CCA’s or Statute barred (prescribed debt) to try and end DMP

anonymouse8025

Good evening,

First post here but I’ve been a long term reader of the site.

I was looking for some advice if anyone is kind enough to help.

I’ve been on a DMP with PayPlan since 2008. Original debt total was £45k and the remaining balance is around £24k. I pay £100 per month. 

Many of the creditors have changed a few times over the years as debt has been sold on so I was thinking about requesting the CCA’s to see if any of them can meet the requirement. Only for the reason that I wanted to try and put an end to this once and for all.

If they can’t produce the required paperwork am I right in thinking that I can simply inform them that I will make no further payments and that I wish for them to stop contacting me? Could I even offer them 1p for every £1 I owe for full and final settlement or will they think there is a way they may get more from me?

I’ve also read a few people discuss the option of having the debt statute barred? Is this also an option given it’s been going for so long? I live in Scotland so it might be a prescribed debt rather than statute barred but I just wondered if it’s an option. 

Apologies if anything isn’t clear I just wondered if anyone knew what my options are to try and put an end to this. Some creditors have offered 40% discount on the debt for full settlement but I don’t really have any savings or spare money to make offers for full and final settlements. 

Thanks for anyone taking the time to read this and offering any advice.

sourcrates

Certainly send CCA requests, no down side to it, and yes, if they can`t comply, you can`t be taken to court to pay it.

Keep in mind the paperwork, if it still exists remains with the original creditor, so it may take some time to find it, the 14 days are just guidelines and not a definitive timescale.

You have been paying your debts so no, they won`t go statute barred unless you stop paying them for 5 years and then they become prescribed, as long as your creditors don`t take any legal action against you, as the limitation (prescription act) no longer applies once that happens.

anonymouse8025

Thank you that helps.

Do you think there is any benefit to me in the debt being so old? I don’t want to upset the applecart with my DMP/Creditors I just want to try and find a sensible way out after all this time.

I wondered if anyone knows how low a creditor will go on a full and final settlement amount if the debt is old and the cannot produce the CCA requirement? 

I know every case will differ but just wondered. 

Thanks

Rob5342

You can always make creditors an offer, but if they can't produce the cca there's no need to pay anything at all. If they can and you want to make an offer you'd probably have to offer more then 1%.

There are never any guarantees but I'd say there is a very good chance that they won't be able to produce the cca for a 17+ year old debt that has changed hands multiple times. 

Grumpelstiltskin

If they cannot produced the CCA you don't pay anything at all.

anonymouse8025

The only reason I was suggesting paying anything if they cannot produce the CCA is because the debt would still remain open wouldn’t it? Meaning it could follow me around forever? If I made a 1p in the £ gesture offer for full and final settlement then at least the matter is closed.

anonymouse8025

How long do creditors have to legally admit they cannot meet the CCA legislation requirements and confirm they cannot produce the documents? I would imagine they will avoid admitting it at all costs?

sourcrates

anonymouse8025 said:

The only reason I was suggesting paying anything if they cannot produce the CCA is because the debt would still remain open wouldn’t it? Meaning it could follow me around forever? If I made a 1p in the £ gesture offer for full and final settlement then at least the matter is closed.

anonymouse8025 said:

How long do creditors have to legally admit they cannot meet the CCA legislation requirements and confirm they cannot produce the documents? I would imagine they will avoid admitting it at all costs?

The debt would become prescribed after a further 5 years and would fall off your file 6 years after default regardless of what you do.

There is no statutory timeframe for them to admit anything, although guidance suggests if it cannot be supplied, they tell you so promptly.

anonymouse8025

Got you!! Now it makes sense 

Much appreciated sourcrates.

DankVielen

anonymouse8025 said:

Good evening,

First post here but I’ve been a long term reader of the site.

I was looking for some advice if anyone is kind enough to help.

I’ve been on a DMP with PayPlan since 2008. Original debt total was £45k and the remaining balance is around £24k. I pay £100 per month. 

Many of the creditors have changed a few times over the years as debt has been sold on so I was thinking about requesting the CCA’s to see if any of them can meet the requirement. Only for the reason that I wanted to try and put an end to this once and for all.

If they can’t produce the required paperwork am I right in thinking that I can simply inform them that I will make no further payments and that I wish for them to stop contacting me? Could I even offer them 1p for every £1 I owe for full and final settlement or will they think there is a way they may get more from me?

I’ve also read a few people discuss the option of having the debt statute barred? Is this also an option given it’s been going for so long? I live in Scotland so it might be a prescribed debt rather than statute barred but I just wondered if it’s an option. 

Apologies if anything isn’t clear I just wondered if anyone knew what my options are to try and put an end to this. Some creditors have offered 40% discount on the debt for full settlement but I don’t really have any savings or spare money to make offers for full and final settlements. 

Thanks for anyone taking the time to read this and offering any advice.

This comes down to one thing.

Do you have a job or credit agreements that need a shiny credit record?

You have been servicing this debt for 17 years, you could have stopped paying and let the 6 years accrue, but that 6 years won't start until to stop paying.

Why would you care about upsetting the applecart with your DMP/Creditors?

The only reason is an impending mortgage renewal or car replacement.

I owed around £90k all in, I had been servicing it, paid a lot of interest until I could not afford it, once I investigated it I found out they just invent the money and my credit would be trashed whichever way I went.  So I decided to no longer participate in credit.

I think my original plan was to wait until they sold it and the buyer offered me 60% off, well they waited too long and by that time I was in for a penny and so in for a pound.  I waited them out, one got a CCJ in year 5 but I did not find out for a while after, so I waited that out too. 

The sensible way out is to use the template in the sticky (which you say you did for at least one) for each of the debts.  Then wait it out, stop making payments until it is produced and do not be fooled by statements or similar nonsense. After than no more contact, no more payments, the clock will start counting down and you can use this site for further advice.

I did not pay a penny and I will not pay a penny, it is all statute barred, even the CCJ has gone to that great shredder in the sky.

ManyWays

The benefit from the debts being old is that it is less likely that they can produce the CCA agreements. I suggest you get on with that now, and then review what your options are in 2 or 3 months time when you have had a lot of the responses