"Write Off" your debt companies

saltnvinegar

master53 wrote: »

yes they charge a set up fee of £100 + 10% of whatever you owe

No No No No!!!!!!!

You have made a great decision to go with Payplan. Do NOT now make a bad decision and go with this other company.

There is NOTHING they will be able to do that Payplan aren't already doing for you. Payplan also have a good reputation with creditors.

No matter what gimmicky sales pitch you have been weaved do not fall for it. You will regret it bitterly after several months.

SnV

master53

many thanks for the advice, yes they did offer an offer which seemed too good to be true thats why i asked the question, i will stick with Payplan

Danni-R

Just out of interest....

What deal did they offer?

You dont have to say, I'm just being nosey.

master53

there was a best option and a worst option scenerio, something to do with if the cc companies could find the original argreement if they couldnt Bourne offer about them 25 % of what you owe, but they then take 10% themselves from the original figure + a set up fee of £100, the worst case if the cc companies produce the documents you have to pay all your creditors 50p in the £ + Bourne`s various add on`s, best case would have saved me about half of what i owe but no guarantees, worst case about 10%, too much of a gamble of me from a company i know nothing about, and very pushy in their sales pitch. Also they insisted i went to my bank today and cancelled my direct debit with Payplan.

RAS

Hi

It is called checking the Consumer Credit Agreement, loads of people have done that on here. The rules recently changed but it is worth doing to anyone who might take you to court. By the way, it costs £1 per creditor plus the cost of signed for postage.

You also need to check whether you had PPI on any of the accounts and that any default notices are legally compliant.

And anyone can do a full and final (F&F) offer once the debt has been in default a few years.

Check out the forum for examples.

saltnvinegar

master53 wrote: »

there was a best option and a worst option scenerio, something to do with if the cc companies could find the original argreement if they couldnt Bourne offer about them 25 % of what you owe, but they then take 10% themselves from the original figure + a set up fee of £100, the worst case if the cc companies produce the documents you have to pay all your creditors 50p in the £ + Bourne`s various add on`s, best case would have saved me about half of what i owe but no guarantees, worst case about 10%, too much of a gamble of me from a company i know nothing about, and very pushy in their sales pitch. Also they insisted i went to my bank today and cancelled my direct debit with Payplan.

Ok what they are referring to is whether your creditors would have an enforceable agreement under the Consumer Credit Act 1974.

What you have been told is complete tripe and is a great example of why debt management companies are getting bad press.

The worst case is that your creditors produce the documentation, take you to court, and get a CCJ.

The 50p in the £ figure is complete nonsense in this scenario. If your creditors have an enforceable CCA then they are going to want you to pay the FULL amount back!

You can negotiate with your creditors to freeze interest and charges, and I'm sure that Payplan will have done this on your behalf already, but on a DMP your creditors are under no obligation to agree.

So best case scenario? Your creditors are unable to produce a CCA rendering the agreement unenforceable (in principle).

However be aware that people have still been taken to court, and have lost, when a creditor has not been able to produce an agreement but have produced a reconstructed agreement.

I'm not suggesting you shouldn't look at this route, as it can be very useful to put pressure on a creditor if they are being unreasonable in accepting a DMP.

However, if you have a DMP with Payplan, and all your creditors have accepted this and you are making payments to them then I think you would be foolish to break this now unless your circumstances mean, for example, your DMP is going to last something like 20 years!

The reason I say this is simply because you become a 'won't pay' rather than a 'can't pay' and if you were to be taken to court your defense would be less credible if you had broken a payment arrangement that your creditors had voluntarily agreed to.

I would however report this 'Bourne Legal Practices' though to the OFT as it sounds like they should be joining the list of other DMC's surrendering their licenses!

Best

SnV

Day_Dreamer_7

Hi, I am looking for any info on this company - I have googled etc and can see that they were called Cartell previously - I read lots of terrible things about them - but wonder if they have changed and improved.

I cant find any forums online that are recent. I have called the MOJ and FO but they couldn't advise me.

I am very sceptical, but they have been recommended to me by someone I trust.

Does any one have any experiences of trying to prove a loan or credit card agreement is unenforceable ?

Please don`t reply by telling me you disapprove of people not paying their debts etc !!! I agree with you - but before you have the facts don`t comment.

fatbelly

Day_Dreamer wrote: »

Hi, I am looking for any info on this company - I have googled etc and can see that they were called Cartell previously - I read lots of terrible things about them - but wonder if they have changed and improved.

I cant find any forums online that are recent. I have called the MOJ and FO but they couldn't advise me.

I am very sceptical, but they have been recommended to me by someone I trust.

Does any one have any experiences of trying to prove a loan or credit card agreement is unenforceable ?

Please don`t reply by telling me you disapprove of people not paying their debts etc !!! I agree with you - but before you have the facts don`t comment.

Well, it IS authorised. Check here

There are some threads on them:

https://forums.moneysavingexpert.com/discussion/2605479

https://forums.moneysavingexpert.com/discussion/3070876

I've not heard anything positive yet.

peachespeaches

My husband, against my advice, is allowing consortium reclaim to see if his credit card agreements are unenforcable. He is adamant that they are going to write off his debt, though as I have read, it will just be unenforcable.

So if they are successful and the credit card agreement is unenforcable, as far as I understand from earlier posts it will mean that he still has the debt against his name. In this case, wont his credit rating be trashed? If he ever wants a bank loan will he be refused? He asked the salesman, "Will it affect my credit rating" and was told "only in a positive way as you wont have the debt". This doesnt quite fit with what I am reading on this thread, and its giving me sleepless nights. My name isnt on the credit cards or anything, but obviously, we are married and I am financially associated with him. We have a mortgage account together, but all our other finances are separate.

Will the credit card companies just come after the debt in some other way? As I have said, I dont want him to go through with it, but he is adamant that it is OK. I feel it is too good to be true. It is because he was successful with his PPI being refunded, that he has gone through with this.

Tixy

peaches

If the debt is found to be unenforceable and your husband stops paying then a default will be registered against him on his credit file. This default will be on for 6years and will make it hard to get any high street credit or the best mortgage rates for that 6year period. As you are financially associated it may make it harder for you to get credit as well.

If its unenforceable then the credit card companies might continue to write to him asking him to pay but wouldn't be able to take him to court (well rather they could try but if they did he would need to defend on the basis that he believes the debts to be unenforceable).

Even if he does want to go down this route he could have saved himself the fees he is paying by doing the work himself - its quite simple and there is lots of help online to go through the process himself.