Advice needed.

[scottygees]

Basically I have been on a DMP for a while now and though it still has a way to go before it ends a lot of the defaults on my credit report are due to fall off in the next 9 months. This would then show only £3000 of debt on my file. I was hoping to try and settle this amount in the way of a full and final offer. Once these have been settled would that mean I would then be in a position to apply for future credit so I could try and offer F & F offers to the other creditors on the DMP who will no longer be showing on my credit report?

thanks in advance

[nightwatch]

Re: Advice needed.

silly question from me but,, Why would you want to go into debt to pay them off??

if they are accepting the low repayments then why not stick to that and save up the money,
if you apply for credit to pay them off you will be paying intrest and a higher repayment ammount.

[scottygees]

Re: Advice needed.

I fully get where you are coming from but was looking at a way of clearing the bad debt( I know all debt is bad) and giving me a fresh start where I can comfortably afford to repay any future lending. I suppose it is just a state of mind thing where I won't feel the burden of having these bad debts and the potential threat of court action hanging over me. One of the reasons I asked was because I had a Full and final offer made to me which was less than 50% and thought this may be a viable thing to consider.

silly question from me but,, Why would you want to go into debt to pay them off??

if they are accepting the low repayments then why not stick to that and save up the money,
if you apply for credit to pay them off you will be paying intrest and a higher repayment ammount.

[Roger]

Re: Advice needed.

I fully get where you are coming from but was looking at a way of clearing the bad debt( I know all debt is bad) and giving me a fresh start where I can comfortably afford to repay any future lending. I suppose it is just a state of mind thing where I won't feel the burden of having these bad debts and the potential threat of court action hanging over me. One of the reasons I asked was because I had a Full and final offer made to me which was less than 50% and thought this may be a viable thing to consider.

You can accept their offer of less than 50% !
Then either reduce your payments by 50% or give them a revised pay off date BUT NOW at 50% of what is owed!
Thank them for appreciating your STRUGGLES to pay the existing AMOUNT! Perhaps they might consider now writing off the remainder!!!


Don't give them a sniff at the possibility of your raising the money! Because thats as good as opening the door to the Lions Cage!

[scottygees]

Re: Advice needed.

I like what you are saying and will try that approach. Many Thanks

You can accept their offer of less than 50% !
Then either reduce your payments by 50% or give them a revised pay off date BUT NOW at 50% of what is owed!
Thank them for appreciating your STRUGGLES to pay the existing AMOUNT! Perhaps they might consider now writing off the remainder!!!


Don't give them a sniff at the possibility of your raising the money! Because thats as good as opening the door to the Lions Cage!

[scottygees]

Re: Advice needed.

So I have had a reply from Cabot basically saying "get stuffed". Any further advice?

[Roger]

Re: Advice needed.

So I have had a reply from Cabot basically saying "get stuffed". Any further advice?

Just Halve their repayments as per their original 50% OFFER and which you have Accepted in writing!
Save the remaining 50%!!

No need to reply!

[Never-In-Doubt]

Re: Advice needed.

Read this and then left after some frantic facepalming - I thought you guys were clued up on the process.

[Roger]

Re: Advice needed.

Read this and then left after some frantic facepalming - I thought you guys were clued up on the process.

Ah a smack on the wrists from Niddy!

You need to put yourself in charge and not engage in letter ping pong with them!
You want to get Debt Free and this site has a brilliant track record with doing just that.
Start a EU Diary with these remaining Debts and you will get good advice.

[Never-In-Doubt]

Re: Advice needed.

Haha noooo just found it funny. Wasn't chastising anyone.

Anyway, spot on Roger - best bet is tell us a bit more and we'll try help. If it's your last debt and you want rid then fine take a deal - but if they're happy to go 50% then trust me, they'll go further

[scottygees]

Re: Advice needed.

This is one of a number of debts outstanding . I won't be engaging in anymore email tennis with them. As far as being clued up on the process I think I need a bit of coaching/advice etc as to what I should be doing. I have been on a DMP for some years now and the majority of the debts have been passed to DCA to either collect on behalf of original debtor or bought by the DCA.

i apologise for my Naivety and would appreciate any advice that is given. I hasten to add I get quite anxious where these debts are concerned and the last thing I want to do is jeopardise my family because of them.

many Thanks

Haha noooo just found it funny. Wasn't chastising anyone.

Anyway, spot on Roger - best bet is tell us a bit more and we'll try help. If it's your last debt and you want rid then fine take a deal - but if they're happy to go 50% then trust me, they'll go further

[Roger]

Re: Advice needed.

This is one of a number of debts outstanding . I won't be engaging in anymore email tennis with them. As far as being clued up on the process I think I need a bit of coaching/advice etc as to what I should be doing. I have been on a DMP for some years now and the majority of the debts have been passed to DCA to either collect on behalf of original debtor or bought by the DCA.

i apologise for my Naivety and would appreciate any advice that is given. I hasten to add I get quite anxious where these debts are concerned and the last thing I want to do is jeopardise my family because of them.

many Thanks

Niddy is pointing out thatCabot would go further than 50% if that is what you want.

There is no harm in setting these debts out in UE style because you will get good advice with each one.

I myself delayed starting my Diary just over a year ago and today I am in a far better place than when I started!

With Cabot THEY made an Offer to you! They know that these are distressed Debts! So its perfectly reasonable for you to write back as you have done!
Writing back 'get stuffed' opens the door for you to make a formal complaint to the Regulator! Because they in writing said they would accept only 50%!!!

However why not set all these debts out and get good advice on each debt (including settlement advice). This site uses the Consumer Law to protect Us.

Its your choice but we have all been here!

As for my advice it holds true "..Just Halve their repayments as per their original 50% OFFER and which you have Accepted in writing! Save the remaining 50%!! No need to reply! "
Niddy points out however that in His experience Cabot would go below 50%!!

Good Luck Roger

[scottygees]

Re: Advice needed.

So when you say set them out ,do you mean list them all on this site for someone to look over? If so what information should I include?

i am also looking at finally sending for CCA on these. Should I hold fire on these until I have listed my debts on here?

many Thanks.

Niddy is pointing out thatCabot would go further than 50% if that is what you want.

There is no harm in setting these debts out in UE style because you will get good advice with each one.

I myself delayed starting my Diary just over a year ago and today I am in a far better place than when I started!

With Cabot THEY made an Offer to you! They know that these are distressed Debts! So its perfectly reasonable for you to write back as you have done!
Writing back 'get stuffed' opens the door for you to make a formal complaint to the Regulator! Because they in writing said they would accept only 50%!!!

However why not set all these debts out and get good advice on each debt (including settlement advice). This site uses the Consumer Law to protect Us.

Its your choice but we have all been here!

As for my advice it holds true "..Just Halve their repayments as per their original 50% OFFER and which you have Accepted in writing! Save the remaining 50%!! No need to reply! "
Niddy points out however that in His experience Cabot would go below 50%!!

Good Luck Roger

[Roger]

Re: Advice needed.

So when you say set them out ,do you mean list them all on this site for someone to look over? If so what information should I include?

i am also looking at finally sending for CCA on these. Should I hold fire on these until I have listed my debts on here?

many Thanks.

Yes set them out as follows then advice will be on individual Cases.

http://forums.all-about-debt.co.uk/s...-Read-me-First!

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)

Good Luck