DMP mutual support thread part 13 !!

Seemore1

Hi all

Going to start a self ran DMP and I'm waiting for all 4 of my credit cards to default, i have stopped making payments around 5 months ago, so far only one has defaulted (barclaycard) and i received a letter stating they have transferred my Barclaycard account to PFA Group, 

So my questions are,
Do i now contact PFA and starting making payments to them informing them of my DMP while waiting for the other 3 accounts to default?
Or do i wait it out for all 4 to default?
Also the Barclaycard account is quite old around 2011 it was opened, do i make a request for my credit agreement now?

Thanks 

stu12345_2

contact pra with a cca request consumer credit agreement, they will put your account on hold for months and not expect any payments whilst they search for it.

imo it's 50/50 chance they will ever find it, and they have to provide a statement too.

BellaLouK

Hi everyone,

I've had a DMP in place for many years (since 2011 ish) which I am managing myself.  Currently been paying £1 to each creditor since 2018. In this time I've been periodically making F&F offers to them. Some have accepted and been paid off but I still have some stubborn ones who refuse to accept any of my offers. My offers have started low and I was hoping to negotiate a bit but some of them won't even entertain anything below the outstanding or 95%. Can you please tell my typically what the following creditors/payment collectors usually accept in F&F please?

1. Drydens Fairfax (Santander). Bal £2k
2. Nationwide. Bal £3k
3. Moorcroft Group (Lloyds). Bal £7k
4. LINK (Barclaycard). Bal £8k
5. INTRUM (Tesco). Bal £2k

My offers have been around 20-25%. Drydens and Moorcroft either dont reply or keep asking for more info and never give an answer. Intrum want 95%. (By the way I am medically disabled and they know the reason for £1 per month is losing my income due to this).  Please dont advise bankruptcy as this is not an option I would like to get these paid off.

Thanks.

sourcrates

@BellaLouK, its impossible to predict what debt purchasing companies will or won`t accept by way of settlement, so many factors come into play, you can get some idea by what others have achieved, but that does not mean the same deal will be available to you.

Moorcroft will only be acting for Lloyds, the debt will remain with them, and apart from Nationwide, the rest appear to have been sold on.

As you are making token payments, you will be slightly "off the grid" so to speak, in that they won`t be expecting big bucks from you, so are just plodding along, with not much notice being taken.

I appreciate your good intentions to repay these debts, but I suspect you would have better luck in asking them to write off the whole lot due to your circumstances.

You only need plant that seed of doubt in their minds, and that`s usually all it takes.

BellaLouK

sourcrates said:

@BellaLouK, its impossible to predict what debt purchasing companies will or won`t accept by way of settlement, so many factors come into play, you can get some idea by what others have achieved, but that does not mean the same deal will be available to you.

Moorcroft will only be acting for Lloyds, the debt will remain with them, and apart from Nationwide, the rest appear to have been sold on.

As you are making token payments, you will be slightly "off the grid" so to speak, in that they won`t be expecting big bucks from you, so are just plodding along, with not much notice being taken.

I appreciate your good intentions to repay these debts, but I suspect you would have better luck in asking them to write off the whole lot due to your circumstances.

You only need plant that seed of doubt in their minds, and that`s usually all it takes.

Thanks sourcrates.

Do they often agree to write debts off? Tbh I think that would be the best outcome as its really getting hard to find money for these and they are so old now! 

Is there a template letter I could use to ask them if they would write them off please?

Many thanks.

sourcrates

We have had a few posters with medical conditions and little income, but massive debts, post on the forum in recent months, they were advised to apply for write offs, they were sceptical at first, but all have had major success so far.

You need to be 100% clear what you are asking for, 100% of the debt written off, no half way house, its all or nothing.

It will be quite a personal thing for most people, there will be template letters out there, but its best to write it yourself, you detail why you can`t work, what is wrong with you medically, how it affects you, and how your income has fallen because of it.

You go on to say your situation is unlikely to improve and so will you please consider making a commercial decision and writing off the balance I owe you as you will never be able to repay what you owe.

You may have to provide medical evidence, etc, when your asking for a debt to be written off, this is to be expected.

See how you get on, it may not happen all at once, it can take time.

National Debtline do a template letter here:

Write off the debt | Sample letter | National Debtline

you can edit that to your own circumstances.

CuteLegaibo

Hi everyone,

 I am about to start self managing my DMP, having been with Stepchange for many years and in preparation,  I am pulling together the bank details and addresses of my creditors but I can’t find the bank details for the following 
1. Shawbrook Asset Finance Ltd
2. Link Financial Outsourcing.

Does anyone please have their bank details. I really do not want to call them if I can help it. 

I note that I can pay LINK through their online portal but I prefer to set up standing orders instead. 

Thank you in advance. 

funny_bunny

funny_bunny said:

I am about to finalise my SOA for the creditors - £55K in total and decided to go self-managed dmp, huge thanks to this great forum that helped me to this journey so far, and nedcab tool.

It's been a long process to go through all expenses bit by bit since I cancelled my DDs to credit cards last year, got a new bank account and have set my wages and DD/SO to that account; it's unbelievable how much all the expenses add up to when calculated the total!

Good news is all my CC/OD have defaulted by end of 2023 and most of them changed ownership.

Quick question: I pay a fixed amount towards mortgage every month to OH's account who owns the house, not me.

Should I mention that expense as 'mortgage payment' or 'rent' payment'?

Also, do I have to mention spouse's income in the SOA or just ignore that part? I am the main earner in the family, OH doesn't have anything to do with my debt as we don't share any financial association.

Thank you in advance for any advice/tips/hints.

Just thought to give a quick update on my circumstance.

I spoke with CAB to review my I/E then responded to Drydens 'letter of claim' - completed the forms they sent (SFS, and another one with tick boxes to confirm I owe the debt etc.) then posted them back.

Some of my expenses are quite high i.e intercity travel to work, kids, household expenses etc. and it does show there's only token payment I could afford at least for now; I just hope they don't think these expenses are inflated.

Also, I am trying to save some money to fix my old broken car, wondering if the matter goes to county court - would that be a problem? Do court asks for bank statements/credit reports etc.?

TIA

stu12345_2

CuteLegaibo said:

Hi everyone,

 I am about to start self managing my DMP, having been with Stepchange for many years and in preparation,  I am pulling together the bank details and addresses of my creditors but I can’t find the bank details for the following 
1. Shawbrook Asset Finance Ltd
2. Link Financial Outsourcing.

Does anyone please have their bank details. I really do not want to call them if I can help it. 

I note that I can pay LINK through their online portal but I prefer to set up standing orders instead. 

Thank you in advance. 

here is link financial details for standing order, here is a letter from them with no sensitive info

gerrard88

Should I wait to all my cards have been defaulted to go on a DMP or go on now as most cards have sent me final warning letters etc