DMP & Mutual Support Thread - Part 11

sourcrates

sarriep wrote: »

Hi,
Advice welcomed here!
I've been on a DMP for a few years now and am due to finish next October. One of our debts is an ex Egg account now with Barclaycard. There is no record of it on either mine or my husbands credit report and we haven't had any correspondance about it for years. I therefore am not sure of the balance. I am tempted to have it removed from my DMP. There is about £900 left from a total of just over £10,000. A significant proportion of our DMP payment goes towards this each month.
I'd really appreciate any advice about this!
Thanks

Hi,
You can be sure if you remove it from your DMP you will "awake the sleeping bear".
Just because it's fallen off his file doesn't remove his liability for it.

You could remove it, wait until you are contacted about it, then offer a small amount to settle it once and for all, you should also CCA the account, as many of the original Egg accounts were unenforcable due to a lack of paperwork !!

sarriep

Thanks. How do I CCA it? In general if I take it off the DMP how long would you think it would be before we hear from them?
Thanks again!

[Deleted User]

Sorry to be so dense but what is CCA please? It's cropped up on a few recent posts and I haven't a clue what it is:o

sarriep

Consumer Credit Agreement

[Deleted User]

sarriep wrote: »

Consumer Credit Agreement

Thank you, sarriep :T.

I see sourcrates said you could ''CCA the account''. What does that mean and how do you go about doing it please?

sourcrates

A CCA request is made to obtain a copy of your credit agreement for a particular account, in a nutshell, if a creditor can't provide it, for any reason, then the account may be unenforcable in court. (Dependant on age of account, how opened etc).

I suggest you google "CCA request" for full info.

https://forums.moneysavingexpert.com/discussion/comment/8240473#Comment_8240473

January2015

Things are looking up already

I got a Euro millions lucky dip in the Christmas draw at work this week and I've just checked tonight's draw figures...and YES I've won

I've matched 2 numbers and a lucky star. Prize if £5.60 :beer:

Well it's a start

KID77

Oh January I am so sorry to hear that. Hopefully another job will come along once the redundancy has gone through as you dont want to miss oit on that. Once you have your figure you could explain this to your creditors and that it would take 24 years to continue paying so hopefully persuade them to accept significant reduced settlements.
Hopefully it will all work out for the best and as difficult as it is, try and enjoy Christmas :-).
Well done on your lotto win, maybe you need to reinvest haha :-)

Xx

Sazzie23

January2015 wrote: »

Things are looking up already

I got a Euro millions lucky dip in the Christmas draw at work this week and I've just checked tonight's draw figures...and YES I've won

I've matched 2 numbers and a lucky star. Prize if £5.60 :beer:

Well it's a start

Starting today on a better note, sorry to hear of your troubles, always harsh but especially at this time of year.

Something good will come out of it, just have to wait and see what that is.

Brogden

January2015 wrote: »

Things are looking up already

I got a Euro millions lucky dip in the Christmas draw at work this week and I've just checked tonight's draw figures...and YES I've won

I've matched 2 numbers and a lucky star. Prize if £5.60 :beer:

Well it's a start

Hi Jan

I am sorry to hear you are ‘at risk.’ I went through the HR ‘at risk’ nonsense in the summer and have just received my last wage……:eek:

I can understand how you might be feeling but please do not despair. I just wanted to say the following:-

Bankruptcy

In some areas of this forum bankruptcy is spoken about far too lightly :mad:. Seriously……forget it now. Do not do what I did three or four years ago and stay up all night reading about it. It is simply not for people like you and me with our types of debt…..period!


DFD

DFD’s are a bit of Step Change ‘spin.’ Yes I had my DFD worked out for my by Step Change (then the CCCS.) I was too frightened to look at it because I would probably be in a coffin when I arrived at it. As it happens I have settled more than half of the debt three years down the line.

Worries about Affording the Monthly Payment

You are not fixed to the monthly DMP payment. I read on hear about all of the worries people have when the boiler blows up and they need to reduce their monthly payments. You can do it and you might want to consider that now? Take each and every creditor down to £1.00 per month. Send them all an I&E statement showing that is all you can pay and they will agree for a period before review…..6 months…..12 months – and that payment plan can then be renewed. Save the amount you are not paying to them……increase your emergency fund………make a F&F…….P&F……..? I am not suggesting anything here I have not done myself!

More on F&F’s……P&F’s


Only you will know if this is viable. You mention a lump sum around £15k being available. Imagine if that £15k reduced your debt burden by (what?) £30k….maybe more….? Again I have done it (wot a big ‘ead )……I have had a P&F of less than 25% in one case. That £15k could really change the picture couldn’t it? You may need it elsewhere, I don’t know.

I know some of these workable ideas will not fit with the modus-operandi of Step Change. They are however choices available to you and I believe they are major stress reducers and increase our life expectancy no end.

All the best whatever you decide to do


Brogden..