Self managed DMP - do I start repaying now?

lea

I think they are. It doesn't feel to me like they are the original documents - more so ones they've reconstructed and pulled in all the details like my name and address and the interest rates etc, does that matter? Not that they've only supplied more recent statements? Thanks 

lea

Hello

I requested CCAs for all my defaulted credit cards. All providers were able to send me them, except one of the Lloyds credit cards which was a debt of just under £10k, so is currently unenforceable. This is the same debt where I got a very early settlement offer letter of £3333.

I am paying low token amounts to each of my enforceable debts (between £1 - £5 per week to each provider). Some of these debts won't be paid until 2080! These debts are now with Cabot and Lowell.

I'm wondering if there's anything else I should be considering now or I just keep paying these token payments and ignoring the Lloyds one?

Would it be worth sending affordability complaints or does that stir things up unnecessarily?

Thanks again for all your help and Happy New Year!

L

sourcrates

All token payments do is prolong the time it takes a debt to become statute barred, they are not really an acceptable long term solution.

Normally you would try and save a settlement fund in parallel with token payments, so that at some point in the future you can go to Cabot and Lowell and make low offers to get those debts off their books, once and for all.

I would not be at all concerned about "stirring things up" you should make all affordability complaints to the original lenders, see the debt camel website for details on how to do this, you only have a short time in which to make a complaint, so I would act now.

I would also CC in Cabot and Lowell, tell them what your doing, because as the new owners of most of your debts, any dispute you have should put accounts on hold until such time as the disputes are settled, so to re-cap, send complaints to original lenders, but also inform the new owners that the accounts they have bought are in dispute, and they should react by putting them on hold until all complaints are settled.

lea

Thank you for your response. The token payments are all I'm able to afford at this time but thanks for explaining that I should be saving towards settlement offers.

I'll put the affordability complaints in tomorrow and see what comes of them.

Should I be doing one to Lloyds too, this is the one that can't provide the CCA?

Thanks again 

ManyWays

I would be inclined to leave out the lloyds card, with the debt currently being unenforceable there is little benefit in a small amount being chopped off the debt, better to let the debt proceed slowly on to being statute barred.

The other cards, yes I think affordability complaints are a good idea, they may reduce the balance that needs to be cleared 

sourcrates

Yes I agree, forget the Lloyds debt for the time being, for all intents and purposes, its of little importance right now.

Look at getting reductions on those that are enforceable.

lea

Thanks both, much appreciated!

lea

I have one further question about the affordability complaints as I am writing the emails now.

Most of my debts were on 0% or low interest balance transfer rates so not a lot of interest was ever paid. It was when I got to the point where I was getting no more balance transfer offers that I could no longer afford the payments and I started my DMP pretty much immediately.

Is it still worth sending the complaints off if that is the case? I understand from the Debt Camel article that the possible outcome is a refund on interest, but if I didn't really pay much is it worth pursuing? Or am I misunderstanding this process?

Thanks in advance 
L

sourcrates

Yes, if your complaint is upheld, the usual redress is an interest refund, and possibly a removal of negative information on your credit file, so I guess its up to you to decide if its worth it to you, or not, to complain.