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  • FIRST POST
    • sourcrates
    • By sourcrates 26th Mar 17, 12:20 PM
    • 12,402Posts
    • 11,816Thanks
    sourcrates
    DMP Mutual Support Thread - Part 12
    • #1
    • 26th Mar 17, 12:20 PM
    DMP Mutual Support Thread - Part 12 26th Mar 17 at 12:20 PM
    Welcome to the DMP mutual support thread Part 12 !!

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here, but we do encourage you to use a free service, not one you pay for.

    There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be. We are non judgmental and all questions are welcome.

    Again the old thread was getting a tad long, so time for a new one.

    The old thread can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5285089

    Once again, i think the original "newbie" post by sazzie23 still rings true.
    Last edited by sourcrates; 26-03-2017 at 12:50 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
Page 62
    • carbootcrazy
    • By carbootcrazy 8th Jul 17, 7:38 AM
    • 4,130 Posts
    • 23,229 Thanks
    carbootcrazy
    Hello newstartDMP!
    I promise that you will begin to feel better. Really, really soon.
    You are not alone, there are hundreds of us in the same boat - we are here to share the tears and the joys.
    Congratulations on beginning your journey.
    Hang-on in there and keep us updated!
    x x x
    Originally posted by purplepaws
    newstartDMP.

    Couldn't agree more with everything purplepaws said

    Great username! You'll soon discover that it really is a new start for you. Good Luck
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there. Balance so out of date, must update asap!
    • Suseka97
    • By Suseka97 8th Jul 17, 1:31 PM
    • 146 Posts
    • 219 Thanks
    Suseka97
    Thank you for the reassurance. I have received my paperwork back from StepChange, but also have the option to do a DMP with PayPlan (who think we can afford to pay £100 more per month towards the debt?) Which would be preferable? I understand that neither charge fees for a DMP, but is one generally better at freezing interest, etc than the other?
    Originally posted by newstartDMP
    Welcolme newstartDMP. SC and PayPlan are pretty much the same when it comes to how they'll handle your DMP and I believe both are paid by the industries, which is why they'll encourage you to pay the maximum you can afford and pay off your debts as quickly as possible. Neither will push creditors to stop interest or charges, but will request it when they contact creditors with a copy of your I&E and details of how much they will receive on a monthly basis. I'm not bashing them - they are much better than any company who charge for their services, but they handle hundreds of accounts, so you won't be getting a one-to-one service. In fact over the 4+ years I was with SC (just left to go self-managed) I don't think I ever spoke to the same person twice. Whatever you do, don't overstretch yourself - the plan is yours and it needs to be affordable, or you won't be able to stick with it. Also, don't rush in to start too soon -give yourself a few months to build up an emergency fund. If you look back on this thread you'll read that piece of advice being given to new DMPers many times.

    Try something like this : Dear creditors,
    As you are aware I have been repaying my indebtedness to you via a stepchange debt management plan, this has worked well for me, but the time has now come for me to regain control over my finances, and as from (insert date) I will be self managing my own financial affairs. To allow me to organise my plan, and to assertain my position, there will be a short break in payments, I will contact you again in (insert your own timeframe) to inform you when payments will resume. In the meantime I will keep you updated with any developments, and during this time please refrain from contacting me except in writing....
    Originally posted by sourcrates
    Thanks sourcrates - think I might pinch this for when I write to mine
    • Dandytf
    • By Dandytf 8th Jul 17, 1:37 PM
    • 889 Posts
    • 333 Thanks
    Dandytf
    having just agreed to lower my sc dmp payments I have to say SC have never asked me to raise payments in fact they once advised against my offer to raise payments.

    SC have been excellent since 2012
    sc dmp 2012 13k

    Jan 2017 7380 paid. 50% ish...
    • SpamTomorrow
    • By SpamTomorrow 9th Jul 17, 9:25 AM
    • 31 Posts
    • 62 Thanks
    SpamTomorrow
    Hello All,

    Quite some time since I last posted but have been working hard at the self managed DMP and making good progress.

    It has made a huge difference to my life and feels great to be in control and dealing with the problem.

    To anybody who has just started, it will get easier so don't worry! The help and advice available on this forum is invaluable.

    I have a couple of questions I hope somebody can help me with. Over the last couple of months I have been looking at the Noddle report with a view on improving Credit rating in the future. Of the various debts, with the exception of 2, they have the status you would expect.

    The first of the 2 is 'Hoist'. This is an old Marbles credit card that was handed over to Hoist and subsequently Robinson Way for collection. The account shows going from in arrears to 'arrangement' to pay and for the last six marked as paid s normal. The account also shows that the credit limit is still as per the original. I plan to write to them and ask why it has not been defaulted but thought it might be an idea to see if anybody else has similar experience? Am I correct in assuming they have to default the account if it has been passed to debt collection?

    The second account is similar, American Express which has been passed to 'Regain'. I am correct in assuming that Regain is an in house facility and not really a 'true' debt recovery agency. This account is also now marked each month as in order.

    Any insight gratefully recieved.

    SpamT
    LBM debt £75,212, debt today = £50,258
    Percentage of debt paid = 33.2%
    LBM creditors 16, creditors today = 9
    • carbootcrazy
    • By carbootcrazy 9th Jul 17, 10:17 AM
    • 4,130 Posts
    • 23,229 Thanks
    carbootcrazy
    Feeling a bit down this morning. It doesn't take much where my debt situation is concerned. I wish I had the confidence to shrug off minor setbacks just as many other posters manage to do.

    Keep getting letters from Link asking for a revised I&E and the tone has become more 'threatening'. I sent one when I went self-managed and then two payments afterwards (probably bad timing)I wrote to tell them that I'd had a 'family emergency' and had to just send token payments until the end of the year.

    I had never had a definite acceptance of my self-managed payment rate (although it was within £5 of what they were getting when SC were managing my affairs, well over £100 a month to each of the debts they are managing). I assumed they'd accepted it as the payments were made by SO and not returned/refused.

    Since telling them about the tokens of £1 which started this month I have now already had 2 letters per each account asking for a new I&E and the latest says:

    ...only once payments are maintained on a regular and agreed schedule are we able to remove your account from the collection cycle and prevent further recovery action being taken.....



    It's not a case of not wanting to send another I&E, I just feel they are hassling me unduly. I know other posters say they just ignore these letters but I'm too scared to in case they escalate things to the next recovery stage.


    Their letters just start 'thank you for your recent letter', not the date I sent it, so I have no idea which of my proposals they are referring to. They are not the quickest to respond to letters/emails and I dread having to phone them to get it sorted.



    Sorry to have a moan on a lovely Sunday morning especially as lots of other people have much bigger worries to concern themselves with.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there. Balance so out of date, must update asap!
    • Puzzcat
    • By Puzzcat 9th Jul 17, 10:42 AM
    • 3,141 Posts
    • 16,235 Thanks
    Puzzcat
    Hello All,

    Quite some time since I last posted but have been working hard at the self managed DMP and making good progress.

    It has made a huge difference to my life and feels great to be in control and dealing with the problem.

    To anybody who has just started, it will get easier so don't worry! The help and advice available on this forum is invaluable.

    I have a couple of questions I hope somebody can help me with. Over the last couple of months I have been looking at the Noddle report with a view on improving Credit rating in the future. Of the various debts, with the exception of 2, they have the status you would expect.

    The first of the 2 is 'Hoist'. This is an old Marbles credit card that was handed over to Hoist and subsequently Robinson Way for collection. The account shows going from in arrears to 'arrangement' to pay and for the last six marked as paid s normal. The account also shows that the credit limit is still as per the original. I plan to write to them and ask why it has not been defaulted but thought it might be an idea to see if anybody else has similar experience? Am I correct in assuming they have to default the account if it has been passed to debt collection?

    The second account is similar, American Express which has been passed to 'Regain'. I am correct in assuming that Regain is an in house facility and not really a 'true' debt recovery agency. This account is also now marked each month as in order.

    Any insight gratefully recieved.

    SpamT
    Originally posted by SpamTomorrow
    Hi,

    Unfortunately no the debt doesn't have to be defaulted before being sold as I complained to the FOS about mine and they said all was perfectly in order.. I am now trying to get the bloomin thing defaulted through ICO.. still waiting to hear....

    Puzz.
    Christmas 2017 £550 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 41% paid £4k UE
    Going Self Managed March 2016
    Pot Of Gold - £460.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • Puzzcat
    • By Puzzcat 9th Jul 17, 10:45 AM
    • 3,141 Posts
    • 16,235 Thanks
    Puzzcat
    Feeling a bit down this morning. It doesn't take much where my debt situation is concerned. I wish I had the confidence to shrug off minor setbacks just as many other posters manage to do.

    Keep getting letters from Link asking for a revised I&E and the tone has become more 'threatening'. I sent one when I went self-managed and then two payments afterwards (probably bad timing)I wrote to tell them that I'd had a 'family emergency' and had to just send token payments until the end of the year.

    I had never had a definite acceptance of my self-managed payment rate (although it was within £5 of what they were getting when SC were managing my affairs, well over £100 a month to each of the debts they are managing). I assumed they'd accepted it as the payments were made by SO and not returned/refused.

    Since telling them about the tokens of £1 which started this month I have now already had 2 letters per each account asking for a new I&E and the latest says:

    ...only once payments are maintained on a regular and agreed schedule are we able to remove your account from the collection cycle and prevent further recovery action being taken.....



    It's not a case of not wanting to send another I&E, I just feel they are hassling me unduly. I know other posters say they just ignore these letters but I'm too scared to in case they escalate things to the next recovery stage.


    Their letters just start 'thank you for your recent letter', not the date I sent it, so I have no idea which of my proposals they are referring to. They are not the quickest to respond to letters/emails and I dread having to phone them to get it sorted.



    Sorry to have a moan on a lovely Sunday morning especially as lots of other people have much bigger worries to concern themselves with.
    Originally posted by carbootcrazy
    Morning cbc,

    I would just write to them again stating your are paying £1 until ?? month?? and that you will send a revised i & e with your proposed payment at that time. I have to say when I got a similar letter from Lowell's I just rang them, they were very nice and more than happy to accept my paltry £5 a month for the next 6 months. Just don't get drawn into further conversation with them, I certainly won't do an i & e over the phone...

    Puzz. x
    Christmas 2017 £550 cash/£109 vouchers
    I love my dmp started in Nov 13 with SC 41% paid £4k UE
    Going Self Managed March 2016
    Pot Of Gold - £460.00
    MY DIARY -
    http://forums.moneysavingexpert.com/showthread.php?t=4768685
    • sourcrates
    • By sourcrates 9th Jul 17, 11:02 AM
    • 12,402 Posts
    • 11,816 Thanks
    sourcrates
    Feeling a bit down this morning. It doesn't take much where my debt situation is concerned. I wish I had the confidence to shrug off minor setbacks just as many other posters manage to do.

    Keep getting letters from Link asking for a revised I&E and the tone has become more 'threatening'. I sent one when I went self-managed and then two payments afterwards (probably bad timing)I wrote to tell them that I'd had a 'family emergency' and had to just send token payments until the end of the year.

    I had never had a definite acceptance of my self-managed payment rate (although it was within £5 of what they were getting when SC were managing my affairs, well over £100 a month to each of the debts they are managing). I assumed they'd accepted it as the payments were made by SO and not returned/refused.

    Since telling them about the tokens of £1 which started this month I have now already had 2 letters per each account asking for a new I&E and the latest says:

    ...only once payments are maintained on a regular and agreed schedule are we able to remove your account from the collection cycle and prevent further recovery action being taken.....



    It's not a case of not wanting to send another I&E, I just feel they are hassling me unduly. I know other posters say they just ignore these letters but I'm too scared to in case they escalate things to the next recovery stage.
    Originally posted by carbootcrazy
    Just like National Debtline has a variety of template letter samples, so do debt collectors.

    They just send the one that the 19 year old tea boy deemed the most appropriate one for the inquiry !!

    The only "tone" there is to them is the one you perceive in your mind, you know, i know, and they know, that you are not obliged to respond to any of there correspondence in relation to income and expenditure, if you must keep interacting with these people, write and tell them they have already had the information they are requesting, you will not be providing it again.

    The worst thing they can do is take you to court car boot, not going to happen whilst your paying them, these different levels of recovery action you mention, whats next, pencils up the nostrils ?

    Seriously, its all rubbish chitter chatter, half of it made up to sound frightening, some one last week was worried because they'd received a "formal demand" for payment, as a pose to what, i asked, an informal demand ?

    There is no such thing as a formal demand, its made up jibber jabber, the sooner you realize these people literally make stuff up to sound scary, the better.

    Ignore the idiots and enjoy the sunshine !!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • January2015
    • By January2015 9th Jul 17, 11:26 AM
    • 1,757 Posts
    • 4,746 Thanks
    January2015
    Hi CBC

    Try not to worry about letters from DCAs. Easy said than done I know. If you really feel you cannot ignore the letter (which is really what I would recommend doing), then write back and put the ball in their court. Write and say,
    Thank you for your letter dated dd/mmm/yyyy in which you thank me for my recent letter to you. I have written to your company a number of times recently and therefore I would be grateful if you could confirm which letter you are seeking a response to. To clarify, I have written letters to you dated:
    dd/mmm/yyyy
    dd/mmm/yyyy
    dd/mmm/yyyy

    In future it would be helpful to me, as I do get confused, if you could clarify in letters to me which letters I have sent you are are referring to. This would assist me greatly and ensure my response to you is relevant to your questions.

    Make them work for their money
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • sourcrates
    • By sourcrates 9th Jul 17, 1:22 PM
    • 12,402 Posts
    • 11,816 Thanks
    sourcrates
    I know that debt can be a very serious subject, and the servicing of it causes a lot of stress, anxiety etc etc.

    I always try to inject a little humor into the equation, it helped me deal with it, i hope it helps you too, some of the things DCA `s come out with, although not so much nowadays, can be so funny, in any other context you would laugh your socks off at them, but as its about debt, we British in particular, tend to either be very stiff upper lip, or we crack up completely, the key is to find somewhere in between, the very bottom line is they cant take what you dont have, so why worry.

    I know its been said 1000 times before, but non of these companies you are currently dealing with have any more power than you or i do, to recover these debts.

    They have access to the same courts system, as you do, you may owe them money, but that does not mean you have to bow down to them.

    Many of them try to exaggerate there powers by sending official looking letters, and asking you to do this or to do that, its all rubbish, you dont have to do anything they ask that you feel is unreasonable, if they do, write back saying No, you are not prepared to do this, as you think its irrelevant.

    People say there scared of what the creditors reaction will be, this point i have never understood, creditors only thoughts are for the bottom line, although they now have to take affordability into account, thanks to the FSA clamping down on them, i know i`ve said this before, but if their not happy they simply sell the debt on, even if they do take you to court, thats not always a bad thing, as long as you can live with the CCJ, you admit the claim, fill in your budget details, make your offer of payment, all the court does is rubber stamp this.

    You then have a court approved payment plan which both you and the creditor have to stick to, so no more creditor hassle !!

    I dont know about you, but that would certainly work for me.

    You should not be scared of debt, or how creditors react to you, deal with them in a business like manor, let them know you wont take any rubbish off them, and they will deal with you in the same way.
    Last edited by sourcrates; 09-07-2017 at 3:48 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • timeforachange85
    • By timeforachange85 9th Jul 17, 8:16 PM
    • 5 Posts
    • 4 Thanks
    timeforachange85
    Hi guys I'm a long time lurker here over two years and never posted before, I just want to say thank you to everyone that has posted advice, it's because of this advice I've bitten the bullet written out the letters to now move away from my crutch of Stepchange DMP and go self managed.

    My first task is to start saving an emergency fund and this is something I've never done, and real need to start considering my car is on its last legs, though Stepchange were amazing things were very tight and I've had very little money for anything other than priorities.

    So thanks again everyone

    Time for a change x
    LBM June 2015 debt £25,378.46 £18854.74 paid off £6523.74
    • carbootcrazy
    • By carbootcrazy 10th Jul 17, 9:21 AM
    • 4,130 Posts
    • 23,229 Thanks
    carbootcrazy
    Hi CBC

    Try not to worry about letters from DCAs. Easy said than done I know. If you really feel you cannot ignore the letter (which is really what I would recommend doing), then write back and put the ball in their court. Write and say,
    Thank you for your letter dated dd/mmm/yyyy in which you thank me for my recent letter to you. I have written to your company a number of times recently and therefore I would be grateful if you could confirm which letter you are seeking a response to. To clarify, I have written letters to you dated:
    dd/mmm/yyyy
    dd/mmm/yyyy
    dd/mmm/yyyy

    In future it would be helpful to me, as I do get confused, if you could clarify in letters to me which letters I have sent you are are referring to. This would assist me greatly and ensure my response to you is relevant to your questions.

    Make them work for their money
    Originally posted by January2015
    I love it, January. Thanks so much for it, you're a star as always


    To be honest, I feel such a wimp for getting wound up about anything that is out of the ordinary in debtland. Things were so clear cut when SC were handling my DMP, I felt totally at ease with my situation. I don't think I'd be so anxious about things now myself but it's the dread of OH finding out, albeit accidentally, about my debt situation after all this time that is making me so twitchy.
    Make £10 A Day Challenge 2017. Jan-Oct: £4500 ish
    Signing off for 2017, already smashed my year's target
    3-6 Months Emergency Fund Challenge #12: £3733.00/£5000.

    Original Debt: £56804 (@ LBM 02/13). Balance now: £15841
    . Getting there. Balance so out of date, must update asap!
    • StopIt
    • By StopIt 10th Jul 17, 9:34 AM
    • 1,371 Posts
    • 1,165 Thanks
    StopIt
    Hello All,

    Quite some time since I last posted but have been working hard at the self managed DMP and making good progress.

    It has made a huge difference to my life and feels great to be in control and dealing with the problem.

    To anybody who has just started, it will get easier so don't worry! The help and advice available on this forum is invaluable.

    I have a couple of questions I hope somebody can help me with. Over the last couple of months I have been looking at the Noddle report with a view on improving Credit rating in the future. Of the various debts, with the exception of 2, they have the status you would expect.

    The first of the 2 is 'Hoist'. This is an old Marbles credit card that was handed over to Hoist and subsequently Robinson Way for collection. The account shows going from in arrears to 'arrangement' to pay and for the last six marked as paid s normal. The account also shows that the credit limit is still as per the original. I plan to write to them and ask why it has not been defaulted but thought it might be an idea to see if anybody else has similar experience? Am I correct in assuming they have to default the account if it has been passed to debt collection?

    The second account is similar, American Express which has been passed to 'Regain'. I am correct in assuming that Regain is an in house facility and not really a 'true' debt recovery agency. This account is also now marked each month as in order.

    Any insight gratefully recieved.

    SpamT
    Originally posted by SpamTomorrow

    Alas, while you can request Defaults to be registered or backdated, the guidelines for these are indeed guidelines. The ICO sometimes, not always assists. It's a pain as it penalises those in DMPs more than those who run away from debts but alas, that doesn't change these lenders minds sometimes.


    However, if any account is in "green", then frankly that's better than a default, although AR flags should be fought.
    Feeling a bit down this morning. It doesn't take much where my debt situation is concerned. I wish I had the confidence to shrug off minor setbacks just as many other posters manage to do.

    Keep getting letters from Link asking for a revised I&E and the tone has become more 'threatening'. I sent one when I went self-managed and then two payments afterwards (probably bad timing)I wrote to tell them that I'd had a 'family emergency' and had to just send token payments until the end of the year.

    I had never had a definite acceptance of my self-managed payment rate (although it was within £5 of what they were getting when SC were managing my affairs, well over £100 a month to each of the debts they are managing). I assumed they'd accepted it as the payments were made by SO and not returned/refused.

    Since telling them about the tokens of £1 which started this month I have now already had 2 letters per each account asking for a new I&E and the latest says:

    ...only once payments are maintained on a regular and agreed schedule are we able to remove your account from the collection cycle and prevent further recovery action being taken.....



    It's not a case of not wanting to send another I&E, I just feel they are hassling me unduly. I know other posters say they just ignore these letters but I'm too scared to in case they escalate things to the next recovery stage.


    Their letters just start 'thank you for your recent letter', not the date I sent it, so I have no idea which of my proposals they are referring to. They are not the quickest to respond to letters/emails and I dread having to phone them to get it sorted.



    Sorry to have a moan on a lovely Sunday morning especially as lots of other people have much bigger worries to concern themselves with.
    Originally posted by carbootcrazy
    I love it, January. Thanks so much for it, you're a star as always


    To be honest, I feel such a wimp for getting wound up about anything that is out of the ordinary in debtland. Things were so clear cut when SC were handling my DMP, I felt totally at ease with my situation. I don't think I'd be so anxious about things now myself but it's the dread of OH finding out, albeit accidentally, about my debt situation after all this time that is making me so twitchy.
    Originally posted by carbootcrazy

    Hey, you were telling another poster that bravery was needed to help get out of debt, and now you need to tell yourself it too!


    Don't let these things get to you. They're designed to make you feel bad, so take their intent and throw it where it belongs; filed directly under B.


    Remember, the next "recovery stage" is a euphemism for "We might do something", which if you've already notified of the length of token payments means not much action will be taken.


    Even IF you receive a Letter Before Action, by the time you receive it, So long as you can just get back onto your scheduled DMP payments and they'll call it off, so long as the DMP payments are accepted, which I think they will be in this case.


    Anything letters that no not mention those magic words mean nothing as these guys must deliver the Letter Before Action before taking any court claim forward. They can't hint at anything, they must state clearly once that stage is reached. until then, they can use all the funny wording you like but all can be dealt with in the same way.


    As Sourcrates said however, even a CCJ isn't exactly the end of the world! It just formalises a debt payment schedule, so long as you go through the process correctly.
    Last edited by StopIt; 10-07-2017 at 9:37 AM.
    • heavenlyharry01
    • By heavenlyharry01 10th Jul 17, 3:47 PM
    • 109 Posts
    • 133 Thanks
    heavenlyharry01
    Wow!
    Just received a letter from PRA Group, who have bought our MBNA debt, to say that it's currently unenforceable!
    I understand that there are mixed opinions on just ignoring it or offering a 10% settlement figure.
    I'm currently paying just £1 per month on this.
    Can someone kindly advise if I should continue, offer a 10% settlement (which I am able to) or cancel the standing order and wait to see if they find the documents in the future.


    Also I have another question regarding making settlement offers. I have an amount of money which I have split fairly between my creditors, using the calculator on the NEDCAB website.
    Should I include the other offers I am making, and the full amount I am splitting between the creditors or just the offer to that creditor? Is it better that they see the full amount of money I have to offer and how it is being split or not?

    Many thanks
    Last edited by heavenlyharry01; 10-07-2017 at 4:13 PM.
    • unicorndeva
    • By unicorndeva 10th Jul 17, 5:14 PM
    • 35 Posts
    • 97 Thanks
    unicorndeva
    Wow!
    Just received a letter from PRA Group, who have bought our MBNA debt, to say that it's currently unenforceable!
    I understand that there are mixed opinions on just ignoring it or offering a 10% settlement figure.
    I'm currently paying just £1 per month on this.
    Can someone kindly advise if I should continue, offer a 10% settlement (which I am able to) or cancel the standing order and wait to see if they find the documents in the future.


    Also I have another question regarding making settlement offers. I have an amount of money which I have split fairly between my creditors, using the calculator on the NEDCAB website.
    Should I include the other offers I am making, and the full amount I am splitting between the creditors or just the offer to that creditor? Is it better that they see the full amount of money I have to offer and how it is being split or not?

    Many thanks
    Originally posted by heavenlyharry01
    As the debt is currently unenforceable you have to choose whether to make a 10% offer or go down the 'statute barred' route which will take 6 years from the date of your last payment. Paying 10% (if it's accepted which it probably will be) will get the debt gone for good but make sure you word your offer carefully so that they cannot chase you for the balance at a later date, or sell the debt on to anyone else who can chase you for it.
    Statute barred is a bit more complicated (I'm no expert on it) and if the paperwork is found anytime in the next 6 years you will be liable for the full debt again, but if the paperwork is not found you would not have to pay any more money. When you start on this route you will need to be prepared for the debt being chased and all the various different threats/tactics the debt collectors use. Could you cope with the stress that this may cause?

    Good luck with it though
    • motivated
    • By motivated 10th Jul 17, 5:57 PM
    • 2,273 Posts
    • 3,389 Thanks
    motivated
    Hi all

    Quick question from me. After writing to Halifax (again) telling them that I will be paying token payments etc. Today I received 2 letters regarding 2 loans. My question is, have I now been defaulted? The letters read:

    DEFAULT NOTICE (served under section 87(1) of the consumer credit act 1974.
    You must pay £xxx by 28th July. If the action is taken before this date no further enforcement will be taken.

    If you do not take the action required further action may be taken against you. We will automatically terminate our agreement with you. We may seek to recover by instructing a debt collection agency and/or take legal proceedings against you. It also says that I should contact a solicitor or my local trading standards department I'm a little worried to be honest


    Confused again
    M
    Last edited by motivated; 10-07-2017 at 6:04 PM.
    I have arrived in DMP land and I like it, I may stay a while
    Short term goal £735/£1796

    SPC # 91
    • January2015
    • By January2015 10th Jul 17, 6:15 PM
    • 1,757 Posts
    • 4,746 Thanks
    January2015
    Hi all

    Quick question from me. After writing to Halifax (again) telling them that I will be paying token payments etc. Today I received 2 letters regarding 2 loans. My question is, have I now been defaulted? The letters read:

    DEFAULT NOTICE (served under section 87(1) of the consumer credit act 1974.
    You must pay £xxx by 28th July. If the action is taken before this date no further enforcement will be taken.

    If you do not take the action required further action may be taken against you. We will automatically terminate our agreement with you. We may seek to recover by instructing a debt collection agency and/or take legal proceedings against you. It also says that I should contact a solicitor or my local trading standards department I'm a little worried to be honest


    Confused again
    M
    Originally posted by motivated

    Don't worry - standard letters sent out automatically. Things are progressing just as they should.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • leanne12345
    • By leanne12345 10th Jul 17, 6:26 PM
    • 70 Posts
    • 41 Thanks
    leanne12345
    Hi all

    Quick question from me. After writing to Halifax (again) telling them that I will be paying token payments etc. Today I received 2 letters regarding 2 loans. My question is, have I now been defaulted? The letters read:

    DEFAULT NOTICE (served under section 87(1) of the consumer credit act 1974.
    You must pay £xxx by 28th July. If the action is taken before this date no further enforcement will be taken.

    If you do not take the action required further action may be taken against you. We will automatically terminate our agreement with you. We may seek to recover by instructing a debt collection agency and/or take legal proceedings against you. It also says that I should contact a solicitor or my local trading standards department I'm a little worried to be honest


    Confused again
    M
    Originally posted by motivated
    I believe this is the notice they have to send you before they can issue a default, so not defaulted yet but in theory you should be after the date in the letter if you don't pay the requested amount. I'm sure someone will correct me if that's wrong!
    • Ninarob76
    • By Ninarob76 10th Jul 17, 7:14 PM
    • 1 Posts
    • 0 Thanks
    Ninarob76
    Can you explain why requesting a CCA can help when you are in a DMP?
    Any help appreciated!
    Our DMP due to finish in 2030, but obviously if you have any advice that will help - GREAT!
    • StopIt
    • By StopIt 11th Jul 17, 7:58 AM
    • 1,371 Posts
    • 1,165 Thanks
    StopIt
    Can you explain why requesting a CCA can help when you are in a DMP?
    Any help appreciated!
    Our DMP due to finish in 2030, but obviously if you have any advice that will help - GREAT!
    Originally posted by Ninarob76

    They establish if the original creditor has the correct paperwork for your accounts. Debts like Overdrafts, utilities (Phones, Energy) and Tax Arrears are not covered.


    Those caveats aside, if a creditor is unable to fulfil a CCA request, the debt cannot be enforced in court and is effectively a write off. Any accounts dated before 2007 has to have extra information, the Prescribed Terms of the account.


    However, if you're in a DMP until 2030 at least, I'd be looking at other ways of looking at this debt. an IVA, DRO or Bankruptcy would have you clear of debt along with your credit history in 6 years, rather than 23.
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