Paying off DMP running over 13 years old
Options
Comments
-
Just an update.
Please be blunt and tell me what i should expect if you think i have set myself high expectations.
Balances are now down to a total of 15k. Im still paying this debt management company until I have sorted out what I am doing. I am only doing it for convenience (dons tin hat) dont want to upset the applecart by not paying just yet.
Oh before anyone screams at me yes it could be half of that had i not used the DMP company lesson learned there!
I was talking to someone and then subsequently researched this. Would anyone challenge the debt being unenforceable due to them being taken up prior 2007 doing a CCA request?
Im confused on how that would work and should I try it? Dont know how much that would upset things? Just confused.0 -
Credit cards and loans are consumer credit act debts so you are entitled to make s77-79 requests on them.
https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx
Do them properly and see what comes back0 -
Its one of your statutory rights to ask for this information.
If, a creditor cannot produce what they are supposed to produce, the debt may be unenforceable.
After you make the requests, the consumer credit act allows 14 days for compliance, after this time your accounts are automatically unenforceable in court until such time as they respond to you, however long that may be.
So always worth doing.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-letter0 -
sourcrates wrote: »Its one of your statutory rights to ask for this information.
If, a creditor cannot produce what they are supposed to produce, the debt may be unenforceable.
After you make the requests, the consumer credit act allows 14 days for compliance, after this time your accounts are automatically unenforceable in court until such time as they respond to you, however long that may be.
So always worth doing.
Some research I have read seems suggest once time has expired people have stopped paying until they comply.
Is that true?
Should I go down that route?0 -
Yes that's definitely an option.
However, if they come up with the paperwork at a later date the debt does become enforceable.
You could use that opportunity to suggest a small settlement deal, which is what you posted about in the first place.0 -
Debtfreewannabe1 wrote: »I have 3 creditors, Cabot (Egg) 2x Wescot (Lloyds credit card 7 loan)
Was the ex-Egg debt originally a loan or credit card (portfolio purchased by Barclaycard in 2011)?
And is the current owner Cabot Financial Ltd., Cabot Financial (UK) Ltd or Marlin etc. It may matter.
Are you sure the other two accounts are still with Lloyds not assigned to a debt purchaser because that's not always obvious when you're in a DMP especially if the same DCA carries on managing the account for the next owner ?
Was there PPI on any of these three accounts, or indeed on any of your other debts which you have now paid off? Or have you only ever had three debts in this DMP?
My feeling is negotiation is best conducted from a position of strength, so sending the s 77-79 CCA Requests to see if the debts are actually enforceable makes sense.
Di0 -
Im looking at all options now. Just want to pay back what is rightfully due. I know at some point I have been stung with stupid amount of charges for defaulting and interest added to the top before the interest stoppedWas the ex-Egg debt originally a loan or credit card (portfolio purchased by Barclaycard in 2011)? Loan
And is the current owner Cabot Financial Ltd., Cabot Financial (UK) Ltd or Marlin etc. It may matter. Cabot financial (europe) limited
Are you sure the other two accounts are still with Lloyds not assigned to a debt purchaser because that's not always obvious when you're in a DMP especially if the same DCA carries on managing the account for the next owner ? - I get lloyds statements but managed by westcot bit confused there
Was there PPI on any of these three accounts, or indeed on any of your other debts which you have now paid off? Or have you only ever had three debts in this DMP? - need to check these thanks
My feeling is negotiation is best conducted from a position of strength, so sending the s 77-79 CCA Requests to see if the debts are actually enforceable makes sense.
Di0 -
sourcrates wrote: »You could of had the same piece of mind for free with a debt charity.
Lesson learned me thinks.
Why not give them a piece of your mind so that you can have some peace of mind?
0 -
Why not give them a piece of your mind so that you can have some peace of mind?
Hmm - sourcrates may not have the best grammar skills and the use of 'of' instead of 'have' can be infuriating but I wish that I possessed half of his knowledge and willingness to help others in dire need of advice - as he consistently and tirelessly portrays.0 -
[quote=[Deleted User];74918014]Hmm - sourcrates may not have the best grammar skills and the use of 'of' instead of 'have' can be infuriating but I wish that I possessed half of his knowledge and willingness to help others in dire need of advice - as he consistently and tirelessly portrays.[/QUOTE]
It's a fair cop, guv!0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards