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

stu12345_2

so basically, folk get ccj's cos they ignore letters from debt companies etc, so the only way for these companies to figure out  what you can afford to pay, if anything , is for a court to force you to disclose your earnings and what you can pay.( but you then could have to pay the CCJ fees as well as what you can afford) so it seems best to contact the debt companies and state these figures, as if you know they are the same figures, you would show to a  court, then it makes sense to start showing your SAO asap.

sourcrates

stu12345_2 said:

so basically, folk get ccj's cos they ignore letters from debt companies etc, so the only way for these companies to figure out  what you can afford to pay, if anything , is for a court to force you to disclose your earnings and what you can pay.( but you then could have to pay the CCJ fees as well as what you can afford) so it seems best to contact the debt companies and state these figures, as if you know they are the same figures, you would show to a  court, then it makes sense to start showing your SAO asap.

Yes, is the short answer.

But you should always engage with a creditor in a manner that suites your needs rather than theirs, make them do what they are supposed to do, for example, provide evidence of your liability, prior to any discussion of potential payment.

Lots of posts for help on this forum start with the words "I buried my head in the sand for too long".

There are many and varied reasons why they do that, it can be overwhelming when you have numerous creditors constantly ringing and writing to you.

fatbelly

You need to differentiate between debt collectors (who act for someone else) and debt buyers ( who now legally own the debt).

You can completely ignore the former.

If you choose to engage with the latter, then we presume it is because you can afford to clear your debt in a reasonable period or by a lump sum settlement.

If you are in the position that you cannot afford anything then you should be careful not to give them clues about how they could enforce a court judgement. In many cases they will just take a commercial decision to let it go SB.

However you should always respond.to a formal 30-day pre-action letter.

stu12345_2

"If you are in the position that you cannot afford anything then you should be careful not to give them clues about how they could enforce a court judgement. In many cases they will just take a commercial decision to let it go SB".

what do you mean be careful?
what is SB?
if one of my debts eg, RBS credit card is now with moorcroft, does that mean moorcroft own the debt or are moorcroft acting as a debt collection agency for RBS.

Moorcroft usually becomes involved either to collect debt on behalf of other firms or where they have purchased outstanding debts to recover for themselves.

When asked, they should be able to confirm your total debt figure, that they have purchased your debt, or that they are collecting the debt on behalf of another organisation.

https://creditaction.co.uk/debt-collection/companies/moorcroft-debt-recovery/

" your account details have been passed to us by THE ROYAL BANK OF SCOTLAND GROUP to act as a collection agency and we will now be dealing with your account.
so does that mean moorcroft havent bought the debt and can only use debt collectors and have no power.

I also have an aqua credit card which passed to newday which then passed to link financial, who state  newday sold it to them and  has assigned  the rights, title and interest from Newday, and newday has no longer any interest in my account. and link will now administer may account.
 so are link a debt collector or have link bought the debt?

Rob5342

I was concerned about legal action when I started my DMP. After years of scraping the minimum payments together by any means I could think of for fear of legal action I was surpsrised at how slow things actually were. One of my debts didn't even default for 18 momths. When I sent a SOA to another one of them I thought they might question it and try and get me to pay more, but they actually questoned if I could actually afford it and said the food figure I had put down seemed a bit low. I have since found out some of my other debts are unenforcable, and I decided to pay less to that creditor and save more, but I just told them I'd be paying less due to increased energy costs without sending an SOA. I have enough saved to pay that one outright if I wanted to, but I'm going to wait a bit longer and try a full and final offer.

stu12345_2

Rob how long were you on the DMP? and how long into it before you questioned the agreements being enforceable or unenforceable?

Rob5342

stu12345_2 said:

Rob how long were you on the DMP? and how long into it before you questioned the agreements being enforceable or unenforceable?

I've been on it for just over two years now and it was after about a year when I started making CCA requests (as I only found out about them then)

I'd suggest you take things one step at a time..Stop paying so they default and then get yourself into a position where you have a sustainable plan to repay them through monthly repayments and full and final offers. Once you are there you could look at making CCA requests, if any are unenforceable you could put the payments into savings and then fall back to your repayment plan if the agreements are produced. You might then also want to look into making some affordability complaints. I got an £11k Nationwide credit card written off and £5k of interest refunded directly to me by making an affordability complaint. It took two years though and I had another four that were rejected so you should treat it as an unlikely bonus and have a plan to repay everything.

sourcrates

stu12345_2 said:

"If you are in the position that you cannot afford anything then you should be careful not to give them clues about how they could enforce a court judgement. In many cases they will just take a commercial decision to let it go SB".

what do you mean be careful?
what is SB?
if one of my debts eg, RBS credit card is now with Moorcroft, does that mean Moorcroft own the debt or are Moorcroft acting as a debt collection agency for RBS.

Don`t tell them anything they do not need to know.

SB -Statute barred.

Debt purchasing companies operating in the UK, who specialise in purchasing consumer credit debt, include -

Cabot Credit Management Group Limited,
Marlin Group, 
Arrow Global, 
Capquest Investments Limited,
Lowell Portfolio,
PRA Group (UK) Limited,
Hoist Portfolio,
Idem Capital Securities Limited,
Intrum UK Finance Limited (formerly First Credit)
Link Financial and others.

The list of debt collectors in the UK is massive, basically if the letter refers to "their client" then they are acting as collector not owner.

Rob5342

From you posted it sounds quite clear that Moorcroft are just collecting the debt and Link have bought it (assigned = sold).

Newday are a company that own the Aqua brand, so it has only been sold once. My Aqua card showed as Newday (Aqua) in the credit karma app and as Aqua in the Clear score app.

stu12345_2

looks like link and pra group are the only 2 that bought some of my debts