Debt collectors help

fatbelly

marko83 said:

Thank you both for your responses. I am a home owner with a mortgage and everything up to date with that side of things.

As for the debt collectors it has been 3 months worth of a break from letters phone calls. The 6 letters are the 6 individual debts I now have with moorcroft, and have advised me all 6 are now expected to begin paying which I totally understand.

I guess the bit that I'm worried about is I don't want it to go to court but not quite in a position to work out what I can afford.

Would debt collectors accept a smaller payment l, almost a token gesture to say I'm committed to paying just don't have all the answers at present?

They'll accept what you can afford. As for courts, very few debts see court action. In most cases it doesn't make economic sense for them to spend more money on a court claim. Where that might happen is if a debt is about to go statute barred, i.e. you have not made a payment or acknowledged a debt in writing for nearly six years.

Letters are just the routine ones. Moorcroft have a suite of half a dozen that they run through then the debt goes back to the owner. You'll have to find a way of ignoring/blocking phone calls.

If you want to go the token offer route (remember this is not a long-term strategy) there is a template letter here

https://nationaldebtline.org/sample-letters/token-payment-or-no-offer-payment/

sourcrates

Exodi said:

sourcrates said:

Remember you are under no obligation to share anything with these companies, what you choose to share is up to you, it does not have  to be an altogether accurate representation of your financial position, no one will be looking over your shoulder or checking the figures, so if a £1 payment per debt per month, is all you can afford, make your budget show as much.

I know you, along with most on this forum, have a particular disdain towards DCA's, however, suggesting that someone should misrepresent their affairs is, in my opinion, going a step too far.

I don`t see it as misrepresentation at all, I call it being sensible, and playing the game better than they do.

Even the debt charities will tell you to over budget rather than be struggling to pay your bills, it`s simple common sense, you never reveal your hand to your opponent, as any good poker player will surely tell you.

Far too many people just pluck a figure out of thin air when asked how much they can pay towards a debt, usually its in panic, and mostly its too much, and certainly won`t be sustainable in the long run.

You never give these companies any more information than is absolutely necessary, because they will use it against you.

sourcrates

Exodi said:

sammyjammy said:

Exodi said:

sourcrates said:

Remember you are under no obligation to share anything with these companies, what you choose to share is up to you, it does not have  to be an altogether accurate representation of your financial position, no one will be looking over your shoulder or checking the figures, so if a £1 payment per debt per month, is all you can afford, make your budget show as much.

I know you, along with most on this forum, have a particular disdain towards DCA's, however, suggesting that someone should misrepresent their affairs is, in my opinion, going a step too far.

I have to disagree, these companies buy debts for a pennies in the £1, they are unscrupulous and in many cases will lie and tell you anything to get you to make a payment.  Morals don't come into it so why should they with the customer.

what would happen if a CCJ was pursued and it all come out in the wash that financial information had been falsified?

We shouldn't let hatred towards DCA's cloud judgement..

Nothing would happen.

Its not a crime to exaggerate your income/expenditure to a debt collector, you can tell them anything you choose, what are they going to do ????

I would never advise anyone to be anything but honest where a court is a concerned, also an accurate budget must be provided for any insolvency solution, as penalties exist for non compliance, but you can tell a common a garden debt collector chasing a non priority debt, anything you like, you can tell them the moon is made of cheese, but they can`t make you taste it can they.

I don`t hate anyone, except a certain Russian President maybe, but no, in my book its called sticking up for yourself, because as Ukraine is finding out, no one else will do it for you.

marko83

Wow, thank you all so much for advice  but also the reassurance also. I've been battling like so many,  debt with robbing Peter to pay Paul.

@GreenCat80 that is very reassuring to hear, it feels scary but so wish I'd found this site years ago. Realise that you are not alone, and made some terrible choices to try and resolve debt issues feeling so much pressure from creditors.

@EssexHebridean at present I'm trying to put a solid SOA together however with utilities bills and council tax yet to be determined its tricky to work out what's left. However I have made some serious adjustments to living costs and expenditure to ensure I don't need credit like before. Having an honest conversation with my wife about spending habits has been a culture shock, as soon as I work out my SOA I will post it, I can't believe how much support is on here and would be daft not to let people offer advice.

@Exodi thank you for the advice, and as from what I'm finding honest opinion I very much hope that I find myself on the way to getting out of this mess, I feel a sense of relief already.

I would say to anyone reading this post especially new members don't be frightened to ask the questions, I did not expect anything to come of it, but the feeling that you are not alone and opinions and knowledge of the guys and girls on here is extremely helpful. I wish I'd asked these questions a long time ago instead of getting deeper and deeper.

Thank you all so much for your responses, much appreciated 

kerelyte

sourcrates said:

Hi,

'A DMP can run as long as is necessary, although you don`t want to be in debt forever, most folk pay a certain amount per month whilst saving an emergency fund, this is then used further down the line to make full and final settlement offers, thus reducing your time in debt.'

Say,you manage to save some money for 'emergency fund' and use it as lump sum for full and final settlement.
If DCAs would ask to see bank statements -it would be obvious that money were saved-in  other words there was more surplus available for DMP monthly payments.
Would this be a problem?

kimwp

kerelyte said:

sourcrates said:

Hi,

'A DMP can run as long as is necessary, although you don`t want to be in debt forever, most folk pay a certain amount per month whilst saving an emergency fund, this is then used further down the line to make full and final settlement offers, thus reducing your time in debt.'

Say,you manage to save some money for 'emergency fund' and use it as lump sum for full and final settlement.
If DCAs would ask to see bank statements -it would be obvious that money were saved-in  other words there was more surplus available for DMP monthly payments.
Would this be a problem?

The DCAs don't have any rights to see your bank statements.