DMP Mutual Support Thread - Part 12

torheb

vaper wrote: »

Lucky you. I have had constant phone calls, texts and letters (all ignored by me) even though in the letter I sent to everyone I asked to be contacted in writing only. There doesn't seem to be any particular way that any of the CC company's work as everyone on here has a different experience with each one of them.
Anyway I shall keep on playing the ignorant game just as they appear to be doing:)

We've had reems and reems of letters just no phone calls - a couple of unknown numbers which I ignored, I hope they don't start now - we didn't know enough re an emergency fund so our creditors went from full payment to step change payment - I think if we had token paymented them we'd have had calls - wish we had so we had an emergency fund but I allowed a bit more than needed on our I&e to allow for saving an emergency fund so we'll get there I'm sure!

Sazzie23

GM2004 wrote: »

Ok that's good to know. I was thinking 500 per mnth. With the hope that when our financial situation improves with pay increases etc we can put more to it and get rid quicker. Do you think that a dmp is less damaging long term that an IVA? X

Hi

Try to change your mindset from what you think is reasonable to pay, to what you actually can afford to pay, taking into account that you need to pay all your bills, buy stuff you need, save for insurances etc.


Don't be tempted to cut your budget so tightly you can't breathe, when a longish DMP is likely, it's much better to start low, get your defaults and interest cut then increase your payments gradually as you get better at budgeting and can see your emergency fund surviving or being used and act accordingly.

Committing, even informally in a DMP, to a high repayment does you no favours and will often make things worse for you - mad I know, but that's how it is.

Saz

Sazzie23

torheb wrote: »

We've had reems and reems of letters just no phone calls - a couple of unknown numbers which I ignored, I hope they don't start now - we didn't know enough re an emergency fund so our creditors went from full payment to step change payment - I think if we had token paymented them we'd have had calls - wish we had so we had an emergency fund but I allowed a bit more than needed on our I&e to allow for saving an emergency fund so we'll get there I'm sure!

Hi there,

Remember a lot of the letters are automatically generated guff and of no consequence. If you are in contact with your creditor, directly or via SC etc, just file the letters and ignore.

Don't let it stress you out,

Saz

Suseka97

Good Morning All,

Today's mail brought the first (of 3) letters I'm expecting from Link Financial in response to the CCA request. Unlike PRA - they kept the £1 fee (fair enough) and their letter makes no mention of suspending the account whilst they investigate. So it'll be interesting to see what happens, if anything, when they don't get the August payment.

Looking back at the PRA response, they definitely appear a lot more professional and 'switched on' about these requests. They included a leaflet outlining what they should provide, what it means if they can and what it means if they can't. Under the 'What we should provide' section it says that if they are unable to provide the original credit agreement they should provide a reconstituted copy (which I was aware of), but it goes on to say that it doesn't have to include your signature, or the date you signed it. Surely that means they can just cobble any paperwork together and prove the debt enforceable. Does anyone else have that experience of PRA?

Am going going to 'redo' my I&E -which will be more favourable to me, ready for when I need to set up payment arrangements. I intend to half my current payments and even if I have to pay all that is currently owed, I'll still be on track to clear my debts by the end of 2018.

StopIt

Suseka97 wrote: »

Good Morning All,

Today's mail brought the first (of 3) letters I'm expecting from Link Financial in response to the CCA request. Unlike PRA - they kept the £1 fee (fair enough) and their letter makes no mention of suspending the account whilst they investigate. So it'll be interesting to see what happens, if anything, when they don't get the August payment.

Looking back at the PRA response, they definitely appear a lot more professional and 'switched on' about these requests. They included a leaflet outlining what they should provide, what it means if they can and what it means if they can't. Under the 'What we should provide' section it says that if they are unable to provide the original credit agreement they should provide a reconstituted copy (which I was aware of), but it goes on to say that it doesn't have to include your signature, or the date you signed it. Surely that means they can just cobble any paperwork together and prove the debt enforceable. Does anyone else have that experience of PRA?

Am going going to 'redo' my I&E -which will be more favourable to me, ready for when I need to set up payment arrangements. I intend to half my current payments and even if I have to pay all that is currently owed, I'll still be on track to clear my debts by the end of 2018.

To be fair, a payback rate of less than 18 months is still very good going, so I suspect your creditors wont mind too much. As you say, that's if every CCA request gets fulfilled.


As for the DCAs, it's clear someone at PRA has enacted some decent policies, as they appear to be very responsive and clear with their communications too. Maybe a good model for others to follow and may encourage actual communication between debtors and DCA, which would have positive results for both sides.


And yes, they're (Well, not them, the original creditor, remember they hold none of the original paperwork) allowed to re-constitute the paperwork as long as the details are correct.

sourcrates

Suseka97 wrote: »

Under the 'What we should provide' section it says that if they are unable to provide the original credit agreement they should provide a reconstituted copy (which I was aware of), but it goes on to say that it doesn't have to include your signature, or the date you signed it. Surely that means they can just cobble any paperwork together and prove the debt enforceable.

Hi,

They are correct, there is no requirement under sec 77/79 to provide a copy agreement with a signature.

A signature has no bearing on an agreements enforcability.

They can use any information they currently hold on file about you to reconstitute the agreement, however, they cannot make things up if they dont hold sufficient info on you.

If your account pre-dates April 2007, then whatever they send you must include the "prescribed terms" of the agreement, if its after that date, then a basic recon will suffice.

[Deleted User]

sourcrates wrote: »

Hi,

They are correct, there is no requirement under sec 77/79 to provide a copy agreement with a signature.

A signature has no bearing on an agreements enforcability.

They can use any information they currently hold on file about you to reconstitute the agreement, however, they cannot make things up if they dont hold sufficient info on you.

If your account pre-dates April 2007, then whatever they send you must include the "prescribed terms" of the agreement, if its after that date, then a basic recon will suffice.

All this talk of signatures is confusing me! Doesn't take much:o

Are they supposed to provide a copy of the actual filled-in credit card application form? I'm referring to late 1990 applications. Lloyds sent me pages of Ts and Cs etc but no sign of an application copy or details of credit limits and suchlike. Other creditors all sent application form copies as well as the other stuff. Lloyds' cover letter states that they have fulfilled their obligations but I have my doubts:eek:. It's my biggest outstanding debt, nearly £7000 so I need to make sure everything is as it should be with it.

sourcrates

Hi Carboot,

It is quite a complex issue, but the basics are :

No signature is required to make an agreement valid for the purposes of a CCA request.

In some circumstances, an application form doubled as a credit agreement, but only a few lenders did this.

A reconstituted version of your agreement is perfectly acceptable from any time period, but, if your agreement pre-dates April 2007, then it must contain the prescribed terms.

Because of the complex nature of the issue of credit agreements, its important you get them checked over by someone who knows what they are looking for.

Normally an application form would not be construed as a credit agreement.

StopIt

carbootcrazy wrote: »

All this talk of signatures is confusing me! Doesn't take much:o

Are they supposed to provide a copy of the actual filled-in credit card application form? I'm referring to late 1990 applications. Lloyds sent me pages of Ts and Cs etc but no sign of an application copy or details of credit limits and suchlike. Other creditors all sent application form copies as well as the other stuff. Lloyds' cover letter states that they have fulfilled their obligations but I have my doubts:eek:. It's my biggest outstanding debt, nearly £7000 so I need to make sure everything is as it should be with it.

They don't need to provide the full application form, only the bits you needed to have agreed to, and the CCA requires the prescribed terms for Pre-2007 debts.


For all of the debts that a CCA request has been fulfilled, it'll be good idea to book a session with your local CAB and ask for an expert eye to check them out. After all, it can't hurt to make sure either way.

heavenlyharry01

PRA Group - they have written to me after my CCA request and said that my debt is unenforceable.
I have made a low 10% offer, which they have refused and are only willing to accept a less than £200 discount on a £3400 debt!!
Should I stop making my token £1 payments completely? And just ignore it until they find the relevant documents?