DMP Mutual Support Thread - Part 12

jwil

ploppy57 wrote: »

Should I just use the F&F template letter as it is? Or is it best to modify it with any mention of it now being UE?

They refused my 10% offer with an UE debt (I didn't mention it, but they had said it was UE). On my second offer of 30% I did remind them that it was UE and they then accepted it. I was just glad to clear one. I hope you succeed with 10%!

jwil

Get_Lippie wrote: »

I've been reading this thread for a few weeks now, and I REALLY wish I'd found it before I started my DMP with Stepchange ...

Anyhoo:
Debt amount is £29k, and the monthly repayments were nearly £1,500 a month. Stepchange I&E shows I can afford around £750 a month to pay back (most of my debts are very, very old - £7k on a Debenhams card from the mid-nineties, £6k on an old Egg [now Barclay-] card etc), and the repayment amount isn't an unreasonable amount for my salary. Some of my debts haven't defaulted, but most have. Lloyds, with whom I had a loan, a credit card and a £4.5k overdraft, have rejected all StepChange's payment offers. Most of my other offers have been accepted, and even Newday (who I believe can be awkward) has agreed to freeze interest.

My first payment to Stepchange went through this week, and whilst I was checking my old bank accounts, prior to closing them, I realised that a PPI claim I made with Lloyds in January has paid out unexpectedly, and the amount paid is nearly half the total amount I owe! Total surprise as it was for PPI I'd previously been told wasn't mis-sold.

Naturally, I've now been googling about settling a DMP early, and it seems from doing that, that the best time to make full and final settlement offers is after you've been in the DMP for six months, as they'll be more likely to accept lower offers for settlement at that point. Stepchange estimate I can be debt-free in three years with my present payment amount, but obviously, I'd like to be debt-free as soon as possible under the circumstances.

What's the best way to deal with the unexpected PPI payout? I have, of course, transferred the funds to a different bank, mainly to use as an emergency fund, but would I be okay to hold onto it until I've made six months worth of payments via Stepchange and make F&F offers to all my debtors then? Or should I pay some of the debts off in full, now? any advice much appreciated. I was suicidal and considering bankruptcy or an IVA just a couple of months ago (and full-on insolvency would have ended my career as a result), and just getting the DMP started has helped enormously.

Congratulations on the PPI! I'd CCA all your accounts to find out if any are unenforceable before you do anything else.

System

jwil wrote: »

They refused my 10% offer with an UE debt (I didn't mention it, but they had said it was UE). On my second offer of 30% I did remind them that it was UE and they then accepted it. I was just glad to clear one. I hope you succeed with 10%!

Thanks. I didn't mention it being UE. If they refuse I will play the waiting game for a bit and see what happens with the other 2 CCA requests we have sent to them. Not prepared to go to 30% this early on.....they will soon realise that even if I went back to paying £1 it's going to take 24 years to pay off...lol. At the moment they have put the account on hold so not making any payments at the moment, so the ball is in there court. .....I am surprised at my attitude these days, 3 years ago when we first started the DMP I would have been terrified of not paying!

System

Well, just got home to the post and found another letter from PR* regarding another of the CCA requests. This one they have sent some scanned copies of documents containing my signature and several pages of T&C's but they say they are still awaiting further documents and currently deem this as UE.:T

Not sure what other documents they would be looking for. I know there was a mention on here before about certain T&C's so maybe that is it. Although they have sent pages of T&C's, there is obviously something missing to make it enforceable.....:rotfl:

The total debt on this one is £772, so I will wait and see what happens. Probably not a good idea to offer a F&F on this one just yet, would you think?

Get_Lippie

jwil wrote: »

Congratulations on the PPI! I'd CCA all your accounts to find out if any are unenforceable before you do anything else.

Thanks, I will do this. I think the Debenhams and Egg debts might fall into this. Hope so, anyway!

[Deleted User]

Get_Lippie wrote: »

I've been reading this thread for a few weeks now, and I REALLY wish I'd found it before I started my DMP with Stepchange ...

Anyhoo:
Debt amount is £29k, and the monthly repayments were nearly £1,500 a month. Stepchange I&E shows I can afford around £750 a month to pay back (most of my debts are very, very old - £7k on a Debenhams card from the mid-nineties, £6k on an old Egg [now Barclay-] card etc), and the repayment amount isn't an unreasonable amount for my salary. Some of my debts haven't defaulted, but most have. Lloyds, with whom I had a loan, a credit card and a £4.5k overdraft, have rejected all StepChange's payment offers. Most of my other offers have been accepted, and even Newday (who I believe can be awkward) has agreed to freeze interest.

My first payment to Stepchange went through this week, and whilst I was checking my old bank accounts, prior to closing them, I realised that a PPI claim I made with Lloyds in January has paid out unexpectedly, and the amount paid is nearly half the total amount I owe! Total surprise as it was for PPI I'd previously been told wasn't mis-sold.

Naturally, I've now been googling about settling a DMP early, and it seems from doing that, that the best time to make full and final settlement offers is after you've been in the DMP for six months, as they'll be more likely to accept lower offers for settlement at that point. Stepchange estimate I can be debt-free in three years with my present payment amount, but obviously, I'd like to be debt-free as soon as possible under the circumstances.

What's the best way to deal with the unexpected PPI payout? I have, of course, transferred the funds to a different bank, mainly to use as an emergency fund, but would I be okay to hold onto it until I've made six months worth of payments via Stepchange and make F&F offers to all my debtors then? Or should I pay some of the debts off in full, now? any advice much appreciated. I was suicidal and considering bankruptcy or an IVA just a couple of months ago (and full-on insolvency would have ended my career as a result), and just getting the DMP started has helped enormously.

Welcome to the thread:beer:

I'm very interested in the Lloyds situation and the fact that they paid your PPI claim directly to you:j. I have a potential PPI claim also with Lloyds for an old loan but as I still owe Lloyds money on an old credit card debt (my biggest outstanding debt:eek:). I have been delaying submitting the PPI claim in case they kept any money awarded and used it as payment towards the debt:eek:. I maybe being over-cautious as the PPI was for a loan with Lloyds bank and the debt is for a credit card but I was too scared to risk it:o.


Lloyds are probably rejecting your repayment plan because they are obviously aware of the PPI repayment amount (they were the ones who paid it to you after all) and know you have a lot more money available now than when you submitted your repayment proposal. I can't see a way round that one. Sorry. Equally, a low F&F offer would probably be rejected by them at this stage for the same reason.


I also second jwil's advice to CCA all your debts asap. If the Lloyds ones are UE you don't need to worry about them not accepting your repayment offers;). Old debts are always worth a try and you may end up with a lot of yours being UE:j. At the very worst collection of payments will be on hold until they provide the requested paperwork. Even newer debts can be UE too so go for it! At this stage, don't even consider paying any creditors off in full. Get the CCA documents first.

Good luck:beer:

Get_Lippie

carbootcrazy wrote: »

Welcome to the thread:beer:

I'm very interested in the Lloyds situation and the fact that they paid your PPI claim directly to you:j. I have a potential PPI claim also with Lloyds for an old loan but as I still owe Lloyds money on an old credit card debt (my biggest outstanding debt:eek:). I have been delaying submitting the PPI claim in case they kept any money awarded and used it as payment towards the debt:eek:. I maybe being over-cautious as the PPI was for a loan with Lloyds bank and the debt is for a credit card but I was too scared to risk it:o.

I wasn’t expecting it at ALL! And I did the application before I started the DMP process, so didnt actually give anything any thought to offsetting whatsoever, tbh. It was back when I was deep in the fog. But they have to keep the applications process completely separate from your banking with them, I believe? They paid it directly into another account I have with them so it didn’t offset my overdraft - not sure what would have happened if that account wasn’t there. I’m still awaiting the award letter. I’m still waiting to hear from the other claims I made at the same time, too.

The amount they’ve paid me is actually more than I owe them in total, but I need to pay off the older, more pressing, debts first, I think.

Akelly

Asking for some advice please.

At the moment I'm in about 24000 debt.

I'm currently owing loads to payday loans and in disputes with then via resolver. Hopefully be getting interest paid back.

I'm considering going into a DMP. What worries me if the fact it effect my credit score and hopefully in a few years time I wanted to buy a car on finance. This is what's stopping me. Right now I'm paying out more than what I have in.

I don't want my partner to know which I understand is confusing for some but I can't bare to tell him plus he's very ill.

I'm terrified by court action and constantly harassment from the companies. Could anyone help me xx

January2015

Akelly wrote: »

Asking for some advice please.

At the moment I'm in about 24000 debt.

I'm currently owing loads to payday loans and in disputes with then via resolver. Hopefully be getting interest paid back.

I'm considering going into a DMP. What worries me if the fact it effect my credit score and hopefully in a few years time I wanted to buy a car on finance. This is what's stopping me. Right now I'm paying out more than what I have in.

I don't want my partner to know which I understand is confusing for some but I can't bare to tell him plus he's very ill.

I'm terrified by court action and constantly harassment from the companies. Could anyone help me xx

Complete the debt remedy tool on Stepchange and see what options it gives you for dealing with your debts.

Please forget about buying a car on finance in the future. You can't deal with your existing debts, why on earth would you plan more for the future :eek:

Seriously if you sort your debts out now, e.g. through some sort of debt management plan, then you will be able to save for a car. It may not be an all singing, all dancing, brand new, or fairly new, car - but you won't be in debt for it.

You will need to change you mindset from 'wants' to 'needs'. At the moment you 'want' a car on finance in the future. Seriously think about what you need and what you can actually afford.

Sorry if this sounds like a post putting you down - it isn't at all. We have all been where you are and we have all had those 'wants'... 'get it on finance'..... it's just that we've all finally (and I do mean finally) reached the point where we realise our debt is unmanageable and it doesn't matter what happens to the credit scores, we just need help and we also realise we have to manage to live within our income and nothing else.

EmergencyNurse

Akelly wrote: »

Asking for some advice please.

At the moment I'm in about 24000 debt.

I'm currently owing loads to payday loans and in disputes with then via resolver. Hopefully be getting interest paid back.

I'm considering going into a DMP. What worries me if the fact it effect my credit score and hopefully in a few years time I wanted to buy a car on finance. This is what's stopping me. Right now I'm paying out more than what I have in.

I don't want my partner to know which I understand is confusing for some but I can't bare to tell him plus he's very ill.

I'm terrified by court action and constantly harassment from the companies. Could anyone help me xx

Hi, I'm just starting out with a DMP. I'm so glad I actually found out about DMPs. It's a massive relief to know that I can actually live normally AND pay off my debts. I used to subscribe to Ex****n and religiously check my credit score which was actually a pointless exercise. I already knew i couldn't afford to take on more debt regardless of the score.

Although its very early days for me, I would recommend a DMP, after decades of struggling, I can see the light at the end of the tunnel.