DMP mutual support thread part 13 !!

Halfwaythere

Suseka97 said:

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Hi I am looking for advice on wether full and final settlement offers is a realistic option for me. I owe around 19k and have paid back 27k after starting a DMP the end of 2017. I have 6.6k on accounts that are Currently marked as arrangement to pay and 2 defaulted accounts which I would like to offer on, these are
intrum 4.6k
Link financial 7.7k
I am currently paying around £250/282 a month towards these and they would be paid in full with the rest of my account in April 2022. I would like to start saving for a mortgage.
I now have 5k available to me to put on the debts. I was thinking of offering this between the two defaulted accounts which would be an offer of 40% on each. 

What do you think my chances are on this?
Thanks

It's always worth a shot, you've basically got nothing to lose by trying.  However, its worth following the advice given in this liink:
https://debtcamel.co.uk/ask-cca-agreement-for-debt/  If creditors or DCAs are unable to provide the request paperwork - it puts you in a stronger position in negotiating F&Fs.
As for those with AP markers, you really need to be pushing for defaults on them otherwise it'll scupper your plans when you start applying for mortgages.  You can still get one, of course, but you would need the services on a good broker and would be less likely to secure a decent mortgage rate with APs on your file (they stay for 6 years after you've settled the debt).  Whereas your defaults will drop off 6 years from the date the default was applied.

I rang Sainsbury’s and she said they would default my account from that date and she thought it was hilarious and insisted this was completely wrong and the defaults were worse and the ap accounts would get less and less on my credit, argh just don’t know now. PRA group refused to default and so did virgin. Feel like I won’t ever get a mortgage and don’t know the right pass to go with it all. I’m so glad I went into the DMP as I have now paid 27k which feels good i just feel I have wrecked any chance of getting a new home 😭

Unfortunately the people that work in some of those debt collection depts really don't know much about how this all works.  She is very mistaken in believing AP/AR markers have a lesser impact than defaults.  But in terms of your future plans for a mortgage - please don't despair.  Look, even if when the time comes your credit file isn't squeaky clean - you can still get a mortgage.  You just need to speak to a broker who has experience in helping people with a poor credit record - its perfectly doable.  You've done great to pay off £27k - that's pretty impressive, so chin up  

As for the PRA group and Virgin - one way of forcing the default issue is to stop paying them - just thought!

Thank you. Your comment has made a massive difference and thank you so much. With debt it feels like a never ending spiral of punishment when you are just trying your best. I just don’t understand how after 4/5 years of paying £47k debts off with no other borrowing etc and saving extra for a deposit and you are still looked on as a risk because of the way each credit is reported. I just feel if I stop paying them they will add on interest and extra late markers that will add the my situation. But thank you again for your time, it has cheered me up 🙂. I just hope I can find a suitable broker in a few years x

TuxedoCat

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Hi I am looking for advice on wether full and final settlement offers is a realistic option for me. I owe around 19k and have paid back 27k after starting a DMP the end of 2017. I have 6.6k on accounts that are Currently marked as arrangement to pay and 2 defaulted accounts which I would like to offer on, these are
intrum 4.6k
Link financial 7.7k
I am currently paying around £250/282 a month towards these and they would be paid in full with the rest of my account in April 2022. I would like to start saving for a mortgage.
I now have 5k available to me to put on the debts. I was thinking of offering this between the two defaulted accounts which would be an offer of 40% on each. 

What do you think my chances are on this?
Thanks

It's always worth a shot, you've basically got nothing to lose by trying.  However, its worth following the advice given in this liink:
https://debtcamel.co.uk/ask-cca-agreement-for-debt/  If creditors or DCAs are unable to provide the request paperwork - it puts you in a stronger position in negotiating F&Fs.
As for those with AP markers, you really need to be pushing for defaults on them otherwise it'll scupper your plans when you start applying for mortgages.  You can still get one, of course, but you would need the services on a good broker and would be less likely to secure a decent mortgage rate with APs on your file (they stay for 6 years after you've settled the debt).  Whereas your defaults will drop off 6 years from the date the default was applied.

I rang Sainsbury’s and she said they would default my account from that date and she thought it was hilarious and insisted this was completely wrong and the defaults were worse and the ap accounts would get less and less on my credit, argh just don’t know now. PRA group refused to default and so did virgin. Feel like I won’t ever get a mortgage and don’t know the right pass to go with it all. I’m so glad I went into the DMP as I have now paid 27k which feels good i just feel I have wrecked any chance of getting a new home 😭

Unfortunately the people that work in some of those debt collection depts really don't know much about how this all works.  She is very mistaken in believing AP/AR markers have a lesser impact than defaults.  But in terms of your future plans for a mortgage - please don't despair.  Look, even if when the time comes your credit file isn't squeaky clean - you can still get a mortgage.  You just need to speak to a broker who has experience in helping people with a poor credit record - its perfectly doable.  You've done great to pay off £27k - that's pretty impressive, so chin up  

As for the PRA group and Virgin - one way of forcing the default issue is to stop paying them - just thought!

Thank you. Your comment has made a massive difference and thank you so much. With debt it feels like a never ending spiral of punishment when you are just trying your best. I just don’t understand how after 4/5 years of paying £47k debts off with no other borrowing etc and saving extra for a deposit and you are still looked on as a risk because of the way each credit is reported. I just feel if I stop paying them they will add on interest and extra late markers that will add the my situation. But thank you again for your time, it has cheered me up 🙂. I just hope I can find a suitable broker in a few years x

I’m in contact with Simply Adverse, pricey broker but a girl there is confident she can get me and my fiancée a mortgage once I have 12 consecutive payments on my DMP. Although my partner has a squeaky clean credit file. 

As for defaults, I cut my payments for 6/7 months after reading some comments here and all but one have defaulted between August 2019 and May 2020. 

Aqua defaulted May 2020 and sold to Cabot, prior to that they were applying AP markers on a £2K debt. 

I have cleared arrears on a Very and Halifax CC so would ‘assume’ they markers will stop being applied but credit file hasn’t updated.

The service you have from Sainsbury’s sounds poor - she laughed? I would be going down the complaint route quoting the ICO guidelines and advising that you will be worse off than if had made no attempt to pay.

Although I have posted about my quest against a particular creditor who won’t budge despite the fact I am almost 15 months worth of payments in arrears and they keep saying they need to accurately report the situation and they need to give me time to get up to date on my payments. Pie in the sky and feels very much like manipulation!

Perhaps for you after paying for that long, and saying had you been defaulted for not paying you would have a clean file by the year 2023 whereas they are going to affect yours in the year 2029 etc I have said in a second complaint and ICO complaint separately that I will be 51 by the time my credit file is clean vs 34/35 had they defaulted me! 

Halfwaythere

TuxedoCat said:

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Suseka97 said:

Halfwaythere said:

Hi I am looking for advice on wether full and final settlement offers is a realistic option for me. I owe around 19k and have paid back 27k after starting a DMP the end of 2017. I have 6.6k on accounts that are Currently marked as arrangement to pay and 2 defaulted accounts which I would like to offer on, these are
intrum 4.6k
Link financial 7.7k
I am currently paying around £250/282 a month towards these and they would be paid in full with the rest of my account in April 2022. I would like to start saving for a mortgage.
I now have 5k available to me to put on the debts. I was thinking of offering this between the two defaulted accounts which would be an offer of 40% on each. 

What do you think my chances are on this?
Thanks

It's always worth a shot, you've basically got nothing to lose by trying.  However, its worth following the advice given in this liink:
https://debtcamel.co.uk/ask-cca-agreement-for-debt/  If creditors or DCAs are unable to provide the request paperwork - it puts you in a stronger position in negotiating F&Fs.
As for those with AP markers, you really need to be pushing for defaults on them otherwise it'll scupper your plans when you start applying for mortgages.  You can still get one, of course, but you would need the services on a good broker and would be less likely to secure a decent mortgage rate with APs on your file (they stay for 6 years after you've settled the debt).  Whereas your defaults will drop off 6 years from the date the default was applied.

I rang Sainsbury’s and she said they would default my account from that date and she thought it was hilarious and insisted this was completely wrong and the defaults were worse and the ap accounts would get less and less on my credit, argh just don’t know now. PRA group refused to default and so did virgin. Feel like I won’t ever get a mortgage and don’t know the right pass to go with it all. I’m so glad I went into the DMP as I have now paid 27k which feels good i just feel I have wrecked any chance of getting a new home 😭

Unfortunately the people that work in some of those debt collection depts really don't know much about how this all works.  She is very mistaken in believing AP/AR markers have a lesser impact than defaults.  But in terms of your future plans for a mortgage - please don't despair.  Look, even if when the time comes your credit file isn't squeaky clean - you can still get a mortgage.  You just need to speak to a broker who has experience in helping people with a poor credit record - its perfectly doable.  You've done great to pay off £27k - that's pretty impressive, so chin up  

As for the PRA group and Virgin - one way of forcing the default issue is to stop paying them - just thought!

Thank you. Your comment has made a massive difference and thank you so much. With debt it feels like a never ending spiral of punishment when you are just trying your best. I just don’t understand how after 4/5 years of paying £47k debts off with no other borrowing etc and saving extra for a deposit and you are still looked on as a risk because of the way each credit is reported. I just feel if I stop paying them they will add on interest and extra late markers that will add the my situation. But thank you again for your time, it has cheered me up 🙂. I just hope I can find a suitable broker in a few years x

I’m in contact with Simply Adverse, pricey broker but a girl there is confident she can get me and my fiancée a mortgage once I have 12 consecutive payments on my DMP. Although my partner has a squeaky clean credit file. 

As for defaults, I cut my payments for 6/7 months after reading some comments here and all but one have defaulted between August 2019 and May 2020. 

Aqua defaulted May 2020 and sold to Cabot, prior to that they were applying AP markers on a £2K debt. 

I have cleared arrears on a Very and Halifax CC so would ‘assume’ they markers will stop being applied but credit file hasn’t updated.

The service you have from Sainsbury’s sounds poor - she laughed? I would be going down the complaint route quoting the ICO guidelines and advising that you will be worse off than if had made no attempt to pay.

Although I have posted about my quest against a particular creditor who won’t budge despite the fact I am almost 15 months worth of payments in arrears and they keep saying they need to accurately report the situation and they need to give me time to get up to date on my payments. Pie in the sky and feels very much like manipulation!

Perhaps for you after paying for that long, and saying had you been defaulted for not paying you would have a clean file by the year 2023 whereas they are going to affect yours in the year 2029 etc I have said in a second complaint and ICO complaint separately that I will be 51 by the time my credit file is clean vs 34/35 had they defaulted me! 

So the broker thinks they can get you a mortgage whilst in a dmp? May I ask how long left you have on it? If you could keep me in contact on how you go with it I would really appreciate that and best of luck.

yes she pretty much scoffed at me and I actually believed I was the one in the wrong. This is after sending letters/emails quoting the ICO etc after reading up lots. Sainsburys said they would default me but only from the date I rang and she convinced me not to so I didn’t. I have to debts with PRA group they were sold by MBNA they refuse to default as I have paid as requested to them. Virgin also refused to default. With them all disagreeing I just left it as none of them seemed to budge. I explained to them how I was being treated worse for paying on time and how my credit would be impacted for much longer but it made no difference. They all said they were marking the accounts correctly as DMP or pay arrangement so I feel I am at the end of the road on that one. I just don’t understand how there isn’t more fair rules on it all really? 🤷‍♀️

TuxedoCat

That is atrocious and so unfortunate! Are your payments relatively high/close to the contractual payments?

I think it’s terrible and hope that one day this sort of thing is regulated! It can’t be allowed for them to dictate what our data says about us to benefit them and affect us for such long periods of time. I got nowhere with my complaint I have had to escalate to the Financial Ombudsman and a separate complaint directly to ICO. Even if I don’t win, at least those complaints are logged and can contribute to positive change in the future. 

TuxedoCat

And yes, with a specialist lender perhaps Pepper Money or bluestone mortgages but it isn’t impossible! They don’t all look at how long is left (I’ve ages because I kept my monthly payment low and want to F&F in the coming years) but rather they take into account how much your DMP is in terms of affordability and how long you’ve successfully paid it and when your last default was and whether you’ve had CCJs

natlie

Hi is it usual for a creditor to apply late payment fees when the account has defaulted? Tesco told me they were stopping this but have applied a £12 charge to my account today 
thanks
Nat

Halfwaythere

TuxedoCat said:

And yes, with a specialist lender perhaps Pepper Money or bluestone mortgages but it isn’t impossible! They don’t all look at how long is left (I’ve ages because I kept my monthly payment low and want to F&F in the coming years) but rather they take into account how much your DMP is in terms of affordability and how long you’ve successfully paid it and when your last default was and whether you’ve had CCJs

Yes is so unfair. Yes my payments are quite high but I just want it finished so I can move on, I have 19k left to pay with a debt free date of March 2022. StepChange decide how much I pay so it’s been figured out that way really 

Suseka97

natlie said:

Hi is it usual for a creditor to apply late payment fees when the account has defaulted? Tesco told me they were stopping this but have applied a £12 charge to my account today 
thanks
Nat

If an account has been defaulted, then all interest and charges should have ceased - so it could just be a blip in the system and you should contact them to get the charge reversed.

sunshinevicky

Hi...It’s the annoying Newbie again!!! I.. soooo it’s about a month since I sent my holding letters to all creditors (8 in total) and in that letter (used NEDCAB) I basically said I was in difficulty wouldn’t be paying for 5/6 months but would be in touch with my offer of payment and copy of I&E in due course.I have to say this is the first month in about 4 years I haven’t lost huge amounts of sleep worrying about how I’m ever going to get out of the stupid debt mess I created... I now feel like I have a plan and dare I say it- I’m feeling positive!!!

Buttttt I am having a little wobble so my question is ... now it has been a month since my last contact with all creditors should I send another letter with my I&E and offer of payment but say this can not start due to whatever reason until November? (I’m paying off my credit card with my bank and saving an EF but obviously won’t tell them that) I’m just not sure how it will go if I just don’t contact them at all until nearer the time I’m ready to start paying? I’m self managing as I’m really hoping to get the accounts defaulted as soon as possible but also don’t want to do something wrong at this early stage! 

X

sourcrates

sunshinevicky said:

Hi...It’s the annoying Newbie again!!! I.. soooo it’s about a month since I sent my holding letters to all creditors (8 in total) and in that letter (used NEDCAB) I basically said I was in difficulty wouldn’t be paying for 5/6 months but would be in touch with my offer of payment and copy of I&E in due course.I have to say this is the first month in about 4 years I haven’t lost huge amounts of sleep worrying about how I’m ever going to get out of the stupid debt mess I created... I now feel like I have a plan and dare I say it- I’m feeling positive!!!

Buttttt I am having a little wobble so my question is ... now it has been a month since my last contact with all creditors should I send another letter with my I&E and offer of payment but say this can not start due to whatever reason until November? (I’m paying off my credit card with my bank and saving an EF but obviously won’t tell them that) I’m just not sure how it will go if I just don’t contact them at all until nearer the time I’m ready to start paying? I’m self managing as I’m really hoping to get the accounts defaulted as soon as possible but also don’t want to do something wrong at this early stage! 

X

Hi Vicky,

In my previous replies, I’ve stressed to you about how unimportant it is who owns your debt.
If your creditors are not happy, they will either sell the debt on, or pass it to a collector, or combination of the two.
I’ve said to watch the post, but apart from that, you need do nothing more until your ready to start your plan.
Debt collection is a long process, nothing happens quickly.