ACI Updraft

Genie10

I will do that this weekend. That will be all affordability complaints with the FO then so hopefully will have some idea of outcomes in a couple of months.

Thanks.

https://forums.moneysavingexpert.com/discussion/comment/81888712#Comment_81888712

https://forums.moneysavingexpert.com/discussion/comment/81886355#Comment_81886355

What is likely to show on my credit report? Will it tell you if the lender has sold the debt to ACI?

RAS

Your SOA would suggest and IPA of around £1500 a month, although you could increase a number of the items considerably without the IP batting an eyelid. A few might be regarded as generous.

I'd see how the affordability complaints go. Also stabilise your finances and stress test the SOA.

Financially, your bankruptcy won't affect your partner if you do not share any accounts.

But insurers often expect the presence of a bankrupt to be declared and increase premiums considerably. You might want to check the impact and discuss?

Any likelihood of it impact your job?

Genie10

Thanks Ras. I did think I could be more inventive with my SOA.

Does an official receiver view bank statements etc?

Would £1500 a month be for a year or do you think they would they likely want it for 3 years?

I had no idea about bankruptcy affecting insurance so thanks for that.

Thankfully it won't affect my job.

Many thanks.

RAS

If you are asked to make a payment, it will be for three years.

It could still be cheaper than repaying your debt.

But until you really know what that is after affordability claims, and calculate maybe settling at 50%, it difficult to assess.

Genie10

Evening all,

I am still unsure whether ACI are collecting on Updrafts behalf or Updraft have actually sold the debt to ACI. I wondered whether the email that I received today might shed some light on the situation to those who know far more than me!

The email from ACI read;

Unless you pay this debt in full, begin making payments that are appropriate to your circumstances or let us know of any reason why you are unable to pay, we may instruct one or both of the following companies:

1. Verify - a specialist reconnection agency. If instructed, they will visit you at your home address to confirm this is where you live and seek to put you in contact with us.

2. TM Legal - a firm of Solicitors who specialise in recovering outstanding balances via the County Court. If instructed, proceedings are issued and a CCJ is granted by the Court, your outstanding balance would increase as County Court Fees and fixed Solicitor’s costs would be applied.

I am still wondering if I should set up a payment plan with ACI.

Im fairly certain I am going to go the DMP route.

Updraft still haven't defaulted. My affordability complaint against them is now with the ombudsman.

Many Thanks 😊

Grumpelstiltskin

Ignore E Mails, texts, phone calls if they intend applying for a CCJ they have by law have to contact you by snail mail.

Don't worry about Verify, if they do turn up you treat them like unwanted religious door knockers, either ignore or say not today thankyou.

They are trying to frighten you into contacting them, don't fall for it.

RAS

The key word is may at the end of the first para. It they want to take legal action, they have to write to you. Verify has as much power as next door's cat.

ManyWays

ACI usually collects on behalf of the creditor.
I suggest you tell ACI that you are disputing the debt and the case is currently with the Ombudsman.

Genie10

https://forums.moneysavingexpert.com/discussion/comment/81964464#Comment_81964464

I remember reading that you shouldn't have any contact with the loan company as it delays them defaulting. Will this be the same with ACI do you think?

sourcrates

https://forums.moneysavingexpert.com/discussion/comment/81965941#Comment_81965941

Put that to the back of your mind for now.

A complaint about your loan agreement, is technically termed a "dispute", and whilst disputes are investigated, your account should be put on hold.

I would go with Manyways advice and inform ACI of the "dispute" and tell them to hold collection activity until it gets resolved.

That will at least give you some more time to organise yourself.

I`m guessing your debt has been assigned to ACI but the assignee has agreed to join the relevant assignor as a party to any enforcement action against you. 

If they had sold it, a legal assignment, the law of property act 1925 says you must be notified of the sale in writing, I`m guessing no such letter was received?