DCA-what do I do now we have no income?

ChocolateTree

Hi everyone, hope someone can help me with this. We have been paying a DCA £150-£180 pm for about three years now for a credit card debt originally with Yorkshire Bank (in my name only). My husband has recently lost his job (I don't work or have any income) and we have just applied for JSA,HB,CTB. I spoke to the DCA and they have given me 30 days breathing space until I know what is happening. We have £5000 in savings which we want to try and keep hold of if possible. Should I write to the DCA offering a payment of £1 pm, what will happen if I do? The debt was originally £7000 and is now down to £1800. Do they have the right to do an income & expenditure thing on me and if so would it just be me, or my husband too? Or would it better to offer a full & final settlement and if so how much would I offer? My head's just popping with it all!!!

chevalier

Hi there I would wait till say 20 days in to see how the benefits pan out. Then I would make them a low full and final offer on the 1800 you owe them. Start at 10% and see what they say.

good luck
chev

ChocolateTree

Thanks Chev, was thinking of offering 20%, but might be cheeky and start with 10% I have a ppi claim going through at the moment for this. Would the DCA have any knowledge of this as my claim is obviously against the OC? And if they did know would this stop them accepting a full and final settlement?

mcjordi

it depends if the debt is owned by the DCA or they are just collecting for the OC.
if the latter any PPI refund would probably come off the balance
yeah pay the £1 a month if thats all you can afford.
dont let them pressurise you into more than you can.
If the DCA own the debt they will have already made a decent profit on what they paid for it

ChocolateTree

Hi mcjordi, debt was assigned to DCA. I was hoping that if I could do a f&f settlement then if my ppi claim was successful the money would come to me instead of paying the full amount of the debt. They've had over £5000 already - courtesy of my husband!