my RBS bank loan CCA reply from moorcroft.

stu12345_2

got two letters yesterday. one said here are the CCA ,statements and terms and conditions you required about your RBS personal loan.
 it then  said account on hold until you contact us until 3 Jan . the other letter was they accept a £40 a month repayment on my RBS credit card , following my chat about my enforceable RBS credit card.
 so I will make  a payment plan for my loan. my question is when I was with stepchange , and not on my own I paid £70 a month for RBS credit card balance £3500 approx. but my RBS loan was £76 a month for balance £1650 approx 

why did step change have the repayment values almost the same, despite the balances so much different. I thought stepchange split your total repayments into   pro rata  amounts based on the balances owed.

or do they apply different rules to credit card debts to bank loan debts repayments

fatbelly

Stepchange are a bit odd and make payments relative to the contractual payment.

It's illogical

stu12345_2

yes, as I owe catalogue debt of £48 and step change took  £5 a month,!!
 so my point now, is I'm not going to follow their rules and just do a pro rata payment to my bank loan. eg say £20 a month , cos RBS accepted £40 a month on my credit card debt which has twice the balance  amount.
 moorcroft said on the phone last week  what they do is  put forward my proposals to the creditor and if RBS accepted £40 on my credit card instead of £70,( which they accepted ) then imo RBS should accept say  £20 on RBS bank loan debt which is half the amount of the offer I made for my double the balance  credit card debt with them.( or will RBS think differently)
despite the previous topsy turvy  higher contractual  amounts rules I paid for both via stepchange

so, if you're doing your own dmp, should you base your repayments not only on what you can afford but also the contractual payment rules, ( that step change follows)  OR should you just offer each creditor  what you can afford and a pro rata payment based on the total amount of all your total debts versus what % their size is and work it out according.?
 cos if so then £20 is a fair price to repay RBS loan, based on pro rata values and chuck step change  contractual method repayment style out the window and RBS rules along with it

I understand what you mean fatbelly, cos credit card contract was 5% min payment on balance, but bank loan was a fixed £153 over 4 years.

moorcroft also wrote if proposal is accepted, then moorcroft will contact me again in 6 months to see if my state of affairs hasn't changed.

Rob5342

stu12345_2 said:
so, if you're doing your own dmp, should you base your repayments not only on what you can afford but also the contractual payment rules, ( that step change follows)  OR should you just offer each creditor  what you can afford and a pro rata payment based on the total amount of all your total debts versus what % their size is and work it out according.?
 cos if so then £20 is a fair price to repay RBS loan, based on pro rata values and chuck step change  contractual method repayment style out the window and RBS rules along with it

The contractual payment is irrelevant. If a debt has defaulted then there is no contractual repayment, and if it hasn't defaulted you should stop paying until it does.

Just set the repayments according to your own budget and strategy.

fatbelly

Pro-rata payments is what a court would order so do that.

It's logical