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In need of advice with Full and Final Payments/Partial settlement please!!

August 17, 2014, 2:41 pm
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Hi guys! Newbie here so please go steady with me, I didn't know where else to go for sound advice :)
Here is our position, me and my Hubby owe around 15k on a Santander OD, Santander CC, Santander UPL and Barclays UPL. We started making reduced payments through Step change in March 2011 as my Husband was medically dismissed from his employment. At the time I was on maternity leave (we have 2 young children) so money was really really tight :(

Anyway, we have continually made our reduced payments to Step change, of around £70-90 pm depending on each review and now my husbands Nan has died :cry::cry::cry: My MIL has said that she is prepared to clear at least some of the debt for us with her inheritance.

What I'd really like to know is the difference between partial and Full and final and what impact it will have on our credit files. The last time I spoke with Santander they said to offer 80% but I don't want I offer a lower amount if it's going to hang around for the next 10 years in our reports. I'm a bit clueless to all this having never been in a bad position until 2011. Our very first non payment was feb 2011, none of these debts have been sold on (I still contact the banks for balances ect but all accounts have defaulted) I don't really know the best way to go about this I'm so confused! Should I just pay the full amounts owing and be done with it after 6 years? Help please :)

Thanks in advance x x
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Monday 18th August - what small DFW things will you be doing today

August 18, 2014, 12:41 am
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When we start out on the DFW trail we do loads of "big stuff" that makes quite a difference to our situation. These include having our lightbulb moment, cutting up the credit cards and cancelling Sky and the gym .

But once we have done the bigger stuff, we often feel that we are not making the same amount of progress, when in fact the small steps are helping us form good financial habits and helping us get closer everyday to staying in control and becoming debt free, or staying debt free.

Examples could be hanging washing out instead of using the tumble dryer or leaving your purse/wallet at home to avoid the risk of spending .

So be proud of those small steps, they really are important :money:
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MMF - Harassment?

August 18, 2014, 4:08 am
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Hi all,

What constitutes as harassment from a DCA?
Today, between 11:08 and 11:56 Motor Mile Finance have phoned me 9 times and text twice.

I don't think I've ever had a DCA be so persistent!

Have a good Monday everyone :-)

TTP
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Debt we don't owe!

August 18, 2014, 4:22 am
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So basically two years ago my partner landed himself into debt with Npower and this got passed on to Wescots when he didn't pay it. The debt was around the £300 mark. Me and my partner were living together at this point but we had come to a payment plan of 20 pounds per fortnight and we slowly paid the debt off. Our final payment was £27.35 and this amount would entirely clear the debt which we paid around 6 months ago.

After a couple of months my partner started to receive calls off Wescots again and letters saying we owed an amount of £27.35 however the reference number was different to all of his other letters (and according to the agency there is only one reference per customer). When my partner rang the agency he was told this is the only debt they had ever asked him for. So he gathered all of his previous letters and references and gave Wescots the information to which they said "Oh we don't know why you have two reference numbers... very strange". He was told he didn't have to pay the debt but we are still receiving letters from them threatening court etc.

I made the point of why don't we just pay it for the sake of our credit etc but my partner doesn't like the thought of paying money we don't owe (of course!) and the fact that what if we did pay it and they do it again with a different reference number?

I hope I explained that okay and any advice would be much appreciated.
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Could do with some advice regarding final payments

August 18, 2014, 4:28 am
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Hi guys,

Long !!! lurker here, but I've finally decided to drop in a post because honestly I don't know if I'm barking up the wrong tree here.

So stupidly, as the story goes I got myself into lots of debt whilst working in a part time job out of uni (used credit to live on) and it snowballed, as it does. I'm now making moves to sort myself out (at 28.....) in a proper job, working with stepchange to clear my debt's off, that I can tell you has allowed me to actually sleep a full night.

Now thankfully I've just found out that I am due a bonus in 4 months, quite a nice one too, after working out what I'll have free that month I want to write to companies and offer them a final payment, but I don't know if I even stand a chance of clearing some debt. This is really important for me, I am looking to move in with my partner next year, and I dont want to bring my old debt with me, we would love a new start together (she knows about my past and is very supportive.) Below is my calculations (adjusted for my next 4 payments), if you think they would be willing to accept then I'll dig my heels in and not give up, if not i'll just throw the money at stepchange and ask them to divy it out.

Also the hsbc one that's nearly paid off, could i make this offer now? and use my back up emergency fund, or if i do so will this negatively impact my agreement with other lenders?

Lump Sum Available 4500

(name,owed,offer)
tsb = £3350 = £1,539.21
capital one = £1497 = £687.82
vanquis = £1105 = £507.71
aqua = £995 = £457.17
p2p = £931 = £427.76
wonga = £555 = £255.00
hsbc = £295 = £135.54
mbna = £1066 = £489.79
Totals = £ 9,794.00 = £4,500.00

Sorry for such a long post.
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NDR and Very

August 18, 2014, 4:32 am
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Hi All,

Looking for some advice. I had a 36 month payment plan with Very for £50 per 4 weeks which I didnt think was due to expire till next year.

I wrote to them last month asking for a full and final settlement figure as I had got a loan and had £1500 after paying off all other debts. They said no it was £3200.

I just got back from my Holiday which my parents paid for and had a statement from them showing I was in arrears and then 2 days later I had a Letter from NDR saying they were now recovering the debt.

I've tried to contact very but they say they are no longer dealing with it.

I've tried to find an email address for them but I cant and I don't want to phone them.

Any advice on what is the next step? Should I just write to them by post?

thanks in advance
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Help and advice please - struggling :(

August 18, 2014, 5:56 am
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Hi all, myself and my OH were coping okay with our repayments, until earlier this year when the dreaded thing happened; I los my job. I am trying very hard t find work and have applied for so many jobs, without hearing even a response from many. We have catalogue debts, credit cards and loans, and its becoming apparent that if something doesn't happen very soon, we will b unable to carry on paying the full amounts. an anyone help regarding which bill first, which I can pay reduced amounts on etc? I really don't know who to turn to at the moment :( - have done our debt planner and the figures just don't look good! Thank you in advance :)
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Paying off Debt Collection Companies

August 18, 2014, 8:27 am
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Some years ago I made some bad decisions and ended up getting credit cards. I defaulted and these were sold to debt collection agencies. (Lowells etc).
I seem to have been paying these for 8 years and still not getting any lower (or so it seems).
I will be paying these off for years to come.

I recently tried for a loan to pay them all off and so pay one amount per month, rather than three.
I was refused a couple of loans.

What can i do?

I have no savings etc so am continuing to pay.
ANY information and help would be so valuable.
I want to be debt free.
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Trying to negotiate with Marlin Financial

August 18, 2014, 8:35 am
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Long story short I was self employed when the recession hit and my finances took the brunt of it. Now I'm in full time employment and with the help of this forum I'm rectifying my wrongs and my credit score improved by over a hundred points in the last two weeks alone.

However there's one stumbling block - Marlin Financial Services.

They purchased my old HSBC CC debt at a balance of £2000. There was and still is a payment plan in place but I want to get the balance, and the credit record, cleared ASAP.

I've called Marlin twice to try and negotiate a settlement but they're simply not interested and seem intent in getting every penny even if it takes 15 years of minuscule payments.

For what it's worth the default notice expires in 24 months but I'll obviously still have the balance hanging over me hence I want to get it cleared but I'd obviously like to pay between 50% and 75% if possible.

Any advice?
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Shoosmiths LLP Solicitors

August 18, 2014, 10:08 am
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Hi,

I have a MBNA credit card that has been passed on through a number of DCA's and is now with Shoosmiths LLP.


I was paying the previous DCA Wescot £36.50 a month off a £3500 debt but was stupidly late with a couple of cheques. However, I am on track again and am sending Shoosmiths £75 a month. 3 months later, they are still hassling me.

I don't have enough money to offer a F&F settlement but my circumstances have changed significantly in the last year and I am in the fortunate position where I could pay a few hundred a month and try and get rid of the debt as quickly as possible.

Does anyone have any experience of these guys?


Edited: - also to mention, I am asking them to prove their position as this debt has been passed through 3 or 4 different companies with very little communication to me. I would like to get it paid off though and am not looking to get out of paying it.

thanks
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Struggling & Dont know where to turn

August 18, 2014, 11:18 am
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Hey People

I am in debt and dont know what i can do to help myself I have water mobile phone & bank debt all in the region of £500 i know this is not a huge about but its worrying me to the point that its affecting my mood and already bad depression a few months ago i posted on here about my bank debt and i had some lovely people talk and try to help me. but I have burried my head in the sand and hoped that it would all go away but it hasn't its just got worse like these things do. I took the first step in helping myself i went to a cab local office and spoke to a debt adviser who gave me a money advice trust booklet and told me fill in a budget sheet and go from there and send it to my creditors. I work part time and dont get alot of money after paying my rent council tax and other bills But i just want these debts to go away so i can rebuild my not so great credit file (if i can rebuild it :/ ) any advice anyone has would be greatly appreciated. I am getting alot of letters from a Dca called intercred who are on behalf of affinity water who i am in debt with needless to say its causing me alot of stress and worrie sorry for my long post thank you
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In a mess..

August 18, 2014, 11:58 am
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deep breath and here goes

I took a new job some years back where I was promised money I didnt get as a result my outgoings rose by several hundred per month, I have now left that job thankfully but not before getting myself in a right state

I am aprox £22K in debt

£13,500 personal loan
£7500 credit card
£1000 overdraft

Debt repayments are £550 a month which is harming my income to the extent that I am adding about £300 a month to the debt just to get by

I have a house worth aprox £170,000 which has a £128,000 mortgage on it, the mortgage is not fixed and currently costs £900 a month

My thoughts would be to remortgage adding the debt to the amount

BUT

I dont know if they will remortgage knowingly to let me pay off debts

If I look to remortgage on the basis of 'home improvement' they will look at my debts and probably decline me

Worse still is there a chance they will decide I cant afford my current mortgage and leave us with no home?

I know that adding it to the mortgage will mean paying off over more years but will take enormous pressure off short term. we could leave the remaining term as it is (19 years) and afford to cover the extra monthly costs if I wasnt in debt. I could even cope with a ten year repayment period (i've read thats what the company is likely to demand) really anything other than the five year period maximum that my bank would offer me on a personal loan

I'm worried to stick my head above the parapet and go to the mortgage company as they have the ability to knock us completely flat but we should have the equity in our house to do this - its just how to do it that I am worried about, it could backfire if they wont accept 'debt repayment' as a reason for the extra

To make things worse my boyfriend has just taken on a zero hour contract job (he did not realise I was in debt) and had to work a month in hand, his last pay packet was just £1000, the next will be £1200 and the future ones back to a healthy amount so his wage slips are surely going to go against us :(

Any help would be very welcome thanks
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Aqua - Do I have foundation for a complaint?

August 18, 2014, 12:19 pm
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Hello fellow DMP-ers...

I am looking for some guidance regarding one of my creditors: Aqua. They are the only ones I've had trouble with, and I am not sure if I should just accept it as the way it is and a "well you owe them money, they have the right to do this" or should I try and make things better for myself...

My limit with them was £250, and I owed them that much. Before I entered the DMP my minimum monthly payments were approx. £8. My DMP prescribed paying £15.06 to them every month, so by default it was higher than the minimum monthly payment...

However, they rejected the DMP proposal a few times, kept racking up extra charges (the account was not defaulted) and I now have a balance of £345.

To me this is a case of them making it more difficult for me to pay them the original money I owe them, rather than them trying to make it right / speed up the process.

But am I just being unreasonable?
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Transcom letter debt collection?

August 18, 2014, 2:14 pm
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well basically I have received a letter from a company called Transcom who are a debt collecting agency. Stating I owe £24.15 to ebay.

I wasn't aware that I owe ebay anything as they have been sending me emails it states as I owed them selling fees. The problem is I never check emails as I have no reason to and not used ebay in the a long time.

anyway I have just checked my emails after receiving this letter and it states I owe £16.15. not a lot of money obviously... Well on the letter it states I owe them £24.15 which is more than I originally owe.

I have checked google and it states sometimes scam letters are sent out to house holds asking for money, but I am unsure what to make of this at the min.

I have checked my ebay balance and it states I can still pay the balance of £16.15 and my accounts (on the selling side of things) has been put on hold until I payup.

Anyway, I have paid via paypal for the ebay seller fees the £16.15 not payed the debt collectors. I then rang them up stating I have received a letter stating I owe you money when I have already payed the money I owed Ebay. The guy on the phone states I still owe £8 for agency fees...my mind went blank I said Ill have to pay it on a later date (september 9th)

My question is, if ignore them like a lot of people have told me to with me paying the actual debt off, I should not need to pay their fee when it was ebay that has booked them to their job not me?

Also if I dont pay the remaining £8(not a debt matter) could the money rise or is it illegal to rise the agency fee? Obviously it would be embarrassing for them to take me to court for such a small fee.

Should I not be worried about such a little amount of money and just ignore anything to do with them and say ebay should deal with it not me. I have noticed there are threads stating people are thousands of pounds in debt and I just need to owe £8

cheers, sorry for my rant just want to have a clear mind :(
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Need help getting rid of debt in as timely a manner as possible without consolidation

August 18, 2014, 2:39 pm
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Cutting a long story short, a divorce last year has left me in a massive amount of debt, both credit card and bank loan, currently owe circa £24k and repaying at. £950 per month and want to get it sorted

1 bank loan and 3 credit cards, all cards on balance transfers but two of the cards have spending on top of the balance transfers so charging some interest but not completely.

Bank loan is due to finish in May 2016, repayments are £450 per month,

Credit cards I'm paying back at around £500 per month, two of which are minimum payments, one is double minimum payment currently.

Really want to get this sorted as it is on my mind a lot and trying to get it under control.

It's not an increasing debt now I've realised I can't add to it as I need to clear it , but I am running dangerously close to my limits of payments I can make.

Help please :(
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Pulling my hair out

August 19, 2014, 1:11 am
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I am completely freaking out!!!


I have managed to get in over my head financially... I have been stupidly hiding it from my husband who has carried on buying things like I can afford it, causing my debt to get worse.


Please understand the reason why I have done this, my debt started at the time of having a child, and my husband really struggled with him arriving, wanted to put him up for adoption, I had to try and make life as normal to him as possible so as my pay disappeared due to maternity leave we kept spending as if my pay was there.


For the last 3 years it has crept up from nothing to nearly £13,000!!! I am managing to pay off 2 lots of credit cards totally around £7,000... these accounts are completely hidden from my husband, but we have a joint credit card with an outstanding amount of around £6,000... I spend every waking minute which involves a lot of sleepness nights freaking out that he is going to find out about our joint card, he has always left it to me to deal with, but today I saw him walking out with a bank letter, and I have been freaking out since he left!!!!


If he finds out about the outstanding debt I know it will crush him and he is never going to forgive me, in hindsight I should've kept him in the loop when it started going up... but I was so worried he was going to do something with our son that I didn't feel like I had any options!!!


WHAT DO I DO!!!!


My credit score is above average, I checked this morning, but I need to clear this credit card, I can't get and don't want to get anymore cards...


Sorry for the long post and well done is you have read this far, but what can I do seriously???
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Advice for Getting Out of Debt

August 19, 2014, 1:24 am
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Hi guys,

This might sound like a smaller scale issue considering some of the problems people are dealing with, but here goes.

I'm currently struggling in a bit of a circle with my money.

I've got a Credit Card (about 1500) that I'm slowly paying off (about 100-200 a month).

I've also got an OD on my current account (currently 900) that I'm trying to get rid of. Every month my salary takes me out of this OD, but by the time everything comes out, I'm at 0 by the 1st or 2nd week of the month, and end up back at the bottom by the next payday.

On top of this, my fiancee and I are trying to save for a wedding, so 500 of my monthly pay is going into one of her accounts.

What I'm trying to do is pay into the Wedding Fund, Credit Card, and then curtail spending so I end the month with a little less money in the OD (ie, end the month with 800, 700 etc), but I'm finding that I can't seem to manage it. If I try too hard to avoid using the current, I end up dipping into the Credit Card, which in the end brings me back to square one.

I realise this probably is painfully basic to some of you, but I'm trying to get out of this on my own, as I really cannot burden my finacee with this stress.

Any advice at all would be great.

Thanks,

C
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Tuesday 19th August - what small DFW things will you be doing today

August 19, 2014, 1:32 am
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When we start out on the DFW trail we do loads of "big stuff" that makes quite a difference to our situation. These include having our lightbulb moment, cutting up the credit cards and cancelling Sky and the gym .

But once we have done the bigger stuff, we often feel that we are not making the same amount of progress, when in fact the small steps are helping us form good financial habits and helping us get closer everyday to staying in control and becoming debt free, or staying debt free.

Examples could be hanging washing out instead of using the tumble dryer or leaving your purse/wallet at home to avoid the risk of spending .

So be proud of those small steps, they really are important :money:
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Help Needed! Drydensfairfax Solicitors

August 19, 2014, 3:22 am
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Hi All,

I have been a long time reader but infrequent poster. Firstly, the advice provided on this site is invaluable and much appreciated! My dilemma, if anyone is able to assist me is follows:- I've been dealing with Drydensfairfax solicitors in relation to an account formerly owned by Littlewoods but now by CapQuest basically the latest letter I have received after requesting a CCA to be provided states they are unable to provide copies of any original documents. Is it correct to believe this is now an account in dispute and as such not legally enforceable? Do I need to send them a follow up letter? I'm new to all this and would appreciate any help offered.

Many Thanks
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Small Debt - But some tips would be appreciated

August 19, 2014, 3:30 am
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Hi guys,

I’ve had a read of these boards over the past few weeks and am often impressed with the advice that is given. I find myself in a position now,which is not nearly as bad as most other people here, but I would like to get it all cleaned up as I propose to my partner in a few months (waiting for ourholiday) and are planning on moving in together within 6 months to 7 months and don’t want my debt to be a part of our lives. She doesn’t have any debt.

My debt amounts to a credit card which currently has a limit of £2400, and has £1832 owing on it. As well as a £2000 overdraft, which as of today I am -£360 into but this will continue to go down until pay day, and will cycle like that month after month. My overdraft used to be much worse, often ending the month somewhere down the -£1800 figure, but since signing up for Money Dashboard and actually seeing the out goings, over the past 4 months or so I’ve reduced spending by around £300 a month.

I have posted a SOA below. To explain my situation, I live in a flatshare which is why I have no bills, council tax or TV licensepayments. My partner lives in St Albans which is a £35 round trip train ride and my family live in Nottingham which is a £30 round trip train ride, I live in Milton Keynes by myself which is why my travel expenses are high as I go to see my family and my partner at the weekends.

I currently earn £22,000 but this will be reduced to £20,000 as of September when I take a new job in a different part of the country. However this will also reduce my monthly rent by £100 so will balance out nicely with the reduced pay.

I think I need to get serious about the credit card debt, instead of saving the £300 odd a month on the overdraft which has a low interest, I should be paying off the credit card instead of making minimum monthly payments which is made of up £25 interest and £15 off the debt. Perhaps look into a 0% balance transfer onto a new card?

Another area I am interested in reducing significantly is groceries. At £200 a month, it’s silly money for an individual. It tends to come about from £3 and £4 lunches at work and then meals and dining for one from the supermarkets. When I see people saying they spend £100 on a family of four a month, my spending is stupid. I make the excuse that because I have a flatshare and my cupboard space is limited to two shelves, and my freezer/fridge space is limited to one shelf in each, I can’t keep a lot in the house and when you add there are 3 other people who all are using the kitchen, it’s easier not to cook a proper meal.

But I would be interested in seeing some good online resources for making cheaper meals and making them go further?

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 0
Monthly Income Details
Monthly income after tax................ 1402
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1402
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 390
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 35
TV Licence.............................. 0
Satellite/Cable TV...................... 6
Internet Services....................... 0
Groceries etc. ......................... 225
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 180
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 50
Haircuts................................ 20
Entertainment........................... 150
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1076

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
Credit Card....................1832.97...40.95.....0
Total unsecured debts..........1832.97...40.95.....-

Monthly Budget Summary
Total monthly income.................... 1,402
Expenses (including HP & secured debts). 1,076
Available for debt repayments........... 326
Monthly UNsecured debt repayments....... 40.95
Amount left after debt repayments....... 285.05
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -1,832.97
Net Assets.............................. -1,832.97
Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
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