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F&F advice needed please.
Hi
We have been on a DMP (with Payplan)since July 2010. On the whole we've been lucky as after a few months all letters stopped and its been quiet since. Due to the fact that we kept consolidating debts we only have 3 creditors for our unsecured debt. Nat West (Triton,) Tesco, and Bank of Ireland (Buchannan Clark & Wells)
The DMP is in DH's name and he is being made redundant next week. He has been told verbally that he will be offered a 6 month contract with anew employer and we are fairly confident this will happen but still have nothing in writing and even if it does come off it won't start till late February.
So when we found out about the redundancy we started making calculations and writing to creditors. We need/want to pay our secured borrowing (not our Mortgage) which left a figure for secured repayments.
We started lower but have now agreed to settle with Nat West (loan- enforcable)at 55% (it was the maximum pro rata that we could afford)
Buchannan Clark & Wells (credit card) want 80% which we could at a push do as its a much smaller debt (3,500)but we haven't agreed yet as its more than we calculated.
Tesco (loan - enforcable as we reloaned a couple of years ago) are not even negotiating. The debt is still with them as they lumped all the interest on at the start of the DMP so pro rata they were only getting about £20 less than before. In fact they were getting more than Nat West even though our debt with them was greater.
We offered 30% saying it was from my sister and increased to 50% but they want the whole amount owing to date. They say the debt is 28,000 and they are settling at 22,000 which to them is a concession as the loan was 'front loaded'
DH has tried to keep the lines of communication open and asked to speak to one of their managers but nobody got back to us. We have put everything in writing but they haven't responded.
We have since asked Payplan to put the offer forward but they phoned DH on Friday to say it was a complete rejection.
We really want to sort this out and have a clean start- counting our lucky stars but even at 50% we are leaving ourselves with nothing.
Last month we only paid £1 (for the first time, we have always paid our full DMP) as we had so many unexpected bills last month. We will have to come off the DMP now as until this job offer comes through our outgoings are more than income.
Any advice on what to do next would be appreciated please.
Many thanks
We have been on a DMP (with Payplan)since July 2010. On the whole we've been lucky as after a few months all letters stopped and its been quiet since. Due to the fact that we kept consolidating debts we only have 3 creditors for our unsecured debt. Nat West (Triton,) Tesco, and Bank of Ireland (Buchannan Clark & Wells)
The DMP is in DH's name and he is being made redundant next week. He has been told verbally that he will be offered a 6 month contract with anew employer and we are fairly confident this will happen but still have nothing in writing and even if it does come off it won't start till late February.
So when we found out about the redundancy we started making calculations and writing to creditors. We need/want to pay our secured borrowing (not our Mortgage) which left a figure for secured repayments.
We started lower but have now agreed to settle with Nat West (loan- enforcable)at 55% (it was the maximum pro rata that we could afford)
Buchannan Clark & Wells (credit card) want 80% which we could at a push do as its a much smaller debt (3,500)but we haven't agreed yet as its more than we calculated.
Tesco (loan - enforcable as we reloaned a couple of years ago) are not even negotiating. The debt is still with them as they lumped all the interest on at the start of the DMP so pro rata they were only getting about £20 less than before. In fact they were getting more than Nat West even though our debt with them was greater.
We offered 30% saying it was from my sister and increased to 50% but they want the whole amount owing to date. They say the debt is 28,000 and they are settling at 22,000 which to them is a concession as the loan was 'front loaded'
DH has tried to keep the lines of communication open and asked to speak to one of their managers but nobody got back to us. We have put everything in writing but they haven't responded.
We have since asked Payplan to put the offer forward but they phoned DH on Friday to say it was a complete rejection.
We really want to sort this out and have a clean start- counting our lucky stars but even at 50% we are leaving ourselves with nothing.
Last month we only paid £1 (for the first time, we have always paid our full DMP) as we had so many unexpected bills last month. We will have to come off the DMP now as until this job offer comes through our outgoings are more than income.
Any advice on what to do next would be appreciated please.
Many thanks
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