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Paying off DMP running over 13 years old

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
37 replies 8.8K views
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  • edited 3 November 2019 at 6:37PM
    sourcratessourcrates Forumite, Board Guide
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    edited 3 November 2019 at 6:37PM
    nortong wrote: »
    It's a fair cop, guv!

    I assure you sourcrates does have the necessary grammer skills, what he lack`s are reading glasses.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
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  • fatbelly wrote: »
    Credit cards and loans are consumer credit act debts so you are entitled to make s77-79 requests on them.

    .nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

    Do them properly and see what comes back

    Its been a while since I last posted here. Life been hectic for me to do something. So today Ive looked it to things.

    According to my DMP starting balances and what I had paid to date means my total should be around 7k (about 15k is whats reported). I strongly believe when they were passed to DCA's they whacked on their charges.

    These debts were all defaulted in 2006.

    So what I have done today is a CCA request to Cabot - Should they not come up with the CCA as per the guidelines and I chose to stop paying are they allowed to re-register a default that dropped off my credit report circa 2012?

    I am tackling 1 creditor at a time to see what will happen.

    I am not in a position to do f&f offers but will creditors allow me to agree a payment plan on reduced balances (if thats ever been done)? Im looking at the potential to reduce the time left to pay which is currently 5 years to no more than 2 years.
  • edited 3 November 2019 at 6:38PM
    sourcratessourcrates Forumite, Board Guide
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    edited 3 November 2019 at 6:38PM
    Hello again,

    Defaults can only be registered once, no matter what you do, once they are gone, they are gone forever.

    Some debt purchasing companies, for example, Lowell springs to mind here, will discount the balance you owe, and let you repay that discounted balance over time.

    The amount of discount depends on the level of debt, if it’s enforcable or not, and how eager they are to make the books balance, it’s a matter of negotiation on your part.

    Not all collectors do this, but I know Lowell does.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
  • Thats good.

    I'll see what happens with Cabot.

    Do we know what Lloyds are like in finding CCA's the last debts I had with them I signed to was in 2004. Think when I defaulted on the loan they added my overdraft to the balance.
  • Cabot have responded and told me that the debt is unenforceable so I guess I can stop paying that one.

    Wescot bit tricky (Lloyds) they will negotiate with me and pay off over 6 months but currently we are way off.

    I was thinking of CCA request them now too should they not come up with anything or state its unenforceable maybe given them my final offer and then agree then should anything turns up afterwards we would be clear?

    just looking for ways to cover my back
  • You are better off going self-managed and then start your F&F ball rolling. Whether you get good discounts or not, or have to play a slightly longer game - at least you'll be in control and all of your £300 can be thrown at the debt in the meantime.
  • So here we are again. Cabot. I decided for my peace of mind I will offer F&F that way I know then its closed, didnt want to run the risk of them later on down the line (slim chance i know) start CCJ process!

    I have agreed with them to Pay £150 and have in writing to close the account. This now wipes out £4750 of my debt.

    Neither of us know how much I really owed them!

    Now Westcot / Lloyds. CCA has gone in. Need to know if enforceable I dont think it is given its been on a plan for 13 years. They had sent me statements starting balance etc. I have tried asking them what the balance was at point 1st missed payment but they dont want to answer that one. Are the hiding what i really did owe and want to make more ££ on me?

    I know others here say im mad still paying the DMP but it keeps the peace while I suss out what to do.

    Worse case scenario in couple months time the £300 I'm off the DMP paying Wescot direct for 2 1/2 years. Best Case I agree a f&f with them at around £2k because thats what i really think i owe before all the high missed payment charges etc
  • Hello again, just an update with lloyds / westcot.

    I put in credit agreement request for loan. They have it! But after investigating the loan account because i disputed the balance. It defaulted at 15k but passed to debt recovery at 19k. Also they didnt freeze the interest for 6 months. So they agreed to reduce the balance from £6900 to £2200. Plus I got £125 compensation.

    In April I tested the waters with F&F and westcot and know they will accept any F&F on 6 manageable payments.

    The loan I took out was 18500 and paid back 21000. I can argue that I have actually paid back the original debt! Any tips on how I can get a F&F on this £2200?

    I also have a credit card debt it defaulted at £10544 with them too. Ive gone through the statement of account and even checked their figures and found that there is a discrepancy there too by about £200.

    I calculate that I still owe £3k on that. They cant locate a CCA for this account so far. When I stopped paying them the statements show £205 fees, £306 card protection and £1541 in interest. Any ideas how I could get this taken off and offer them £1000 (tops as f&f)?

    Before anyone says i was stupid using a DMP i realise now that it would of been paid off months ago if i used a free one or managed it myself!

    I am thinking of going to a max £250 a month for the 2 debts over 6months which is £1500?

    Finally I dont think i mentioned before but had a small Credit Card i took out on 2007 credit builder card and use as an emergency debt with cap one had a balance of £59 i cleared that yesterday at £42 using the lloyds compensation. Turns out i took PPI on that account and on defaulted balance around £500 in 2008.
  • D_M_ED_M_E Forumite
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    Have you tried doing a PPI claim for the card protection fees - the £306 could be just what's left, there could be more hidden underneath.

    If successful could reduce the balance owed.
  • D_M_E wrote: »
    Have you tried doing a PPI claim for the card protection fees - the £306 could be just what's left, there could be more hidden underneath.

    If successful could reduce the balance owed.
    Thanks
    I know I did a PPI claim on something 3 years ago with Lloyds cant remember if it covered the credit card. Turns out I had 2 with them they had to re-set up the credit card account due to fraud in 2004. So there could be more! I have gone back to the complaints team who were sorting the loan who will put me in touch with someone in the credit card team.

    Im not happy with the fact they kept charging interest taking me over the credit limit and further then adding fees. So I am complaining about that! If you dont ask you dont get!

    So far just by doing CCA request on Cabot, agreeing to a F&F and complaining with lloyds I have reduced by debt by £9450.

    Just 5k left! My aim is to be debt free by January 2020.
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