Final settlement PRA

13

Comments

  • sourcrates
    sourcrates Posts: 28,845 Ambassador
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    3011gillian wrote: »
    Is it likely they would respond quickly to say they have it or don’t or is the two years likely!!

    Also daft question how do we pay the £1?

    In the meantime as we have been given the £1k to clear debts should we just pay off the smallest one £572 (still with original Barclays) in full? That would at least be one settled in full and would give £75 to distribute to the others via the dmp each month.


    It is anyone's guess how quick the response would be, depends on so many factors, to be honest, the longer it takes the better, and i will tell you why, there is legislation contained within sec 77/79 of the consumer credit act, which states :


    (1) The creditor under a regulated agreement for fixed-sum credit, within the prescribed period after receiving a request in writing to that effect from the debtor and payment of a fee of [£1], shall give the debtor a copy of the executed agreement (if any).


    and the penalty for non compliance is :


    (4) If the creditor under an agreement fails to comply with subsection (1) (above) —

    (a) he is not entitled, while the default continues, to enforce the agreement;


    So whilst the request is outstanding, they cannot take legal action against you, should they of felt compelled too.
    So all these little parts of the CCA add to your protection you see.


    You normally pay the £1 by obtaining a postal order from the post office.
    Its up to you what you do with the money, personally i`d be tempted to hold on to it as a back up plan.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Suseka97
    Suseka97 Posts: 1,562 Forumite
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    3011gillian wrote: »
    Oh that’s good then I just went off someone above saying they stop payments while they investigate but I guess they meant if you’re paying them directly or they’re chasing for any kind of payment.
    Is it likely they would respond quickly to say they have it or don’t or is the two years likely!!
    In the meantime as we have been given the £1k to clear debts should we just pay off the smallest one £572 (still with original Barclays) in full? That would at least be one settled in full and would give £75 to distribute to the others via the dmp each month.

    That would be me :)

    I chose to stop making payments whilst waiting for the CCA compliance outcomes... that was my choice and it allowed me to build up a decent F&F pot. That's what a lot of folks do and why they do it - but as Sourcrates has already said, it's totally up to you if you want to continue to pay them via your DMP. As for your comment about non payment causing stress - for me, it didn't -but I can tell from your posts that for you it would. So continue on in whatever way works best for you.

    In terms of timescales - it took the DCAs around 6 months before paperwork started to drift back to me, during that time I received no letters about collection activity from either of them. I paid by postal order and one DCA returned them and the other took the £1 off the balances.

    As for the £1000 - you could either hold onto it for now, or set it against one of your debts if you'd prefer to do that.

    Ultimately these are your debts and how you manage them is totally up to you, but whatever you do - I wish you luck.
  • NeverendingDMP
    NeverendingDMP Posts: 1,737 Forumite
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    I used to be with stepchange and had no issues and they are a great help. I chose to go self managed earlier this year as I wished to have the option of CCA request/ settlement offers and in all honesty because it was beciming a nightmare trying to review my budget with them as DH won't get involved. Anyhow I digress. When I left stepchange they advised me to use the following formula to work payments out when I need to change my budget.
    Individual debt (eg pra) times surplus available divided by total debt.
    This is the formula on the national debtline website and is accepted and recognised by debt companies. I'm not suggesting you go self managed if you don't want but your payment would be distributed completely differently using this formula. Odd I know but stepchange work it out completely differently.
    Also if you wanted to use your money to pay your smaller debts I've found that most companies will go down to 65-85% if the total owed pretty much straight away if you ask for a figure but if you start lower you can haggle your way to perhaps 50-60%of what you owe, and even less if you have leverage.
    Just some thoughts. Wishing you well in your journey.
    Jan 18 Joint debts 35,213 - March 24 16.6k
    Mortgage Jan 18- 77224 Dec 23- just under 69k
  • NeverendingDMP
    NeverendingDMP Posts: 1,737 Forumite
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    For example for your prayers.
    2800owed X 456 which is your monthly surplus divided by 18000 owed equals a payment of 70.93 per month.
    Baffling how different it is I know. I was very surprised by the difference in my payments.
    Jan 18 Joint debts 35,213 - March 24 16.6k
    Mortgage Jan 18- 77224 Dec 23- just under 69k
  • NeverendingDMP
    NeverendingDMP Posts: 1,737 Forumite
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    Predictive text aaaaargh. For your p r a debt that should say not prayers .
    Jan 18 Joint debts 35,213 - March 24 16.6k
    Mortgage Jan 18- 77224 Dec 23- just under 69k
  • sourcrates
    sourcrates Posts: 28,845 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    NeverendingDMP wrote: »
    Predictive text aaaaargh. For your p r a debt that should say not prayers .


    You can use the edit button.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • 3011gillian
    3011gillian Posts: 136 Forumite
    One more question about the CCA letter, just occurred to me this £1 fee...is that still required under the new GDPR regulations?? Are we not entitled to request the info without the fee?
  • sourcrates
    sourcrates Posts: 28,845 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    3011gillian wrote: »
    One more question about the CCA letter, just occurred to me this £1 fee...is that still required under the new GDPR regulations?? Are we not entitled to request the info without the fee?

    No, different legislation.

    Subject access requests are now free.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • 3011gillian
    3011gillian Posts: 136 Forumite
    sourcrates wrote: »
    No, different legislation.

    Subject access requests are now free.

    Thank you! Worth asking I guess, I feel pained to go and stand in our local post office for postal orders for £1 then pay for the stamps too ha ha
  • January2015
    January2015 Posts: 2,369 Forumite
    First Anniversary First Post Combo Breaker
    sourcrates wrote: »
    No, different legislation.

    Subject access requests are now free.

    Thanks for this Sourcrates - I had missed this change in the legislation.... and as it happens I need to help a relative make a SAR this week :beer:
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k :eek: Now debt free and happy :j
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