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Hi all.

 

I need some advice big time.

 

My wife and I have been in a DMP for 4 years and paid religiously every month as well as over paying where possible. The initial debt was £49,000 we currently owe £29500.

 

I have lost my job.

I contacted my DMP provider and told them that I have a sum of money to offer being £10k as full and final settlement.

They started to assume many things and said they would initially offer £8000 to the creditors as a full and final IVA with a limit of £11000.

 

Now..here's the tricky bit.

 

I actually received much more than £11000

but, as I am not working,

I have set funds aside to start a business,

 

I want to pay some off my mortgage as I am currently not earning,

pay my Dad back money that I borrowed,

put my sons bond money back in an investment( disgraceful I know but, I had to cash his junior bond in!!..I would like to put that back) and..

after a dreadful struggle over the last few years..

would like to have a small sum to fall back on once I get the Adverse debt gone.

 

Now the IVA team would like to see my bank statements. Quite obviously the figures will vary enormously....advice please!!??

 

Shall I continue with it or just offer more as a settlement rather than a full and final IVA.

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Get out of the DMP right away and make offers to your creditors yourself on a % basis, otherwise the Debt management Company will take their cut and thus the settlement figures will reduce. If some of the creditors accept then simply pay them off. For those who don't reinstate the original payment without the Debt management company. It makes no sense to employ these companies to do what you can easily do yourself..

 

Sorry I have just read your post again, Please clarify if you entered a DMP or IVA the latter is a different beast altogether.

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yes dump them!!

 

list your debts please

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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IMHO i'd do the DMP yourself..

 

 

you have ofcourse sent a CCA request to EVERY creditor you are paying haven't you?

 

PP will not do that

 

do all you debts SHOW one your cra file [sri the wifes]

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 3 weeks later...

Hi.

 

An Update.

 

I have taken the advice here and sorted it myself.

 

I have agreements in place with all companies over 7 debts at a Full and Final 30% !!

 

I have a letter from one creditor which states

" will not pass on to anyone else...zero balance..account closed and update credit history"..

 

I have another letter from Barclays who have said all of the above but not put my wifes name on the letter

so I have asked for this to be resent with all the details.

 

Now..Barclaycard refuse to send any letters as they say that it is all logged on their system

and therefore there is no need for them to send a letter and..

 

Santander have said they will not send any letter and that my credit file will state partially settled

with the amount not settled but, they will not be chasing me again for the money as the account will be closed.

 

I have snt them all letters stating what I want in writing but..what if they do not write?..I have the agreements, it is logged on their system and thy have said I must ask for a DPA request to get the transcripts and confirmation of the agreements or they say that, once paid they will send a letter stating everything is settled!!

 

Night mare...I just want to pay them but on firm full and final terms and..in writing! Help

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ok I didn't know you had progressed this far

 

the problem with any F&F offer is if they offer a DISCOUNT - there is a REASON.

 

normally PENALTY charges or PI or unenforceable or non existant paper work.

 

we always advise to CCA & SAR everyone you are even mildly thinking of settling with

and reclaim FIRST.

 

also on F&F offers, you need to make a strict condition that the file is marked SETTLEd

not PARTICAL settlent

and ALL negative data is removed.

 

if a creditor does not do that, then you might as well burn the money

for all the good it will do.

 

I hope you are NOT paying any DCA's this money either?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi.

 

No I am not paying any DCA, I am doing this myself.

 

Only one company will put fully settled, all others are putting partial settled which will affect us for 6 years. I have resent letters asking for 'settled' and all the other info but, some have stated they will not put it in writing..this is the annoying bit..If I don't get all agreements in place and in writing by the end of the month..some have said they will not honour the agreement so I am at the mercy of the companies who refuse to write!..It has all been agreed on the phone

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debt collection agency...

 

are any of your debts with DCA's?

 

Moorcroft/active capital/lowells/etc etc

 

also you should not be doing this over the phone!! ever!!

 

do all these debts SHOW on her CRA file?

 

it might be an idea if you list them and whom your are thinking of F&F'ing

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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