DEBT MANAGEMENT PLAN AND PROPERTY INHERITANCE (in EU)

kerelyte

Hi
Ive been on DMP with Payplan for 3 years,paying less £70 monthly.I owe  around 46K.
I am self employed.I got a lot of room to generate surplus which is not on my Income Expenditure statement.
Creditors-
INTRUM-£14000(ZOPA defaulted me)-offering me £4000 deal for F&F-good deal!
LINK-£17600(Sainsburys defaulted me)
RATESETTER-£14000-NOT DEFAULTED
LLOYDS-£40(forty)
I am looking for ways to avoid selling property(worth 85K -creditors do not know about it,but i am NOT OBLIGATED to tell them that ),and saving up enough for lump sum in a few  years.
LINK is my biggest concern -realistically if they would agree for 75%,-so LINK and INTRUM would be settled(both) for around 17K.then i would be left only to deal with RATESETTER(who has not defaulted me).And if i pay them at least something-they would not try to get CCJ,i hope.
Because as it is right now-I think DCAs(it they were aware about inheritance) they would try to get CCJ??
Not to lose that property is my main concern.
Would that work-saving money for lump sum and paying them.Or would this be much different if they would see some third party deposited funds into my bank account?
Any thoughts
Thks

sourcrates

There are a few ways to deal with your problem debts, paying a token amount to a defaulted account whilst saving a settlement fund, is one of them.

No one can see what`s in your bank account, unless you show them your bank statements, there`s a little piece of legislation called the "GDPR" (General Data Protection Regulations) that see`s to that.

Debt collection agencies/debt purchasing companies, can only see your address and credit history, they don`t know if you have millions in the bank, or whether you work or not, so whatever you choose to tell them, they must accept at face value, as they have no way of disproving it.

Just play the game as you see fit is the best advice I can give you.

kerelyte

Thanks.
Since Payplan is funded by major banks(up to my knowledge),when it comes to negotiating with creditors- i would rather do negotiations myself .
PAYPLAN would probably insist that lump sum to be divided EQUALLY amongst creditors-which would not be workable solution!

sourcrates

Yes both Stepchange and Payplan are creditor funded, and each operate a similar process when dealing with settlement offers to creditors.

They don`t insist on equal shares, as a general rule, but any lump sum has to be paid, in full, to them first, before any negotiations take place.

Being the kind that insists on retaining control of matters, that situation would not work for me, nor many others if truth be told, I would want to be in charge of negotiating who gets what and when, not rely on someone I don`t know to do it for me.

kerelyte

I understand.Thanks.
Dealing with creditors directly would breach DMP rules/agreement.I guess,they(Paypal) would terminate DMP agreement and i would be on my own.

Grumpelstiltskin

Terminate the DMP yourself and go self managed, plenty of advice on here.

sourcrates

kerelyte said:

I understand.Thanks.
Dealing with creditors directly would breach DMP rules/agreement.I guess,they(Paypal) would terminate DMP agreement and i would be on my own.

And that is a bad thing because.....?

All debt charities do is distribute your payments, nothing else, the accepted mantra is that a debt charity has to handle things for the creditors to take notice, but that`s not really the case, plenty of folk on this forum self manage their DMP`s, all you do is make payments as you did before, just at a lower rate, according to your budget, its not rocket science.

kerelyte

Thanks for your replies.
I am gonna self manage DMP.
Does anyone know -do DCAs able to check whether or not you own UK property,
And how likely are they to check this before negotiating F &F settlement?

Grumpelstiltskin

Anyone can check Land Registry, I think it costs £7 now, but only Secured Debt ( usually extra mortgage ) shows up.

ManyWays

Grumpelstiltskin said:

Anyone can check Land Registry, I think it costs £7 now, but only Secured Debt ( usually extra mortgage ) shows up.

Land registry shows who own a property. It will also show secured debt, but in this case if a property is being inherited with no mortgage, it would still show the property. 
I would be surprised if a debt collector routinely checks land registry to see if someone owns a property with no mortgage (a mortgage they would see from credit records).