DMP & CCAs - going self managed?

amat6219

Hoping for some help / advice please! 

Been in DMP with payplan for 2.5 years. For 5 credit card debts.

3 are showing as in default and have been purchased, 2 are showing as up to date:

£4448 (now link) - opened originally 2016

£4072 (now PRA) - opened originally 2008

£2221 (now PRA) - opened originally 2021

£4133 (MBNA) - opened 2019

£4443 (Halifax) - opened 2016

£19,317 remaining

(Based on payments to payplan which I have a log of, the total amount left should actually be £17,504)

We feel like we are in a position to self manage now, and hopeful that the purchased ones are unenforceable 🙏🏼 

From the reading up I have done, we plan to stop paying payplan and request CCA’s from all 5, then put that money to one side in the hope of full & finals in the future. 

I think the purchased ones are likely unenforceable, but potentially the other two will be and so will self manage.

Questions I have:

*Do we let payplan know what we’re doing?

*Do we need to default on the two that haven’t before offering monthly payments?

*Will interest start to be charged on those two?

*Is my understanding re CCA and payments etc correct? 


Thank you all! 

(In a very different place to when I first came onto this forum in 2023 with £40k debt, but the help has brought us out of the dark and been invaluable) 

ManyWays

MBNA and Halifax, these two debts are not showing as in arrears or a payment arrangement?

(Based on payments to payplan which I have a log of, the total amount left should actually be £17,504)
either this is a reporting issue, or one or two of your creditors are still adding interest. Do you know which?

amat6219

I think it must be the two that are showing as up to date if so?

Those figures are the last reported ones on the MSE credit club credit report, we haven’t logged in to check actual balances since the DMP started because it was so anxiety inducing we just hid from it. Potentially if we log in to the various accounts they will match the figure I have?

ManyWays

I think it must be the two that are showing as up to date if so?
what exactly is showing on the credit report?

You can not rely on credit report numbers to be accurate. See if you can log into the accounts.

amat6219

IMG_0410.jpeg

they both say this

Rob5342

Do we let payplan know what we’re doing?

I would. It's much easier to have them doing all or nothing, things could get lost or missed if two of you are dealing with your creditors.

Do we need to default on the two that haven’t before offering monthly payments?

It's up to you. It would be cheaper in the long run as you could make a settlememt offer. You might also want to consider when the default would drop off compared to when the payment arrangement might drop off.

Will interest start to be charged on those two?

Possibly, but they might not charge you as you are already on a payment plan. I was on a payment plan with Virgin and they didn't charge interest between me stopping paying and them applying a default. If they do charge interest the chances are that it will be cancelled out by being able to make a reduced settlement offer later.

Is my understanding re CCA and payments etc correct? 

I wouldn't be so confident about them not being able to produce the CCA, the chance does reduce after debts have been sold on but they are still often found. In 2022 Link produced the CCA for an MBNA card I took out in 2017.Certainlly ask for the CCA if you are going to make a settlement offer, but treat it as a potential bonus and plan for them being able to find it.

ManyWays

I think you need to look at a more detailed credit report. One that shows the payments being made each month. Try the Experian or TransUnion Statutory credit reports

If there are no arrears there and you are still being charged interest, you can ask the lenders why interest has not been stopped and ask for a refund, also for a backdated default to be added.