Newbie - Reclaiming under Consumer Credit Act 2006

WorkInProgress

Thanks Jesthar, that makes things a lot clearer. I had read on other posts that some institutions had passed debts on to DCA's after people had requested their CCA and couldn't understand why that would be.
Probably best not to "rock the boat" then

GeorgeUK

A debt should not be passed on to a 3rd party if it is in dispute - this is against the OFT debt collection guidelines. They do this basically because they do not want the hassle. Hopefully the CAG board will be able to come up with a few examples of people who have gone down the CCA path even though they had not missed payments etc.

Jesthar

WorkInProgress wrote: »

Thanks Jesthar, that makes things a lot clearer. I had read on other posts that some institutions had passed debts on to DCA's after people had requested their CCA and couldn't understand why that would be.
Probably best not to "rock the boat" then

Well, there's nothing to stop you requesting the CCA, aside from the worry of 'rocking the boat', as you said, you don't have to follow up afterwards. You might find that some creditors do indeed try to pass on a debt to a DCA if they know the CCA is either lost or unenforceable. But then again, DCAs are pain in the butt to deal with, and there is always the risk your credit rating will take a beating, of course.

If you are comfortably meeting your monthly minumum payments, then the best thing you can do is start 'snowballing' your debts (link to a calculator here: http://www.whatsthecost.co.uk/snowball.aspx) - that is, start to overpay as much money as possible off your non-secured debt with the nighest interest rate until it is cleared, then move on to the next one. It will save you a small fortune in interest and clear the things much faster! After that, you can move on to overpaying on your mortgage (my current position ).

If you are starting to find it a struggle to meet repayments, though, you need to take action fast to reduce your outgoings and any overspending habits. It's a good idea to do a Statement of Affairs to help you work out where your money is going (a calculator for this is here: http://www.makesenseofcards.com/soacalc.html) - if fact, it is a good idea to do this anyway, and if you post it up here you will get a lot of helpful suggestions for getting out of debt faster.

~Jes