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dmp or iva

123457

Comments

  • sourcrates
    sourcrates Posts: 30,580 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Advantis will only be managing the debt on behalf of their client, they can`t and won`t be issuing an LBA.

    Sometimes you can give too much information to people, and it all gets mixed up, best to keep it simple and deal with what is happening, rather than what could happen.
    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
  • tp555
    tp555 Posts: 39 Forumite
    10 Posts
    UPDATE and a question please;
    Defaults have been registered on my credit file for 5 of 6 debts, and 2 of these have been sold (one to Lowell, and one to Cabot). The Virgin credit card debt has sent a default notice but the default is not yet registered on file and now they have sold it to Lowell too.  My question is should I sit tight and do nothing until any LBA's arrive? or ask them to provide proof of debt in the cases of the sold debt? Also I feel that my Marbles credit card which has a debt owing of £8.5k potentially has a case for irresponsible lending since I only ever just managed the minimum payment for years and they kept increasing the balance which I had to use in full each time just to keep afloat. If I was going to pursue this when is the best time? It's the order of action I'm not sure on. Thanks in advance for any suggestions.
  • sourcrates
    sourcrates Posts: 30,580 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Question for you instead, what do you want to do?

    Do you want to wait or start paying now?

    Its up to you in the end, and if you have an affordability complaint, get it sent now, don`t delay.
    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
  • RAS
    RAS Posts: 34,433 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do you want CCJs?

    Or do you want to make the payments that you choose to make?
    If you've have not made a mistake, you've made nothing
  • tp555
    tp555 Posts: 39 Forumite
    10 Posts
    Question for you instead, what do you want to do?

    Do you want to wait or start paying now?

    Its up to you in the end, and if you have an affordability complaint, get it sent now, don`t delay.
    I would like some more time to build up more of an emergency fund - and no, as RAS suggests above, I certainly don't want CCJs - I can only afford extremely low payments, I was wondering about just setting those up with the debts that have been sold. I take the note about making the affordability complaint and will do it. I wasn't sure when/or even if to send a CCA letter for the sold ones? 
  • RAS
    RAS Posts: 34,433 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    OK, in which case, get in with the emergency fund in the short-term. 

    You need to monitor your post rigorously, as you only get 14 days to acknowledge if the send a letter before action.

    And start reviewing your Statement of Affairs to ensure it is sustainable.
    If you've have not made a mistake, you've made nothing
  • tp555
    tp555 Posts: 39 Forumite
    10 Posts
    I have just heard from Shop Direct - a letter which says 'we have taken the decision to terminate this agreement due to the activity on your account. Your balance of £1894.26 will be cleared and your account will show as partially settled on your credit file. Your account will be closed by 30/11/24' They then say to cancel any payments - I haven't paid anything for the past few months. Can someone please tell me exactly what this means?. Will I still owe the  amount? And what is the legal meaning behind partially settled? If anyone could explain I'd be grateful, thank you.
  • sourcrates
    sourcrates Posts: 30,580 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 30 September 2024 at 4:39PM
    Standard generic letter informing you that they have taken a commercial decision to close your account and write off the existing balance.

    No you will not owe the money, as they are clearing the debt for you, partially settled has no legal meaning at all.

    Its just a way to mark your credit file in certain circumstances, for example when a debt is cleared by an offer of settlement, which is less than the outstanding balance, or as in this case when a debt is written off/cleared by the company itself, rather than by the debtor.
    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
  • RAS
    RAS Posts: 34,433 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Great news. Your balance is reduced, at no cost.
    If you've have not made a mistake, you've made nothing
  • tp555
    tp555 Posts: 39 Forumite
    10 Posts
    Thank you - that really is good news. I've just looked at my account with them and it looks as if they refunded some interest around £370 so this was a credit, then two weeks later it was added back on - so maybe they thought I made a payment?? 
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