My Debt Experience - Learn from my pain

[SaltnVinegar]

Wonga Debt Down - 18 more to go!

Excuse the pun in the title - just couldn't help myself!

Yes thats one creditor down and only 18 to go!

Today I made a final payment to Wonga to clear my balance! This is the first creditor to be wiped from my DMP.

The O/T that I've been earning has been responsible for this. I chose Wonga simply because they were actually one of the 'better' creditors I dealt with.

I'm going to focus on my Shop Direct accounts next mainly because:

1) Collectively they form 8 of my creditors (yes 8 different accounts I know)

2) They have all defaulted me already on my credit file and sold the accounts to DCA's

3) Because of point 2 I think there is scope for a little experiment with F&F settlements hopefully with wise heads like Niddy & Garlok to advise

Best

SnV

[caspar]

Re: My Debt Experience - Learn from my pain

Well done SnV! Always good when one of them is settled - it shows you're making headway, good on you!

Be very careful with the F&F's. You've obviously read the thread and there's a few of us on here who are very interested in them, so make sure you use the site to the full before you start your experimenting. Also make sure that when you are ready to make an offer it is very low - you can negotiate up, but not down!

[Susie]

Re: My Debt Experience - Learn from my pain

Well done for clearing one, lets hope the others are reasonable to deal with and you are able to negotiate an acceptable settlement with them.

[SaltnVinegar]

Re: My Debt Experience - Learn from my pain

Well done SnV! Always good when one of them is settled - it shows you're making headway, good on you!

Thanks Casp. Its a great feeling to be finally rid of one of them.

Be very careful with the F&F's. You've obviously read the thread and there's a few of us on here who are very interested in them, so make sure you use the site to the full before you start your experimenting.

I intend to document every step here when I start the process. I'm also choosing the Shop Direct accounts as they are very low 'risk' of them biting me in the future. The OC has already defaulted me with the CRA's and sold off the debts to either Lowells or Capquest.

I have seen too many people accept F&F's to only have the DCA sell the balance on to another DCA so any agreement will be in my terms and also I will ensure I get everything in writing before they get a single penny.......

Also make sure that when you are ready to make an offer it is very low - you can negotiate up, but not down!

Yup intend on starting about 15%-20% as my opening gambit. When you consider the fact that approx 50% of the balances are made up of interest and charges applied after I started my DMP (which they were aware of) I don't think this is unreasonable.

Best
SnV

[garlok]

Re: My Debt Experience - Learn from my pain

Good to hear of your positive progress SnV.

If you think I can be of help on the F & F front, then just shout up. Niddy will also be around and between our different paths I am sure we can offer some guidance through it all.

regards
Garlok

[SaltnVinegar]

Re: My Debt Experience - Learn from my pain

Good to hear of your positive progress SnV.

If you think I can be of help on the F & F front, then just shout up. Niddy will also be around and between our different paths I am sure we can offer some guidance through it all.

regards
Garlok

Thanks Garlok

Won't be for a little while, I need to work some more O/T now to build up some savings before I do but I'm hoping early next year would be a good time to start.

I'm thinking hitting them with offers in Feb, to co-incide with them hitting targets towards the end of the tax year, would be the best timing to get offers accepted..........

[SaltnVinegar]

Re: My Debt Experience - Learn from my pain

STAND BACK IN AMAZEMENT!!!!!



This is the first time since starting my DMP that for a whole month (in fact almost 6 weeks if I get to the end of this week) when I haven't had a letter from a DCA or creditor!

Blimey! There must be a slump in paper shares somewhere!

Obviously from this you can gather that things have settled down a little and chugging along. Lets see if I can get through another 6 weeks!

Best

SnV

[Susie]

Re: My Debt Experience - Learn from my pain

Long may the peace and quiet last

[IF]

Re: My Debt Experience - Learn from my pain

Yey from me too SnV xx

[SaltnVinegar]

Re: My Debt Experience - Learn from my pain

Long may the peace and quiet last

Thanks Susie - lets hope a long long time

Yey from me too SnV xx

Thanks If!

[Never-In-Doubt]

Re: Wonga Debt Down - 18 more to go!

I'm going to focus on my Shop Direct accounts next mainly because:

1) Collectively they form 8 of my creditors (yes 8 different accounts I know)

2) They have all defaulted me already on my credit file and sold the accounts to DCA's

3) Because of point 2 I think there is scope for a little experiment with F&F settlements hopefully with wise heads like Niddy & Garlok to advise

Best

SnV

I think with these that they will be unenforceable mate - most are - even post 2007 are! Because half the time they never even issued an agreement.....

[SaltnVinegar]

Re: Wonga Debt Down - 18 more to go!

I think with these that they will be unenforceable mate - most are - even post 2007 are! Because half the time they never even issued an agreement.....

Thanks Niddy, I definately didn't receive any CCA in the post and they would have been electronically 'signed' when the accounts were opened.

I'm also looking at claiming back the charges slapped on these accounts as I don't think that the bank charges case applies in this instance and I'm sure I could argue they were 'unfair' especially in light of my trying to come to a payment agreement and some of the fees where labelled to cover 'attempts to contact'..............

Best
SnV

[Never-In-Doubt]

Re: My Debt Experience - Learn from my pain

SDG rarely pursue court mate - you may be best just blagging them and see how far you can push.....

[SaltnVinegar]

Can you believe it?

Can you believe it?!

I have just had Capquest call me at work! How the hell they have managed to track my employers telephone number is anyones guess.

Refused to answer security questions and scottish woman claims they have written to me and I haven't responded.

What ballhooks. I haven't had a letter from them in over 3 months and the last one was accepting my payment plan.

Looks like a 'telephone harrassment' letter special needs to go off to these morons if they call again!

[Never-In-Doubt]

Re: Can you believe it?

Can you believe it?!

I have just had Capquest call me at work! How the hell they have managed to track my employers telephone number is anyones guess.

Refused to answer security questions and scottish woman claims they have written to me and I haven't responded.

What ballhooks. I haven't had a letter from them in over 3 months and the last one was accepting my payment plan.

Looks like a 'telephone harrassment' letter special needs to go off to these morons if they call again!

N Hunter mate - they give details of last application made so you must have at some point used your work number. Don't worry, send this mate: ---> Templates - Harassment at Work