DMP mutual support thread part 13 !!

pc007

Thanks for the info suseka97. I fully appreciate the advice and perhaps I need to rethink my options. 

pc007

Ok, so we weighed up everything advised but because both my wife and I are keen to get the debt of our backs we decided to go in with really low settlement figures, (30% of whats owed).

As it happens the DCA are accepting the offers, probably as pointed out before what I am offering is still more than what they bought the debt for.

Our only concern, as previous, is that in all the offers they have stated the following

"On receipt of cleared funds we will close your account with no further monies owed and update your credit file as partially settled."

Based on what has been previously advised should I just ignore this and accept the offer.?

 

Suseka97

pc007 said:

Ok, so we weighed up everything advised but because both my wife and I are keen to get the debt of our backs we decided to go in with really low settlement figures, (30% of whats owed).

As it happens the DCA are accepting the offers, probably as pointed out before what I am offering is still more than what they bought the debt for.

Our only concern, as previous, is that in all the offers they have stated the following

"On receipt of cleared funds we will close your account with no further monies owed and update your credit file as partially settled."

Based on what has been previously advised should I just ignore this and accept the offer.?

 

That's great news and a good discount
They are just giving you the standard blurb and it doesn't apply in your case - if the accounts have since dropped off your file, but just keep an eye on your credit files.
What you need to ensure is that you have the offers in writing and to 'belt and braces' it you also need to insist that you have, again in writing, confirmation that the money will be accepted as a F&F settlement and that they will not sell the remaining debt on.  Do not pay the money without a written agreement.

aj96

Id love some advice. I have been on a DMP for 9 months previously with gregory pennington and now with payplan due to charges! I had 25k worth of debt from 11 creditors. 9 months on I currently have 21k worth of debt with 7 creditors due to paying small ones off with a lump sum I had from bonuses. 
I am currently paying £431 a month with an an expected finish date of Sept 2024. 

My question is, should I go alone in a few months? As my pretty good salary is likely to increase and I do get bonuses at most quarters. I feel snowball may be better in terms of credit rating. Paying those accounts off faster. 

What is everyone's thoughts?  

Thanks

natlie

Are your accounts defaulted? because if they are then I don't think going self managed will make any difference to your credit rating

sourcrates

aj96 said:

Id love some advice. I have been on a DMP for 9 months previously with gregory pennington and now with payplan due to charges! I had 25k worth of debt from 11 creditors. 9 months on I currently have 21k worth of debt with 7 creditors due to paying small ones off with a lump sum I had from bonuses. 
I am currently paying £431 a month with an an expected finish date of Sept 2024. 

My question is, should I go alone in a few months? As my pretty good salary is likely to increase and I do get bonuses at most quarters. I feel snowball may be better in terms of credit rating. Paying those accounts off faster. 

What is everyone's thoughts?  

Thanks

Going self managed is an excellent idea, the debt charities do an exellent job, but where debt management is concerned, only a newbi really needs help, most people, after a while, can self manage there plan, its not difficult, and puts control back into your hands.

One thing i do dis-like though, is when people refer to "improving their credit rating".

I`m not saying you should ignore it completly, but as you had to turn to debt management in the first place, getting into debt again should not be your number one priority, i understand if a mortgage or renting will be required in the future, but don`t be too keen to opt for the credit cards again, slippery slope and all that.

aj96

sourcrates said:

aj96 said:

Id love some advice. I have been on a DMP for 9 months previously with gregory pennington and now with payplan due to charges! I had 25k worth of debt from 11 creditors. 9 months on I currently have 21k worth of debt with 7 creditors due to paying small ones off with a lump sum I had from bonuses. 
I am currently paying £431 a month with an an expected finish date of Sept 2024. 

My question is, should I go alone in a few months? As my pretty good salary is likely to increase and I do get bonuses at most quarters. I feel snowball may be better in terms of credit rating. Paying those accounts off faster. 

What is everyone's thoughts?  

Thanks

Going self managed is an excellent idea, the debt charities do an exellent job, but where debt management is concerned, only a newbi really needs help, most people, after a while, can self manage there plan, its not difficult, and puts control back into your hands.

One thing i do dis-like though, is when people refer to "improving their credit rating".

I`m not saying you should ignore it completly, but as you had to turn to debt management in the first place, getting into debt again should not be your number one priority, i understand if a mortgage or renting will be required in the future, but don`t be too keen to opt for the credit cards again, slippery slope and all that.

Yeah completely get that. Some are defaulted some are not. 

Are self managed hard to do?

 

sourcrates

aj96 said:

Are self managed hard to do?

 

Not at all, can you click a mouse ?  write a letter, yes ?  then congratualtions, your in !!!

Its a very simple case of telling your creditors what payment they are going to receive, and when, obtaining their payment details, and clicking "pay" from your online banking every month, or you can set up standing orders, but i would prefer to do it myself, knowing it had been paid.

Thats it, its not rocket science, no great secrecy surrounding it, its simply paying your debts, as you did before, but at a lower rate agreed with your creditors.

If you already have interest stopped, then when you write to them, ask them to continue this obviously (if defaulted then interest is already stopped forever anyway).

aj96

sourcrates said:

aj96 said:

Are self managed hard to do?

 

Not at all, can you click a mouse ?  write a letter, yes ?  then congratualtions, your in !!!

Its a very simple case of telling your creditors what payment they are going to receive, and when, obtaining their payment details, and clicking "pay" from your online banking every month, or you can set up standing orders, but i would prefer to do it myself, knowing it had been paid.

Thats it, its not rocket science, no great secrecy surrounding it, its simply paying your debts, as you did before, but at a lower rate agreed with your creditors.

If you already have interest stopped, then when you write to them, ask them to continue this obviously (if defaulted then interest is already stopped forever anyway).

Thanks. I think its just the thought of going alone can be daunting but you have reasurred me.

Just feeling like having more control over what payment goes where will help me.

Thanks again

sourcrates

aj96 said:

Thanks. I think its just the thought of going alone can be daunting but you have reasurred me.

Just feeling like having more control over what payment goes where will help me.

Thanks again

Its only money, and you are a very small fish in a very large ocean, its basically common sense and a good dollop of self belief that you can do this, knowledge is power, learn all you can about creditor powers, your powers and rights, debt collection companies, and how to deal with them, as debts do get sold on.

It can actually be fun, you must take onboard that the very worst thing that can happen from this is a county court judgement, should they not be happy for any reason, and that judgement is paid back at a rate you can afford, according to your budget, not that that will happen, but that is as bad as it can get, and all of sudden it really dosen`t seem that scary anymore, you can do this.