Contact the CEO?

[Just stop?]

Hi. Just Wondering if anyone has taken the approach to letter the CEO when attempting to set up a DMP on their own or if anyone believes there would be any additional benefit from taking this approach as opposed to the normal method of contacting the generic departments with generic processes they must abide to.

Thanks

[MrsD]

Re: Contact the CEO?

i think a few people have contacted the CEO after things have been mashed by the usual suspects, it is possible that you could set up a DMP and for it to go really well, it does happen, would be a shame to send in the big gun straight away.

[caspar]

Re: Contact the CEO?

I always view the success of a DMP as a bit of a selling job. It can succeed or fail on how convincingly you sell your situation to them. You have to make it worth their while to accept it.

Bringing in the CEO at the start of the process is not something I'd ever contemplated to be honest. I very much doubt he would get involved at the start of the process, it would just be handed down to who you should write to in the first place. If you encounter major problems, then the CEO may come into play.

[Just stop?]

Re: Contact the CEO?

Thanks. I'm interested on thoughts about what selling or persuasion is most likely to succeed. For example is there any view on how long the payback period would be to make it tempting for the creditor to accept.

I'm currently consdering trying my own DMP comma to creditors and my plan was to set out my finances to them and show that ( providing they stop interest ) that the total debt would be paid in full across 60 months.

Do you think this is a good time period to go in with? I'm not sure if they take a view on too short a period meaning that they would not stop the interest and just lengthen the period or if I go in with too long a payback period they might say it's too much hassle for them too manage for that length of time and they just pass it out to a DMC.

[CleverClogs (RIP)]

Re: Contact the CEO?

Thanks. I'm interested on thoughts about what selling or persuasion is most likely to succeed.

It may be considered to be a bit extreme and/or impractical to cut off the CEO's testicles with the promise of their return when the debt is finally discharged. It may also be illegal, though one could perhaps say it was a public service.

[MrsD]

Re: Contact the CEO?

a DMP is meant to be a way to pay back the money you owe over a longer period than you originally contracted. its a balancing act, some creditors will not stop interest if you are near what would have been the minimum payment, some will be more reasonable but like everything about debt it is unpredictable. You will be defaulted and these defaults will be on your credit reports for at least 6 years, depending when they default you. there is absolutely no point in committing to a really harsh DMP and then it fails because it can;t be maintained. most people on a DMP try to save some cash so that they can do f&fs, thereby getting rid of the debt sooner rather than later, and no matter how much you offer the creditor they will want more, its just a fact of life, they don't really care whether you eat or not as long as they get their money. If I was doing all this again, I would start with UE and then DMP anything that came through as enforceable, much better and quicker process although you have to bear in mind there isn't a quick or easy answer to a big pile of debt. Can i suggest you read through the stuff on here about UE, read a couple of diaries then have a look at CCCS's stuff on DMPs, then come back and ask any more questions you need answered, meanwhile I'll restrain Cleverclogs for a week or two

[caspar]

Re: Contact the CEO?

This section tends to get little traffic because the site "policy" is to look at the UE route first. It does make a certain amount of sense, as if your agreements are not enforceable, then you've more money left to play with to offer the ones that are.

However, the UE ones may only remain UE for an indeterminate period of time, so you need to factor that into the equation.

There is a list of organisations which will supply free advice to help you make up your mind here: Free Debt Management Plan Providers - allaboutFORUMS

[Just stop?]

Re: Contact the CEO?

Thanks for all the replies. I have had a look at UE and concluded that all but one account will likely be enforceable given they were taken out from 2008 onwards and the rules are far more on the creditors side. Is that a correct statement?

In any case I have one account that I'm hopeful will be UE as it's from Very Catalogue and dates back around 12 years. I'm pretty confident they won't have details stretching back to then. I sent the CCA request 1st class recorded on July 5th so think time is about up.

Just thinking through your thoughts on DMP, I suppose it does make sense to get confirmation of UE or not first then go with small token payment offers.

Apart from statute barred being 5 years instead of 6, are there any other differences between scots and English ?

Thanks again all

[MrsD]

Re: Contact the CEO?

the availability of DAS, is Scotland only. creditors have to accept a DAS, no choice and stop interest but it is much more tying than a DMP, so needs a good bit of reading first, can be useful in some cases but not something to jump into without research (and a lot of people do jump in) it was a pretty good piece of legislation.
If your debts are post 2007 then they may well be enforceable, nothing to stop you blagging them for a while then offering F&F with the money you would have spent on a DMP, worth a thought. needs a steady head but we would give you loads of help with templates etc. The best thing to do now is to post up a resume of your position now, all debts who they are with, how much and how old and how are you paying or not? Very may very well be UE however if they produce anything you need to get it checked by Niddy so upload if anything appears, if they haven't replied in the allotted time it is now UE until they do, so stop paying (if you are going down the UE route) and come back here for advice once the letters start, no reminders, don't do their job for them. Good luck, you are in the right place for help and support

[caspar]

Re: Contact the CEO?

Indeed DAS should not be undertaken lightly. You need to read The Debt Arrangement & Attachment (Scotland) Act 2002 which is the relevant legislation for these. You then enter into a DPP - Debt Payment Plan.

I don't know much about Scottish law I'm afraid, so cannot guide you through the process as I could a normal DMP.