DMP Mutual Support Thread (Part Three)

rayday2

I have been selling a few bits on ebay but its mainly pocket money, trying to leave it in paypal account as its hubbys 30th birthday coming and I want it to be special. I know special does not have to mean expensive but hes worth it! So far I have a night booked at a Travelodge round Gretna Green where we married - he knows nothing about it.

So I need to fund petrol, entertainment and a little pressie.

It is quite scarey when you first go on a DMP just how little you get used to living on.

Gingerish

rayday2 wrote: »

I have been selling a few bits on ebay but its mainly pocket money, trying to leave it in paypal account as its hubbys 30th birthday coming and I want it to be special. I know special does not have to mean expensive but hes worth it! So far I have a night booked at a Travelodge round Gretna Green where we married - he knows nothing about it.

So I need to fund petrol, entertainment and a little pressie.

It is quite scarey when you first go on a DMP just how little you get used to living on.

I have my OH's 40th coming in May. Hey, it's a challenge!

nomoneynomoney

geoffmr1 wrote: »

Has anybody on here had any luck with full & final settlement offers to creditors. I know that CCCS may not be in great favour of doing it, but some of my debts are so small eg £180 that the £5 token payment they get each month would be better served going towards the larger debts.

It would just be interesting to know what sort of percentage creditors would look for before agreeing full settlement?? I obviously understand each creditor is different but if someone has actually gone this route it would be nice to know what happened??

Hi geoffmr1
I had 25% of my total debt to offer as full and final settlements so that's what I offered. 5 creditors accepted 25%. so I managed to clear 30k of debt for 7.5k.

newlywed

nomoneynomoney wrote: »

Hi geoffmr1
I had 25% of my total debt to offer as full and final settlements so that's what I offered. 5 creditors accepted 25%. so I managed to clear 30k of debt for 7.5k.

See now you're making me wish I had £7.5k

nomoneynomoney

sorry newlywed
I never thought I'd have any money but things do change. If I could get the others to accept 25% I'd be really happy -but they want 85% - so for now I'll hang onto the money and see if I can save anymore. On the down side I've had to sell my home and really down grade things but I'll build on what we've got. I used some of the equity to pay off some of the debt. I've still got loads of debt but everything seems more in control now

newlywed

nomoneynomoney wrote: »

On the down side I've had to sell my home and really down grade things but I'll build on what we've got. I used some of the equity to pay off some of the debt. I've still got loads of debt but everything seems more in control now

Yeah - I've gone from living at home with my parents in a council house to getting married and living with OH in a Housing association flat Home is what you make it and for us it's secure as long as we pay rent so that's what counts (plus we don't have to pay for boiler repairs and new windows - although we have to take days off to be there while it's done and clear up the mess)

redrose76_2

hi all I am not on a dmp as of yet still getting my head round everything and it is a little scary to say the least. I read your post nomoremoney about full and final settlements figures, where you on a dmp when you offered this amount or did you just let the creditors know you were struggling but could offer this amount?? Sorry dont mean to sound nosey but I am wondering whether to offer final settlements before entering a dmp if
this is at all possible????

nomoneynomoney

redrose76 wrote: »

hi all I am not on a dmp as of yet still getting my head round everything and it is a little scary to say the least. I read your post nomoremoney about full and final settlements figures, where you on a dmp when you offered this amount or did you just let the creditors know you were struggling but could offer this amount?? Sorry dont mean to sound nosey but I am wondering whether to offer final settlements before entering a dmp if
this is at all possible????

Hi redrose
I'd been in debt forever and it got to the point where I just couldn't function anymore. Depression, crying, arguments etc etc - we all know how deparate we get in this situation. It was 5 years ago that I finally sought help from national debtline and CCCS.
At the time a DMP was a life saver - so 5 years on my debts were long standing ones being paid off with small regular payments. I had the money so contacted the creditors with my offer. whether they would have accepted reduced settlement figure years ago - who knows. If you are up to date with your payments then I don't think they'll enter into negotiations but give it a few months of reduced payments and they might. Sorry it's not been much help- but your post made me remember how I felt when I first contacted CCCS. If your not sure which way to go at least a DMP gives you breathing space so that you have a clearer head when making important decisions.

AmyV_2

Hi all

We had a bit of good news today.

I posted a while back to say one of my husband's creditors (well, their Solicitors) had got a CC Judgment by Default because they told the Court they hadn't received his Admission Form, when we have proof they had.

We wrote to the Court and today he received a reply saying that the Court has written to the Solicitor saying they cannot have the Judgment by Default and have to re-enter the claim.

Although we will still get a CCJ - at least it will be a considered one!!

I know - it sounds crazy being happy about a CCJ - but his credit rating is shot to pieces anyway - so as long as its a fair CCJ thats all that matters at the mo.

Yesterday, I did write to the Court for some general info on Claims and how they issue Forthwith Judgments and Charging Orders. and whether they still use the "Hybrid" claims at the bulk clearing centres - and when I get an answer back I'll share it with you all.

geoffmr1

nomoneynomoney wrote: »

Hi geoffmr1
I had 25% of my total debt to offer as full and final settlements so that's what I offered. 5 creditors accepted 25%. so I managed to clear 30k of debt for 7.5k.

Thanks for that information. At least it gives me something to work with in order to lose the smaller debts & therefore more money towards the larger ones.

One other question, did you send full details to each creditor showing how much you had to distribute between them (eg £7500) & how much you were offering to each as full & final settlement or did you just treat each one individually??

Redrose76, If you're struggling financially I would get on a DMP immediately. The quicker you deal with the problem the better most of the creditors will be towards you. If you go direct to the creditors first they'll only end up forcing you into agreeing monthly payments you just can't cope with. Once your on a DMP for a couple of months you could think about f&f settlement offers, try to do that before they sell the debt on because there is a chance you'll be offering them more money than they would get from a DCA & would therefore agree your offer.