DMP & Mutual Support Thread - Part 11

jchrispin

Barclaycard and capital one are the only ones not to default me since 2011.

I'm hoping the ones I cca'd will be happy to settle with money already paid or a very small (20%) of outstanding debt. Time will tell what they will accept, but if they don't. I'll remove them fro my DMP and just send them token payments. I've paid around 40-45% back. One creditor is only getting £3 a month as it it!

make_the_change

jchrispin wrote: »

Barclaycard and capital one are the only ones not to default me since 2011.

I'm hoping the ones I cca'd will be happy to settle with money already paid or a very small (20%) of outstanding debt. Time will tell what they will accept, but if they don't. I'll remove them fro my DMP and just send them token payments. I've paid around 40-45% back. One creditor is only getting £3 a month as it it!

What's CCA?

How do you get into a position to start negotiating settlements?

I am at the very start of my journey but it would be good to understand more.

sourcrates

make_the_change wrote: »

What's CCA?

How do you get into a position to start negotiating settlements?

I am at the very start of my journey but it would be good to understand more.

Read through this thread OP, this is something that's been covered in great detail already.

make_the_change

sourcrates wrote: »

Read through this thread OP, this is something that's been covered in great detail already.

I have tried to read as much as I can. Quite difficult when you have three young children and life is non stop! Sorry!

Fairyfingers

make_the_change wrote: »

Can you explain about debts that are over a certain amount of years old? Does it mean for example a card you have had for years and haven't used for x amount of years but still paying off?

Hi MTC

The pre-post 2007 is all to do with when you originally took out he card, this can usually be found on your noddle account. As I understand for a debt taken out after 2007 (when legislation changed) the OP can provide a reconstituted CCA agreement of the one in operation at the time you took the card out, for cards taken out before 2007 they must provide an accurate copy of the original agreement (doesn't have to be the exact piece of paper you signed). If they don't provide this then the debt is unenforceable i.e. it won't hold up in court.

make_the_change

Fairyfingers wrote: »

Hi MTC

The pre-post 2007 is all to do with when you originally took out he card, this can usually be found on your noddle account. As I understand for a debt taken out after 2007 (when legislation changed) the OP can provide a reconstituted CCA agreement of the one in operation at the time you took the card out, for cards taken out before 2007 they must provide an accurate copy of the original agreement (doesn't have to be the exact piece of paper you signed). If they don't provide this then the debt is unenforceable i.e. it won't hold up in court.

Thanks all!

I do try to keep a lookout on this thread as I am at he beginning of my journey and it's a very daunting time. Reading all your posts and experiences is really helping me keep a positive mind!

sourcrates

make_the_change wrote: »

Thanks all!

I do try to keep a lookout on this thread as I am at he beginning of my journey and it's a very daunting time. Reading all your posts and experiences is really helping me keep a positive mind!

Have a look through this thread, the process, and benefits are explained in detail :

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

Fairyfingers

make_the_change wrote: »

I have tried to read as much as I can. Quite difficult when you have three young children and life is non stop! Sorry!

Temple for CCA request is on this thread, enclose £1.00 fee and wait.
Each time your debt is sold to a DCA it goes for less per pound owed, so after its been sold 3 or 4 times a DCA might have bought it or 5 or 10% its original value there fore they will settle for 20 30 % of whats owed and they still make a profit. Just wait a few years save and they will come to you or you can write and make an offer, temples are also on this thread. :beer:

make_the_change

Fairyfingers wrote: »

Temple for CCA request is on this thread, enclose £1.00 fee and wait.
Each time your debt is sold to a DCA it goes for less per pound owed, so after its been sold 3 or 4 times a DCA might have bought it or 5 or 10% its original value there fore they will settle for 20 30 % of whats owed and they still make a profit. Just wait a few years save and they will come to you or you can write and make an offer, temples are also on this thread. :beer:

Thanks. I assume being at the start of my journey where I am now offering token payments, I won't be looking at doing this for a long time!

BeingDebtFreeStartsHere

Anyone have a loan with The Co-operative Bank?? They are the other creditor, along with BC, who are the only ones not to default yet!! :mad:

I guess this is where self managed comes in as I could have reduced payments to force a default, however SC don't offer that flexibility

Has anyone ever phoned a creditor and asked for a default??

BDFSH x