DMP mutual support thread part 13 !!

natlie

i thought this was worth mentioning for anyone with a payp@l credit account to add to DMP
Payp@l credit have suspended my credit account today but this also means that I cannot use my standard PayPal account - even though I have never had any problem with it, so going forward I can't sell on eB*y or undertake any transactions on Payp@l as all the money will be kept in my PayP@l account and I am not allowed to withdraw it. I was told that the credit account was treated separately to my standard Payp@l account grrrr
Nat

sourcrates

natlie said:

i thought this was worth mentioning for anyone with a payp@l credit account to add to DMP
Payp@l credit have suspended my credit account today but this also means that I cannot use my standard PayPal account - even though I have never had any problem with it, so going forward I can't sell on eB*y or undertake any transactions on Payp@l as all the money will be kept in my PayP@l account and I am not allowed to withdraw it. I was told that the credit account was treated separately to my standard Payp@l account grrrr
Nat

Never believe what your told by a creditor, always prepare beforehand by removing any money you have in such accounts, can`t beat pre-planning.

natlie

Thanks @sourcrates they have told me that I can use the money I make from any current listings i have on Eb@y towards my Paypal debt so thats something i suppose. I will just have to foot all the postage costs and Eb@y charges, back to FB Marketplace for selling

DMP_Lurker

Hi
I'm about 2-3 years into a self managed DMP on around £17000 total debt to 3 creditors (now with DCA).  In the last 6 months I have done my CCA requests and unfortunately all documents have been supplied.  Since then I've been making F&F offers, the most recent was ~30% to them all back in April.  I have just received a letter from Intrum saying they will accept 70% if I pay in July which would give me a discount of around £1500.  The problem is that this offer takes up most of the pot I have been offered by a relative and was planning to share between all 3 creditors.  PRA Group have replied to my previous offers of 20% and 30% to say that there is no settlement available at this time, so would it be best to accept this offer from Intrum, or should I haggle?  I feel that 70% is a lot considering the low amount they probably bought this debt for, and doesn't leave much for future F&Fs at the moment.

TIA

sourcrates

DMP_Lurker said:

Hi
I'm about 2-3 years into a self managed DMP on around £17000 total debt to 3 creditors (now with DCA).  In the last 6 months I have done my CCA requests and unfortunately all documents have been supplied.  Since then I've been making F&F offers, the most recent was ~30% to them all back in April.  I have just received a letter from Intrum saying they will accept 70% if I pay in July which would give me a discount of around £1500.  The problem is that this offer takes up most of the pot I have been offered by a relative and was planning to share between all 3 creditors.  PRA Group have replied to my previous offers of 20% and 30% to say that there is no settlement available at this time, so would it be best to accept this offer from Intrum, or should I haggle?  I feel that 70% is a lot considering the low amount they probably bought this debt for, and doesn't leave much for future F&Fs at the moment.

TIA

Hi,

They buy these accounts cheap, in order to make as much money as possible, debt purchasing companies will usually do some kind of deal, but if they are getting regular payments off you, why should they choose to settle for less, when over time, they can get the lot off you.

Best advice is to give it time, time and circumstance are the main players in this game, its usually a change in your circumstances that can trigger a more positive responce from a creditor, you may have had your hours cut at work, you may have even lost your job, got some kind of illness that will impact on your finances, or some other major life event has happened, that will affect your ability to repay your debts.

Also time of year is important, end of the tax year is best, companies are looking to clear their books, can be a good time to get a good deal.

Its all about timing, and having patience.

ditty1234

Hi I am now a bit wound up as have written all creditors why I'm on payment break.  I have also written HS8C to request they default my overdraft from past current account and loan. If they don't I will go self managed when I start paying again so I don't have to pay as I do want to get both accounts defaulted.
My credit card accounts are from 2006, and two from 2010 so I am also waiting for two more to be sold on, and then I'll send off for CCA's. But I have no money for full and finals at the moment so I feel there is no rush. 
Just a general question, is there an increased risk of CCJ's at the moment, I do not want to risk this. 
I really just want to go back to Stepchange, with everything defaulted and then just keep paying while I am sorting some other life things out like getting citizenship and getting boys through education. 

sourcrates

ditty1234 said:

 
Just a general question, is there an increased risk of CCJ's at the moment, I do not want to risk this. 
I really just want to go back to Stepchange, with everything defaulted and then just keep paying while I am sorting some other life things out like getting citizenship and getting boys through education. 

About 11% of defaulted accounts ever have legal action taken against them, 89% never see a court room, if anything the current backlog due to covid-19, means its even less likley.

Original creditors virtually never go legal, if anyone does, its the debt purchasing companies, and then only if you`ve ignored them for 5 years or so.

They must follow what are known as the "civil procedure rules" so first you would get whats refered to as an "LBA" (Letter before action) this is a questionaire type document which allows you to come to an agreement with your creditor, without the case progressing to court, you have 30 days to respond to this.

If you reach agrement, thats the end of the matter, if you don`t 1-2 months later a claim form would drop on your doormat, you would fill that in, return it within the timescale, and either admit, or defend the claim, the court would then decide the matter.

So basically the process allows you plenty of time to agree terms before it would progress to court.

ditty1234

sourcrates said:

ditty1234 said:

 
Just a general question, is there an increased risk of CCJ's at the moment, I do not want to risk this. 
I really just want to go back to Stepchange, with everything defaulted and then just keep paying while I am sorting some other life things out like getting citizenship and getting boys through education. 

About 11% of defaulted accounts ever have legal action taken against them, 89% never see a court room, if anything the current backlog due to covid-19, means its even less likley.

Original creditors virtually never go legal, if anyone does, its the debt purchasing companies, and then only if you`ve ignored them for 5 years or so.

They must follow what are known as the "civil procedure rules" so first you would get whats refered to as an "LBA" (Letter before action) this is a questionaire type document which allows you to come to an agreement with your creditor, without the case progressing to court, you have 30 days to respond to this.

If you reach agrement, thats the end of the matter, if you don`t 1-2 months later a claim form would drop on your doormat, you would fill that in, return it within the timescale, and either admit, or defend the claim, the court would then decide the matter.

So basically the process allows you plenty of time to agree terms before it would progress to court.

Thanks just checking, as have now got calls from PRA as well as 3 emails, because of non payment, because of Covid. Literally just told them not to call me and they should then get their letter this week. 

scotty1971

I entered a DAS I believe it's the equivalent to a DMP. So far all letters demanding payment have stopped apart from Very. Who send me a letter every month about arrears and payment that needs to be made. I phoned them to say SC are dealing with my DAS. They told me under the TC's of my Very account they need to send me this letter. Just wondering if that is correct. As not receiving letters every month has definitely decreased my stress levels.  Thanks 

sourcrates

scotty1971 said:

I entered a DAS I believe it's the equivalent to a DMP. So far all letters demanding payment have stopped apart from Very. Who send me a letter every month about arrears and payment that needs to be made. I phoned them to say SC are dealing with my DAS. They told me under the TC's of my Very account they need to send me this letter. Just wondering if that is correct. As not receiving letters every month has definitely decreased my stress levels.  Thanks 

Letters are just recycling bin fodder, feed it well.