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CreditFix vs PayPlan

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  • How old are the original debts? I speak from experience after paying a DMP 'managed' by PayPlan for 12 years from 2008 to 2020, during which time my debt reduced from £45k to £42k (spread over 9 accounts). I didn't have enough surplus income to warrant an IVA. Then somehow in July 2020 I found another option & 6 months later I am 'effectively' (BUT NOT MORALLY) debt-free. Before anyone asks I'm not here to sell anything - everything I say can be checked & there's a really good website called DebtCamel & National Debt Helpline which is where I got all my information. This course of action is particularly effective on debts that the original lenders have sold on to debt collection agencies or if the accounts relating to the debts were originally taken out a while ago (most of mine were from 2003 to 2005). You can write to your creditors under sections 77-79 of the Consumer Credit Act 1974 & request a copy of the Consumer Credit Agreement & full statement (there's a template letter on the National Debt Helpline website). This information has to be provided within 12 working days once you request it. DCA's are rarely able to obtain the information from the original creditor who will have sold the account for pence in the pound & written it off. If the DCA cannot provide this information to you, the debt becomes legally unenforceable. The creditor cannot take legal action against you & if you choose to stop paying it there is nothing they can do. I've done this with 9 old accounts, originally with Lloyds (2), Barclaycard, HSBC, MBNA, Mint, Egg, RBS, Santander & HBOS. All of the debts were sold on to DCA's including Cabot, Link, Hoist & Lowell. Since requesting copies of the CCA in August 2020, none of the DCA's have been able to provide the information for any of my old accounts. The accounts are all legally unenforceable although they still exist. The DCA's are legally allowed to contact me to request payment, but are NOT allowed to harass me (ie no more than 1 letter / call per month). Every call I get I just say I'm not paying as the debt is unenforceable. Check it out & ask if you want any advice. I'll happily help anyone who needs guidance. 
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
    SUCCESS THROUGH PERSEVERANCE.
    Flight delays - Vauban's Guide has been of immense help - please read it before posting questions - I'll be surprised if your answers aren't in there.
    April 2016 - successfully claimed €1600 from Thomas Cook for 6 hour delay in August 2015
    Old debt passed to collection agency? Issue CCA request & possibly have debt rendered unenforceable. Feb 2021 - £42 of old debt legally written off & cost £1 per account.
  • sourcrates
    sourcrates Posts: 31,490 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Yes we know.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • fatbelly
    fatbelly Posts: 22,919 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    That is correct but...

    National Debtline not National Debt Helpline
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