DMP mutual support thread part 13 !!

ES19901990

Just seen a loan I have immediately added all interest to the loan at the beginning. How does this work when enetering a DMP?

sourcrates

ES19901990 said:

Just seen a loan I have immediately added all interest to the loan at the beginning. How does this work when enetering a DMP?

Front loaded interest has been illegal for some years now, post in one of your existing threads please, or start a new one in debt free wannabe, not in the DMP support group thanks.

Seemore1

Hi I've recently summited a CCA request to PRA they have sent me a credit agreement and a statement of account, I'm i right in thinking that the statement of account doesn't need to be a full list of statements? (account is 10 years plus old)

What they have sent only goes back 6 months roughly when PRA took of the debt from Barclays

Thanks 

db3333

Hi all,

I'm after some advice for long standing debts please. I've started reading through this thread for answers but 545 pages is a lot!

I had 4 credit cards and a very overdrawn bank account ten years ago.

I initially set up a payment plan with Stepchange in January 2015, just paying a token amount of £1 a month to each one.

When that payment plan expired I contacted the 5 debt collection agencies (all debts had been sold on) and arranged my own token payment plan with them. I pay a total of £16 a month between all 5.

I've done a couple of budget plans with them over the years but probably not for about 4 years now, the money just comes out each month by standing order.

If I continue paying this amount I will be long dead before the debts are clear!

I've tried searching info online but can't seem to find the specific answers I'm looking for and after calling National Debtline today and spending 20 minutes answering personal questions they were still unable to help me as I'm self employed! Their sister line didn't answer.answers to the following please, if someone would be kind enough to share their wisdom?

Firstly, as I have continued paying token amounts I understand the debts cannot be statute-barred - is this correct?

Secondly, are these debts still enforceable after this length of time? 

And if I just stopped paying would the whole process start again with them possibly applying for a CCJ now (not done before) and my credit file marked for 6 years again?

Thirdly, if I made a settlement offer would this still show as partially settled on my credit file 10 years after the initial debt?

The debts total around £18k still so I don't think I could afford to settle anyway!

I currently have an excellent credit score again because these debts are no longer showing on my file so I don't really want to take a huge leap backwards.

I know debt collectors buy the debts for peanuts so not sure if it's worth me making them a low offer.

Any advice would be gratefully received, thank you.

sourcrates

@db3333

Yes, non of the debts will go statute barred, as you have been making token payments to them.

Whether they are still enforceable or not can only be determined by a CCA request, and their response to it.

If the debts no longer show on your file, nothing will change that, any settlement won`t be recorded.

The only exception is if legal action were taken, the debts would still not show, but the CCJ would for 6 years in the public information section of your credit report.

gerrard88

I am currently doing a self managed DMP. Thought it would be difficult but so easy 

i have 5 cards thst been sold on

i pay £15 a month for each. So £75 in total

i am not on a bad salary so this works for me
29k a year

Does anyone think I am paying too much or should I lower it?

Jonnychang87

Good afternoon all,

Just about to start my own dmp self managed. Have read through the forum and I am pretty sure I know what to do.

I have 1 question (for now) 

I have cancelled all dd and have only had hastings calling me daily about my dd. They have said this in their email

If you have been asked to cancel your Direct Debit by a Debt Management Agency such as StepChange or PayPlan, please reply to this email with the name of your agency and your reference.

Should Ignore or tell them I'm starting a self managed dmp in hope they default me quicker?

Cheers

2021rdsunshine

Jonnychang87 said:

Good afternoon all,

Just about to start my own dmp self managed. Have read through the forum and I am pretty sure I know what to do.

I have 1 question (for now) 

I have cancelled all dd and have only had hastings calling me daily about my dd. They have said this in their email

If you have been asked to cancel your Direct Debit by a Debt Management Agency such as StepChange or PayPlan, please reply to this email with the name of your agency and your reference.

Should Ignore or tell them I'm starting a self managed dmp in hope they default me quicker?

Cheers

If you are doing a self managed DMP you can just ignore them. There is no way to know when a creditor will default the debt, some are quicker than others. They all go through the process of trying to engage with you , email, letters, phone calls . I’ve waited about 8 months before seeing defaults. 

Just keep an eye on the post and your credit file. 

Jonnychang87

2021rdsunshine said:

Jonnychang87 said:

Good afternoon all,

Just about to start my own dmp self managed. Have read through the forum and I am pretty sure I know what to do.

I have 1 question (for now) 

I have cancelled all dd and have only had hastings calling me daily about my dd. They have said this in their email

If you have been asked to cancel your Direct Debit by a Debt Management Agency such as StepChange or PayPlan, please reply to this email with the name of your agency and your reference.

Should Ignore or tell them I'm starting a self managed dmp in hope they default me quicker?

Cheers

If you are doing a self managed DMP you can just ignore them. There is no way to know when a creditor will default the debt, some are quicker than others. They all go through the process of trying to engage with you , email, letters, phone calls . I’ve waited about 8 months before seeing defaults. 

Just keep an eye on the post and your credit file. 

Cheers for the reply

8 months wow. Fun times ahead then

Cheers

ayupmeduck

If the original creditor and current/past DCA accounts have fallen off your credit report, can a new DCA add back the debt?