DMP mutual support thread part 13 !!

SuperMario3

Hi guys. I've had an email today from HSBC asking for feedback after "paying back my loan".
 I've not payed anything back in full, does this mean that loan debt has been sold on? I've not had any letters through the post?

KatieAnne

sourcrates said:

KatieAnne said:

Firstly want to thank everyone that posts and all the advice offered on here, I have lurked over the years and tried to read up as much as possible. We have been in DMP with Stepchange for 4 years and have paid of £17k off origianl £72k  ( 4 x Credit Cards and Next ).... I am approaching 55 next year so plan has always been to pay off / catch up with our Mortgage then, by cashing in a pension..... We have a Offset Mortgage...so all the years we were juggling with our credit card debt, with lots of stress we were offsetting our Mortgage to pay for everything else. Today I phoned up our Mortgage company to enquire how much we would need to pay a month to catch up, so that our Mortgage will be fully paid in 2030. We currently pay £1283 and need to pay £1632 per month.   We  currently pay Stepchange £407 per month.....if we were to pay £1632 mortgage .. we would need to reduce stepcharge to just £58, which is a huge decrease.  I know that we should have been paying less the last few years but to be honest I was just so scared and anxious, it was a releif just to get the debt reduced.  Our 4 Credit Cards are 2 x Tesco & 2 x MBNA.... they are all with PRA....  I phoned PRA today to enquire how much settlement they would offer, explaining that next year I may use my Pension to play catch up with our Mortgage or to clear some of our debt ....  PRA said 2 x Tesco would not offer any settlement offer and MBNA would except 1k off £15k and £17k..   At the beginning of our DMP I requested CCA's and did not get anything back from Tesco ( Card taken out 1997) ... but the others were enforceable . I have logged onto Stepchange and updated Mortgage amount and I need to contact them to discuss.  Is it best I go self managed, I am quite nervous about it all ?  Will PRA accept the reduced offer ?

Report

The Tesco ones are unenforceable then, and will remain so until a response is received.

PRA Group are notorious on these forums for sticking to their guns where discounting is concerned.

Just keep in mind that credit debts and loans are all non priority, wear as your mortgage is a priority debt, so PRA will have to accept whatever your budget shows you can afford, won`t they.

sourcrates said:

KatieAnne said:

Firstly want to thank everyone that posts and all the advice offered on here, I have lurked over the years and tried to read up as much as possible. We have been in DMP with Stepchange for 4 years and have paid of £17k off origianl £72k  ( 4 x Credit Cards and Next ).... I am approaching 55 next year so plan has always been to pay off / catch up with our Mortgage then, by cashing in a pension..... We have a Offset Mortgage...so all the years we were juggling with our credit card debt, with lots of stress we were offsetting our Mortgage to pay for everything else. Today I phoned up our Mortgage company to enquire how much we would need to pay a month to catch up, so that our Mortgage will be fully paid in 2030. We currently pay £1283 and need to pay £1632 per month.   We  currently pay Stepchange £407 per month.....if we were to pay £1632 mortgage .. we would need to reduce stepcharge to just £58, which is a huge decrease.  I know that we should have been paying less the last few years but to be honest I was just so scared and anxious, it was a releif just to get the debt reduced.  Our 4 Credit Cards are 2 x Tesco & 2 x MBNA.... they are all with PRA....  I phoned PRA today to enquire how much settlement they would offer, explaining that next year I may use my Pension to play catch up with our Mortgage or to clear some of our debt ....  PRA said 2 x Tesco would not offer any settlement offer and MBNA would except 1k off £15k and £17k..   At the beginning of our DMP I requested CCA's and did not get anything back from Tesco ( Card taken out 1997) ... but the others were enforceable . I have logged onto Stepchange and updated Mortgage amount and I need to contact them to discuss.  Is it best I go self managed, I am quite nervous about it all ?  Will PRA accept the reduced offer ?

Report

The Tesco ones are unenforceable then, and will remain so until a response is received.

PRA Group are notorious on these forums for sticking to their guns where discounting is concerned.

Just keep in mind that credit debts and loans are all non priority, wear as your mortgage is a priority debt, so PRA will have to accept whatever your budget shows you can afford, won`t they.

Thank you Sourcrates xxx  So am I best off going Self Managed do you think as I'm expecting Stepchange to get funny with me as it's a big drop in repayment x

sourcrates

KatieAnne said:

sourcrates said:

KatieAnne said:

Firstly want to thank everyone that posts and all the advice offered on here, I have lurked over the years and tried to read up as much as possible. We have been in DMP with Stepchange for 4 years and have paid of £17k off origianl £72k  ( 4 x Credit Cards and Next ).... I am approaching 55 next year so plan has always been to pay off / catch up with our Mortgage then, by cashing in a pension..... We have a Offset Mortgage...so all the years we were juggling with our credit card debt, with lots of stress we were offsetting our Mortgage to pay for everything else. Today I phoned up our Mortgage company to enquire how much we would need to pay a month to catch up, so that our Mortgage will be fully paid in 2030. We currently pay £1283 and need to pay £1632 per month.   We  currently pay Stepchange £407 per month.....if we were to pay £1632 mortgage .. we would need to reduce stepcharge to just £58, which is a huge decrease.  I know that we should have been paying less the last few years but to be honest I was just so scared and anxious, it was a releif just to get the debt reduced.  Our 4 Credit Cards are 2 x Tesco & 2 x MBNA.... they are all with PRA....  I phoned PRA today to enquire how much settlement they would offer, explaining that next year I may use my Pension to play catch up with our Mortgage or to clear some of our debt ....  PRA said 2 x Tesco would not offer any settlement offer and MBNA would except 1k off £15k and £17k..   At the beginning of our DMP I requested CCA's and did not get anything back from Tesco ( Card taken out 1997) ... but the others were enforceable . I have logged onto Stepchange and updated Mortgage amount and I need to contact them to discuss.  Is it best I go self managed, I am quite nervous about it all ?  Will PRA accept the reduced offer ?

Report

The Tesco ones are unenforceable then, and will remain so until a response is received.

PRA Group are notorious on these forums for sticking to their guns where discounting is concerned.

Just keep in mind that credit debts and loans are all non priority, wear as your mortgage is a priority debt, so PRA will have to accept whatever your budget shows you can afford, won`t they.

sourcrates said:

KatieAnne said:

Firstly want to thank everyone that posts and all the advice offered on here, I have lurked over the years and tried to read up as much as possible. We have been in DMP with Stepchange for 4 years and have paid of £17k off origianl £72k  ( 4 x Credit Cards and Next ).... I am approaching 55 next year so plan has always been to pay off / catch up with our Mortgage then, by cashing in a pension..... We have a Offset Mortgage...so all the years we were juggling with our credit card debt, with lots of stress we were offsetting our Mortgage to pay for everything else. Today I phoned up our Mortgage company to enquire how much we would need to pay a month to catch up, so that our Mortgage will be fully paid in 2030. We currently pay £1283 and need to pay £1632 per month.   We  currently pay Stepchange £407 per month.....if we were to pay £1632 mortgage .. we would need to reduce stepcharge to just £58, which is a huge decrease.  I know that we should have been paying less the last few years but to be honest I was just so scared and anxious, it was a releif just to get the debt reduced.  Our 4 Credit Cards are 2 x Tesco & 2 x MBNA.... they are all with PRA....  I phoned PRA today to enquire how much settlement they would offer, explaining that next year I may use my Pension to play catch up with our Mortgage or to clear some of our debt ....  PRA said 2 x Tesco would not offer any settlement offer and MBNA would except 1k off £15k and £17k..   At the beginning of our DMP I requested CCA's and did not get anything back from Tesco ( Card taken out 1997) ... but the others were enforceable . I have logged onto Stepchange and updated Mortgage amount and I need to contact them to discuss.  Is it best I go self managed, I am quite nervous about it all ?  Will PRA accept the reduced offer ?

Report

The Tesco ones are unenforceable then, and will remain so until a response is received.

PRA Group are notorious on these forums for sticking to their guns where discounting is concerned.

Just keep in mind that credit debts and loans are all non priority, wear as your mortgage is a priority debt, so PRA will have to accept whatever your budget shows you can afford, won`t they.

Thank you Sourcrates xxx  So am I best off going Self Managed do you think as I'm expecting Stepchange to get funny with me as it's a big drop in repayment x

I would, it gives you back control, I much prefer being in control of my money, I`m sure you would too.

sourcrates

SuperMario3 said:

Hi guys. I've had an email today from HSBC asking for feedback after "paying back my loan".
 I've not payed anything back in full, does this mean that loan debt has been sold on? I've not had any letters through the post?

I`d just ignore it, I get rubbish like that all the time.

If one of your accounts has been sold, you will be notified in writing.

SuperMario3

sourcrates said:

SuperMario3 said:

Hi guys. I've had an email today from HSBC asking for feedback after "paying back my loan".
 I've not payed anything back in full, does this mean that loan debt has been sold on? I've not had any letters through the post?

I`d just ignore it, I get rubbish like that all the time.

If one of your accounts has been sold, you will be notified in writing.

Any clue why it's disappeared completely from my online banking? Nothing about my loan on there.

19ryanh93

sourcrates said:

19ryanh93 said:

I have sent off for CCA requests and have had 3 come back as unenforceable for now, I am still paying £1 payments towards them at the moment, i was wondering, what is the score with offering F&Fs a bit further down the road, is doing that accepting liability of the debt and therefore making them enforceable or do they still remain unenforceable until they get the required CCA?

Also is it best to stop payments altogether to unenforcable debts?

You are still acknowledging the debt by paying it, so it will never become statute barred as long as you do this.

Enforceability, and liability, are two entirely separate things altogether.

If a debt is yours, and you accept that, then that is accepting liability.

Enforceability is having the legal right to take you to court to force payment, without a valid copy of the credit agreement, they cannot do that.

Thanks for the reply Sourcrates. 

So as a CCA can not be provided I should stop paying it until said documentation can be provided? 

I guess the same counts for offering an F&F offer? That shouldn’t be done either?

Suseka97

19ryanh93 said:

sourcrates said:

19ryanh93 said:

I have sent off for CCA requests and have had 3 come back as unenforceable for now, I am still paying £1 payments towards them at the moment, i was wondering, what is the score with offering F&Fs a bit further down the road, is doing that accepting liability of the debt and therefore making them enforceable or do they still remain unenforceable until they get the required CCA?

Also is it best to stop payments altogether to unenforcable debts?

You are still acknowledging the debt by paying it, so it will never become statute barred as long as you do this.

Enforceability, and liability, are two entirely separate things altogether.

If a debt is yours, and you accept that, then that is accepting liability.

Enforceability is having the legal right to take you to court to force payment, without a valid copy of the credit agreement, they cannot do that.

Thanks for the reply Sourcrates. 

So as a CCA can not be provided I should stop paying it until said documentation can be provided? 

I guess the same counts for offering an F&F offer? That shouldn’t be done either?

In a nutshell ' yes' - stop making any payments to the ones that are currently UE.  As for F&F's, its probably a bit too early to be trying this if the debt/s have only recently been recognised as UE.  You don't mention who holds these debts (which DCA) but if any are with the PRA Group they are pretty stubborn when it comes to early F&Fs.  It's now a waiting game.

sourcrates

SuperMario3 said:

sourcrates said:

SuperMario3 said:

Hi guys. I've had an email today from HSBC asking for feedback after "paying back my loan".
 I've not payed anything back in full, does this mean that loan debt has been sold on? I've not had any letters through the post?

I`d just ignore it, I get rubbish like that all the time.

If one of your accounts has been sold, you will be notified in writing.

Any clue why it's disappeared completely from my online banking? Nothing about my loan on there.

Well you may be correct in thinking the debt has been sold.

These decisions are taken at a much higher level, so asking a call handler won`t be fruitful.

As I said, if its been sold, the new owner will write to you in time.

19ryanh93

Suseka97 said:

19ryanh93 said:

sourcrates said:

19ryanh93 said:

I have sent off for CCA requests and have had 3 come back as unenforceable for now, I am still paying £1 payments towards them at the moment, i was wondering, what is the score with offering F&Fs a bit further down the road, is doing that accepting liability of the debt and therefore making them enforceable or do they still remain unenforceable until they get the required CCA?

Also is it best to stop payments altogether to unenforcable debts?

You are still acknowledging the debt by paying it, so it will never become statute barred as long as you do this.

Enforceability, and liability, are two entirely separate things altogether.

If a debt is yours, and you accept that, then that is accepting liability.

Enforceability is having the legal right to take you to court to force payment, without a valid copy of the credit agreement, they cannot do that.

Thanks for the reply Sourcrates. 

So as a CCA can not be provided I should stop paying it until said documentation can be provided? 

I guess the same counts for offering an F&F offer? That shouldn’t be done either?

In a nutshell ' yes' - stop making any payments to the ones that are currently UE.  As for F&F's, its probably a bit too early to be trying this if the debt/s have only recently been recognised as UE.  You don't mention who holds these debts (which DCA) but if any are with the PRA Group they are pretty stubborn when it comes to early F&Fs.  It's now a waiting game.

Thanks for the reply

Should I send them a letter saying I will not be making payments towards the debts before i just stop?

Suseka97

19ryanh93 said:

Suseka97 said:

Thanks for the reply

Should I send them a letter saying I will not be making payments towards the debts before i just stop?

No reason why not to - you can say something along the lines of that you will be focussing on paying your enforceable debts.  Keep it short and stop the payments.