DMP & Mutual Support Thread - Part 11

zenshi

I know banks can have the right to offset some money in your account to their debt but I'm sure I've seen somewhere that they can't leave you under a certain amount of money? Is this true?

Sazzie23

zenshi wrote: »

I know banks can have the right to offset some money in your account to their debt but I'm sure I've seen somewhere that they can't leave you under a certain amount of money? Is this true?

Hi Zenshi

I think, though I'm not absolutely sure, they are not allowed to take the money you need for rent or food for children....if you are in position of offset - take it out and move it!

Saz

zenshi

Sazzie23 wrote: »

Hi Zenshi

I think, though I'm not absolutely sure, they are not allowed to take the money you need for rent or food for children....if you are in position of offset - take it out and move it!

Saz

I had my eye on moving because of the above, have just cleared OD and obv have debt with them. But wanted to grab a switching bonus to where I only have a little debt. Will do some digging when I have 5 mins and see if I can find what I think I saw

blisteringblue

Sazzie23 wrote: »

Sure you'll be careful they don't catch you out with I and E. Still make me feel a bit uncomfortable.

Saz

Exactly, never send an IE form to a DCA, they have as much standing as a pile of dog doo doo that you might mistakenly stand in.

Since going self managed I've actually stopped doing reviews and answering any requests for well anything. They get my standard letter of I'm paying you this, either accept it or don't. Strangely they all do.

One kept texting me after I told them not to. A quick complaint letter and a £25 sweetner cheque came my way.

Believe me grab all your control back, DMPs are such an easy game to play.

BB

sourcrates

zenshi wrote: »

I know banks can have the right to offset some money in your account to their debt but I'm sure I've seen somewhere that they can't leave you under a certain amount of money? Is this true?

There are rules on this, but they don't always abide by them.

Best advice is remove any money from an account with a bank you owe money to.

Spoonhead88

Does anyone else think that the idea of selling debt on and debt recovery agencies are wrong and should be banned?

sourcrates

Spoonhead88 wrote: »

Does anyone else think that the idea of selling debt on and debt recovery agencies are wrong and should be banned?

Yes I do, it's a very gray area of law, especially if you don't know what your doing.

People tend to beleive whatever these big companies tell them, simply because they have your debt, so they must be right, right ? wrong.

Until very recently most DCA's would lie, cheat, mis-represent there powers, in fact do anything in order to get you to pay up, of course they would never be so silly as to put any of these threats in writing, that's why they prefer the phone, so they can just about tell you anything.

In recent years the FCA has clamped down on such behaviour, that's not to say it dosent still happen, it does, but either the tape got wiped, or they just lie and deny everything.

I have had motormile finance lie through there teeth to the FOS, and the FOS just accepted what they said, because of course the concept they would lie to them is unthinkable, this is what your up against unfortunatly, until there's tighter regulation, we're stuck with it !!!

System

ramblehan wrote: »

Hey Folks.
I'm slightly surprised by how slow one of our creditors is to even acknowledge anything is happening? Is that normal?
2 out of 3 responses now - both wanted SOE, but on their own style forms - presume I can just bin their forms and send my own version - or do i need to find a pen and go old-school?

Posted a couple of days ago about wanting to do token payments for a couple of months to build up EF and someone kindly responded to adjust my SOE to reflect what i want to pay, and then up it later on.....feeling weird about that - essentially I feel like I would be lying about our income. Do I have to send an SOE, or can I get away with some form of holding letter?
So used to just doing everything by the book, this change to working against / around the system is difficult to get my head around.

Can anyone help? Thanks

Spoonhead88

sourcrates wrote: »

Yes I do, it's a very gray area of law, especially if you don't know what your doing.

People tend to beleive whatever these big companies tell them, simply because they have your debt, so they must be right, right ? wrong.

Until very recently most DCA's would lie, cheat, mis-represent there powers, in fact do anything in order to get you to pay up, of course they would never be so silly as to put any of these threats in writing, that's why they prefer the phone, so they can just about tell you anything.

In recent years the FCA has clamped down on such behaviour, that's not to say it dosent still happen, it does, but either the tape got wiped, or they just lie and deny everything.

I have had motormile finance lie through there teeth to the FOS, and the FOS just accepted what they said, because of course the concept they would lie to them is unthinkable, this is what your up against unfortunatly, until there's tighter regulation, we're stuck with it !!!

At the very least it should be law that a dca had to tell you how much they paid for it.

KID77

Hi Ramble

I'm not best placed to answer your question as didn't do token payments and went with Stepchange but I didn't want to ignore.

I would do a holding letter saying you are seeking advice and help with your debts and for the next 3 months (or however long), I will be paying you x amount. I wouldn't include an SOA at this stage and just say you will be in touch once you have got things in order.

I can't remember if you are going self managed but if you are then once you have your EF established, send another letter with your I&E showing what you will be paying them.

I haven't read back on all posts today so cant remember all your details so apologies if what I have said is not relevant xx