Loan Passed to DCA - Help Please

pigsmightfly

Recently my loan has been passed to a DCA.

I contacted the DCA immediately on receiving a letter from them telling me this and they said that they have to keep the monthly payment the same as it was from my bank.

What I want to know is I am ok to call them back and ask that I reduce the monthly payment to something I can afford because obviously I cannot afford the one I am currently paying or I wouldn't have missed payments in the first place!

Can this be done or are they right in saying it stays the same?

pigsmightfly

Hi again!

Just wondered if anyone could help with the above please?

Thanks

ukdrummajor

its got to be worth a try.............the worst they can say is no. And you wouldn`t of lost anything.

pigsmightfly

ukdrummajor wrote: »

its got to be worth a try.............the worst they can say is no. And you wouldn`t of lost anything.

Thanks - thinks I'll give them a quick call and see. Surely they understand though that I cannot afford that payment otherwise I wouldn't be with them in the first place

chilli_dog

depending on which DCA it is they might try to get 'heavy' with you, stick to your guns, better they get a lower amount every month than a higher amount and missing months.

Good luck with it.

pigsmightfly

Just to update I contacted my DCA in writing and explained that I was struggling with my monthly payments to various creditors and was trying to organise my payments to make sure that I did not miss payments with anyone and also stopped myself from getting further into debt.

I was originally paying them £120 per month and I asked them if they would be willing to lower that to £80 per month.

Got a letter this morning saying that it is ok for me to do this but they will review the situation every so often

I was really happy with this. It will help me a lot.

If anyone else is in this situation, do contact them as I am glad I did

pigsmightfly

ts_aly2000 wrote: »

Hey there,

If you can only afford £10 then £10 is all you afford. And all they can do about it is to take you to court, who in some instances will make the payments even less based on your SOA (Statement of Affairs).

This is why DCAs don't like going to court, as once it's set in stone that you pay XYZ a month, that is that unless you break the agreement. The DCA effectively shoots themselves in the foot as they then cannot hound you for greater payments. As it's already been before a third party (court) and they decided what you pay.

So. If your SOA says you can only pay £1, then it's £1 you pay. And it is VERY unlikely the DCA will take you to court, specifically for the reasons mentioned above.

Is the interest frozen too?

Aly

No I don't think so - I wasn't aware they could do this I just sent them a letter asking about monthly payments. I wasn't even sure if they would lower them at the time

pigsmightfly

Just wanted to thank you all for your advice and support