Advice needed

Rob5342

I'd suggest that you concentrate on getting yourself into a sustainable position first, then once you've done that you can look at affordability complaints. They can take a long time and success is far from guaranteed, so it's best not to pin your hopes on them as we just treat them as a potential bonus. 

Rob5342

glasstable said:

Rob5342 said:

Yes it's much better for your credit report in the long term if you wait for defaultd before starting payments. I think the guideline is 3-6 months of missed payments, some companies can be very good and default quickly but others make things very difficult and drag it out for ages.

Nationwide are stuck in the stone age whem it comes to their digital services and for some reason have little interest in implementing anything remotely modern. They are like a VHS rental shop in the age of steaming. If you don't like being with them then why not switch banks? Monzo and Starling are vastly better and have all sorts of useful features in their app.

The idea of having two SOAs is that you have one for yourself that you work from that includes money you save for settlement offers, and one your sent creditors to supports how much you actually want to pay them. Don't worry too much about the fabricated one, it just needs to look plausible so they can tick the "we've checked it's affordable" box. You don't always have to send one but if they make too much fuss or can be easier to shut them up.

Don't feel ashamed, lots of us here have been in the same position, I got into 44k of credit card debt and started a Dmp four years ago. Everyone hits a few rocks somewhere in their life, the important thing is that you have now faced up to it and with a bit of determination will be well on the way to sorting it out. 

Thanks for your response.  I guess I want to stick with a high street bank for peace of mind.  There is a branch local to me should I need to deposit money, change details or speak to a human. 

Fair enough if that's what's important to you, some people have multiple accounts for different purposes, but it's better to focus on your debts for the time being. 

If you are considering a DMP then it's best to bank with someone you don't owe money to due to the right of set off, so you are perfectly fine staying with Nationwide in that regard. 

sourcrates

Banks can be useless at cancelling CPA`s, and even if they manage to do it for one month, the lender can try again next month and still be successful.

CPA`s operate in two primary ways:

(1) Automatic payments, allows the merchant to take automatic payments monthly without the need for further customer authorisation.

(2) Standing authority, merchants must obtain customer permission to take payments.

Best advice is to stop using the bank account linked to the card the CPA is registered too, don`t leave any money in it, and that way they can no longer take payments.

Advice here: What is a Continuous Payment Authority? | Compare the Market

Rob5342

If you want to stay with Nationwide you could always open a second account there and use that.

SPM87

just get a new card and the CPA wont work anymore.. I also think the rules have tightened up on CPAs if you request them to remove the CPA ( the lender) they have to and cannot be trying to take the money out after I don't believe.

also, affordability complaints are just waste of your time in my view, your aim is to be worse case paying back a small% of this money you borrowed. You will already be serving your sentence of poor credit (the source of your pain to begin with) for 6 years.

JibberdyDacodo

SPM87 said:

just get a new card and the CPA wont work anymore..

A new card will NOT necessarily stop payments being taken, as I understand the FCA it depends on the card issuer. Far safer route would be to open a new bank account.

glasstable

Rob5342 said:

If you want to stay with Nationwide you could always open a second account there and use that.

I have just done exactly this.  It’s just annoying as the account the possible CPA is set up on is a basic account - an account I’ve been clinging on to due to its basic features and inability to go into overdraft etc.  I’ve had it for years.  

Altior

JibberdyDacodo said:

glasstable said:

ManyWays said:

I suggest an affordability complaint to both of the loans on your list.

Would an affordability complaint stand if loans were beginning of this year? I was already £20K in debt when I applied. Thought consolidation would work 😔

That is exactly what an affordability complaint is made for.

You are essentially telling the lender that they should have noticed you already had debt of £20k, and they should have considered whther you would be able to afford payments for even more debt.

I'm not saying that happened here, but if the borrower said they were using the loan to clear existing debt, it's not more debt. Presumably they would be in a better position than before the new loan, same level of debt, lower interest. Of course if the borrower didn't use the consolidation loan for consolidation, it's a bit different.

SPM87

JibberdyDacodo said:

SPM87 said:

just get a new card and the CPA wont work anymore..

A new card will NOT necessarily stop payments being taken, as I understand the FCA it depends on the card issuer. Far safer route would be to open a new bank account.

it literally does as what you think happens in the case of fraud. It certainly stopped all of mine also. 

sourcrates

SPM87 said:

JibberdyDacodo said:

SPM87 said:

just get a new card and the CPA wont work anymore..

A new card will NOT necessarily stop payments being taken, as I understand the FCA it depends on the card issuer. Far safer route would be to open a new bank account.

it literally does as what you think happens in the case of fraud. It certainly stopped all of mine also. 

I posted earlier in the thread of the different CPA`s available.

There are two types of CPA in use, if its a "standing authority", then obtaining a new card will work just fine.

However, if its an "automatic payment" you have set up, it won`t, it simply transfers to the new card and can be taken in just the same way.

You need to clarify with the creditor what type of CPA they are using, and then act accordingly.