DMP Mutual Support Thread - Part 12

January2015

Jwatson wrote: »

NewbieNat I also need to remember there is no neon sign!!!!
Thank you everyone for the advice, I need to stop thinking about the what ifs!
Can anyone tell me what will my credit rating look like in 6 years?
Also our car is on a HCP loan, a balloon payment which will be up for renewal in 4 years. Does anyone have any experience with something like this and what they did?

Try and add something to your budget that costs about £20 per week. You could add slimming world or weight watchers, or something similar and say it is for health reasons. You can get away with that. Put the £20 away each week without fail. In 4 years you will be able to cover the balloon payment no problem :j

MK-4

Jwatson wrote: »

NewbieNat I also need to remember there is no neon sign!!!!
Thank you everyone for the advice, I need to stop thinking about the what ifs!
Can anyone tell me what will my credit rating look like in 6 years?
Also our car is on a HCP loan, a balloon payment which will be up for renewal in 4 years. Does anyone have any experience with something like this and what they did?

Just starting with SC and they got me to put an amount into my budget to cover saving for the balloon payment. So in 4 years we won't have to be looking for another car.

[Deleted User]

Jwatson wrote: »

NewbieNat I also need to remember there is no neon sign!!!!
Thank you everyone for the advice, I need to stop thinking about the what ifs!
Can anyone tell me what will my credit rating look like in 6 years?
Also our car is on a HCP loan, a balloon payment which will be up for renewal in 4 years. Does anyone have any experience with something like this and what they did?

Sorry, no advice to offer on 'balloon payment' as I'd never even heard of it until you mentioned it:o


Are your debts defaulted yet? All defaulted debts disappear from your credit file 6 years from the default date, it's as if they'd never existed. This happens even if you still have an outstanding balance which you are paying off. Only you will know you still owe money. Your credit rating should improve massively:j

bumblebee78

January2015 wrote: »

....requests off to check those debts are enforceable. Many EGG accounts were unenforceable. It doesn't matter if it was taken over by BC, get them checked

Good luck with the DMP :beer:

Thank you for this - I'll do this today. The Tesco and Lloyds accounts were all opened online within the past few years - I assume it's a waste of time trying for these ones?

The original BC was opened in about 2008 or 2009 and I applied online.

The old Egg one has a different history. I can't remember how I applied but I certainly had the card sometime around 2005-2007, then I closed it at some point when I shifted to a balance transfer offer elsewhere. I attempted to reapply online (while still Egg) sometime after 2009 and I remember it asking me if I had ever had a card with them before in the past. I ticked "yes" and it said in that case, no need to reapply, you are automatically accepted and this generated something which said it had sent the account papers out to me in the post ... but I had moved since I was a customer the first time and it gave no opportunity to point this out! All these new papers were going to my old address! I managed to get it sorted over the phone straight away before anything was sent but it has always stuck with me how foolish a procedure it was. I assumed in that case that they just re-opened that old account but can't be certain - but if that was the case, then I believe it to have been from pre-2007.

sourcrates

bumblebee78 wrote: »

Thank you for this - I'll do this today. The Tesco and Lloyds accounts were all opened online within the past few years - I assume it's a waste of time trying for these ones?

The original BC was opened in about 2008 or 2009 and I applied online.

The old Egg one has a different history. I can't remember how I applied but I certainly had the card sometime around 2005-2007, then I closed it at some point when I shifted to a balance transfer offer elsewhere. I attempted to reapply online (while still Egg) sometime after 2009 and I remember it asking me if I had ever had a card with them before in the past. I ticked "yes" and it said in that case, no need to reapply, you are automatically accepted and this generated something which said it had sent the account papers out to me in the post ... but I had moved since I was a customer the first time and it gave no opportunity to point this out! All these new papers were going to my old address! I managed to get it sorted over the phone straight away before anything was sent but it has always stuck with me how foolish a procedure it was. I assumed in that case that they just re-opened that old account but can't be certain - but if that was the case, then I believe it to have been from pre-2007.

Old Egg credit card agreements are notorious for been unenforceable, for various different reasons. (this only applies to pre April 2007 paper agreements)

Egg are the only company to have flawed agreements, well, some MBNA agreements were a bit iffy too for similar reasons.

You need to go back and check your CCA and where it should say 'Credit Limit' it may well say 'Approved Limit' in which case it is unenforceable for using wrong language on a regulated document, basically if your Egg agreement uses the term 'Approved' as opposed to 'Credit' then the agreement is unenforceable as the prescribed term 'Credit Limit', is missing.

bumblebee78

sourcrates wrote: »

Old Egg credit card agreements are notorious for been unenforceable, for various different reasons. (this only applies to pre April 2007 paper agreements)

Egg are the only company to have flawed agreements. You need to go back and check your CCA and where it should say 'Credit Limit' it may well say 'Approved Limit' in which case it is unenforceable for using wrong language on a regulated document, basically if your Egg agreement uses the term 'Approved' as opposed to 'Credit' then the agreement is unenforceable as the prescribed term 'Credit Limit', is missing.

Thanks very much - letters are ready to go in today's post

2017spark

Hello all, hope everyone is well?
I'm plodding along - my token payments finish in May and I will then be paying offers, don't feel like I'm getting anywhere but hoping that will change soon
Quick question - I have a loan with Avant Credit, and I'm struggling to get any information out of them on how to pay them!! Ive paid nothing for 5 months now. I've written, emailed and searched but nothing from them
I'm not prepared to add my card or account details to 'my account' section on their website as I don't believe they will only take what I want to pay them..... more straight back to full repayments.
Any ideas? Has anyone else dealt with them and pays direct?
(I have the same issue with tax credits, but they have always been a nightmare!!)
thanks in advance xx

sourcrates

2017spark wrote: »

Hello all, hope everyone is well?
I'm plodding along - my token payments finish in May and I will then be paying offers, don't feel like I'm getting anywhere but hoping that will change soon
Quick question - I have a loan with Avant Credit, and I'm struggling to get any information out of them on how to pay them!! Ive paid nothing for 5 months now. I've written, emailed and searched but nothing from them
I'm not prepared to add my card or account details to 'my account' section on their website as I don't believe they will only take what I want to pay them..... more straight back to full repayments.
Any ideas? Has anyone else dealt with them and pays direct?
(I have the same issue with tax credits, but they have always been a nightmare!!)
thanks in advance xx

They are an American company, so use different business strategies to UK companies, but you can ring them to change payment method, Call 0800 610 1516 to speak with a Specialist to schedule your next payment.

Usually they will offload your account after 8 or more months of non payment, normally to there debt collector of choice called "Asset Collections & Investigations Ltd" who offer more flexibility payments wise.

2017spark

sourcrates wrote: »

They are an American company, so use different business strategies to UK companies, but you can ring them to change payment method, Call 0800 610 1516 to speak with a Specialist to schedule your next payment.

Usually they will offload your account after 8 or more months of non payment, normally to there debt collector of choice called "Asset Collections & Investigations Ltd" who offer more flexibility payments wise.

Thank you
They have just replied to my latest mail saying that they do not recognise CAB advice as being in a DMP - so wont add this to my account and allow a payment plan.
They want me to get a DMP via SC/ PP etc - I'm not doing this as want to be self managed. Any advice as to how I can get them to recognise it? I have my offer letters, financial statement, reference number etc from NEDCAB which I am going to resend them.

Am I best asking them to pass to a debt collection agency and dealing with them?

thanks again xx

Summer12

sourcrates wrote: »

That is true to a certain extent, Lowell bought one of my debts, they could not produce a credit agreement for the account, from the OC, could of been because i never signed one (Catalogues didn't bother with the niceties of paperwork back in the day).

Anyway they wrote off the debt straight away as they knew they didn't have a leg to stand on, others are not so compliant, and try to bluff there way through it.

Interestingly had a letter from Next today not admitting anything but confirming what actions were open to them and stating they wouldn’t be enforcement actions just letters, default, passed to DCA, threats of legal action and they sited the RBS case. Guess that’s an acknowledgement of UE but not openly confirming it!