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On DMP so Nationwide won’t accept F&F

Scammie
Posts: 27 Forumite


Have been on DMP for almost 6 years and have now sold my house, so in a position to offer Full and Final settlements. I am writing to all creditors using forum advice and letter template and obviously hoping for decent settlement offers.
DMP is with SC - but haven’t involved them in settlements. Would like to have all debts settled in next few months, as the six years are nearly up since defaults and having dropped off our credit file we can then apply for mortgage ( currently renting) and be debt free 🍾.
Sent emails out and made a few phone calls. Everything was fine except for Nationwide. Searched high and low for an email address to contact them and it doesn’t exist. Finally called and got through to collections and was told that they wouldn’t accept any settlement offer from us directly as we are on a DMP. It has to come via Stepchange.
Sent emails out and made a few phone calls. Everything was fine except for Nationwide. Searched high and low for an email address to contact them and it doesn’t exist. Finally called and got through to collections and was told that they wouldn’t accept any settlement offer from us directly as we are on a DMP. It has to come via Stepchange.
Has anyone any experience of this? If forced to I can go self managed rather than SC involved and lose all negotiating power, but would rather avoid the hassle, given I’d wanted to get this wrapped up over next few months and close DMP.
Advice gratefully received!
Advice gratefully received!
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Comments
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Stop paying the debt to Nationwide, they will eventually sell it, once the debt purchaser who picks it up contacts you, make them an offer to settle.
Debts are sold for around 12p in the £, so deals come much easier with debt buyers.
It will still drop off your credit file after 6 years regardless of what you do.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
if you have a lump sum that will clear the full balances then stepchange will just pay them off in full. unless you tell them you are wanting to haggle for discounts.
thus according to their website they have a specialist dept that deals will full and final offers ( do a Google search)where they negotiate, but it must be for all the creditors,not just one or two.
ino, leave step change, send them an email saying you are closing your account.
then contact each creditor like you have done, some will want a income expenditure assets statement from you to see if they think they will get more money from you if you continue paying debt off monthly.
but if you say a third party is funding the full and final offers, never say it is from you or they will figure out that monthly payments are best in order to try and get all their money back
imo you have more negotiating power if you go it alone,not via a debt charity
remember get everything in writing saying account will close, show zero balance and will not be sold on and credit file will be marked as partially satisfied before you part with your moneyChristians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us1 -
here is what they say
Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us1 -
Thanks for your replies. As I need to provide mortgage company with at least 3 months of bank statements I need to have nothing on there referencing any creditors / so that’s why I wanted to get everything settled over next few months. Even if the debts fall
off my credit file the bank statements would raise questions I Imagine. Just a bit worried if I stop paying Nationwide completely I’ll be stressing about any mortgage applicationI agree that I’d get the best chance of lower settlements by going alone so don’t want to involve SC.I’ve received some settlement offers already around the 60% mark and intend to go back and negotiate a bit more
Just wondering why Nationwide insist in only accepting offer from SC- I’ve seen a lot of people in the forum mentioning negotiations with Nationwide for F and Fs and don’t mention having to be self managed to do it . Seems a lot of hassle to go Self managed for just one creditor….0 -
it could be that step change will know your income expenditure assets and are splitting the money fairly.
nationwide want to see they are giving the same discount as other creditors are giving
but if you do it alone they will never know what you gave to other creditorsChristians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us1
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