phone was charming and very understanding but said their policy was not to default:mad:. No success trying to persuade her so I just let it go.


As your debt with them is very small and you are not going to benefit from early settlement why don't you just pay Newday at the agreed rate and let paying it off take it's full course? That way you can keep the lump sum you plan to use to clear the debt and use it towards a payment to another creditor who might be more amenable to a F&F. settlement.

I am just worried that as I have now dropped of from £5 to £1 and they will now realise that means 260 months to clear it.....lol......and they may default it anyway and just don't want a default at this late stage. Still deciding which way to do it really

January2015

ploppy57 wrote: »

I am just worried that as I have now dropped of from £5 to £1 and they will now realise that means 260 months to clear it.....lol......and they may default it anyway and just don't want a default at this late stage. Still deciding which way to do it really

I'm confused - what difference will a default make now? I would have thought it would be preferable.

If you are only paying £1 you will have AP markers or similar. They will stay on your credit files until the debt is paid, possible 260 months PLUS 6 years. If you have a default it will disappear in 6 years.

Am I misunderstanding you Ploppy :huh:

System

January2015 wrote: »

I'm confused - what difference will a default make now? I would have thought it would be preferable.

If you are only paying £1 you will have AP markers or similar. They will stay on your credit files until the debt is paid, possible 260 months PLUS 6 years. If you have a default it will disappear in 6 years.

Am I misunderstanding you Ploppy :huh:

This is the only debt not to be already defaulted. The others all defaulted in 2015/16, so they will all be dropped off by 2022. Where as if this defaults now it will show until 2024

January2015

ploppy57 wrote: »

This is the only debt not to be already defaulted. The others all defaulted in 2015/16, so they will all be dropped off by 2022. Where as if this defaults now it will show until 2024

I understand that if it defaults now it will show until 2024, but if it doesn't default now and stays with poor AP markers, even once paid it will show as a poorly managed account (AP marker) for another 27 years :eek::eek: (27 years is 260 months which is when you are forecasting your token payments to finish PLUS the 6 years after debt paid off that your credit file will hold this record.)

Default now and it will be dropped off by 2024. Better to default now (or soonish) than to leave the status quo