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Help im in Debt!!!


manindebt
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Hello All,

 

Im new to this site but boy am i glad ive found it, ive just signed up today so that i can pos this thread. Basically ive been reading threads on this site for the past hour and not really found the info im looking for so that i'd be direct and ask, but also feel that i have some knowledge that will help all of you who have credit cards with Citicards and Goldfish (ive had some interesting conversations with them really tell you more further down).

 

Basically the information im looking for is what reduced repayment plans will various creditors accept i.e what percentage are they looking for or what amount as a minimum or over what period of time must the debt be paid off. Im hoping that with all your contributions to this thread we can all get an idea of the different criteria for the varios different credit card and loan companies. You can all help by advising what amounts or percentages youve had agreed either through a discussion over the phone or Debt Management Plan and over what period of time your plans have been accepted/agreed for.

 

Ok im in debt to citicards, goldfish, egg, marbles, aqua, northern rock,Lloyds tsb, hsbc, Welcome Finance. Total debts are around 27000 and i have no assets to speak of.

 

Over the past 2 weeks ive taken advice from the CCCS and contacted some of my creditors to make reduced payment plans. What i would like is your assistance with knowing what my creditors are likely to accept as reading the various threads it seems even if one pro ratas an offer of payment some of them will still take to court as it doesnt meet there minimum criteria i.e 50% of normal minimum payments etc.

 

So heres how ive done so far.

 

Goldfish: Accepted reduced minimum payments of 55% of normal payments over the phone with no income and expenditure form required for a period of 6 months with a review then with possible extension for another 6 months.

 

Citicards: This one you will all find interesting, ive spoken to 2 individuals there John and Lee i think although i could be wrong, who have advised me that in order to avoid filling in income and expenditure forms they will agree to reduced payment plans on a short term basis as long as certain minimum criteria are fulfilled, both myself and my brother have a card with them and as we have different balances i know the criteria for reduced payment plans basd on how many months in arrears the accounts are.

 

For all long term reduced payment plans 1% of the balance as long as it is pro ratad with income and expenditure form completed, is what they are looking for (thanks john) and for short term difficulties accounts which are 2-3 months behind they will accept 1.40% - 2.2% of the balance with no income and expenditure form to be filled in and whilst they wont freeze the interest they will reduced it to around half of current, but this will only be done for 5-6 months although i reckon an extension can be gained, secondly if account if 5 months plus behind with payments and has been defaulted or due to they will accept 1.2% over the phone with no income and expenditure form filled in for a period of 12 months with a freeze on interest and charges after this im presuming they would like the relevant paperwork (thanks Lee) although i'll update you all in 12 months when my account has been on this for 12 months.

 

The reason i was told they avoid requesting the forms is to save time and many are returned incorrectly and so may mean accounts getting defaulted or passed to DCA. Cant believe staff there would tell me about all their possible arrangements available, have they not heard of CAG???(although i do think that they were eager to get payments out of me and so told me about all their arrangements and basically told me to pick one)

 

What i would like from all you readers is information regarding my other creditors, have you had reduced payments accepted if so what percentage and over how long?

 

Thanks

 

Manindebt

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I have always had all interest frozen from day one and have never negotiated over the 'phone. Also, they cannot collect more than you are able to afford anyway... regardless of what you may be told over the 'phone.... which in most cases, is a pile of bowlarks anyway.

 

My biggest success was to pay £5 a month on a debt of £26K for several years... without going to court and with all interest frozen. It was finally settled (F&F) for £500 :eek: .

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Agree with you although the point i was trying to make is that more and more of these creditors from what im hearing are prefering to reject offers of payments and either take you to court as per marbles (hfc bank) and egg or passing onto a DCA and both of these options include added stresses and pressures.

 

I guess im looking at solutions which wil avoid these as i know many creditors if you meet certain criteria will negotiate with you and not sell/pass on your debt or go down the legal route (they tend to do this if you own your own property and go for a charging order).

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Agree with you although the point i was trying to make is that more and more of these creditors from what im hearing are prefering to reject offers of payments and either take you to court as per marbles (hfc bank) and egg or passing onto a DCA and both of these options include added stresses and pressures.

 

Actually, having an account passed to a DCA need not be as stressful as you imagine ;) . There are things that you can do to avoid a court scenario... Firstly, it's worth making a CCA request to anyone chasing you for payment. If they don't have this doc., then they cannot pursue you for payment through the courts because this is the doc. that they would need to get re-enforced in court ;-) .

 

If they don't have it and the debt is being collected on behalf of the original creditor, then the account will be passed back and you can negotiate from there with a S.A.R - (Subject Access Request) to the original creditor... in order to re-claim any unlawful charges.... thus bringing the balance down to its correct level.

 

I guess im looking at solutions which wil avoid these as i know many creditors if you meet certain criteria will negotiate with you

 

Yeah... I bet they will, especially when they cannot substantiate their right to collect from you in the first place (CCA request).... and/or have slapped on a load of unlawful charges in order to inflate the balance (SAR).

 

and not sell/pass on your debt or go down the legal route (they tend to do this if you own your own property and go for a charging order).

 

They can try... I have been threatened with this one several times over... and no-one has managed it yet.

 

 

:)

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All creditors will try and persuade you that they only accept payments on their terms, this is rubbish.

If you did a DMP with either CCCS or Payplan, both free services, the creditors do eventually accept whatever your proposal is. Your surplus money after all other outgoings have been accounted for.

I have been in a DMP for nearly 2 years, 18 creditors and all have now accepted reduced payments, and I mean reduced. Only 1 has taken me to court and a resulting CCJ, this was a creditor who I owed the least to, less than £500, but they are renowned for being stupid.

If you have defaulted on payments your credit record is adverse anyway. No one can advise how long it will take or how much to pay, everyones situation is different. Get some professional free advise, creditors accept payments through a reputable company a lot easier than from you.

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manindebt, you have got some very good advice from priorityone, I would advise that you take it.

 

Jude I would advise you read this if you have been defaulted Remove Default Notices on a Credit File - We show you how

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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Thanks for the advice - I have been the National Debtline route, thats how I contacted Payplan and the DMP was set up which I'm quite happy with at the moment.

My post really was in reply to the question about how much and how long, no one can answer that as everyones circumstances are different.

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Thanks for the advice - I have been the National Debtline route, thats how I contacted Payplan and the DMP was set up which I'm quite happy with at the moment.

My post really was in reply to the question about how much and how long, no one can answer that as everyones circumstances are different.

 

Sorry Jude24 I should have made it clear who's post I was answering; it was the OPs not yours!! Although I'm glad you found NDL usefu; & got the DMP sorted OK :)

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