A couple of debt help tips

foreverec

Does anyone know if a credit card company can not produce a consumer credit agreement, can they still chase you for the debt? Any info on this will be usefull.

Pal

You could take legal advice but personally I don't think you stand a chance of getting away with that.

Jedi_Master

foreverec wrote:

Does anyone know if a credit card company can not produce a consumer credit agreement, can they still chase you for the debt? Any info on this will be usefull.

If I remember correctly, the application that you sign and submit for the credit card account is in fact the Agreement which is executed once signed by the card issuer although this is an interesting point.

LizzieAnn_2

this is my first post - what a super site. I really enjoy reading the tips. I am on the way to becoming debt free. Would you say credit is addictive? I am a catalogue addict but am coming clean....I ordered up to four catalogues a week and just used to spend. Now I have had these same catalogues cleared for a while, but have ordered more, and just confined myself to looking at the pictures and not phoning up to order anything and its working!! I also settled for less, but was very glad they accepted less as I didnt have any more to offer!!

k.munroe

jason.lawrie wrote:

Depends on how the company was meeting its KPI's and targets for the client. If money was short you would have to call people already on a payment plan and offer settlement straight off 20% if paid by debit/credit card (instant funds which would appear on report). Also would check who paid by credit card as possibility they would have spare credit to pay settlement. Some staff went for installments and some went straight for settlement. End of day the targets for collectors were huge - getting a settlement in racked up the money. Also incentives were placed for highest settlement - ie dvd players and gift vouchers. So in fairness yes, settlements were given out ad hoc - not just catalogue but mail order companies, banks and credit card comnpanies.

I have just been approached by A Debt Management Agency and after they worked everything out for me and I signed - I'm now wondering if I have done the right thing. What do you know about DMA's and are they worth pursuing?
Mine says they can get me down to paying £85 per month (from over £400) so I can actually start putting money away and still have spare cash each month so I don't have to rely on credit cards anymore. Then after 12 months I can apply for a settlelement figure of between 20 and 30% of the original balance. Sounds too good to be true - what's the catch and have I been conned?

tommyt_3

I am new to the forum and would also like to know if any of you have found Debt Management Agencies useful, or do they simply perform negotiations with creditors that the individual could perform with equal success ??

mum22boys74

Hi

I am new to this forum and just have a couple of questions about the CCA forms. I stupidly applied on line for a Next account in my husbands name (he was not happy to say the least when he found out) and I am struggling to pay it off - we have recently moved and now have a huge mortgage. Anyway, I know we didn't sign anything as my husband was not even aware of the account until recently. Would I be justified in writing to them and asking them to produce this document and if they can't do you think they will write off the debt. My second question is, about 4 and a half years ago I applied for a Dorothy Perkins account over the phone (biggest mistake of my life), made a couple of purchases and cut the card up after just a couple of months. My credit limit was £300 or so and I just made minimum payments. My account recently stood at £500(!!) until I managed to pay of £200, can I also approach them and ask for a signed CCA - I'm pretty sure I didn't sign one for these either and do you think they will write this debt off (the interest rates are extortionate). My third question is I had a Capital One credit card which i got into difficulty with and couldn't pay. My debt was passed to a debt company and I agreed to pay them £106 a month. I duly paid this for over a year and then a couple of months ago received a threatening letter from a company called Robinson Way who said they were sending bailiffs to recover the debt. Fortunately, I could prove that I had been paying the debt to the previous company (I have no idea why it was passed on to another company) but as they didn't even have the courtesy to inform me that they had taken on the debt and as I have paid back over £1500 of what was, I believe, around £2500 of debt would I be justified in writing to them and offering to settle with a set figure (I really cannot afford £106 each month, it is crippling me and this figure was the amount worked out on the original debt and therefore would be a lesser amount on the new figure. I would be really grateful for any advice. Thank you

stressed_2-2

Mum22boys,
I had this problem once, i worte a letter to the company concerned and told them that due to a change in my circumstances that i could not afford to pay the original amount and then told them how much i could afford. As far as i am aware- i use to chase debt for a utility company, as long as you make a resonable request and stick to the payments they cant do anything about it. I also enclosed a cheque with the revised amount and then if they stated that when they cashed it they were agreeing to the new arrangement.
Hope this helps.

Don'tskipit

:beer: VERY interesting. Great to have tips from 'insiders'

h£nry

I have dealings at the moment with wescot credit services is there anyway these guys would listen to my proposals?