Debt Support Plan "Review"

Gaffrilla

Hi

I've been in a debt support plan for 6 and a half years, 12 months ago the Debt Management company I was with we're taken over by someone else, until now nothing changed.

I've been written to now asking to supply my bank statements and payslips along with an income/expenditure review form.

This never happened once in the previous 5 years with the original company.

As debt support plans tend to be 7 years and thus I only have 6 months left of this plan, I'm suspicious that this new company are simply wanting to up my payment in order to extract more money in fees.

My question is, are these reviews mandatory? Are they even allowed to request this information, and ultimately what would happen if I simply ignored their requests and continued to pay them my regular monthly payment for the remaining 6 months?

Cheers

nottoolate

whats the name of the company?

Gaffrilla

It was "The Debt Support Company" now they are "Lawrence Charlton Specialist Debt Solutions" but still carry the DSC logo and sign their comms off as the DSC.

Grumpelstiltskin

Why on earth have you been paying these vultures when you could have been in a free DMP with one of the charities?


Just look what they charge and all of this could have gone towards your debt.


http://www.lawrencecharlton.co.uk/debt-management-fees.php

Gaffrilla

I get that, but I was young and dumb, and to be honest now Im six months away from then end of the plan its more hassle than its worth moving plans, my only concern is that by submitting the info they've suddenly requested it'll prompt them to conveniently request a higher monthly payment, so wanted to know if it best to simply ignore their request and continue to pay the regular sum.

sourcrates

Never heard of a "debt support plan", I'm assuming it's a fancy name for a DMP, how can you possibly know you only have 6 months left ?

Do you have statements to prove this ?

Stop paying these fools straight away, contact your creditors and make arrangements with them yourself, why pay someone, to pay your creditors, on your behalf ? Makes no sense at all, your just throwing away good money.

Gaffrilla

Its a debt management plan, and yes I have it in black and white that the length of the plan is 90 months, giving me 6 months left.

So....anyone got any actual advice on my question - basically what position do I leave myself in if i simply fail to send updated payslips and bank statements as requested?

I'm well aware I could've gone for a much better plan but as I've already stated in previous posts, it is what it is.

sourcrates

Gaffrilla wrote: »

Its a debt management plan, and yes I have it in black and white that the length of the plan is 90 months, giving me 6 months left.

So....anyone got any actual advice on my question - basically what position do I leave myself in if i simply fail to send updated payslips and bank statements as requested?

I'm well aware I could've gone for a much better plan but as I've already stated in previous posts, it is what it is.

Your not obliged to share any personal information with any 3rd party.

You can make there request irrelevant by paying your creditors yourself.

dancingfairy

What you've been told/led to believe worries me.
It's either an IVA which is legally binding or it's a debt management plan (dmp). If it's a dmp then they can't guarantee all your creditors will halt interest and charges, all they can do is say that based on what you had at the start if you pay into it for a certain length of time IF the creditors halt charges and interest you will be debt free. You really need to dig out the paperwork or contact them to find out exactly what you've signed up to as I fear something isn't right about this You also need to get an updated statement on your account(s) showing all the money you've paid in and exactly how much has gone to your creditors and when.
df

National_Debtline

Hi

If you’re on track to pay off your debts in 6 months time you shouldn’t have to pay any extra each month but it’s possible some of your creditors may have been adding interest still.

As dancingfairy suggests, it’s a good idea to request statements of your accounts to see how much you still owe and where your money has gone.

To answer your question on the impact of failing to send the requested payslips and bank statements, you should check the terms and conditions of the agreement you signed as there may be something about the plan being cancelled.

James
@natdebtline

[Deleted User]

If you only have 6 months let to go, from a 90 month plan, you would probably be DF by now, if you had signed up with one of the free DMP charities.