DMP mutual support thread part 13 !!

Suseka97

Whatamidoinghere wrote: »

Hi all not been here for long time but just got a question two of my cc passed to PRA group anyone had any problems with them?

Of the few DCAs I had dealings with I'd have to say that PRA appear to be the most switched on and are actually very easy to deal with. As are Wescot, if you ever have dealing with them. PRA will have purchased your debt and Wescot just manage debts on behalf of the original creditor.

Louiseb1155

I am new here and have a few questions about a new DMP I am entering into.....i may be being totally silly here but how do I start a new thread I cant see it as an option anywhere 🤔 thank you

Willing2Learn

Louiseb1155 wrote: »

I am new here and have a few questions about a new DMP I am entering into.....i may be being totally silly here but how do I start a new thread I cant see it as an option anywhere �� thank you

Hi Louiseb1155 and welcome to the forum


Follow the instruction in the video linked below:

https://forums.moneysavingexpert.com/forumhelp.php

Edit: Just realised the video does not say how to start a thread . Hold on a sec and I'll post a pic.

Edit #2: Just open the main Debt-Free Wannabe board in your pc or laptop browser and then 'click' on the circled button

Cem13009879

Hello, I am currently in the process of setting up my own self managed DMP after being the stepchange since September. My balance is about £6000. My 3 main debts are £4440, £900 and £800. I’ve just been gift some money by a family member and having already paid the smaller debts of credit cards and few payday loans off and put some in to savings for a house in the future when my credit is better, I’m wondering what to do with the remaining balance, which is only about £2,000. My question is, should I just pay off the balances of 900/800, or be cheeky and offer final settlements? Obviously the final would be much much lower than they would like, but with my self managed I was only going to offer small amounts, as my reason for going SM was an increase in expenditure due to work/moving etc. Any advice would be much appreciated!

motivated

Morning all

Just received 2 letters regarding our BCs. They are being transferred over to PRA who we already have 2 debts with them and they have been amazingly supportive and given us no stress whatsoever. We have been paying tokens to them and are both defaulted.

Does this mean that PRA have now bought the debts as it doesn't actually say on the letters. They both say transferring.

Edit: I've just noticed that Suseka97 seems to have answered my question a few posts back. Thank you. Hopefully then PRA will be open to offers in time
M

Suseka97

motivated wrote: »

Morning all
Just received 2 letters regarding our BCs. They are being transferred over to PRA who we already have 2 debts with them and they have been amazingly supportive and given us no stress whatsoever. We have been paying tokens to them and are both defaulted.
Does this mean that PRA have now bought the debts as it doesn't actually say on the letters. They both say transferring.
Edit: I've just noticed that Suseka97 seems to have answered my question a few posts back. Thank you. Hopefully then PRA will be open to offers in time
M

Hi M,
You should get something from PRA in the not too distant future that formalises the arrangement and it should be headed something like 'Notice of Assignment' - this is a legal requirement as it advises you that they have purchased the debt along with all the associated rights and obligations.

The one other thing to note about 'debt purchasing' is that it is generally done in bulk and the 'purchaser' will likely only have paid pennies to the pound. I say this becuase it does make them more open to offers further down the line. I suspect their financial model is such that there is a certain threshold applied in relation to how much they'll discount debts, depending on a return on their investment, so to speak. That's also why you'll find them to be more customer friendly because its a very profitable business for them.

motivated

Suseka97 wrote: »

Hi M,
You should get something from PRA in the not too distant future that formalises the arrangement and it should be headed something like 'Notice of Assignment' - this is a legal requirement as it advises you that they have purchased the debt along with all the associated rights and obligations.

The one other thing to note about 'debt purchasing' is that it is generally done in bulk and the 'purchaser' will likely only have paid pennies to the pound. I say this becuase it does make them more open to offers further down the line. I suspect their financial model is such that there is a certain threshold applied in relation to how much they'll discount debts, depending on a return on their investment, so to speak. That's also why you'll find them to be more customer friendly because its a very profitable business for them.

Thanks Suseka.
No doubt a letter will be winging its way to us and some F&F offers could be in the pipeline along the way
M

ditty1234

Hi ALL, don't really go on here much as my DMP is now up and running and I am just trying to ignore it - as in paying up and focussing on other things.
The problem really is me and budgets, while I have been able to put away a few hundred so far for an EF I am scared for August and September when my income is extremely low, but it's also holiday time, and getting ready for new term - time. We are not going away and I feel quite mentally prepared - but just things like cooking and days out as in a bit of gas and possibly entrance or a cup of coffee even a couple of times is enough to tip the budget.
I don't think I had any real questions - but a fact to share is that my first cc with NW is now defaulted, so 4 to go. My credit score is as expected red hot, but in a year or two when my debt is smaller than my annual pay and the defaults slide down a bit I hope it will be slightly better.
I need to have the choice to move to a smaller rental accommodation in about 2 years when my (last) kid moves out(although his brother will probably move back in!
Also would it make sense to pause my (small) contribution to DMP in Aug and Sept and then increase it in October, or at least start paying again? Would this also help bring about the last defaults?

MovingForwards

andythe_cab wrote: »

I have just joined this forum,thank God I did as it's giving me a little bit of hope.Reckon I've got about 14 credit cards most defaulted from 2014 onwards(69k)I'm on a DMP with SC for about 4 years,I've only just realised that some may be unenforceable as they were opened before 2007.I've just requested CCA on 3 of them,all of them have been sold on but when the DCA sent me any letters I just burnt them as I was on DMP,Of course I now want to contact the holders of these debts to request CCA-Any advice?

Ask SC for a list of your creditors, the sed the creditors the CCA letter.

MovingForwards

Deleted_User wrote: »

Does anyone have any recommendations for the best savings accounts for when you are in a DMP? I'm trying to save some money for F&Fs so have been looking at interest rates but I imagine most of the accounts will do a credit check? If you are saving for F&Fs where do you keep the money? Thanks in advance.

Savings accounts don't credit check they ID check.

My savings accounts run between .25 - 1.50% interest.

Without knowing which financial institutions you owe money to its difficult to recommend savings accounts.

I run a dedicated current account for my debts, money builds up so I can do F&F offers.