DMP & Mutual Support Thread - Part 11

Ellieseleven

Spoonhead88 wrote: »

Hello fellow DMP people.

I'm just in the process of setting up a DMP through SC, I have three debts owed to two creditors Santander and Lloyds.

I owe about £4700 and with the budget i did with SC i can pay £145 which is great.

I was just curiouse to see how other people have found Santander and Lloyds when it comes to dmps? Do they freeze the interest?

Hello Spoonhead and Welcome.


There doesn't appear to be any rhyme or reason when it comes to freezing interest, I had a credit card, loan and overdraft with Santander and each one was different.


Interest was frozen on the credit card but they continued to charge me a reduced amount on the loan and the full amount on the overdraft.


You can try appealing to their better nature to try to get them to freeze or reduce the interest.


Ellie x

Brogden

There has been some conversation about CCA's on here recently. I have just asked this question on the DFW forum and Ferni has helpfully replied if it helps anybody.

https://forums.moneysavingexpert.com/discussion/5384896

I have been a bit naive I think !!

I sent CCA requests to all of my remaining creditors and have so far received one response.

This response is from PRA(t) Group who seem to be everywhere at the moment.......don't they?

'I am in receipt of your correspondence in relation to the above and have requested from our client the required information.'

So......I now understand that PRA(t) forks out millions to buy huge parcels of debt from various creditors WITHOUT even satisfying itself that the assets it has purchased are enforcable against the borrowers.

I am not sure if words are beginning to fail me :eek: !! Is this a prudent, well run business then?

Also......the use of the word 'client' is odd where the debt has been purchased and PRA are not merely a collecting agent.

I think with help from more knowledgable people I am beginning to form a picture here. It seems the debt collection industry is a bunch of gamblers and chancers........is that really true? :eek:

Even a gambler at the races works out a likelihood of his horse winning before putting his money down......:rotfl:!!!

I really did think that in these days of such intense regulation that these firms would behave a little more 'conservatively' (small 'c') or well........sensibly !!

I don't know what the outcome of all of this will be for me and what I will actually do IF anything should be unenforcable......I suppose its best to wait and see and then decide.

Happy new week everyone

January2015

Brogden wrote: »

I sent CCA requests to all of my remaining creditors and have so far received one response.

This response is from PRA(t) Group who seem to be everywhere at the moment.......don't they?

'I am in receipt of your correspondence in relation to the above and have requested from our client the required information.'

*S*N*A*P*

We're keeping up with the Brogden's :j

We had the same response in the post today. Not sure what I will do with the returned £1 postal order - perhaps save it and if they get another of my debts that is enforceable it can be a token payment one month

I read your post on the other thread. Due diligence :eek: They clearly don't even know what they is.

MrsSammyB

Hi all, happy January so far.

Thank you for all your advice in December following my car crash, I've spoken to SC and they've put a hold on my account for 2 months while I'm not working. Possibility I will have to make a reduced payment in March, but should be back up and running fully in April, phew!

New car purchased, quite cheaply (yay!) still arguing with insurers etc, but hey ho!

Having a good read through and while I'm laid up have decided to put my time to good use and CCA my debts. Letters went today to 2 of them (we've 25 creditors and I can only manage to be at the computer for a short while, but aim to get them all sent this week, exciting stuff!

Will let you know how I get on!

TTFN xx

sourcrates

Brogden wrote: »

So......I now understand that PRA(t) forks out millions to buy huge parcels of debt from various creditors WITHOUT even satisfying itself that the assets it has purchased are enforcable against the borrowers.

I am not sure if words are beginning to fail me :eek: !! Is this a prudent, well run business then?


I think with help from more knowledgable people I am beginning to form a picture here. It seems the debt collection industry is a bunch of gamblers and chancers........is that really true? :eek:
)

Shocking isn't it !!!

This is the result when an industry lacks the nessessary regulation.
And the reason why I tell people the whole industry is rotten to the core.
They do indeed buy delinquent debts, in bulk, debts which the original creditor has already written off because they are not worth chasing up.

Companies such as Lowell, PRA group and others buy thousands of these accounts literally for pennies in the pound, then attempt to chase you for the full balance.

The OC has already gained tax relief on writing off the account, they then get paid again when the account is sold, so effectively they've been paid twice.

Sometimes the only information about these accounts is a name, address, and outstanding balance, they don't bother with the niceties of paperwork, or if an account is statute barred or not.

It's for that reason I feel absolutely no guilt whatsoever when I advise people to CCA these type of accounts, DCA's will lie, cheat, mis-inform, and generally mess you about as much as they can, because the only thing they care about is getting paid.

Don't be fooled by the stepchange adverts on there websites, or the spiel they give about payments been affordable, all they want is your money - period.

And there not bothered how they get it, hence why you should only deal with them in writing, even they are reluctant to lie in a letter, mostly.

Eye opening isn't it !!!

January2015

sourcrates wrote: »

Shocking isn't it !!!

This is the result when an industry lacks the nessessary regulation.
And the reason why I tell people the whole industry is rotten to the core.
They do indeed buy delinquent debts, in bulk, debts which the original creditor has already written off because they are not worth chasing up.

Companies such as Lowell, PRA group and others buy thousands of these accounts literally for pennies in the pound, then attempt to chase you for the full balance.

The OC has already gained tax relief on writing off the account, they then get paid again when the account is sold, so effectively they've been paid twice.

Sometimes the only information about these accounts is a name, address, and outstanding balance, they don't bother with the niceties of paperwork, or if an account is statute barred or not.

It's for that reason I feel absolutely no guilt whatsoever when I advise people to CCA these type of accounts, DCA's will lie, cheat, mis-inform, and generally mess you about as much as they can, because the only thing they care about is getting paid.

Don't be fooled by the stepchange adverts on there websites, or the spiel they give about payments been affordable, all they want is your money - period.

And there not bothered how they get it, hence why you should only deal with them in writing, even they are reluctant to lie in a letter, mostly.

Eye opening isn't it !!!

It definitely doesn't seem right that the information PRAt group sent me says that if the account is unenforceable they cannot obtain a CCJ against me, but they can continue to write and telephone me and can sell the debt and account information on.

Surely if they don't hold the correct documentation, they would be breaching data protection in some way or other if they sell my information on to another company? Just a thought.

However, it is annoying that if the original creditor cannot produce the required documentation they are allowed to sell my account to a DCA who will chase me and if they get the CCA response from they will sell it on, and so on and so on.

What a uselessly regulated industry. That shouldn't be permitted.

January2015

A query on the CCAs many of us are doing. How far back do credit reference agencies go back with address information?

I am confident my husband took out the card we have CCA'd in the 1990s at another address (not where we live now). I was registered at this address and he was registered at another address (back in the 90s he worked away from home and lived in rented property Monday to Friday so was registered there).

We only have access to Noddle and they only show the current address for both of us but I wondered if a devious CC company could search for prior addresses that far back - because I don't think they will hold the information on their files. Just wondering.

sourcrates

January2015 wrote: »

It definitely doesn't seem right that the information PRAt group sent me says that if the account is unenforceable they cannot obtain a CCJ against me, but they can continue to write and telephone me and can sell the debt and account information on.

Surely if they don't hold the correct documentation, they would be breaching data protection in some way or other if they sell my information on to another company? Just a thought.

However, it is annoying that if the original creditor cannot produce the required documentation they are allowed to sell my account to a DCA who will chase me and if they get the CCA response from they will sell it on, and so on and so on.

What a uselessly regulated industry. That shouldn't be permitted.

January,

I feel your pain, one of my old accounts was with capital bank.

They could not locate my credit agreement, nor could they produce a recon, don't ask me why ?

It was assigned to 27 seperate debt collectors within the space of 3 years.
Saw everyone of them off with a letter telling them it was unenforcable, eventually it was sold to Cabot, got a letter from them on the Saturday, sent my letter on the Monday, got a responce on the Wednesday saying they were "looking into my complaint", the very next morning another letter apologising and saying the account had been returned to the original creditor.

Never heard from them again !!

sourcrates

January2015 wrote: »

A query on the CCAs many of us are doing. How far back do credit reference agencies go back with address information?

I am confident my husband took out the card we have CCA'd in the 1990s at another address (not where we live now). I was registered at this address and he was registered at another address (back in the 90s he worked away from home and lived in rented property Monday to Friday so was registered there).

We only have access to Noddle and they only show the current address for both of us but I wondered if a devious CC company could search for prior addresses that far back - because I don't think they will hold the information on their files. Just wondering.

Everything falls off after 6 years, that's it !!!

January2015

sourcrates wrote: »

January,

I feel your pain, one of my old accounts was with capital bank.

They could not locate my credit agreement, nor could they produce a recon, don't ask me why ?

It was assigned to 27 seperate debt collectors within the space of 3 years.
Saw everyone of them off with a letter telling them it was unenforcable, eventually it was sold to Cabot, got a letter from them on the Saturday, sent my letter on the Monday, got a responce on the Wednesday saying they were "looking into my complaint", the very next morning another letter apologising and saying the account had been returned to the original creditor.

Never heard from them again !!

27 :eek::eek::eek::eek::eek::eek::eek:

OMG - what am I letting myself in for