DMP mutual support thread part 13 !!

Changingtimes

@Suseka97
Ok so the account isn't defaulted. Its got AP markers.  The creditor is Everyday loans.
I asked for a statement. Something I have never received from them since 2017 since taking  the loan.
They send me a list of my payments but said they don't produce a full statement inc interest or payment allocation. If there is extra interest because the term was extended from 36 months to 44 months then so be it but surely I am entitled to a full statement?

ditty1234

Changingtimes said:

@Suseka97
Ok so the account isn't defaulted. Its got AP markers.  The creditor is Everyday loans.
I asked for a statement. Something I have never received from them since 2017 since taking  the loan.
They send me a list of my payments but said they don't produce a full statement inc interest or payment allocation. If there is extra interest because the term was extended from 36 months to 44 months then so be it but surely I am entitled to a full statement?

Hi you could just consider to withhold further payments until they send you a final bill, and that you will not accept any further interest, and if they dont you will complain to the financial ombudsman, as if anything it sounds like they should take some interest off! They can't just fob you off with an endless list of payments - it basically sounds like the utility company from hell! Best of luck to get it sorted, I bet you can't wait to not ever have to deal with them again. 

ditty1234

Hi just a quick CCA question. 
I have now been on a DMP for over a year, haven't paid anything since April due to COVID and all balances are sold on or managed by PRA and Wescot. The original cards are from 2006 and 2010 is it worth sending out CCA's now, as I can then go self managed with my DMP if they are unenforceable. Or should I wait an other year or so? Will they get sold on again?
I don't have F & F saved up, so if they are unenforceable will I keep paying a symbolic amount until I can boy the balance out - what would be the next step? 

sourcrates

ditty1234 said:

Hi just a quick CCA question. 
I have now been on a DMP for over a year, haven't paid anything since April due to COVID and all balances are sold on or managed by PRA and Wescot. The original cards are from 2006 and 2010 is it worth sending out CCA's now, as I can then go self managed with my DMP if they are unenforceable. Or should I wait an other year or so? Will they get sold on again?
I don't have F & F saved up, so if they are unenforceable will I keep paying a symbolic amount until I can boy the balance out - what would be the next step? 

If they are unenforcable, then you could just walk away, why pay a debt no one can take you to court for ?

Sometimes accounts are sold on numerous times, its a bit like a merrygoround, one buyer has no luck, so they sell it to another to try, and so on, and so on.

All a bit of a farse really, that just happens to be profitable for some, by making token payments, the debt will never become statute barred, as each payment re-starts the clock, so by going down that road, you will never be rid of it, wear as non payment would see it SB in 6 years, which equals closure.

Suseka97

Changingtimes said:

@Suseka97
Ok so the account isn't defaulted. Its got AP markers.  The creditor is Everyday loans.
I asked for a statement. Something I have never received from them since 2017 since taking  the loan.
They send me a list of my payments but said they don't produce a full statement inc interest or payment allocation. If there is extra interest because the term was extended from 36 months to 44 months then so be it but surely I am entitled to a full statement?

Yes you are and you should withhold any further payments until they provide what you are asking for and I would give them a short window to respond and let them know you will raise a complaint with the FOS and the FCA if they do not comply.  If they have levied fees and charges, they are required to tell you so and they cannot just fob you off.  If they intend to play hardball... then you should do likewise.

woowoo2004

Hi everyone. This is my first post. I've just inputted everything into step change and am about to sign everything for starting a DMP. I did the online application but need to check everything. As a loan, cc and overdraft are with HSBC i have just opened a new bank account with Nationwide (a flex one). I had heard about how banks can take money if you have a debt with them? So its right to have a new bank account? I have seen a lot of people talking about building up a buffer and I was wondering just how to start all this off? Do I wait until next month or do I start now? What do I do with all my debt payments? I feel I have a million questions. My husband has no idea how bad I am in debt. I know our mortgage is safe. I will be using Step Change but any advice from you would be amazing. My debt is all HSBC loan, CC and overdraft, BC and Virgin CC, Next and Very accounts. I have my car on HP will that be safe as I need it to get to work? I feel a total mess but also feel I can see a light.... Any help would be appreciated.

ditty1234

Hi @woowoo2004 just to say that you might want to share your problem with your hubby, I guess it's recommended. Have you already missed payments? Stepchange will guide you to start paying your DMP right away, but this forum wants you to get together an emergency fund and to default your accounts before you start your DMP.  So go ahead and read through more of this thread and find out more. 2 of my balances was with HSBC and I have had to pause my DMP now a year in, to get them to default my accounts with them. An old overdraft and a loan. I was all paid up, but maxed out  when I stopped paying normal payments in April last year, and the DMP started in June 19has  been the best decision I ever made (had to make).

har_glasgow

Hi everyone, this is my first post here - but I have been reading through the huge amount of information/support available on this thread. Very grateful to all who have posted.

I've now decided that a Debt Management Plan is the way forward - I finally feel like I can tackle my debts and have been reading on the StepChange website and working out a draft budget. I understand I need to save up an emergency fund so my plan is to do this for around 6 months before starting the plan.

I have a quick question..... I understand that secured debts and hire purchase debts can't be included in the debt management plan. How do I know if it's a hire purchase finance agreement I have with a creditor, or a loan to purchase the goods? For example I bought a sofa through V12 finance. I thought this would be classified as Hire Purchase but after reading the agreement I'm not so sure. The agreement I signed (online) is a 'Fixed sum loan agreement regulated by the Consumer Credit Act 1974'. It states that I have bought a sofa and the business I bought it from. However, under 'Missing Payments' I thought it would say they could take the good back if I failed to pay, but it doesn't..... it says:

Missing a payment can have severe consequences. You will incur extra charges, your credit record may be affected and you may find it harder to borrow again from us or another lender. We may also take legal action against you and may apply for a charging order over your house.

On the page before named 'Terms of Agreement' it states:

1. Loan and repayment
We will advance the Amount of Credit on the date of this agreement by way of a payment to the Credit Intermediary (the Retailer) named overleaf, and by this means the credit will be drawn down. If you pay a Deposit to the Retailer then the Amount of Credit will be equal to the Total Cash Price less the Deposit.

3. Failure to pay monthly payments
If (a) you fail to pay the arrangement fee or any monthly payment on its due date; (b) any information about you which you provided proves incomplete or inaccurate; (c) you die; (d) steps are taken for a bankruptcy order to be made against you; or (e) you take steps to enter into a debt management plan or voluntary arrangement with your creditors, we shall be entitled, after the expiry of proper notice, to demand immediate payment of all amounts you owe under this agreement. 


Sorry if this is a really obvious question - but I'm unsure as to whether this is a hire purchase agreement or not. Either way it's fine - I just want to be sure before I stop payments.

Thanks in advance.

TheCommonDan

Hi all, I'm new here. 
So I've been a dmp with SC for just over a year now debt is about 18k. Problem is we got a money gift from a family member in the last month to save for a mortgage but its impossible at moment since half of my debts have defaulted but the other half hasn't yet. Obviously I didn't know defaulting would be the best option originally so what is the best approach now to secure a mortgage in a few years? 

natlie

Hi @woowoo2004 I am in a similar situation to you, my family don't know about my debt either. I started my DMP on June 1st. I already had an EF saved of £1400. I never missed any payments in advance of starting my DMP as I have had a bad credit score for years and I just wanted to get the debt out the way. I never spoke to any of my creditors, I just cancelled all of my payments and StepChange contacted my creditors. After the first month there were a few issues, Tesco charges my fees and interest but i spoke to SC and this was all refunded to my account. I had a payment and a DD taken for my loan but I spoke to my bank and they refunded the DD. Honestly its been very easy to sort and the first few months have been a relief. 
SC will let you build an Emergency Fund payment  into your budget 
Nat