Just looking for some clarity on DMPs

sonnet72

Is it a good idea to email the creditors? Some have email addresses for “if you’re finding it difficult to pay” . I feel that might be a better way to communicate as I’ll have a copy in my inbox

sonnet72

Also, another thing that has popped up in my researching anything and everything: are my creditors likely to sell my debt to a debt collection agency? And if they do, are they more difficult to deal with? 

Grumpelstiltskin

Concentrate on getting the debts written off before you even think about debts being sold on and yes they will be sold on if they are still in existence they always are.
You can E Mail them although once they have your E Mail address they will use it to keep contacting you. Sending it by snail mail is always suggested when dealing with your creditors, you can keep a copy of your letter and never phone them.

sonnet72

Ok if I draft an email, is someone willing to look at it before I send it? 

sonnet72

Latest: I spoke to an online solicitor just now from the Just Answer website and he reckons I absolutely do have beneficial interest in the house, very assertively telling me that anyone that says I haven’t doesn’t know what they’re talking about because they are not lawyers. Proper had a go at me

sourcrates

sonnet72 said:

Latest: I spoke to an online solicitor just now from the Just Answer website and he reckons I absolutely do have beneficial interest in the house, very assertively telling me that anyone that says I haven’t doesn’t know what they’re talking about because they are not lawyers. Proper had a go at me

There is an argument either way as to the beneficial interest in the property, but lets not get side-tracked by that, concentrate on putting together your argument for obtaining write off`s from creditors, yes they can sell there debts, but you are hoping to persuade them to make a commercial decision in your favour long before that happens.
We have had numerous recent posters gone down the same route as this, and had very good success with it, if I can find the threads I will link to them on here so you might get some tips and advice on how they managed it.

Found this one-

Debt and severe mental health - write off — MoneySavingExpert Forum

sonnet72

Ok I really need to understand how it will be commercially in their favour to write off the debt? 

My case  will be, I cannot afford the repayments and can’t see a time when I will be able to, 
i have no assets in my name
 I have a mental health issue and care for 2 vulnerable adults who rely on my being mentally stable
 I’m happy to contribute the amount stated on my financial assessment but this will not go far when distributed amongst all the creditors. 

Bankruptcy will be a very stressful process in an already stressed family unit. 

So then do I say something like : by writing off my debt, you will be saving myself from a decline in mental health which not only impacts me but my family. Also you will save money from executing enforcement procedures that will conclude what is already evident - I cannot pay off all of my debts. 

I also want to say something that may make them not sell the debt off because I’ll be dealing with an unknown. Any argument I can add to persuade them that write off is better than selling for THEM? 

sourcrates

What you have written above just about sums up an ideal letter to a creditor in your situation.

Affordability is paramount these days, lenders are under the thumb from the FCA to make certain those in financial difficulties can afford what they are paying, you can`t, and if they were to try and force your hand to pay more, sell the account and face further collection activity from the new owner, or they made a proposal to take legal action against you, after submitting a mental health assessment form, that would be deemed as unfair, and they may face sanction from the FCA if they breached the rules too many times.

This is why it makes more commercial sense for them to simply write off the account against tax.

You are in the position of not being able to afford a realistic payment plan, and that position is unlikely to change, they know you could theoretically declare bankruptcy, they lose either way, so their only option is to grant your request.

They may not do so straight away, it may take a few months, a few letters etc, but the end result in these matters is seldom in doubt.

sonnet72

Honestly, I can’t tell you how much of a difference it makes to read replies here, I feel I can breathe a little. Will update after CAB meeting on Monday. But thank you ALL so much for your advice out just listing and even got the gentle kicks up the backside 

RAS

Please take little time (a few weeks) to consider all your options, because you will receive different advice from different people.

And then sit with your initial decision. Is it the result of stress? Or is it because you feel confident, whilst acknowledging that your circumstances might change? 

And remember you can almost always change your decision.