DMP Mutual Support Thread - Part 12

Has anyone had any dealings with F&F offers with Nationwide? We have a loan debt of almost £7000 with them which is unenforceable. Foolishly we have been paying towards this debt through our SC DMP hence why we want to go self managed asap and drop this payment. Is it worth offering a really low F&F figure to see if they will accept this and mark the account accordingly or just forget about this debt completely??

Thanks,

BDFSH x

PjyamaQueen2 wrote: »

Hi, I first joined back in 2012, desperately in need of advice and £24k in debt............Now, almost 6 years later, I'd like to know what to do next, as I'm thinking of offering F&F settlements. I am due to receive a small amount of inheritance money. Also, looking back on some of the boards, can anyone advise if CCAs are relevant in my case? I have 4 creditors still outstanding, all except Barclaycard have defaulted and all have been passed to collection agencies. I've never missed a payment, but as my job is currently under threat, I'd like to pay these off finally. Do I stop paying SC and tell them I'm going self managed? Then contact the agencies with a token payment? Or do I contact them first to ask for F&F figures? I'm not sure which I should do first? Thanks.

Congratulations on paying off the majority of your debts :T

I believe you can CCA any creditor as long as there is still a balance outstanding, regardless of whether the account has been defaulted or not. So what I would do is inform SC that you intend now to take control of your own finances and go self-managed -but before you do make sure you take a note of all the balances and account numbers etc. from your DMP account with them. Once SC cancel the DMP you won't have access to that information - so having it makes things much easier. At the same time write to your creditors telling them what you are doing and enclose CCA requests- they then have to put collection activity on hold until they provide the requisite documents. There are template letters for this on the NEDCAB website.

Don't make any payments whilst the CCA responses are pending and deal with each as and when they respond. If UE then don't pay them anything for now (or never) and focus on paying the ones that come back enforceable. The best F&Fs happen when you pay the enforceable ones nothing, or tokens for several months - then you can talk about the inheritance and offer what you will.

Suseka97 wrote: »

Okay - firstly I suggest you go self-managed and inform your creditors that's what you are doing. At the same time, with the Nationwide account, you could also write to say that as the debt is unenforceable you will be prioritising the enforceable debts and therefore will be stopping payments (or offer them tokens, which some folks prefer to do). Then maybe 6 months on you could offer a low F&F - or just carry on not paying anything. I have 3 unenforceable debts and haven't paid a penny to them since Aug17 and I don't intend to. I've also 3 with CCA requests outstanding with LINK who keep chasing me to make payments and I'm now ignoring them because they've not provided the requisite documents. I couldn't have done any of this if I hadn't have gone self-managed.

Thank you so much

Yes, I really feel as though I need the flexibility of being self managed now. StepChange have been great but now I am more confident and have a bit more understanding as to how everything works I feel I am ready to move to self managed. Will get the drafted letters finalised and sent off plus the separate letter to Nationwide informing them we are paying £1 per month!!

BDFSH x

NewbieNat wrote: »

Hi to all

Just a quick question. I have a new basic account for wages/DD's, etc.
I also opened another basic account to put my EF savings in, as most of the actual saving accounts pay such a tiny amount of interest. Will my 2'nd account for EF show on my credit file?

Many thanks

Nat

Hi Nat,

From what I understand current account information does not show on a credit file. None of my current accounts show up when I log onto my Noddle report - just loans/credit cards/store cards etc.

BDFSH x

NewbieNat wrote: »

Hi to all. Just a quick question. I have a new basic account for wages/DD's, etc. I also opened another basic account to put my EF savings in, as most of the actual saving accounts pay such a tiny amount of interest. Will my 2'nd account for EF show on my credit file? Many thanks Nat

Any account you open, credit, bank account or other will show up on your credit file, yes. Me, I've set up a savings account with my bank and have been putting money aside in it for quite a few months now. No savings account offer much interest these days. My bank account shows up on my credit reports but the savings accounts I have with the same bank does not.