F+F offers not as easy as hoped.
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I don’t want to stop paying altogether but just hoped that they would be more responsive to offers. The money would be coming from a family member but only really enough to cover just over 50% of the debt. Surely it will be passed over soon? They have mentioned in house dca so am I to assume that is the same as a third party collector. I maybe able to get more together to offer higher but am reluctant too at this stage.0
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Do you think Tesco would accept a counter offer or is it futile?0
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Hi there again
From what you've said the DMP is certainly not going to be quick, but it may just be your creditors are not ready to accept an offer. Unfortunately it is completely at their discretion whether to accept. You may find that a little further down the line they will reconsider. If Tesco have offered to settle for 80% it probably is unlikely they will accept less at this stage.
Have you talked through your alternative options with StepChange, such as bankruptcy? We don't have enough information about your circumstances to know if that would be suitable but 11 years is a very long time to take to pay back your debts. Good luck with it all.
Susie
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
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Do you think Tesco would accept a counter offer or is it futile?
No I think 80% is about the best you will get until it is sold on.
And it will not be sold on while you are paying it.
Have they even stopped all charges? If they have not your estimated time is going to be incorrect.0 -
I believe they have frozen interest. It’s such a difficult situation and my stress levels have been high since I started the dmp but it was the only option I had at the time. I don’t have any assets.
So what happens with an in house dca? What do they do differently to the creditor and would they accept a lower settlement?0 -
I believe they have frozen interest. It!!!8217;s such a difficult situation and my stress levels have been high since I started the dmp but it was the only option I had at the time. I don!!!8217;t have any assets.
So what happens with an in house dca? What do they do differently to the creditor and would they accept a lower settlement?
Why havent you considered a debt relief order instead ?
In-house debt collectors are just a different dept of the same company, best settlement offers are achieved after the debts have been sold to a 3rd party collector.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Never heard of a debt relief order. What is that? How long does it usually stay in house then before being sold or is that an impossible question.0
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I don’t qualify for a dro as I just looked.0
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Never heard of a debt relief order. What is that? How long does it usually stay in house then before being sold or is that an impossible question.
Yes it’s anyone’s guess to be honest, as your paying through your DMP it could be indefinitely, or they may sell it next week, no way of knowing.
A DRO (debt relief order) is a form of insolvency, qualifying criteria are :
Debt must be less than £20000
Cannot be a homeowner
No assets worth over £1000
No car worth more than £1000
No more than £50 left at months end (not including debt repayments)
A DRO lasts 12 months, You make no payments, after that, all your debts are written off.
Info here :
https://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx?WT.srch=1&WT.mc_id=288026&WT.seg_1=dro&gclid=EAIaIQobChMIxsqAhvni2wIVorztCh1BKAD0EAAYAyAAEgIUA_D_BwEI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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