DMP mutual support thread part 13 !!

sunshinevicky

Hi all... me again! Sorry!
so having sent off all my letters to creditors advising I’m in financial difficulty and stopping payments whilst I seek advice (I’m going SM DMP but building EF first) I have heard back from most although Very and Littlewoods have just sent emails saying to call them... should I call them? Write again or just ignore? The others have either written to say 30 day freeze but complete I&E which I will send to them in next few months when I’m ready to start making a payment.
thanks in advance xx

sunshinevicky

Ohhh another thing.... 4 of my accounts are over 10 years old ... after reading through these threads I’m wondering if I should send in a CCA request for these now or should I do this once I’m starting payments? 

sourcrates

No time like now vicky.

vicki84

Would it be worth asking for CCAs if the accounts are 5/6 years old or is this to early?

Thanks

Dandytf

Moved to correct thread.

When does less savings=Final SC year.

I find myself yet again contemplating increasing SC dmp payments from115 up to 165.
This could make it my final full year when June 21 arrives, if not then Nov' 21.
I'de be 'giving up' years 2+3 help2 save -with a very small sum held in an existing low rate savers account.
freeing up 50 pounds per month to add to SC dmp,
The alternative would be to continue saving for an additional 'bonus' of 175 on top of 1200. (24*50)
What do mser's think the correct path is.
T.hank in advance.

pc007

Hi all, I am after a bit of advice please.
I have been in a DMP with Payplan for the last 13 years and have not entered the last 12 months and I have been offered a lump sum to clear off the balance.
Speaking to Payplan we can approach the creditors directly or Payplans settlement team can work on my behalf.
All the debts are with Link Financial/Cabot/Wescot/Paragon and defaulted at least 10 years ago so have not been on my credit report for at least the last 4 years.
I am tempted to speak to the creditors to see if they would settle for a little less the the full outstanding balance, although I am sure they wont offer much of a discount as its quite close to the end.
I have read that if I get a full and final settlement then your credit file can be marked a partially settled but only if the debt still shows on your credit file, is this correct.?
If I am able to negotiate a slightly smaller settlement figure will this show up on my credit file as partially settled.?
Am I best just paying the full outstanding balance and just putting the whole thing behind me.?
Thanks in advance.

deano1506

pc007 said:

Hi all, I am after a bit of advice please.
I have been in a DMP with Payplan for the last 13 years and have not entered the last 12 months and I have been offered a lump sum to clear off the balance.
Speaking to Payplan we can approach the creditors directly or Payplans settlement team can work on my behalf.
All the debts are with Link Financial/Cabot/Wescot/Paragon and defaulted at least 10 years ago so have not been on my credit report for at least the last 4 years.
I am tempted to speak to the creditors to see if they would settle for a little less the the full outstanding balance, although I am sure they wont offer much of a discount as its quite close to the end.
I have read that if I get a full and final settlement then your credit file can be marked a partially settled but only if the debt still shows on your credit file, is this correct.?
If I am able to negotiate a slightly smaller settlement figure will this show up on my credit file as partially settled.?
Am I best just paying the full outstanding balance and just putting the whole thing behind me.?
Thanks in advance.

you could - stop paying Payplan and self manage your DMP, and then request CCA agreements from the creditors - if they cannot provide you with a valid CCA then the debt will be unenforceable in a court of law, and you simply do not have to pay or they will come to you with decent discounts if you really wanted to settle. I got down to my last 5k after being with payplan since 2013 paying off a total of 46k. I stumbled across this method  in february and sent off the CCA requests - I had one back from MBNA / Link which was valid and i settled for 70% of the debt - the others have not been able to provide the CCA agreements (covid19 probably isn't helping) but at this point in time I am not paying a penny and what i would've been paying  I am saving in order to pay any settlements as they arise. All my debts were defaulted and have dropped off my record, and they cannot reignite or default you again. They in thoery could take you to court but not if they haven't complied with your CCA request. There is lots of advice on here about how to do this, and i was really scared at first but the truth is a lot of these debts have been purchased by the debt companies at a fraction of the debt value so they will all eventually accept a lowish offer - especially when you stop paying.  and ignoring their pleas for payment. Good luck anyway :-)

natlie

Hi 

Recieved a letter from Barclaycard today the main points were
They are closing my account and my card has been cancelled
no interest or charges will be applied 
A request to call them by August 21st or a default will be applied (which will apply from this month not Aug)

Assume thats all straightforward? 
So Barclaycard, Tesco and MBNA have all defaulted me straight away with no missed payments
Virgin didn't go into any detail just recognised that I was getting help
First Direct have accepted lower payments 
Monzo are working with me to pay off overdraft 
Paypal - nothing 

Nat

pc007

Thanks for the info Deano, I know this sounds a bit lazy for the sake of a letter and stamp but to be honest I just want to be free of the whole problem and chasing CCA agreements will just prolong the agony. 

My main concern was I did not want to possibly cause myself more problems later on by negotiating a smaller settlement which would flag on my credit file and which then gives me limited options when i apply for credit  i.e. re-mortgage.

If there is any risk then I would probably pay of the debt so I can move forward. 

Suseka97

pc007 said:

Thanks for the info Deano, I know this sounds a bit lazy for the sake of a letter and stamp but to be honest I just want to be free of the whole problem and chasing CCA agreements will just prolong the agony. 

My main concern was I did not want to possibly cause myself more problems later on by negotiating a smaller settlement which would flag on my credit file and which then gives me limited options when i apply for credit  i.e. re-mortgage.

If there is any risk then I would probably pay of the debt so I can move forward. 

Okay, to answer the part that concerns you the most and that is it doesn't matter what amount you settle on, as far as your credit report will show.  If the accounts were defaulted all those years ago and have since dropped off your file, then nothing shows whether you've settled partially or fully.  In fact those partials and full settlements are irrelevant when it comes to a default.

But to go back to the advice from deono1506 - I'm a little bemused that after all this time, and - as you say, for the sake of a postage stamp, you seem reluctant to increase your odds of getting decent settlements.  If I were a DCA I'd be rubbing my hands right now.  Please take note that they will have purchased your debts for pennies, literally pennies to the pound and having paid all that money over 13 years you will have move than paid your dues to them.   What the CCA process does is to give you leverage when it comes to F&Fs.  If they cannot provide the paperwork, then whilst you can walk away from those debts many don't and instead it puts the ball squarely in your court.  It can take more than 6 months to satisfy, or not, the CCA request and in that time you just stop paying and end your DMP with Payplan.  That's as simple as a phone call.  You then sit back and wait and decide how you want to address each of the remaining debts as and when you get the outcomes from the DCAs.  It's really no bother on your part - trust me, I've done it against 6 old debts and it was a breeze.  

Look, I understand your desire to put this all behind you - but in a way it already is.  For all intents and purposes those accounts no longer impact on your creditworthiness (if that's your concern) and you are simply going through the motions when it comes to making your monthly DMP payments.  It is accounts, such as yours, that keeps those DCAs gainfully employed.

I should add, as a final point, I'm not criticising you  - not at all, but just saying so that you can make an informed decsion