DMP mutual support thread part 13 !!

uonsjc31

I also forgot another question. When I do get phone calls about unsuccessful direct debits, what should I say? I feel I need a script or something haha. Thanks

Suseka97

uonsjc31 said:

@sourcrates
Many thanks for the advice! As i've woken this morning, I can't help but feel like I should be sending letters right away to my creditors, using the 'Hold Action' template found on National Debt helpline. An advice on this would be greatly appreciated. Thanks again!

uonsjc31 said:

I also forgot another question. When I do get phone calls about unsuccessful direct debits, what should I say? I feel I need a script or something haha. Thanks

You may as well send your letters off, but you don't really need the 'hold action' one as such - or perhaps modify some of the text to indicate that you are working with NDL or SC to find the best debt solution for your situation and will be in touch in due course.  They will put your account/s on hold for 30 days as a matter of routine, but you will need to push that timeframe on.  In your letters make it clear you want all correspondence in writing and tell them you want your phone number removed from the account.  If they call, or persist in trying to contact you by phone, then you have two choices - ignore/block the calls, or answer them and restate that you want all communications to be dealt with in writing.  It depends on your mindset and how confident you are in handling calls of course.

uonsjc31

@Suseka97
Thankyou for your advice once again. I have adapted the template to make it clearer and that I want correspondence in writing only.

uonsjc31

It seems that some companies only operate via phone, email or web chat. I suppose it is acceptable to send emails if I cannot send a physical letter. Thanks

sourcrates

uonsjc31 said:

It seems that some companies only operate via phone, email or web chat. I suppose it is acceptable to send emails if I cannot send a physical letter. Thanks

Don`t be too bothered about what the companies that currently hold your debts do or say.

Sometime in the future, your debts will default, and most likely get sold on, its the companies that buy them who you will be dealing with, your dealings with the current lenders are at an end.

bluebell_on_track

Hi. I am changing to self managed and have contacted the companies the companies where debts have been sold on (they’ve agreed £5 a week). The ones that aren’t defaulted, do I need to contact them or just wait and wait until they’re defaulted too? 

Thanks 

losingpoundsandgaininglbs

Hi all, what an amazing thread this is, so much good advice. I haven't read it all, but tried to read as much as possible before I post this.

I've been managing my own DMP for several years now but I'm in a better position where I can maybe start to offer settlement figures on my debts. In general I've been a relatively good payer and only missed a few payments here and there, but over 3 or 4 years have tended to pay between £15 and £25 to each of them and I'm left with the below amounts (i've cleared 3 or 4 others over time)

Asset Collections 2200

Cabot Financial 1800

Lowell 500

Moorcroft 1550

Hoist Finance 825

My main question is, what's my best negotiation tactic for lower settlement figures in general? I know there wont be a guaranteed one, but would I be best of saying the original debt was X and i've paid so much, therefore if I settle at 30% now it's actually only 10% off the original debt?

The debt is due to come off my credit file in 2022, do I have any benefit about mentioning that or not?

sourcrates

losingpoundsandgaininglbs said:

Hi all, what an amazing thread this is, so much good advice. I haven't read it all, but tried to read as much as possible before I post this.

I've been managing my own DMP for several years now but I'm in a better position where I can maybe start to offer settlement figures on my debts. In general I've been a relatively good payer and only missed a few payments here and there, but over 3 or 4 years have tended to pay between £15 and £25 to each of them and I'm left with the below amounts (i've cleared 3 or 4 others over time)

Asset Collections 2200

Cabot Financial 1800

Lowell 500

Moorcroft 1550

Hoist Finance 825

My main question is, what's my best negotiation tactic for lower settlement figures in general? I know there wont be a guaranteed one, but would I be best of saying the original debt was X and i've paid so much, therefore if I settle at 30% now it's actually only 10% off the original debt?

The debt is due to come off my credit file in 2022, do I have any benefit about mentioning that or not?

Nope, no benefit in that whatsoever, as you have been paying the debt, thus resetting the clock with every payment.

Debts are still valid whether they show on your credit file or not, unless the limitation act applies, which in your case, it doesn`t.

With settlement offers, start low, you can always increase your offer, get everything agreed in writing before parting with any money.

ejs365

I’m back again. No idea how many times I’ve joined with good intentions to reduce debt. But I’ve finally got to my limit. Wanted some newbie advice on dmps. 

Currently going through the process with stepchange but I haven’t actually submitted my dmp request, as I had a few questions. 

Currently I’ve no defaults, am I right in saying I should wait to start the dmp and let my credit accounts default. From last month I’ve starting to miss payments. All priority bills are paid just. 

SC are giving me a debt free date of 18 years something, am I able to make extra payments to creditors if say, my wages increase one month? (I’m a term time job and wages fluctuate each month)

Finally, the big one, I have a husband who’s oblivious to my situation, we have one joint account together with no credit facilities just for everyday bills and groceries etc. Again is his credit score going to be affected? I’m sure it is, because we’re financially associated, just wanted to know if it’ll make a dreadful impact. Thankfully he’s very risk adverse and only has one credit commitment which he would love to get rid of (car loan).

I know it’s taken me this long to take my head out of the sand and I will tell him! Just wanted to get the ball rolling. My kids deserve a happier mum who can sleep and eat properly. Thanks if you’ve read so far. Very anxious mum. 

losingpoundsandgaininglbs

sourcrates said:

losingpoundsandgaininglbs said:

Hi all, what an amazing thread this is, so much good advice. I haven't read it all, but tried to read as much as possible before I post this.

I've been managing my own DMP for several years now but I'm in a better position where I can maybe start to offer settlement figures on my debts. In general I've been a relatively good payer and only missed a few payments here and there, but over 3 or 4 years have tended to pay between £15 and £25 to each of them and I'm left with the below amounts (i've cleared 3 or 4 others over time)

Asset Collections 2200

Cabot Financial 1800

Lowell 500

Moorcroft 1550

Hoist Finance 825

My main question is, what's my best negotiation tactic for lower settlement figures in general? I know there wont be a guaranteed one, but would I be best of saying the original debt was X and i've paid so much, therefore if I settle at 30% now it's actually only 10% off the original debt?

The debt is due to come off my credit file in 2022, do I have any benefit about mentioning that or not?

Nope, no benefit in that whatsoever, as you have been paying the debt, thus resetting the clock with every payment.

Debts are still valid whether they show on your credit file or not, unless the limitation act applies, which in your case, it doesn`t.

With settlement offers, start low, you can always increase your offer, get everything agreed in writing before parting with any money.

Thanks for the response Sourcrates, I was pleased when I seen your name respond! Advice taken on board, i'll just go in and start low and see where I get too. I'll update as I go.