Self managed DMP - do I start repaying now?

lea

Hello all

I've sent CCA letters for all the debts that are now with debt agencies. 

All have sent holding letters saying they are searching for this info, apart from Moorcroft who have written saying they enclose a copy of the agreement and statement (for my HSBC credit card).

Can I please ask, what am I looking out for? It's an agreement from when the account was opened in 2019 but it's not signed. Is this an issue? They've also enclosed statements going back from the account opening in 2019 to last year, when I defaulted.

What are the next moves please? The letter from Moorcroft says 'your account will remain on hold until 02/08 to allow you time to consider the information provided and let us have your proposals for settlement.'

This debt is £5975.08.

Thanks for your time,

sourcrates

Sounds like its compliant, no requirement for a signature, as long as the name/address and financial details/terms and conditions etc are all there it will be compliant.

A copy agreement is only required to show the most basic details, yet still some lenders can`t produce one or send a very poor copy in response.

lea

Thank you - so I can offer to pay an amount I can afford now for this one?
I've stopped paying all others, pending them sending through the CCAs.

Thanks 

tigergambit

lea said:

Thank you - so I can offer to pay an amount I can afford now for this one?
I've stopped paying all others, pending them sending through the CCAs.

Thanks 

Not exactly. You TELL them how much you can afford, bearing in mind that it should be proportional and calculated on the assumption that all your other debts will also provide valid CCAs. 

No offering or negotiating.

RAS

Just checking that this debt has defaulted (showing as D on your credit record).

lea

Yes, this debt is showing as defaulted. They all are now, I stopped paying all around May / June 2024.

Thank you for your reply.

Rob5342

Personally i would pay them less than you can afford and save some money each month to use to make a settlement offer later on. 

tigergambit

Rob5342 said:

Personally i would pay them less than you can afford and save some money each month to use to make a settlement offer later on. 

@lea

Yes, this is the reason why you should keep two SOA s. The first is a true reflection of your circumstances, allowing comfortable expenses. You then create a second which should show less than half the surplus as you have increased expenses to a higher level. You use this surplus to calculate payments to creditors and save the difference to your emergency / settlement fund. You can also show this second one to any creditor who insists on seeing it ( but only as a last resort).

lea

Hello again

Today I've received correspondence from Lowell in respect to two debts now with them and my CCA requests: 

MBNA credit card
A typed copy of an agreement taken out in January 2013 plus statements from November 2023 onwards only. No signature, the agreement was signed by me ticking a box.

Virgin credit card
The same copy of the above agreement but this one taken out in August 2013 and just has the Virgin company info on it and their interest rates etc. Statements from July 2020 only. Again no signature, just a ticked box agreement 

Can you please tell me what I should be looking for to see if these debts are now enforceable and should I start repaying these again?

Thanks so much 

sourcrates

Name/address/financial information/terms and conditions all should be there.

No signature is required, they don`t have to supply much for it to be acceptable.