DMP mutual support thread part 13 !!

sourcrates

tksnota said:

Hi,

Can someone share the link or explain the reason to setup a standing order instead of direct debit when paying monthly DMPs?

//tksnota

You control standing orders, where as your creditor takes an agreed amount by direct debt, but could potentially take higher payment if they so choose.

Some unscrupulous payday loan companies used to clear out bank accounts, using a DD the customer had no knowledge of.

It doesn't really matter these days, you are protected by the direct debt guarantee, its just one less thing to worry about using a SO simply because you are in control of it.

DebtFreeWannabe27

I’ve looked online at debt camel to understand if what I’ve received from Cabot is an LBA. It looks like a threat of legal action but they haven’t included what I think needs to be included for it to be an LBA I.e. reply form, financial statement.
First question, is this an LBA that I need to worry about?

I had been making £1 monthly payments to Cabot. Second question, can they still send a LBA even when I’m making payments?

sourcrates

@DebtFreeWannabe27

Not an LBA, its just a letter with the threat of legal action.

Why don`t you go on live chat and explain you have been making token payments and its all you can afford right now.

That will keep them happy, and avoid it progressing further.

smart_taunton_bloke

@sourcrates - I've noticed that you are one of the experts around here lol!

Is there any chance you could take a look at my post on the 17th June? Do you have any experience with this type of debt? Thank you. 

miumius

Hello friends! 
I have had two accounts finally go to default - the first one is now managed by BPO collections so I can go to their website and arrange a repayment plan - can I clarify what the best choice is....I would assume DD is a no no, the other option is card payment or bank transfer. Can someone advise which is the safest? 

The other default is with Capitol One and it's remained with them as in hasn't been sold off - am I safe to make payment arrangements with them direct or wait till its sold? 

Thank you 

miumius

RE: Moorcroft - they have their own expenditure form they require you to fill out to ascertain payments - do I have to do theirs? I don't see any other option for setting up a payment schedule, certainly more inflexible than BPO. 

sourcrates

miumius said:

Hello friends! 
I have had two accounts finally go to default - the first one is now managed by BPO collections so I can go to their website and arrange a repayment plan - can I clarify what the best choice is....I would assume DD is a no no, the other option is card payment or bank transfer. Can someone advise which is the safest? 

The other default is with Capitol One and it's remained with them as in hasn't been sold off - am I safe to make payment arrangements with them direct or wait till its sold? 

Thank you 

miumius said:

RE: Moorcroft - they have their own expenditure form they require you to fill out to ascertain payments - do I have to do theirs? I don't see any other option for setting up a payment schedule, certainly more inflexible than BPO. 

Both BPO and Moorcroft are simply acting for their respective clients.

For the avoidance of doubt, just because a company is asking you for money, that doesn't give them and special rights or privileges, they have no right to know anything about your income/expenditure, its non of their business!!

You pay what you can afford, and they can take that at face value or get nothing.

Always pay using a method you control, standing order/bank transfer is best.

Capital One are very slow to respond to anything, pay them or wait, your choice.

miumius

Thank you! 
That's what I was hoping, they had this long drawn out form on their website (moorcroft) that I wasn't comfortable with, so paying a nominal amount via bank transfer without any set agreement will do? 

As for Capital One - it's listed as default, I've not had any correspondence from them besides the usual your account is overdue - is there a risk in waiting longer if it's already in default? 

Thank you 

sourcrates

Capital One collections are very docile and slow to do anything, if its defaulted and you want to start clearing it, by all means get in touch with them, or you can wait until someone writes to you, which they must do by law, it`s your decision.