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Lump sum coming - action plan required


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I am currently on a DMP with CCCS. This looks after 5 debts (2 credit card, 3 loans) totalling £52k. I have been on the DMP for 3 years and all debts are still with the original lenders. The most recent debt (Lloyds TSB loan) was taken out in December 2004.

 

Detail of debts are:-

 

CAHOOT LOAN - £7.8k - started 18/03/2003

LLOYDSTSB LOAN - £9.4k - started 09/12/2004

NORTHERN ROCK LOAN - £18.8k - started 02/07/2004

LLOYDSTSB CREDIT CARD - £11.3k - started 18/12/2001

MARKS AND SPENCER CREDIT CARD - £4.9k - started 06/09/1997

 

I have a mortgage on my house (mortgage £165k, property value £260k). The Northern Rock loan has a charge against the property.

 

I am being made redundant in September and will be receiving £38,642.

 

Now obviously I could send out F&F offers using all (or more likely some) of this lump sum. But I wondered if you savvy people could steer me in a different way and help preserve this lump sum?

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Little friendly bump to the top of the forum. I haven't got a clue what to advise you but welcome to CAG and I hope someone can post something more useful soon.

 

Are you looking for what % you should offer them as F&F? If the interest is frozen on them, then the longer it drags on the better for yourself I guess, but as I said before, I've no experience in this area :)

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Thank you Locutus (Trekkie, eh?).

 

I know from reading other posts on these forums that there are a lot more intelligent people out there that have been through debt resolution and have invaluable advice and guidance to offer. As it is I don't and I would like a steer on what to do before the lump sum arrives and the vultures pounce.

 

I received a default notice on the Lloyds loan today, CCCS told me to ignore this! I am guessing that this might make it easier to negotiate a lower F&F with them.

 

The cahoot loan has been taken over by Santander, hopefully paperwork will have been lost.

 

From my reading I've ascertained that going down the CCA route would, at some point, mean that I would effectively burn my bridges with CCCS. As they have been an invaluable cushion against telephone calls I am reluctant to do this unless someone could assure me that the ends would justify the means.

 

So I am left with 2 basic options:-

 

1. Carry on as normal (payments to CCCS remain the same) and hope I find a new job before the money runs out, or,

2. Use this opportunity to clear my debts.

 

Now, option 2 looks the more favourable from where I am sitting but I would still need sufficient money left over to live on whilst looking for employment (the household would need to find (or use) £600 a month to cover all bills and groceries).

 

Given that I live in an area of high unemployment, the chance of finding work quckly is slim. I estimate it could take anywhere from 6-12 months to find permanent work.

 

I would love to have £15-20k in the bank after sorting out my debts but figure settling £52k of debt with just £18-23k of money is a bit of a stretch.

 

I know I've used this money but I want to take this life changing moment to start afresh.

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Hi Studiorex

 

I personally would remove the details of the amount you are getting asap and keep it to yourself!

 

It is advised on here that many of the CCC's and DCA's watch this forum.

 

I know it is a long shot that you would be recognised but better to be safe than sorry.

 

When you do get your money, make sure you deposit in an account that is not in any way linked to any of your debts because for example you have mentioned a Lloyds loan and CC, if you have a current or deposit account with Lloyds and put the money in there, they would swipe it and then tell you after the deed was done.

 

Lots of threads on here regarding F & F's have a read and very good luck.

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I was thinking similar to yourself in regards to the CCA / CCCS thing. However if you choose your route 2, you could dispense with CCCS's services, CCA all the people, post any CCA's that you are sent here for the guys in the know to say if they are valid or not (except for the one that has a charge on your property... I don't think you can CCA them once it has got to this stage... again, not an area I'm overly familiar with so someone please correct me if I'm wrong!) any valid CCA's returned offer them a F&F, anyone not have a valid CCA can go whistle!

 

Again, just reminding you I'm no expert, just regurgitating what I've read crossed with my opinion :p

 

and I'm not particularly a trekkie... it was just on the TV when I was creating my account :p

If in doubt, contact a qualified insured legal professional (or my wife... she knows EVERYTHING)

 

Or send a cheque or postal order payable to Reclaim the Right Ltd.

to

923 Finchley Road London NW11 7PE

 

 

Click here if you fancy an email address that shows you mean business! (only £6 and that will really help CAG)

 

If you can't donate, please use the Internet Search boxes on the CAG pages - these will generate a small but regular income for the site

 

Please also consider using the

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Hiya, just to add to this. I am in a DMP with Payplan, who work very similar to the CCCS. It would be worth asking your case worker at the CCCS to see if they have a settlements team who can offer the lump sum on your behalf as a full and final settlement. I know that there is a dept at Payplan that can do this :)

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From my reading I've ascertained that going down the CCA route would, at some point, mean that I would effectively burn my bridges with CCCS. As they have been an invaluable cushion against telephone calls I am reluctant to do this unless someone could assure me that the ends would justify the means.

 

You are actually in a similar situation to me, although I don't as yet have a bundle of cash to throw at creditors :D

 

I have also found CCCS a great help at first and to be honest, I think I would have gone mad without their support/help...but...the trouble with CCCS is they will always treat all your creditors absolutely equally and aren't really interested in who has enforceable agreements, who has added heaps of charges or PPI, or even whether the debt can be proved is yours. They just want the payment.

 

So I decided to take control of the situation, when the CCA's come back, I will basically prioritise the debts that are enforceable (minus charges etc) and the rest can just wait.

 

Good luck with whatever route you take.

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