Creditor wants my bank statements!?

Monkeyballs

I suspect they are angling to get possession of your car even though you say it's been scrapped... Was the loan rolled over? Did you loan against it after being scrapped, not sure how that bit happened?

It could be (and I'm not saying this is the case) that they believe there has been some fraudulent activity being carried out here which might be why they're playing hardball (although I've no experience of them as a lender).

As others have mentioned though, any agreement such as this is voluntary so going it alone can be a bit tougher (debt charities such as Step Change for example have long established contacts)... If you have nothing to hide then as much as you may not like it (nor have to provide) then the easiest way to get payments rolling through is to just give them what they're asking for

MB

ghostmadlittlemiss

There's no reason for them to need to see your bank statements, a budget statement is enough for their needs. I'm presuming you've sent them a proper list of your income and outgoings, not just listed your income and how much they're getting. If you haven't, NEDCAB have some excellent templates for self-managed DMPs here.

Obviously, it's totally up to you how you deal with your debts but is there any reason that you're not using a DMP provider such as StepChange or Payplan? They could help to give you the clout you need to shut firms like that up and you could always go self managed later on if they don't suit you.
Kayleigh

fatbelly

Kayleigh is correct - nedcab for a self-plan or stepchange/payplan would be my recommendations too.

Any of these should also point you to another strategy if more appropriate, like a DRO.

Logbook loans are used to being a priority creditor as they usually have the V5 document and a spare set of keys!

Here the secured loan is now unsecured and if they want anything other than a pro-rata payment they would have to take court action and see if the court would agree to that. If your offer repays the debt in a year or two my gut feeling is that they would not try a court claim. But if longer, they might.

Lilmiss_2

I applied with step change, they messed me about for months told me what my outgoing should be- not what they were... Wouldn't have it that they were different from stated.. I gave up.. I approached another company online after I lost my job , they wanted to charge me £3,000 - no chance.
Since then I've just decided to do it myself! Why get anyone to go through what I can do myself? Not for £3,000 when they are charging me a fee to take money off me and pass it to creditors when I could pay it direct to the creditors now the disposable income has been calculated?
The crazy thing is I owe more to another creditor and they went "fine no problem thank you very much that's great that you're paying the debt down"

Lilmiss_2

I wont produce my bank statements because quite frankly they are private. I have nothing to "hide" but I've sat down, worked out what I have left (not a lot) and made them an offer of 1/5 of that. I've told them what benefits in on and the amount left is equal to two weeks of my Income support payment every month- the debt company I spoke to said that was more than generous according to what could be managed by someone on income support - im happy to pay them 1/5 of that, what I don't have, they can't have.
My car has been scrapped, they had the logbook originally- DVLA then sent me another (something to do with changibg the colour/format??) they never had the keys... A quick check with the DVLA will show it's been scrapped.

chanz4

did you get their permission to scrap?

Lilmiss_2

To be honest it didn't even occur to me.. The payments were coming out and the car blew up and... I didn't envisage I would need it given I was paying and the car was worthless