Should I stop the DMP to improve my F&F chances

[DevilDog]

Hi all

I've been on a DMP with the CCCS for just over a year now paying down a £40K debt left from a failed business. At the current rate it will take around 17 years to clear.

I have just been made redundant and luckily got a new job but it is for less pay and less hours.

I can afford the DMP but I really want to clear these debts quicker and am thinking of the F&F route.

The debt is 3 loans, an overdraft and 2 credit cards with Santander, Barclays (and BC) and M&S.

All are still with the OC but defaulted (I'm just waiting for paper copies of my CR's to confirm)

What should I do? Stop the DMP and wait until the debts are sold on or sent £1 token payments for a while then start negociations?

Thanks and sorry for the long post

[Never-In-Doubt]

Re: Should I stop the DMP to improve my F&F chances

Hi & welcome

Stop paying, wait till they sell to a dca then make your offer.

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Hi, thanks Niddy for the quick response.

Thats pretty much what I was thinking, does that mean all the letters and phone calls will start again lol

Is there any idea how long it takes for them so sell it on - do they so that rather than pursue it themselves? The last thing we want is for them to try for CCJs etc.

Also I'm pretty sure the credit cards are unenforcable but its the loans, all about £12K each I'm concerned about.

[Never-In-Doubt]

Re: Should I stop the DMP to improve my F&F chances

Can you start at square one. Do a CCA request (or mail me copies of those received); and see how we get on?

Has the same effect as paying in that the entries will go after 6yrs from default date. And you're already defaulted so why bother with offers prior to the UE route? Worth considering, no?

They can sell anytime, it varies from 2 months to many months. However total ignorance of all letters usually means you'll hear from dca's within a couple of months....

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Thanks Niddy

I'll dig out the CCA's they sent me as I had started along the UE route but it all went quiet on developments with the test cases last year.

I shall get on to the CCCS first thing Monday morning and cancel the DMP - should I inform my creditors or just avoid all contact?

I'm assuming all accounts have been defaulted - I will check to see when my CR's come - if they have all been defaulted does that mean that the clock is ticking from the creditors point of view ie advantage to us?

[Never-In-Doubt]

Re: Should I stop the DMP to improve my F&F chances

Any update here Devil?

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Hi, sorry I've not been back for a while had a nice holiday then came back to computer/internet troubles

Anyway, I got my credit files and all of my creditors had defaulted except BarclayCard who had me on AP. I got the CCCS to end my DMP and the last payment went this month.

Should I write to my creditors and explain why I have stopped the DMP - ie im poor, no hours at work, hubby unemployed etc. and offer them 20% of the debt or just leave it until they contact me?

Cheers

[Never-In-Doubt]

Re: Should I stop the DMP to improve my F&F chances

Hi, sorry I've not been back for a while had a nice holiday then came back to computer/internet troubles

Anyway, I got my credit files and all of my creditors had defaulted except BarclayCard who had me on AP. I got the CCCS to end my DMP and the last payment went this month.

Should I write to my creditors and explain why I have stopped the DMP - ie im poor, no hours at work, hubby unemployed etc. and offer them 20% of the debt or just leave it until they contact me?

Cheers

I'd just wait until they write to you - have you sent off CCA requests - are you planning on doing so or are you willing to pay them back...?

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Thanks Niddy

I did CCA them all but that was ages ago and I can't find what they sent me so I am sending new requests this week, has the template letter changed at all?

As for paying them I will be getting some share options which mature around July time and was hoping to use around £6K- £8K to offer F&F's.

Thanks

[Never-In-Doubt]

Re: Should I stop the DMP to improve my F&F chances

Don't send a new cca yet - just ignore them until you get the shares then do what you gotta do! Start at 10% of debt moving up in 2% intervals to a maximum of 25% if you can afford it of course!

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Thanks Niddy I'll wait and see.

I'll let you know when they start getting in touch

[Never-In-Doubt]

Re: Should I stop the DMP to improve my F&F chances

Thanks Niddy I'll wait and see.

I'll let you know when they start getting in touch

Cheers

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Hi Niddy

I stopped the DMP and the last payment went out in April.

First out of the blocks were M&S for their credit card - I had a root around and found what they had sent me when I requested the CCA from them back in 2010 -
http://s640.photobucket.com/albums/u...credit%20card/

Im not sure if it is unenforcable or not.

Anyway the letter they sent said;

"We're writing about the repayment plan on your account.

Our records show that you haven't kept to the terms we agreed, and your repayment plan has been cancelled because of this. We've detailed your outstanding balance above.

Please call us at your earliest opportunity to update us about your situation, and discuss payment of your account.

If we don't hear from you, we will consider referring your account to our solicitors, to start legal proceedings to recover the outstanding balance of this debt, or we may refer your account to a Debt Collection Agency."

Should I write back to them and update them on my budget and inability to pay, offer them £1 token payments, make a 20% offer or just ignore them for now?

Thanks

[caspar]

Re: Should I stop the DMP to improve my F&F chances

See what Niddy says, but I don't think that is enforceable. The T&C's relating to the credit card are separate, I can't see their address on it anywhere, though I may have missed it, they have not signed the agreement and it does not have a gredit limit, it simply states that whatever credit limit they give you may vary.

More importantly, if you're wanting to look at F&F's, then you don't want it with M&S, you want them to farm it out to a DCA, so pay nothing and do nothing. As soon as you do anything you delay it going to a DCA.

[DevilDog]

Re: Should I stop the DMP to improve my F&F chances

Thanks Caspar thats pretty much what I thought - it was the application form and some generic T's&C's.

Would posting it in the unenforcability section get a definitive answer whether it is enforcable or not?

How soon can we expect it to get farmed out to a DCA - do they always do this or is there a chance they will try for a CCJ for it?

Thanks