General idea about where to take things (DMP)

[linnite]

Re: General idea about where to take things (DMP)

If we left the DMP, which I am actually really relaxed about doing, we would need to make deals on the already-known-enforceable 2008 consolidation loan, plus the barclaycard (for the only reason that it is still active on our credit file - or do we go ahead and ruin that...?) but I feel OK about going it alone with those two.

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

ps - as for the mrs, you convince her by explaining the real reasoning. I'll elaborate;

To BEST utilise the UE route you'd cease payments to all the creditors in your DMP immediately and then send off for a s.77/78/79 Request (CCA). A DMP cannot allow cherry-picking of accounts which means you cannot ask for one (or ten for that matter) accounts to be excluded. They'd refuse and you'd have to cancel it anyway.

Now, some accounts will be unenforceable and others won't be but here's the thing; you actually save the same amounts as you were in the DMP in a savings account and if a creditor gets arsey or we hit an enforceable account then use some of those funds to make a settlement. They'll accept as they'd currently be getting £0 so assuming your OD was £2k if you made an offer to settle as things stand you'd be lucky to save £500. If you do the above, the longer no payments are being made, the better the offer could go - we've had 10% offers accepted and we've had 50% offers accepted.

Its your call but I hope the above helps explain the rationale behind what we do. Cover your ass. That's the safest advice

So you don't miss it

[linnite]

Re: General idea about where to take things (DMP)

And no worries at all I know nothing is guaranteed, just trying to do the best research before going in.

Many thanks yet again.

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

If we left the DMP, which I am actually really relaxed about doing, we would need to make deals on the already-known-enforceable 2008 consolidation loan, plus the barclaycard (for the only reason that it is still active on our credit file - or do we go ahead and ruin that...?) but I feel OK about going it alone with those two.

no you wouldn't. You'd play the game and send a cca request. Then play letter ping pong to get a reaction. Some leave you alone for years after the initial flurry.

You cca ALL creditors. No matter pre / post 04/07

Trust me, I've done this before

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

Barclays struggle to find cca's.

What do you mean still active? Please elaborate?

The loan - I've answered above. Treat it like the pre 2007 debts.

[linnite]

Re: General idea about where to take things (DMP)

Does that mean that there are scanarios where post Apr 07 debts are unenforceable? Or is it more of an opening gambit for some other strategy?

[linnite]

Re: General idea about where to take things (DMP)

What do you mean still active? Please elaborate?

Barclays never defaulted it like ALL the others, it's AP. If it was proved unenforceable I am sure they would make it their business to sh*t all over our credit file for as long as they could. Defaulting it now woud do it for 6 years.

£3500 saved vs a big step towards getting a decent credit record, a tougher decision than some might think???

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

Does that mean that there are scanarios where post Apr 07 debts are unenforceable? Or is it more of an opening gambit for some other strategy?

both

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

Barclays never defaulted it like ALL the others, it's AP. If it was proved unenforceable I am sure they would make it their business to sh*t all over our credit file for as long as they could. Defaulting it now woud do it for 6 years.

£3500 saved vs a big step towards getting a decent credit record, a tougher decision than some might think???

the AP's will stay for 6 years (trailing history) AFTER you pay it off in another 5+ years so technically a 6yr default now trumps 11yrs of AP's.

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

I need bed. Back tmw - have a think & fire away any questions.

[linnite]

Re: General idea about where to take things (DMP)

the AP's will stay for 6 years (trailing history) AFTER you pay it off in another 5+ years so technically a 6yr default now trumps 11yrs of AP's.

Unless a default is viewed much worse by lenders, do you know if that's the case?

- - - Updated - - -

I need bed. Back tmw - have a think & fire away any questions.

Where I should be.

I really appreciate your help.

-linnite

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

A default is only bad for around 3 years. Visit defaults section and read my guides lol.

Its all covered but with respect we aren't here to help encourage new debt so whilst there's £30k outstanding I'd bite the hand that offered a 6yr default. One default won't be as bad as 10+ years of AP's. No. Guaranteed.

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

Simple equation. One default - you suffered a blip over 3-9 months.

Or 10+ years AP's shows sustained financial hardship.

Who would you lend to, of the two examples?

Theres your answer. It is risk based.

[linnite]

Re: General idea about where to take things (DMP)

with respect we aren't here to help encourage new debt

Yes a good point. Would like the flexibility on house/mortgage moves and the like in the future but I always thought we'd one day have enough equity to achieve that. No immediate need for credit in all fairness.

[Never-In-Doubt]

Re: General idea about where to take things (DMP)

Ahhhhh forget that then lol.

We're discussing it now on another thread. You will not get a mortgage whilst this negativity is sustained on your credit report. Your only real option is your current provider sadly. But still 6yrs is better than 10+ years.

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