DMP & Mutual Support Thread - Part 11

Puzzcat

gawebb99 wrote: »

hi can anyone help? we have recently started a dmp with stepchange, first payment to come out this week. We've received letters from a couple of creditors with 'default notice' ? do we need to do anything?

Hi,

No you don't need to do anything if they are receiving your first payment shortly. You will get default notices as they have to send these when you don't keep up your contractual payment, unfortunately they don't always actually default you which is what we want, what we really really want...!

Good Luck with your dmp, best thing I ever did financially...!

Puzz. x

gawebb99

Puzzcat wrote: »

Hi,

No you don't need to do anything if they are receiving your first payment shortly. You will get default notices as they have to send these when you don't keep up your contractual payment, unfortunately they don't always actually default you which is what we want, what we really really want...!

Good Luck with your dmp, best thing I ever did financially...!

Puzz. x

thank you- so i can bin those letters? thats reassuring, thanks!

wish we'd done this a few years back but hey- onwards and upwards. we'd never missed any payments until starting this. couldnt have carried on as we were thats for sure. term is 10 years but hoping to half that

thank you x

January2015

gawebb99 wrote: »

thank you- so i can bin those letters? thats reassuring, thanks!

wish we'd done this a few years back but hey- onwards and upwards. we'd never missed any payments until starting this. couldnt have carried on as we were thats for sure. term is 10 years but hoping to half that

thank you x

I wouldn't bin the letters. Strange things happen with credit reference agency files and you may need to challenge default dates in future. Best just file them safely away.

Puzzcat

gawebb99 wrote: »

thank you- so i can bin those letters? thats reassuring, thanks!

wish we'd done this a few years back but hey- onwards and upwards. we'd never missed any payments until starting this. couldnt have carried on as we were thats for sure. term is 10 years but hoping to half that

thank you x

No don't bin any letters, as January says keep them all and have a lovely bonfire when you have finished your dmp...! I have just started folder number 2 after 2 years so expect to have 4 folders by the end....:D

scared1

Hi

I've been on a debt management plan about 7 years now and paid off £43,000 will the help of step change. Its been an exhausting journey but just have to keep going. My debt free due date was October 2017.

Today in the post I received a letter from tesco bank stating:
We identified that for a period of time during the course of your loan you were not supplied with a notice(s) of sums in arrears in accordance with the Consumer Credit Act. This is now enclosed for your reference.

This does not change you obligation to repay your loan; however, it does mean that you are now not liable to pay interest for the period that you were not in receipt of the correct documentation. As a result we have credited £3878.12 to the account to return the amount of interest you were charged on the loan during this period.

Things like this simply do not happen to me. When fat letters come from creditors come through the door its usually because I owe them more!

Its knocked my outstanding balance down quite a bit and means I can finish my plan in April instead of October next year!

I'm not really sure if anybody has heard of this before- I never have but I would urge you to all check if you are entitled to the same thing.

Its taken a massive load of my mind and given me a much needed boost!

I haven't a clue on what to check to see if other creditors had made the same mistake but am very happy today to be a bit closer to the end!

January2015

I have a lever arch folder with dividers - one divider for each predator. On the front index I list the original predator name and account info. I leave enough room to write underneath the details of the DCA and new account ref number when it's transferred.

sourcrates

scared1 wrote: »

Hi

I've been on a debt management plan about 7 years now and paid off £43,000 will the help of step change. Its been an exhausting journey but just have to keep going. My debt free due date was October 2017.

Today in the post I received a letter from tesco bank stating:
We identified that for a period of time during the course of your loan you were not supplied with a notice(s) of sums in arrears in accordance with the Consumer Credit Act. This is now enclosed for your reference.

This does not change you obligation to repay your loan; however, it does mean that you are now not liable to pay interest for the period that you were not in receipt of the correct documentation. As a result we have credited £3878.12 to the account to return the amount of interest you were charged on the loan during this period.

Things like this simply do not happen to me. When fat letters come from creditors come through the door its usually because I owe them more!

Its knocked my outstanding balance down quite a bit and means I can finish my plan in April instead of October next year!

I'm not really sure if anybody has heard of this before- I never have but I would urge you to all check if you are entitled to the same thing.

Its taken a massive load of my mind and given me a much needed boost!

I haven't a clue on what to check to see if other creditors had made the same mistake but am very happy today to be a bit closer to the end!

Yes this applies to most loan credit agreements, not only should you not of paid interest, but whilst they were in default of there responsibilities, the account would of been unenforcable in court to.

Most people are unaware of the legislation regarding loan statements.

Boldhoof

Hi all,

Just to make people aware of an issue we have just had regarding a Full and Final Settlement figure. Wescot refused our offer but came back with a counter offer which we were able to meet. So the letter said if we accepted we could pay and listed ways in which to pay. it also stated that If the payment was received their client agrees not to pursue us for the remaining balance and will not pass on the remaining balance to anyone to pursue. We paid online and received a receipt which we also kept with all the other paperwork, this was back at the start of February. Today we received a letter with the remaining balance listed and asking us to contact them with our I & E. I phoned them and was told they weren't sure we had accepted the F&F offer as we had not rung them. I explained it did not ask us to ring in the letter, only if we accepted the offer to pay etc. They confirmed that it is paid as a partial settlement, and will send it back to the original creditor, and also will write to confirm. We will be keeping copies of the original letters for a while yet.

Boldhoof

Hi again,

Just another note this time regarding PRA Group. We had sent letters to all our DC with F&F and they had not replied yet so I also phone them tonight. They could not find a record of my letter, turns out the place dealing with our account is in a completely different part of the country to the PRA address I had sent the letter to. I got the address from the original letter when MBNA sold it on, not noticing a follow up letter had come from another office. They are sending out a F&F offer letter.

sourcrates

Boldhoof wrote: »

Hi all,

Just to make people aware of an issue we have just had regarding a Full and Final Settlement figure. Wescot refused our offer but came back with a counter offer which we were able to meet. So the letter said if we accepted we could pay and listed ways in which to pay. it also stated that If the payment was received their client agrees not to pursue us for the remaining balance and will not pass on the remaining balance to anyone to pursue. We paid online and received a receipt which we also kept with all the other paperwork, this was back at the start of February. Today we received a letter with the remaining balance listed and asking us to contact them with our I & E. I phoned them and was told they weren't sure we had accepted the F&F offer as we had not rung them. I explained it did not ask us to ring in the letter, only if we accepted the offer to pay etc. They confirmed that it is paid as a partial settlement, and will send it back to the original creditor, and also will write to confirm. We will be keeping copies of the original letters for a while yet.

Yes you have to be so so careful you get everything in writing, categorically stating the remaining balance won't be chased.

Because if you don't, they will have no qualms whatsoever in screwing you over again.

There's no morality where money is concerned with these institutions beleive me !!!!