DMP mutual support thread part 13 !!

lulabelle01

Is it normal for one of your creditors to ask you what other companies you owe money to and if they’re secured to anything?

Willing2Learn

Hi lulabelle01,

They are most likely checking that they are being treated fairly when compared to your other creditors. Try and do everything in writing, then you won't get into those types of conversations

lulabelle01

Willing2Learn wrote: »

Hi lulabelle01,

They are most likely checking that they are being treated fairly when compared to your other creditors. Try and do everything in writing, then you won't get into those types of conversations

I’m only at the holding letters stage. This was on one of the responses I received today. The company involved also wouldn’t stop the interest but have stopped any late fees. I’m trying to self manage 3 credit card debts. There’s a couple smaller debts to catalogues but I didn’t include them in my DMP as they’re less than £300 in total should I mention these when writing back?

sourcrates

debarob wrote: »

Hi guys!!

i'm new to all this, so please bare with me!!

so... I've been on a DMP for approximately 7 years, and as i'm sure we all know, there is no end to them! my company Charges a monthly administration fee which is actually more then they pay to any of my creditors, this seems slightly futile to me!

however, the reason for my posting is that recently i have been able to obtain a new mortgage which has allowed my wife and i to purchase a new house (we had a fantastic mortgage advisor who worked tirelessly!). Due to the equity i had in my previous house i came away with a bit of money, not much, but enough to maybe try and get rid of all the debts (currently at about 13000). i contacted my DMP who advised they would negotiate with my debtors in an attempt to make some savings on the debts and potentially pay all, if not most off at a reduced rate. This sounded fantastic until they informed me they would charge 20% of the savings made, which in this case could amount to thousands, naturally this does not appeal to me as i would have what i had to go to the debtors, not the man in the middle.

does anyone have any advice on how to tackle my debtors in negotiating reduced pay off on my debts. any advice would be gratefully accepted.

thanks

Hi,

Ouch, fee charging debt management companies should be avoided if at all possible.
You no longer need this company, I would suggest you sever all ties with them, having paid them in excess of £8000 in fees over 7 years, giving them another 20% of your money pot is frankly ridiculous.

There is nothing they can do, that you cannot do yourself, enter negotiations with your creditors, start at around 30% of the debt owed, it’s an ongoing thing, dont expect the first offer to be accepted.

Made sure any deal is confirmed in writing before parting with any money, it’s essential you get there agreement not to chase the remaining balance also.

Good luck.

yoyo33

Thank you all for your help answering my questions you've all been great. I've had a look at the nedcab website today. It looks really good.
I take it that it doesn't matter I send on letters to my creditors with the number quoted from nedcab. As I've already given a ref number from stepchange. Not sure If I'll confuse the situation but ill give it a go. its a great website.
Wishing all other newbies the beat of luck too.
Xx

2021df

Last week I decided to take the plunge and go self-managed and wrote to all creditors using NEDCAB template and although I have only received one response - it has totally shocked :eek: me:

MBNA wrote to say:
"Following a recent review of your account and current circumstances, we're pleased to let you know we've written off your outstanding balance, and wont pursue this debt any further.
Your account will show as 'satisfied' on your file with the reference agencies. This normally takes around 10 days to update."

That's £6200.00 - it is April Fool's Day?????
Can this possibly be true?

sourcrates

2021df wrote: »

Last week I decided to take the plunge and go self-managed and wrote to all creditors using NEDCAB template and although I have only received one response - it has totally shocked :eek: me:

MBNA wrote to say:
"Following a recent review of your account and current circumstances, we're pleased to let you know we've written off your outstanding balance, and wont pursue this debt any further.
Your account will show as 'satisfied' on your file with the reference agencies. This normally takes around 10 days to update."

That's £6200.00 - it is April Fool's Day?????
Can this possibly be true?

Well done, it’s called taking a “commercial decision”.

Sometimes creditors look at all the circumstances and decide it’s not worth pursuing this particular account for whatever reason.

Good result for you.

Billy12345

Morning all

I'm after a bit of advice. My wife is in a DRO and one of her creditors is for a Barclays bank overdraft. I was named on the overdraft too so her liability is removed and this falls to me to pay. I'm paying this through SC on my DMP but on checking my Noddle report it is marked as "Satisfied". Does this mean I still have to pay it ? Its £500 so not massive but if its "Satisfied" I'm not sure I need to pay it.
:beer:

sourcrates

Billy12345 wrote: »

Morning all

I'm after a bit of advice. My wife is in a DRO and one of her creditors is for a Barclays bank overdraft. I was named on the overdraft too so her liability is removed and this falls to me to pay. I'm paying this through SC on my DMP but on checking my Noddle report it is marked as "Satisfied". Does this mean I still have to pay it ? Its £500 so not massive but if its "Satisfied" I'm not sure I need to pay it.
:beer:

Hi,

As you say, you are both equally liable for the debt, but in a DRO the debt is written off, so how do you pay a written off debt ?

You could stop paying it and see if they chase you for it.

Billy12345

sourcrates wrote: »

Hi,

As you say, you are both equally liable for the debt, but in a DRO the debt is written off, so how do you pay a written off debt ?

You could stop paying it and see if they chase you for it.

Thanks Sourcrates. I'll update my SC record and see what Barclays do...