Is it time for a DMP or try to ride the storm?

Lolly18

Just read this full thread as I am in a very similar situation and just starting out!

good luck and I’ll be following as you progress 👍🏼

CurlyTop11

I have now sent a CCA request to PRA who have purchased my Barclaycard debt. They have acknowledged this to say it has been requested and account frozen etc.

I have then received an offer letter from PRA straight away, which I assume is standard practice if they receive a CCA request. It doesn't say what the offer is, it just says please call to discuss the offer further.

I won't be doing this until/if they provide debt details. Just thought it was interesting how quickly they sent an offer letter after a CA request.

lea

I am just starting my similar journey this week - have cancelled all my credit card direct debits, so this thread is really helpful and answers many questions I had been worrying about in my head. Thank you!

freshstart2023

CurlyTop11 said:

I have now sent a CCA request to PRA who have purchased my Barclaycard debt. They have acknowledged this to say it has been requested and account frozen etc.

I have then received an offer letter from PRA straight away, which I assume is standard practice if they receive a CCA request. It doesn't say what the offer is, it just says please call to discuss the offer further.

I won't be doing this until/if they provide debt details. Just thought it was interesting how quickly they sent an offer letter after a CA request.

Don’t know if it’s standard practice as I certainly didn’t receive one. I did a CCA request with PRA for a barclaycard a few months ago 

CurlyTop11

Hi all,

Just a little update for anyone interested/who it may help:

All of my debts have now defaulted. Barclaycard has been sold to PRA and Lendable has been sold to Lantern. I have done a CCA request on both of these.

My RBS debt is now being managed by Westcot. I have received correspondence from Westcot with regards to setting up a repayment plan.

I just have a couple of questions below if anyone can input please:

- Is it better to make repayments via Westcot, or should I do directly to RBS? Westcot seem to want income and expenditure details. I assume to see if I can pay more.
- Am I right in saying I should now start to pay the defaulted (and unsold, therefore no CCA request) debts directly to the creditors? Can I just set this up or do I need to email them and agree it first?
- I have previously emailed Zopa saying I am going to pay £x as this is an affordable amount for myself. They have been emailing for me to set up a payment plan, to which I have said I don't want to give them income and expenditure breakdown (awaiting reply).

I just want to ensure I don't make any obvious errors at this stage. I would like to get smaller affordable payments set up, whilst trying to save for offers.

Thanks as always

freshstart2023

Hey, I am no expert but my debt with Tesco Bank just defaulted and was passed to Westcot. I received a letter from them with their bank details on the back so I just used my banking app to set up a standing order quoting their reference number. I did receive a text from westcot today though with a link to set up a plan. There is the option to complete the I&E form but there is also a button to continue without I&E. have you received this text yet? 

stu12345_2

set up standing orders with the creditors or the debt collection companies, you do not have to give an income and expenditure form to them.

you are not required on a dmp. no law forces you, it isn't an iva or bankruptcy, pay westcot, not rbs

creditors want income expenses so they can see you are not overpaying as to prove they are an understanding company 

you can find the sort code and account number on any of your bills, set it up at your bank use your debt reference number or loan credit card number as your reference so they know where the money is coming from.

never set up a direct debit or a recurring card payment plan

only start paying defaulted debts

CurlyTop11

Thanks both. I will set up the relevant standing orders and also do it directly with Westcot.

@freshstart2023 you are correct. I can set up on Westcot without the I&E. I had to click through a few times for my phone to show the full screen.

freshstart2023

I set up my standing order yesterday and only received the Westcot link today, I clicked it just to see what the options were, I’m sure it gave 2 payment options after clicking to proceed without the I&E but I’m not actually 100% sure if SO was one of them? I’ve set mine up for the 1st of each month so will see what happens next…

I did a CCA request to PRA too in January for a barclaycard debt. I received the initial acknowledgement but nothing since..

CurlyTop11

@freshstart2023 have Wescot come back to you on this? I followed the link to set up a repayment and they said it was too low, and I should contact them to run through I&E. I just set up as a % of total repayment against total debts which I worked out. I didn't actually think it was that low. I am tempted to just set up a standing order and see if they say anything.

Also, I have now set up a repayment plan with Zopa (after default). I initially just set up a standing order but they kept emailing me saying I must set up a repayment plan. They have now done this, but they have emailed me to say it has been set up and "interest will continue to be applied to your account during your repayment plan".

A couple of questions please for anyone:

1) I was under the impression that once defaulted, interest couldn't be applied?
2) Will this now go on my report as a payment arrangement even though the debt has already defaulted? I know it shouldn't, but just thinking as they have said interest will still be applied.

Thanks all