Cancelling DMP and dealing with DCAs

Rob5342

Fluffysocks23 said:

stu12345_2 said:

breathing space can only be set up via a debt advisor such as stepchange who then apply to the insolvency service on your behalf.
. and how do you know the debts with original lenders are enforceable without seeing the credit agreements which they may or may not have on their records.
only by applying for CCA requests will they prove it to you.
yes, normally when debts are sold on there is a better chance that the cca can't be found. but do a CCA letter to all debts except overdraft debt.

I thought that when you apply for a credit card/loan you sort of sign an agreement which is the CCA. 

Ok, so I will request a CCA from all the creditors and include a £1 postal order. Should I inform them prior to sending it that this is what I’m going to do? Also whilst waiting for them to reply should I stop payments or pay a token payment? I thought if I do so I will enter into breathing space to stop the interest whilst waiting for a reply 

You agree to the CCA when you take out a loan, and if the creditor wants to take legal action to make you repay the loan they have to provide that CCA. The reason for asking for it is in the hope that they will no longer have it it, if they can't produce it then the debt cannot be enforced legally and you can stop paying it. The CCA is held by the original creditor so any DCA that owns the debt will have to go back to the has been sold to will habe to go back to the original creditor to obtain. The older the debt is, and the more times it has been sold, the less likely it is that any DCA will be able.to.get hold of it.

There's no need to forewarn then, just send the CCA off with the £1 fee. Don't chase them afterwards, if they don't produce it within 12 days then the.debt becomes unenforceable until they do. I'd stop paying straight away, if they turn out to be unenforceable then you will have wasted that money, if they are enforceable then you can start paying later.

If a debt had defaulted then there won't be any interest. If it hadn't defaulted then stop paying until it has so it stops off your credit record sooner.

Fluffysocks23

Rob5342 said:

Fluffysocks23 said:

stu12345_2 said:

breathing space can only be set up via a debt advisor such as stepchange who then apply to the insolvency service on your behalf.
. and how do you know the debts with original lenders are enforceable without seeing the credit agreements which they may or may not have on their records.
only by applying for CCA requests will they prove it to you.
yes, normally when debts are sold on there is a better chance that the cca can't be found. but do a CCA letter to all debts except overdraft debt.

I thought that when you apply for a credit card/loan you sort of sign an agreement which is the CCA. 

Ok, so I will request a CCA from all the creditors and include a £1 postal order. Should I inform them prior to sending it that this is what I’m going to do? Also whilst waiting for them to reply should I stop payments or pay a token payment? I thought if I do so I will enter into breathing space to stop the interest whilst waiting for a reply 

You agree to the CCA when you take out a loan, and if the creditor wants to take legal action to make you repay the loan they have to provide that CCA. The reason for asking for it is in the hope that they will no longer have it it, if they can't produce it then the debt cannot be enforced legally and you can stop paying it. The CCA is held by the original creditor so any DCA that owns the debt will have to go back to the has been sold to will habe to go back to the original creditor to obtain. The older the debt is, and the more times it has been sold, the less likely it is that any DCA will be able.to.get hold of it.

There's no need to forewarn then, just send the CCA off with the £1 fee. Don't chase them afterwards, if they don't produce it within 12 days then the.debt becomes unenforceable until they do. I'd stop paying straight away, if they turn out to be unenforceable then you will have wasted that money, if they are enforceable then you can start paying later.

If a debt had defaulted then there won't be any interest. If it hadn't defaulted then stop paying until it has so it stops off your credit record sooner.

Thanks that make sense! 

Sorry if I sound stupid! Just trying to sort everything out!
The address I send the CCA to is it just the generic address from the creditor or is it a specific department? 

Rob5342

Fluffysocks23 said:

Rob5342 said:

Fluffysocks23 said:

stu12345_2 said:

breathing space can only be set up via a debt advisor such as stepchange who then apply to the insolvency service on your behalf.
. and how do you know the debts with original lenders are enforceable without seeing the credit agreements which they may or may not have on their records.
only by applying for CCA requests will they prove it to you.
yes, normally when debts are sold on there is a better chance that the cca can't be found. but do a CCA letter to all debts except overdraft debt.

I thought that when you apply for a credit card/loan you sort of sign an agreement which is the CCA. 

Ok, so I will request a CCA from all the creditors and include a £1 postal order. Should I inform them prior to sending it that this is what I’m going to do? Also whilst waiting for them to reply should I stop payments or pay a token payment? I thought if I do so I will enter into breathing space to stop the interest whilst waiting for a reply 

You agree to the CCA when you take out a loan, and if the creditor wants to take legal action to make you repay the loan they have to provide that CCA. The reason for asking for it is in the hope that they will no longer have it it, if they can't produce it then the debt cannot be enforced legally and you can stop paying it. The CCA is held by the original creditor so any DCA that owns the debt will have to go back to the has been sold to will habe to go back to the original creditor to obtain. The older the debt is, and the more times it has been sold, the less likely it is that any DCA will be able.to.get hold of it.

There's no need to forewarn then, just send the CCA off with the £1 fee. Don't chase them afterwards, if they don't produce it within 12 days then the.debt becomes unenforceable until they do. I'd stop paying straight away, if they turn out to be unenforceable then you will have wasted that money, if they are enforceable then you can start paying later.

If a debt had defaulted then there won't be any interest. If it hadn't defaulted then stop paying until it has so it stops off your credit record sooner.

Thanks that make sense! 

Sorry if I sound stupid! Just trying to sort everything out!
The address I send the CCA to is it just the generic address from the creditor or is it a specific department? 

You don't sound stupid at all, it was all new to me not long ago and it's only from going through the process that I know what I do now.

You can just use the general address for the CCA request, it should be sent to whoever owns it now.

Read the replies carefully as they always try and downplay what being unenforceable means. I've had statements.like "currently classed as unenforceable but remains collectable", or letters mentioning a special discount in big letters with a note about it being unenforceable tucked away in the contact us section.

stu12345_2

question-- who is responsible for producing a CCA if a  DCA is  managing the collections for a creditor, but they dont actually own it( eg they havent bought it). The CCA letter does go to the DCA, is that right and if the DCA cant get it from the original creditor who they are acting on, it becomes unenforceable.
Its just new readers may think that its only when a debt is SOLD that you do a CCA letter, rather than the fact a DCA that manages a debt is still responsible for producing the CCA 

https://debtcamel.co.uk/ask-cca-agreement-for-debt/

from debt camel--

• the debt can still be sold to another debt collector. Make sure you keep all the CCA agreement letters or emails so you can just tell the new creditor you asked for the CCA agreement on dd/mm/yy and you won’t be paying anything to the debt until it is produced.

When should you ask for the CCA agreement – and when shouldn’t you?

A lot depends on your exact debts, who the original creditor was, who the debt collector is, and what your other options are for tackling them. So there isn’t a simple checklist here.

How old is the account and has it been sold?

The older an account is, the less likely it is that a CCA agreement will be found. It’s the age of the account that matters, not how old the debt problem is. You may have defaulted on a catalogue account a couple of years old, but if it was opened in 2006 that’s well worth a try!

For a debt that is still with the original creditor, I wouldn’t bother asking for the CCA agreement unless the debt was VERY old or you are getting letters from solicitors about court action.

If a debt has been sold once it is less likely the current creditor can produce the CCA agreement and this gets harder the more times the debt is sold on.

sourcrates

@Fluffysocks23

You are getting lots of good responses here, but it can be a lot to take in all at once.

I would urge you to take things slowly, although there is a perceived sense of urgency presented by the debt collectors/creditors to get plans in place, truthfully that is not the case.

The debt collection industry moves very slowly in all honesty, the collection process itself can take many months and stretch into years on occasion, nothing happens fast is what I'm` trying to tell you.

You previously mentioned breathing space, you can quite easily take your own period of breathing space, 3 months/6 months, its entirely up to you, the collection process revolves around a set period of debt collection letters being sent, and calls that are made, if you fail to respond, then the account may be passed to another collector, and its rinse and repeat again, this may happen numerous times.

Some companies will follow the above process, some will quickly sell the debt to someone else, who will then continue exactly as above, only on a few rare occasions will a creditor decide to take legal action at this point, or make the threat of it, its all about watching what they post to you, but the general consensus is take your time, there is no rush here. 

And just one point on CCA requests, its an option for you as long as an outstanding balance remains on any of your CCA regulated accounts, but works best for you after the debts have defaulted, and have being sold on at least once.

Fluffysocks23

sourcrates said:

@Fluffysocks23

You are getting lots of good responses here, but it can be a lot to take in all at once.

I would urge you to take things slowly, although there is a perceived sense of urgency presented by the debt collectors/creditors to get plans in place, truthfully that is not the case.

The debt collection industry moves very slowly in all honesty, the collection process itself can take many months and stretch into years on occasion, nothing happens fast is what I'm` trying to tell you.

You previously mentioned breathing space, you can quite easily take your own period of breathing space, 3 months/6 months, its entirely up to you, the collection process revolves around a set period of debt collection letters being sent, and calls that are made, if you fail to respond, then the account may be passed to another collector, and its rinse and repeat again, this may happen numerous times.

Some companies will follow the above process, some will quickly sell the debt to someone else, who will then continue exactly as above, only on a few rare occasions will a creditor decide to take legal action at this point, or make the threat of it, its all about watching what they post to you, but the general consensus is take your time, there is no rush here. 

And just one point on CCA requests, its an option for you as long as an outstanding balance remains on any of your CCA regulated accounts, but works best for you after the debts have defaulted, and have being sold on at least once.

Yeah really helpful. Nice to chat with knowledgeable people! 

So my plan what I’ve completed so far: 
I’ve issued creditors mainly with irresponsible lending (still in the 8 week wait period until I can pass this on to the ombudsman) Fingers crossed! Especially on a loan I had with 118 Money who pretty much charged the same amount interest as the loan!

Next steps:
Cancel DMP 
Issue all creditors with a CCA - await replies
Pay nothing till I hear back. 

Work as much as I can to save for : A. An emergency fun and B. Build up funds for a F&F settlement later down the line 

Think that about covers it!
it’s difficult the waiting game- as I’m impulsive- hence all the debt!