£27k debt - SC/DMP - moving (to EU)
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Dragon_Queen
Posts: 1 Newbie
Hi,
I have £27.5k debt with 3 DCAs:
£15.1k with PRA - formerly MBNA CC
£4.6k with Link - formerly Barclay CC, formerly Egg CC
£7.8k with ... - formerly Co-op CC (just got sold, can't recall name in this second)
Used Stepchange for 1 year, (a token payment plan to original CC companies), then debts got sold on and SC couldn't renew the token payment plan (August 2016), suggested I negotiate token payment plan myself. For various reasons (referendum, deteriorating mental health) it slipped through the net and I only got in touch with 1 DCA (PRA, December 2016), ran them through the budget, they agreed to put the account on hold until March 17. Need to do this with the other 2 DCAs and/or agree token payment plan.
No foreseeable change to income situation (self-employed/volunteering) and more over we are looking to move to continental Europe within the next 6 months.
Can continue to do token payments but would prefer to settle the debt with F&Fs within the next 12 months.
Haven't applied for PPI/bank charges and was hoping to apply (and be successful) and use that money plus savings to offer F&F payments on the three accounts.
Feel like I am running away from it, but as Dragon King pointed out I paid what I originally owed (before interest) when I was still able to meet their minimum payments...
Questions:
- Can I reclaim banking charges on the above accounts?
- PPI was on a HSBC loan which I later consolidated into MBNA CC.
Any thoughts or information much appreciated.
I have £27.5k debt with 3 DCAs:
£15.1k with PRA - formerly MBNA CC
£4.6k with Link - formerly Barclay CC, formerly Egg CC
£7.8k with ... - formerly Co-op CC (just got sold, can't recall name in this second)
Used Stepchange for 1 year, (a token payment plan to original CC companies), then debts got sold on and SC couldn't renew the token payment plan (August 2016), suggested I negotiate token payment plan myself. For various reasons (referendum, deteriorating mental health) it slipped through the net and I only got in touch with 1 DCA (PRA, December 2016), ran them through the budget, they agreed to put the account on hold until March 17. Need to do this with the other 2 DCAs and/or agree token payment plan.
No foreseeable change to income situation (self-employed/volunteering) and more over we are looking to move to continental Europe within the next 6 months.
Can continue to do token payments but would prefer to settle the debt with F&Fs within the next 12 months.
Haven't applied for PPI/bank charges and was hoping to apply (and be successful) and use that money plus savings to offer F&F payments on the three accounts.
Feel like I am running away from it, but as Dragon King pointed out I paid what I originally owed (before interest) when I was still able to meet their minimum payments...
Questions:
- Can I reclaim banking charges on the above accounts?
- PPI was on a HSBC loan which I later consolidated into MBNA CC.
Any thoughts or information much appreciated.
0
Comments
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How old are the credit card accounts (regardless of who owns the debts now)?
We had an old MBNA account which was unenforceable and we've settled at a very low % rate to get rid of it.
I think a lot of Egg cards had problems with unenforceability too (not too sure but seem to remember reading that somewhere). It doesn't matter if the card was transferred to another provider if you didn't sign new T&Cs.
Always worth checking CCA before thinking about possible settlement. Link to template letterDFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j0 -
Hi,
In answer to both, yes.
Look up the reclaiming guide for PPI and bank charges, on other parts of this site.
Do it soon, as it can take a while to complete.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Yes you can do PPI complaints, but also be aware, they can keep any part of the redress to cover amounts written off or defaulted on if they have not sold the debt on but merely outsourced it. It will mean your debts will go down ut you may not have a lump sum to offer F&Fs with.Shampoo? No thanks, I'll have real poo...0
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