DMP Mutual Support Thread - Part 12

Sazzie23

January2015 wrote: »

Hi everyone :wave:

Now the t's are crossed and the i's are dotted I can shout from the rooftops that we've settled one of our debts with an F&F of 10% of the balance. It was an unenforceable account - but we are happy this puts it to bed once and for all. We saved approx £10k on this (I'd already reduced the balance owing on my signature because this has been in the pipeline for a couple of months).

Here's hoping the next lot of F&Fs are successful.

Happy days

And that's how you do it :T:j:T:beer:

Very, very well done, don't forget it was your hard work, saving the 10%, sorting the unenforceablity, negotiating the F&f that achieved this. Your efforts are paying off (literally:o). :T

January2015

Sazzie23 wrote: »

And that's how you do it :T:j:T:beer:

Very, very well done, don't forget it was your hard work, saving the 10%, sorting the unenforceablity, negotiating the F&f that achieved this. Your efforts are paying off (literally:o). :T

Thank you Sazzie - but just to clarify I didn't save 10%, I saved 90% :j:j

We only paid 10% of the total outstanding :T

Edit: Sazzie, I just read your post again and think you meant my hard work saving up the 10% to pay off.....sorry I originally misunderstood

January2015

Twins wrote: »

Oh how wonderful! Congrats, that must be such a weight lifted.

Please can I ask how you arranged this and how did they accept 10% as I thought 30%-50% was a good starting point? I'd love some tip and pointers as I'm going to try offering some F&F payments soon so I'd appreciate any help.

Thank you and congrats again :beer:

sourcrates wrote: »

I believe the debt was unenforceable due to a lack of paperwork on the creditors part.

Hence why they bit her hand off at 10%.

As 10% is better than nothing !!

Sourcrates is correct. Although they supplied what looked to me to be enforceable documents - had our signature on, had T&C's etc. etc. we took advice - the outcome of which was that this agreement was definitely uneforceable. We could have not paid anything and argued our case. We could potentially have incurred court costs (which we would most likely have got back when we won....because win we would). However, unenforceable does not mean we do not owe the money and therefore this debt could potentially have been passed from DCA to DCA in the hope that one day someone would get some money. We didn't want that hassle and by settling at 10% of the outstanding balance the account is now marked as partially settled on our credit report....and that is that....no-one can chase us for it (and we have confirmation of this in writing as well).

Sazzie23

January2015 wrote: »

Thank you Sazzie - but just to clarify I didn't save 10%, I saved 90% :j:j

We only paid 10% of the total outstanding :T

Edit: Sazzie, I just read your post again and think you meant my hard work saving up the 10% to pay off.....sorry I originally misunderstood

Exactly right, remember pre-DMP,days when saving 1% of the total would have seemed impossible ???

motivated

:j Our first Stepchange payment has gone out today :j

This is the very first step for us on our DMP and I actually feel good about it.

Thank you to all who advised me not to panic, that it will be fine, advised us what to do and helped answer my many questions. You were all spot on. :A I know we have a long way to go but I can actually see that we are on our way to debt freedom.

Anyone who has debt that is causing them stress and are sat there worrying about debt and thinking about contacting SC, dont hesitate. They have been absolutely fantastic for us and it has been so quick and easy to set up.

Im actually happy about the whole situation now. How weird, but true.
M

[Deleted User]

I'm so happy for you, motivated. I'm sure all who've read your earlier posts will be feeling the same:j:beer:


Those first few steps are definitely the worst, alongside the seemingly endless wait (although it isn't really) for that first payment to go out when it's all systems go. You've done it so just relax and savour the moment:beer:


There might be minor hiccups along the way, there are for most of us at some time or other, but you know that we are all here to help one another on our journeys to debt-freedom. Anything that bothers you please just ask:beer:

[Deleted User]

Just been to buy 3 Postal Orders to CCA some of my debts with and I was gobsmacked that the charge for each was a hefty 50p on top of the £1 value:eek:. Extortionate:mad:

sourcrates

carbootcrazy wrote: »

Just been to buy 3 Postal Orders to CCA some of my debts with and I was gobsmacked that the charge for each was a hefty 50p on top of the £1 value:eek:. Extortionate:mad:

But a small price to pay if your debt is unenforceable crazy !!

[Deleted User]

sourcrates wrote: »

But a small price to pay if your debt is unenforceable crazy !!

You're right as always, sourcrates:T

motivated

Thankyou carbootcrazy

The relief is lovely. A huge weight lifted off of us and now we feel ready to tackle any little hiccups along the way
M