DMP Mutual Support Thread - Part 12

Suseka97 · 11 May 2018 at 7:31AM

NeverendingDMP wrote: »

Sorry no idea how to quote.....

Below a post you'll see a line of icons and if you click on the orange one that looks a bit like a 'thought bubble' or 'balloon' it'll open up a text box with the quoted post and you simply type below that text. You can then both preview the post and submit a reply.

Weakmoments · 11 May 2018 at 7:49AM

Sirry if I am unclear PRA last year sent a reconstructed agreement and said it was unenforceable. Yesterday I received statements and asking me to call them. Which I did over the phone they have said it!!!8217;s enforceable. Should they notify me in writing that it has become enforceable again?

startsomewhere · 11 May 2018 at 9:57AM

Hi does anyone have any tips on dealing with Lending Steam?

sourcrates · 11 May 2018 at 10:32AM

Weakmoments wrote: »

Sorry if I am unclear PRA last year sent a reconstructed agreement and said it was unenforceable. Yesterday I received statements and asking me to call them. Which I did over the phone they have said its enforceable. Should they notify me in writing that it has become enforceable again?

Once a debt is deemed unenforceable, that status will not change unless they come up with the required paperwork.

Sending a statement once a year is necessary under the consumer credit act, and asking for contact from you, has no bearing whatsoever on the accounts enforcability.

In England and Wales, the creditor can still ask for payment, they can still report on your credit file, what they cannot do is enforce the agreement through the courts.

So they can ask you to pay, but they cannot force you to pay, usually you would send a letter stating due to the lack of a valid credit agreement, you will not be making any further payments to this account.

That normally does the trick, and they go bother someone else.

sourcrates · 11 May 2018 at 10:36AM

startsomewhere wrote: »

Hi does anyone have any tips on dealing with Lending Steam?

Hi,

You treat them like any other creditor, are they a special case or something ?

I get slightly irritated when people post asking how do you deal with such an such a lender, you deal with them like you would any company, its usually best in writing, but they all have to follow the same rules and regulations, none of them are above the law.

If they do not respond to you, as you would like, they all have individual complaints procedures, and you have the option of the FOS, if you remain unhappy, the same as any other FCA registered lender in the UK.

startsomewhere · 11 May 2018 at 11:29AM

sourcrates wrote: »

Hi,

You treat them like any other creditor, are they a special case or something ?

I get slightly irritated when people post asking how do you deal with such an such a lender, you deal with them like you would any company, its usually best in writing, but they all have to follow the same rules and regulations, none of them are above the law.

If they do not respond to you, as you would like, they all have individual complaints procedures, and you have the option of the FOS, if you remain unhappy, the same as any other FCA registered lender in the UK.

Thank you so much and apologies, I'm just little more concerned when it comes to dealing with them as opposed to credit cards etc. I'm just getting started with all this and am quite stressed - reading all your kind messages of support are really hopeful though.

sourcrates · 11 May 2018 at 1:11PM

startsomewhere wrote: »

Thank you so much and apologies, I'm just little more concerned when it comes to dealing with them as opposed to credit cards etc. I'm just getting started with all this and am quite stressed - reading all your kind messages of support are really hopeful though.

Yes i realise it can be daunting at first but creditors are obliged to treat you fairly, whatever the problem may be, there is a common misconception that they wont do this, and some are worse to deal with than others, that`s why sticking to written contact only, putting everything down on paper, and sticking firmly to your guns, is the recommended way to deal with anything to do with debt.

swimminginaseaofdebt · 11 May 2018 at 2:35PM

Afternoon everyone,

I've been on a DMP for the past 3 years and today I received a letter from PRA group offering to settle one of my debts at a 65% discount.

I'm in a position to accept this offer however I wanted to check the wording of their letter. It says 'your credit file will show default partially satisfied' and 'we will not pursue you for the outstanding amount which remains due'.

Is this ok or should I write back and confirm whether my credit file will show the account as closed and that no other company will take action to collect or enforce the debt?

Thanks in advance for any help

sourcrates · 11 May 2018 at 2:48PM

swimminginaseaofdebt wrote: »

Afternoon everyone,

I've been on a DMP for the past 3 years and today I received a letter from PRA group offering to settle one of my debts at a 65% discount.

I'm in a position to accept this offer however I wanted to check the wording of their letter. It says 'your credit file will show default partially satisfied' and 'we will not pursue you for the outstanding amount which remains due'.

Is this ok or should I write back and confirm whether my credit file will show the account as closed and that no other company will take action to collect or enforce the debt?

Thanks in advance for any help

Ideally it should say "we nor our agents will pursue you", but i think that would be acceptable.

Your credit file will show as a partial settlement yes.

DMP_Tiger · 11 May 2018 at 3:15PM

Hi all, after reading through a lot of this thread a DMP doesn't seem so bad after all. I have £32k of unsecured debt which I had been on top of until recently (no missed payments).

1) Obviously my credit file will be wrecked for 6 years but will that affect mobile phone contracts and insurance renewals if I pay monthly?

2) My parents sometimes give me cash gifts of a few hundred pounds, do I have to tell Stepchange if that happens or can I save them up over 2 or 3 years towards a full and final settlement?

3) I receive a regular monthly payment of £280 from an investment policy, do I have to tell Stepchange about that or can I spend it on nice things instead? I can't cash in the investment because it's in my father's name and only comes to me on his death.

4) The debts are all in my name so is it just me that has the DMP or does it have to be joint with my wife? She currently has no income so can't help the repayments in any way.

5) Is it best to go with Stepchange or Self manage?

Thank you

DMP Mutual Support Thread - Part 12

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