DMP Mutual Support Thread (Part 4)

Gemmzie

I'm starting to see that exactly! Stupid isn't it, it's like getting them an ASDAN award when they really need support and one-to-one work :rolleyes: But it's okay, as long as they get a certificate
Hope the meeting goes okay.

rayday2

You got it spot on! But you swore with the Asd** word. You know they are even encouraging us to back date those awards, if a young person has happily been helping us with something they want us to fill the right bits in just to get an award. How is that pushing them? They choose to help out naturally!

I refuse to do it - I never used to be militant!

cloudnine_2

Ex-Spendaholic wrote: »

Angel Cake,
Have any of you got any experience of Full and Final Settlement Offers?

Hi Angel Cake

Heres an excellent site and info on 'Full and Final settlement offers'
http://www.insolvencyhelpline.co.uk/debt_factsheets/full_and_final_settlement_offers.php

I think the thing you have to be careful of are any other creditors seeing you have settled another creditor. I'm with CCCS and they frown on full settlements unless the creditor is perhaps sincerely going to go for court action and bankrupcy proceedings. This happened to me and they agreed that in that specific case I should settle. And yes, the final settlement amount was around 70% of the amount owed.
The other thing to consider is that any change to your amount owed to any creditor will eventually show on Experian or likewise. I've just joined Experian for this reason so I can track my credit score and reports. It can be a bit of a shock when you first read it, but, at least I know where I stand.
If you do come into some money ( Oh yeh !!) then its worth going to all your creditors and offering some crazy amount to settle in full. If you never ask, you will never know !!!

longforthesun

Thanks Rayday2 and Newlywed. I have no idea if any creditors will default us will just need to wait and see. Missed a call from MBNA this morning by the time I moved myself out of bed to get the phone they hung up. I have stopped ignoring the phone now as I have my CCCS ref number now. HOpe everyone is having a good day.

rayday2

You got out of bed for a MBNA phone call - now that is dedication

teecee152

Hello Everyone:D

Welcome to all our new friends and hope you are all well!

Well my news is I'VE GOT A JOB!!!!!

It is what I've been training for for two years and I'm soooo excited, my only worry is that once I start work on 1st September my DMP payments will go up (thats the good part) this should reduce my dfd from 7 years to about 2 and a half.

Is it likely that because my payments are likely to be more than the contractual payments my creditors will start to add interest again?
If they start to add interest, would I then be better to stop the DMP and then snowball my debt??? Any help appreciated.

Teecee xx

rayday2

Who do you do with your DMP with?

It may be better to wait see if they start interest if they do then run your own DMP, the ones that just take the money keep the payments lower and like you say whack the rest off a bit quicker so you pay less interest.

Oh and huge congratulations - well done!

teecee152

Thanks Ray!

My DMP is with CCCS.

Thats what I was thinking, my payments will probably treble, and I know for sure that at least two of my creditors will receive more than the contractual payments. I'm not able to offer full and final settlements as they are both over £3000 and at the mo I'm skint!:o

Guess I will just wait and see what happens.

rayday2

Hey we will have to have under our list of DMP members those who graduate soon - reckon you could make number 1

teecee152

God I can't imagine how it will feel to be debt free,

I've been in debt of one degree or another for over 20 years. Mind you since being on the DMP I have learnt to appreciate things a whole lot more and the choices i make now are informed and based on need not want. It will be so lovely to have spare cash and no debt!!!

I think I may be getting a little ahead of myself!!!!!