Debts and Full and Final settlement?

[PlanB]

Re: Debts and Full and Final settlement?

The DMP company is helping him reclaim any ppi with egg.

I smell a rat

he's been in dmp with Money matchmaker for a few years. ( I will check how many.). They take a cut of the money and deal with all the creditors.

Is his DMP with these people http://www.moneymatchmaker.com/debt/debt-management.php

If so this company is a lead generator business owned by Lead Sellers UK http://leadsellersuk.co.uk/leadtypes.php

What they do is lure debtors and people with PPI reclaims over the internet (all legal) and then pass them on to third parties. Everyone makes a bit of commission along the line.

This company deals with DMPs and PPI reclaims. I do hope I'm wrong

[pompeyfaith]

Re: Debts and Full and Final settlement?

Ive tried to get him to post but because of embarrassment he wont. its very much a cultural thing because its shameful if people find out. that is just the way things are for us. Its not right but he's adamant. Im very close to him so can pass on any advice.

Thank you

No shame in being in debt many are including ourselves and thus why we are non-judgemental and here to help him on a road to peace and free of worry.

[amberashjess]

Re: Debts and Full and Final settlement?

Hi

the company is MoneyMatcher financial solutions and advice. Its not the company from your link planB.

Whats the first steps he should take to try and rid himself of these debts. CCA requests or just offer them settlements? He doesn't want any ccj after this many years.

ive been on the phone to him today and tried to persuade him to join the forum. He's 32! and not even got an email address and rarely uses the internet.

Thanks

[cymruambyth]

Re: Debts and Full and Final settlement?

I would get him to send CCA requests even though he has the originals, then send them to Niddy.

[Never-In-Doubt]

Re: Debts and Full and Final settlement?

Hi,

Ok, I'll offer something quite different to the other responses, based purely on the opening and subsequent posts you've made regards the debts. I'm not trying to say the other comments are wrong (far from it, they're right) however in THIS situation I'd be looking to do as follows;

1. Cancel the DMP immediately, do it now via email and cancel the DD/SO from the bank to the company.

* I am gathering it is this firm here --> http://www.moneymatcher.co.uk/

If so on their FAQ's (read down the page) it is clear it is free to cancel - as quoted:

If I want to cancel my Debt Management Programme will I be charged?
No you will not be asked to enter into any formal contract we are here to give you the service for as long as you need the help. If your situation improves and you no longer need our assistance all we ask is two weeks notice in writing. Once you have made your first payment we will give you a 7 working day cooling off period where-by if you change your mind during this period you will be entitled to a full refund of any monies paid.

2. Get a list of all debts he owes, we need the same info as we request on the diaries - as quoted below:

• Type of account (credit card/loan)
  
  
• Date commenced (ideally before Apr 2007)
  
  
• Approx balance
  
  
• Date last paid (approximate date you last made a FULL payment)
  
  
• Are you on arrangement or not paying
  
  
• Status (default/in arrears/up-to-date)
  
  
• Account owner (who is writing to you, a DCA or the lender)

3. Come back here and post the details and we will then clarify, however for the avoidance of doubt and based on him affording £200pm I would look to suggest a better DIY DMP or F&F deals or a more formal solution such as a DRO/IVA.

Do not send any CCA Request or contact any creditors for now, literally cancel the DMP and then email them and request a full statement of account from inception showing all fees to the account and the amounts paid to the creditors. They must supply this, and from that we'll be able to help better.

[amberashjess]

Re: Debts and Full and Final settlement?

Thank you, Niddy. I'll pass this info on and update when it's all done. Thank you.

[amberashjess]

Re: Debts and Full and Final settlement?

Just spoken to my relative and he's emailed the dmp company to cancel and requested statements and all the paperwork they have on the debts so he can answer all Niddys questions on the dates and amounts of these debts. He's okay about it and feels a bit relieved but is worried that they will try and get the debts secured now because he is a homeowner.

Ive told him to follow Niddys advice and assured him that AAD will help him.

He's so looking forward to hopefully ridding himself of these debts and moving on to a new better place.

Thank you Niddy and all the AAD posters, your so amazing! xx

[PlanB]

Re: Debts and Full and Final settlement?

feels a bit relieved but is worried that they will try and get the debts secured now because he is a homeowner.

No creditor can secure a debt on his property without going to court to obtain a CCJ first. He's a long way off that happening. And anyway as the title of your thread suggests he could always agree a F & F payment if push comes to shove.

all the AAD posters, your so amazing!

[amberashjess]

Re: Debts and Full and Final settlement?

Hi Niddy


Got a letter today from Lowell saying that we know you have a dmp with moneymatcher but you can have a 80% discount And settle for £200 odd quid and wont be chased for the remainder.

He's cancelled the dmp and waiting for them to send his file. Should he take up this offer? Not sure when this account was opened as dmp company still have all the paperwork.

Thank you

[Pixie]

Re: Debts and Full and Final settlement?

I'd wait and see what Niddy says but, on the face of it, that seems a good offer from Lowells...though I don't trust them!

[SXGuy]

Re: Debts and Full and Final settlement?

Personally, my opinion only, if he can afford £200 to make Lowell go away, I would do it.

But before you pay them anything, there is a certain letter you should send which should cover you in the even Lowell's "try" to sell on the balance.

And for the life of me, I can not find it in the template section, ill ask another mod to find it for you.

[amberashjess]

Re: Debts and Full and Final settlement?

Hi

Can anybody direct me to the letter about accepting a settlement offer and. ot selling on the balance. I cant find it anywhere.

Thank you.

[The Tech Clerk]

Re: Debts and Full and Final settlement?

• Full & Final Settlement Offer

Just re-sign into Templates area

[amberashjess]

Re: Debts and Full and Final settlement?

Hi Niddy

We did as you asked and cancelled the dmp with moneymatchnaker and got the paperwork from them. Most of it is just statements of current balance. He was paying £80 per month to the dmp company and he's being doing that for 4years. I can send you this statement to look at if you need it.


Debts are below

Type of account credit card (HSBC)


Date commenced (March 2007


Approx balance £4600


Date last paid July 2014


Are you on arrangement or not paying Not paid in 2 months


Status (default/in arrears/up-to-date) Default


Account owner RMA Resolve
-----------------------------------------------------------------------------------------

Type of account Credit Card (Egg)


Date commenced Before 2007 but don't know when (no paperwork)


Approx balance 3700


Date last paid July 2014


Are you on arrangement or not paying Was on dmp


Status (default/in arrears/up-to-date) Default


Account owner Moorcroft
----------------------------------------------------------------------------------------------
Type of account Overdraft


Date commenced before Apr 2007)


Approx balance £350


Date last paid July 2014


Are you on arrangement or not paying Dmpcancelled


Status (default/in arrears/up-to-date) Default


Account owner Moorcroft
-------------------------------------------------------------------------------------------------

Type of account Loan


Date commenced March 2007


Approx balance £4800


Date last paid July 2014 dmp


Are you on arrangement or not paying Not payed dmp cancelled


Status (default/in arrears/up-to-date) Default


Account owner Moorcroft
-------------------------------------------------------------------------------------------------

Type of account Phone





Date commenced before Apr 2007)


Approx balance £325


Date last paid July 2014


Are you on arrangement or not paying was on dmp


Status (default/in arrears/up-to-date) Default


Account owner Fredrick sons

There was also a Capital One Debt with Lowell vor £1200 but he's had an offer to settle and he's taken that up.


Niddy, what do you suggest he does now? He would ideally like to offer them a settlement figure as he's a homeowner and does not want any ccj or them taking a charge on his home. He wants to sell soon and wants to get rid of these debts.

He's asked me to say thank to you and the forum as he feels a burden has been lifted of his shoulders and will be donating to the forum to thank everybody for the help and suggestions.

[Never-In-Doubt]

Re: Debts and Full and Final settlement?

Hi

Is he in a position to make F&F offers and if so, how much lump sum does he has? Ideally he'd be better emailing me because this will get complicated so please consider asking him to email me to help resolve this...