"Write Off" your debt companies

partypooperpat

GeorgeUK wrote: »

ppp, is your DMP with one of the free charities, or are you currently paying for this?
Might be worth looking at changing.

You can request a copy of the CCA at any time but if you stop making payment because a CCA is unenforcable, there is still a good chance that the creditor will put a default on your credit file.

How long have you been doing the DMP?

No my DMP is with a company called Debt Matters, who have recently been taken over by someone else who are now 'looking after' my debt, but I can't think of their name at the moment. I will have a look into changing to a charity, thanks for the advice.

I've been on the DMP since Jan 2008 and haven't missed any payments. I'm trying to build up my credit rating now so don't really want to do anything to jeopardise that, but would also be good to know that I could wipe off my credit card debt, but if I was successful then I'm not sure if 3 creditors putting defaults on my file is worth it?

Tixy

Hi PPP

Have you not already got defaults on these accounts? Often defaults are put on around 3-6months into a DMP (as you are paying less than the minimum amount) - if you are not sure then you should get a copy of your credit report.

If you already have a default then they can't put another one on the same account (so might not make things worse).
Also if any are still charging interest some people do a CCA request to see if its unenforceable as this can sometimes be used to encourage the creditor to stop charging interest whilst they still continue to pay the balance under the DMP.
Or if any of your creditors are being difficult about your DMP and threatening CCJs it can be worth checking whether they would be able to enforce the CCA and obtain a CCJ.

GeorgeUK

Have you checked your credit file? There may already be defaults on there - you are supposed to be notified before they do this, but alot of the time they just put the default on your file.

partypooperpat

Tixy wrote: »

Hi PPP

Have you not already got defaults on these accounts? Often defaults are put on around 3-6months into a DMP (as you are paying less than the minimum amount) - if you are not sure then you should get a copy of your credit report.

If you already have a default then they can't put another one on the same account (so might not make things worse).
Also if any are still charging interest some people do a CCA request to see if its unenforceable as this can sometimes be used to encourage the creditor to stop charging interest whilst they still continue to pay the balance under the DMP.
Or if any of your creditors are being difficult about your DMP and threatening CCJs it can be worth checking whether they would be able to enforce the CCA and obtain a CCJ.

Hi Tixy,

Well I originally hadn't paid anything for about 6 months towards any of the accounts, then I got onto a DMP and have kept my payments up for over 18 months now. I'm paying £180 a month which I think is the minimum I could pay after Debt Matters looked at my incoming compared to my outgoings.

I looked at my credit file a few months back for free with experian and everything seemed fine, although I never checked my credit score. And since then I have applied for an Ikea store card and a joint current account and I got refused for both!

As far as I'm aware I'm not being charged interest on these accounts.

I just really want to get myself debt free and get my credit rating back to a good level asap, apart from my outstnding credit card debts which I built up between 3 and 6 years ago being young and foolish, I'm now straight with everything with all other bills being paid on time and I would consider myself to be 'credit worthy' but I don't think creditors will see it that way whilst on the DMP plan!

RAS

You need to do a credit check with both Equifax and Experien to find out what defaultsd have already been put on your record.

And please start talking to CCCS, Payplan or CAB about the DMP as they are very busy and sometimes take a couple of months to sort things out.

What is the fee to Debt matters?

partypooperpat

RAS wrote: »

You need to do a credit check with both Equifax and Experien to find out what defaultsd have already been put on your record.

And please start talking to CCCS, Payplan or CAB about the DMP as they are very busy and sometimes take a couple of months to sort things out.

What is the fee to Debt matters?

Thanks for the advice re credit checks.

The fee is fairly minimal at Debt Matters, I pay £180 a month and I think about £10 goes to Debt Matters, but thinking about it, that's £600 over 5 years!

Marvintheparanoidandroid

Hello all,

Just wondering what people's opinions or experiences are of these companies.

I spoke to one on the phone, it sounds great but they want around £800 in installments which makes me nervous. I said ok and am supposed to be seeing their rep tomorrow but I'm going to delay it so I can gather some info.

They say they can write off 20k of debts on my credit card as they were "irresponsible lenders"

Appreciate any advice

:beer:

RAS

cancel the meeting. Read up on here and you can do most of this for £1 per account.

Charco_2

True.

Allt hese unenforcable loans thingys sit very uneasy with me anyway, but if the banks wont be reaonable the hit them with everything you've got!

Funex_2

Hello

I was just wondering if anyone has had there Credit card debt or Mortgage cleared or HP finance debt cleared by using a company that looks at each case and then charges you to clear these debts. Ive been contacted by someone after showing an interest in having my mortgage payments looked at with the hope they can either drastically reduce the payments or have the mortgage cancelled due to unfair contract set out by my bank. I was looking for people that may have had this service and come out of it debt free or lot lower payments.

Funex