DMP Mutual Support Thread (Part Three)

tinkerbell12

Thanks lmw - I rang today and it's £13 for part which isn't top bad. Dunno how much labour costs will be though so will check before I get it done.

If not, Ebay sounds like a grand idea.

Hope everyone is OK - no news is good news this end...

ailsajayne27

Can I have a major rant!!!! I keep getting letters off MBNA (Virgin loans) saying I will be taken to court etc even tho I keep ringing them and telling them that the CCCS are dealing with it. They finally acepted today that they have received a financial statement. But as I am awaiting a letter from my new employer with my new wage (which will be 7k less than my current) so that I can have a review. I've already worked out it will be around £100 I have spare. Said that to they guy on the phone and he was very funny with me saying well if we don't get min £44 a month you'll have to pay difference or we'll default it anyway or take you to court.... then he said oh actually with your statement we won't take you to court but it will default... is that because they know that the courts won't order me to pay them anymore than I have? I just wish they would all accept that due to things totally out of my control (evil bank!!) I couldn't afford to keep up my repayments... and I have tried all along to sort things out with them...

On the up side the CCCS said it won't be a problem reassessing my finances and changing my amount... it's just bad timing that I have only just started making my DMP payments.

It's just so snnoying having to deal with people when I'm at work (open plan office... everyone can hear everything!) and I wish that they would realise the extra stress it puts on you when you know that you are doing everything you can to get sorted... it kinda feels like they think I have done this on purpose... taken all this money then just decided I couldn't be bothered to pay it back... I had a really good payment history until this time last year when I changed jobs (weekly pay for a while... extra travelling expenses...) even then I still tried until the Halifax hammered me with charges (nearly £3k between may and november 2006 have put claim in!) It only really fell apart when I split with my partner and had to sort things out!

Sorry that was a major rant!! feel better tho Has anyone else had creditors refusing to accept the payment of the CCCS? or asking for more money despite the financial statement?

PompeyMark88

HI all

Hope everyone is well.

Got a few questions about offering a creditor a full and final settlement:

Can you ask them what they will reasonably accept?

if you make an offer and it is turned down, how does it affect your DMP?
How does making an offer (accepted or not accepted) effect your credit rating?

Can you make an offer to one of your creditors, or does it have to be all of them?

Are there any guidelines on how much is accepted. eg what will a creditor owed £1000 accept? £15,000 accept?, £20,000 accept?

Thanks all as ever.

WhoopieDoodle

Hello ailsa. We are having fun and games with MBNA. All I can say is hang on in there. If you can't afford to pay anymore, they will get the message eventually. The trick is to keep stating the same thing to them, i.e., we are on a DMP plan and we can't afford to pay anymore! It's broken record syndrome!

MBNA rang OH yesterday. They asked for his personal details which he refused to give, stating how did he know they were who they said they were.

This went on for about 5 minutes, when they finally gave in and hung up!

PompeyMark, I can't really help with this although the National Debtline website does have advice on full and final settlements.

I am sure someone will come along shortly and help you out.

Miggie

Hi Everyone

After reading this thread I finally got my act together and have set up a dmp for hubby and I with Payplan. They have been really helpful and our creditors so far are being ok (Co-op keep phoning but we just switched our phone off so family/friends know they can only get us on our mobiles).

I'd really appreciate some advice. I have a loan with Marks and Spencer (part of HSBC) for 13,000 and have repaid approx 700. I told them I was entering a dmp and they said the figure I needed to give Payplan was 18667.32, which is the whole of the loan plus interest.

Can they do this? If we do this, will they charge interest on the interest? I'm a bit confused and any advice would be most welcome.

Thanks
Miggie

ailsajayne27

thanks whoopiedoodle... it's good to know it isn't just me!!! I used to get annoyed with themas they would send me a text saying ring this number (with no id on it at all) then when I rang they would launch straight into whats your acc no? I actually complained about that saying it was rude and unprofessional as they were always funny with me about who they were (I have several accounts how I am I supposed to know lol!) and I was told you only get that treatment if you ''persistently avoid'' and have no intention of paying.... I told them that I didn;t avoid but they had been told not to call me in working hours (which they ignored) plus they rang my work mobile and rang me on my office direct number which is on my answer phone message... I complained about that as well and have now had my phone number removed from all my accounts under the data protection act. MBNA credit card are also as bad! I had a very long arguement with a lady about calling me in working hours which everyone in my office heard!! All over why I couldn't pay the £3 holding fee by 5pm (I have no debit cards and don't have any close enough friends in the office to ask... the lady actually suggested I ask my boss to do it) I had to get my mum to do it from work. Didn't help that I had thought we were in an agreement and I would not need to pay for a month til I got the DMP sorted!

Have to syathough that the DMP is the best thing I've done, Halifax were hassling me for £250 a month on my od (which is only at £2500 because of thier fees and charges) and when I said I can't pay it told me I had to get a fininancial statement, found CCCS and it's all sorted (ish) now!!!

One last question while I'm here! In the last letter off MBNA they said they were writing off loads of my debt... if I pay 44 for the enxt two months then about 1700 in one go... does this mean they will write it off on the DMP or will I still need to pay the whole £5188 back?

geoffmr1

ailsajayne27 wrote: »

One last question while I'm here! In the last letter off MBNA they said they were writing off loads of my debt... if I pay 44 for the enxt two months then about 1700 in one go... does this mean they will write it off on the DMP or will I still need to pay the whole £5188 back?

If they have said they will write it off then thats what they'll do if you make the £44 for two months & then £1700 in one go. However they won't write it off if you aren't going to make the £1700 payment & before you do anything make sure its all in writing.

MBNA have actually been really good with me & they are more than happy to work alongside CCCS as they apparently have a good relationship with them. I was getting hassle off MBNA but as soon as I provided them with my CCCS account number it all stopped & I haven't had a problem since. One other discovery I made about MBNA is that they threaten court but at the last moment before they actually go that route they give you the opportunity to pay your account up in a lump sum at a very reduced rate. I still couldn't afford it & by then was on a DMP but they were willing to settle for less than 25% of the full amount.

geoffmr1

PompeyMark88 wrote: »

HI all

Hope everyone is well.

Got a few questions about offering a creditor a full and final settlement:

Can you ask them what they will reasonably accept?

if you make an offer and it is turned down, how does it affect your DMP?
How does making an offer (accepted or not accepted) effect your credit rating?

Can you make an offer to one of your creditors, or does it have to be all of them?

Are there any guidelines on how much is accepted. eg what will a creditor owed £1000 accept? £15,000 accept?, £20,000 accept?

Thanks all as ever.

I wouldn't ask them what they would want because you'll end up paying more than you really need to.

Apparently the correct way to work it out is as follows (this was taken from another website):-

EXAMPLE
You may have £10,000 owing to 4 creditors. You can raise a lump sum of £4,000.

You owe:

£2,300 to mastercard

£ 1,200 to a catalogue company

£ 4,500 to a loan company

£ 2,000 to the bank.

Use the formula:-

£4,000 (lump sum available) x £2,300 (debt to mastercard)

÷£10,000 (the total amount you owe to creditors)

= £920 (offer to mastercard)

Your offer to mastercard is £920. You then do the same calculation for each creditor, using each individual debt in the calculation.

As for your other concerns, it won't affect your DMP or your credit rating either way. If however they accept your offer that would then be registered on your credit file as being satisfied & you would start on the 6 year road of having your credit file cleared etc.

There is no set figure a company will accept, some will accept a low percentage & others will want over 90% of the total debt. Its just a matter of luck really.

I'm currently awaiting responses from several companies to full & final settlement offers who I owe lesser amounts to because I want to pay their token payments towards the larger debts. I haven't told each creditor what I've offered the others as I can only see that causing problems.

ailsajayne27

MBNA have actually been really good with me & they are more than happy to work alongside CCCS as they apparently have a good relationship with them. I was getting hassle off MBNA but as soon as I provided them with my CCCS account number it all stopped & I haven't had a problem since. One other discovery I made about MBNA is that they threaten court but at the last moment before they actually go that route they give you the opportunity to pay your account up in a lump sum at a very reduced rate. I still couldn't afford it & by then was on a DMP but they were willing to settle for less than 25% of the full amount.

MBNA were good at first when I actually discussed stuff with them but as there was a delay in my first payment (due to me trying to get it in before the end of month and problesm with my wages) they have been not so good... they have been claiming until the 11th that they hadn't received anything at all... I sent my bits RD so know they got there and CCCS told me they had had phone contact as well! It's just stressing me out because I had thought it was all sorted and now with the change of job it;s all up in the air again! I'm just looking forward to being a few months into my DMP and it all be running smoothly

Thanks everyone thast replied to me so far!!! It's been such a great relief to be able to talk to people who don't go well how can you be skint or well it's easy just don't spend anything that'll sort you out!! i.e. people who don't understand lol!

ailsajayne27

sorry I couldn't do the quote thing so had to copy and paste bit!!!