DMP mutual support thread part 13 !!

sourcrates

PRA Group, the debt purchasing company most apposed to discounts, has made a loss recently, well, not a loss exactly, just less profit than expected shall we say, and their response has been to off load debts at discount prices, just to raise capital.

PRA`s customer base couldn`t believe it when offers of 50/60% off were thrown at them.

So you never can truly predict what will happen in this game.

ManyWays

Have you tried asking for the CCA agreements for the debts that have been sold?

See

Credit agreements | Getting information | National Debtline

towerofsong

Hi everyone, I’m on a DMP and have been getting the usual arrears letters, however I did receive a letter from NatWest today with the words ‘formal demand’ and ‘action required’ stating that I have not fully repaid my arrears and the full loan amount needs to be paid now. Do I need to take action with this one? StepChange is dealing with my DMP. Thanks

AgentBigBoss

You don’t need to take any action if Your intention is to default this account. Unless You want to fully pay the loan.

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/82028741#Comment_82028741

Relax, its a statutory notice they have sent you, you are already taking action by repaying the debt via a DMP.

Unless you have the funds to repay the debt in full, there is no other action you can take now is there.

Just for the sake of any doubt, debt management is an informal debt solution, which allows you to repay your debts at a reduced rate according to your disposable income, you will get statutory letters the bank must send you under the terms of your agreement, this is all part of the default process.

Debtfree30s

hi all,

I filled in the Stepchange form yesterday and submitted, when should I hear back? Thanks

chrismoore1983

Hi all

New to this thread. I am about to start a DMP with stepchange. One of the loans (Nationwide) will be included in my DMP, I have a mortgage with them, will this affect me getting a new fix with them if I don’t want to make any changes for example borrowing more.

Thanks all

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/82061213#Comment_82061213

Should not affect you at all with regard to a new mortgage fix, with the same lender, secured debt is treated very differently to unsecured.

SpaceCadet12

In my DMP with SC - been a year feel like i am paying loads, I did my budget but feels like I am paying so much I have very little left at the end of the month. Is it meant to be like that? Suggesting the end is Aug 2030 and I am 13 months in. Feel like there is no end…..does the end come?

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/82067206#Comment_82067206

Simply re-work your budget if you feel you are struggling, stepchange will adjust your payments accordingly.

Have you done the standard CCA requests on relevant accounts to check enforceability?

Any of your debt due to unaffordable lending potentially? you have 6 years in which to submit affordability complaints.

Both of these moves can help lower your indebtedness.