DMP Mutual Support Thread - Part 12

heavenlyharry01

Hello

I know this has been asked before but......
Barclaycard have provided a reconstituted copy of my credit agreement. I guess that means it's enforceable?
Unfortunately capital one have provided a CCA and they state in the letter it's enforceable.

heavenlyharry01

Also sorry another thing.....I proposed a settlement figure for a Next debt with Akinika. They have turned down my offer, but counteroffered with another amount which would be 50% off.
Should I bite their arm off or hold out?

sourcrates

heavenlyharry01 wrote: »

Hello

I know this has been asked before but......
Barclaycard have provided a reconstituted copy of my credit agreement. I guess that means it's enforceable?
Unfortunately capital one have provided a CCA and they state in the letter it's enforceable.

Re-con is acceptable from any time period, there is no requirement to produce the actual original piece of paper, but if before April 2007, must contain the prescribed terms as well.

HEROWHENZERO

Feeling a little more positive after one year into a DMP. Since I started my DMP in June last year, I have managed to increase the payments and reduce my debt free date from April 2033 to April 2029. So now only another 12 years to go :-) #keepgoing

Billy12345

BeingDebtFreeStartsHere wrote: »

Hi Billy,

I believe that creditors do stop interest and charges once an account has been defaulted and certainly if they have been passed to a DCA.

I am sure someone with a bit more knowledge will pop along soon and confirm this for you.

Take care,

BDFSH x

Hi BDFSH

I thought so too but wasnt 100% sure, hopefully January, Puzzcat or Sourcrates can confirm.

Fingers crossed it is as I'll be :j:j

Suseka97

HEROWHENZERO wrote: »

Feeling a little more positive after one year into a DMP. Since I started my DMP in June last year, I have managed to increase the payments and reduce my debt free date from April 2033 to April 2029. So now only another 12 years to go :-) #keepgoing

Good for you - you've already managed to bring your DFD down by 4 years which is pretty amazing really. You may find that as time goes by you can reduce it even further -but well done for getting through your first year :T

sourcrates

Billy12345 wrote: »

Hi BDFSH

I thought so too but wasnt 100% sure, hopefully January, Puzzcat or Sourcrates can confirm.

Fingers crossed it is as I'll be :j:j

Yep,

I must of posted this before.

Once an account defaults, as long as its a running credit agreement, such as a loan, credit card, catalogue etc, then that balance is frozen, nothing more can be added.

The consumer credit act states that : "a creditor cannot add further interest and charges unless the original agreement allows them to do so".

The majority of agreements do not allow this, but to be 100% certain, you have to check your original agreement.

Leanneglos1

May seem a silly question, but I have a personal loan, once my dmp is set up and the loan defaults, effectively the interest and balance is frozen so does that mean everything I pay towards the loan will be used to reduce the balance or will I still be charged interest on top?

BeingDebtFreeStartsHere

Leanneglos1 wrote: »

May seem a silly question, but I have a personal loan, once my dmp is set up and the loan defaults, effectively the interest and balance is frozen so does that mean everything I pay towards the loan will be used to reduce the balance or will I still be charged interest on top?

Hi Leanneglos1,

I think sourcrates response to Billy answers your question too

BDFSH x

sourcrates wrote: »

Yep,

I must of posted this before.

Once an account defaults, as long as its a running credit agreement, such as a loan, credit card, catalogue etc, then that balance is frozen, nothing more can be added.

The consumer credit act states that : "a creditor cannot add further interest and charges unless the original agreement allows them to do so".

The majority of agreements do not allow this, but to be 100% certain, you have to check your original agreement.

January2015

Hi

A question for Julie67 if she is around

What made your 2012 BC debt unenforceable. I know you posted a while back about some CCA's coming back unenforceable (but can't find the posts now ). I've had my CCAs back from BC but think they will be enforceable as they are fairly recently opened accounts (within the last five years). However, if I can find a straw to clutch at I will .... and Julie, you are currently holding my straws!