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  • Which Way to Go?

    Hi


    I have debts totalling approx 49K, comprising 6 credit cards and a Bank account with a large debit balance. I have been making regular repayments until recently via a DMP with Payplan. I have now retired on a modest pension, so that my income has fallen by an amount approximately the same as the monthly repayments made hitherto under the DMP.


    It may be possible for some funding to be made available to make F&F offers to the creditors for amounts substantially lower than the debt. I do not know what sort of level of settlement Payplan are normally able to negotiate, but I am inclined to contact the creditors direct myself, to try to reach agreements. I have read various Forum threads on F&Fs, and also looked at the letter templates covering various scenarios.


    The Bank Overdraft account dates back to the early 80's, the 4 largest CC accounts all date to at least the 90's I think, and 2 smaller ones to the 00's.


    I am undecided whether to make my offer to the creditors first, possibly reverting to CCA requests if they will not consider my offers, or to go the CCA route before making any offer at all.


    For information, I have not made a DMP payment for the past couple of months.


    I would appreciate suggestions as to my best course of action. Many thanks.
    Last edited by Still Waving; 4 January 2014, 14:42. Reason: Amended description of Bank account

  • #2
    Re: Which Way to Go?

    To help us, to help you, please provide the following information for each account:
    • Type of account (credit card/loan)

    • Date commenced (ideally before Apr 2007)

    • Approx balance

    • Date last paid (approximate date you last made a FULL payment)

    • Are you on arrangement or not paying

    • Status (default/in arrears/up-to-date)

    • Account owner (who is writing to you, a DCA or the lender)
    Providing the above information, for each account helps us. Then, We can help in the best course of action.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment


    • #3
      Re: Which Way to Go?

      Thanks for the replies so far.

      As I have been paying via the DMP for the past couple of years, things have been quiet, but as I have not made a payment for 2 months I am expecting that to change very soon.

      I'll get together further individual info, and post later.

      Comment


      • #4
        Re: Which Way to Go?

        Hi NDBW
        I am with Flower on this CCA first then negotiate F&F with the last card standing.
        that said I have gone UE rout this year and don't have any cash for F&F, I will just blag it until I need to start paying again poss £1.00 a month as not in work

        best wishes NW
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment


        • #5
          Re: Which Way to Go?

          Given the dates your CCs were taken out, I would definitely be looking at UE.

          Save any funds for F&Fs on any that might be enforceable...but not before they've been passed on to dcas.
          Let your smile change the world but don't let the world change your smile


          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment


          • #6
            Re: Which Way to Go?

            agree absolutely

            Comment


            • #7
              Re: Which Way to Go?

              Me too...........
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment


              • #8
                Re: Which Way to Go?

                I don't have the original paperwork to hand, as it is packed away somewhere, so the commencement dates are only approximate, however here is the detail requested.
                Last edited by Pixie; 31 July 2012, 19:58.

                Comment


                • #9
                  Re: Which Way to Go?

                  Hi

                  Can you just let us know the creditors are, it helps to know whats what as some creditors are pretty predictable.

                  You should have a read of the unenforceability section and some of the diaries to get a good feel for how it works.

                  if you've retired, I believe it is the best option to get rid.

                  how long did Payplan expect the DMP to go on?
                  I presume you were going to pay this off with your lump sum (please don't!!!)
                  did they all stop interest and are these pretty accurate balances?

                  Comment


                  • #10
                    Re: Which Way to Go?

                    Credit card 1 MBNA. – Taken out early 90's
                    Balance approx. £12,000
                    Last full monthly repayment May 2010
                    DMP payments since then.
                    “Sold” to Idem Capital securities Ltd (Paragon Personal Finance Ltd) by lender beginning 2012
                    2 months arrears on DMP.
                    Last edited by Still Waving; 31 July 2012, 19:59.

                    Comment


                    • #11
                      Re: Which Way to Go?

                      Credit card 2 MBNA. – Taken out early 90's
                      Balance approx. £8,500
                      Last full monthly repayment May 2010
                      DMP payments since then.
                      “Sold” to Idem Capital securities Ltd (Paragon Personal Finance Ltd) by lender beginning 2012
                      2 months arrears on DMP.
                      Last edited by Still Waving; 31 July 2012, 19:59.

                      Comment


                      • #12
                        Re: Which Way to Go?

                        Credit card 3 Bank of Scotland. – Taken out during 90's (I think)
                        Balance approx. £13,200
                        Last full monthly repayment May 2010
                        DMP payments since then.
                        Last DMP payment May 2012.
                        Being administered by Blair Oliver Scott
                        Last edited by Still Waving; 6 September 2012, 18:48. Reason: To keep non-payment period clearer going forward.

                        Comment


                        • #13
                          Re: Which Way to Go?

                          Agree, the UE route is the one to take at this time.

                          You will get good support here.

                          Once you have sent off your CCA requests, you need to scan these and send to Niddy. He will advise on enforcability.

                          Comment


                          • #14
                            Re: Which Way to Go?

                            Credit card 4 Mint/RBS. – Taken out during 90's (I think)
                            Balance approx. £8,750
                            Last full monthly repayment May 2010
                            DMP payments since then.
                            2 months arrears on DMP.
                            Being administered by lender

                            Comment


                            • #15
                              Re: Which Way to Go?

                              Credit card 5 Saga (AIB). – Taken out during 00's prior to 2007 I believe

                              Balance approx. £1,650
                              Last full monthly repayment May 2010
                              DMP payments since then.
                              2 months arrears on DMP.
                              Being administered by lender

                              Comment

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