Final settlement PRA
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3011gillian wrote: »Thanks all, I know there are various loopholes and letter systems we can go through but tbh we borrowed the money (mostly interest free too) so My conscience wants to pay it back albeit with a reduced offer!3011gillian wrote: »They have declined the offer unfortunately, what would be the best course from here (as discussed were not doing CCA so can I kindly ask no more suggestions about that).
Hi,
A request for information under sec 77/79 CCA 1978 is not a loophole, or a letter system, and i dislike that terminology, as it paints a false picture, it is a part of your statutory rights, that you agreed to, when you signed the credit agreements for the debts which you now have.
What you are saying does not make much sense, you want a settlement, but you deny yourself the chance of the tools to obtain one, really your conscience has no place in business negotiations, you should leave that at the door, as your creditors undoubtedly will.
You have the right to a copy of your credit agreement, at any time, as long as a balance remains on the account.
You asked "what would be the best course (of action) from here" well that would be it, other than that, you are at there whim unfortunately.
Your creditors will use every piece of legislation at there disposal, and you should do the same, PRA will of paid around 10p in the pound for your debt, so your original creditor has already been paid back, they will also of benefited from tax relief on the debt, so they are happy, I would recommend you research how debt purchasing companies actually work, and how little they actually buy your debts for.
I wish you well in your negotiations .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 -
You’re right I don’t know how it was worked out! This is the set up below:
PRA (originally with MbNA) owe £2800 paying £106
Link (originally Barclaycard) owe £2800 paying £48
Wescot (was Halifax) owe £2500 paying £32
PRA (was mbna) owe £2300 paying £48
Hoist (was Tesco) owe £1700 paying £8
Capquest (was virgin money) owe £1500 paying £8
Plus two bar lays overdraft still with them so not passed on totalling £2k
Total owed just over £18k paying £456 a month estimated debt free Jan 2022.0 -
I guess it’s so they are all paid off at the same end point so the heighest debts got more each month which seems to de the case other than the Link/barclaycard one oddly!0
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[QUOTE=Suseka97;.
This will do two things - give you 'timeout' from your payments to them (they suspend collection activity whilst investigating) which would give you time to build up more money towards that F&F. If it comes back UE - you will have more leverage to get a good discount and can hold out for as long as it takes to get it. If it comes back enforceable, you've lost nothing and can then follow the advice to offer a low F&F and build on that through negotiation if necessary.
I have a UE with PRA and have not paid them anything since they confirmed it (some 6 months or so ago) and the last statement I received about a month ago has now offered me a 65% discount. The other 2 UEs are currently at the 20% discount mark. It's a waiting game -but one worth playing.[/QUOTE]
See this just sounds like massive stress, we have a dmp in place so they are automatically paid each month, if we don’t pay it will just complicate things with our dmp arrangement. I’d like to continue to pay our set amounts while it’s investigated is that possible???0 -
sourcrates wrote: »Hi,
A request for information under sec 77/79 CCA 1978 is not a loophole, or a letter system, and i dislike that terminology, as it paints a false picture, it is a part of your statutory rights, that you agreed to, when you signed the credit agreements for the debts which you now have.
What you are saying does not make much sense, you want a settlement, but you deny yourself the chance of the tools to obtain one, really your conscience has no place in business negotiations, you should leave that at the door, as your creditors undoubtedly will.
You have the right to a copy of your credit agreement, at any time, as long as a balance remains on the account.
You asked "what would be the best course (of action) from here" well that would be it, other than that, you are at there whim unfortunately.
Your creditors will use every piece of legislation at there disposal, and you should do the same, PRA will of paid around 10p in the pound for your debt, so your original creditor has already been paid back, they will also of benefited from tax relief on the debt, so they are happy, I would recommend you research how debt purchasing companies actually work, and how little they actually buy your debts for.
I wish you well in your negotiations .
Thank you I understand what you’re saying. With the CCA option I’d be worried (as above poster explained) about them stopping payments as were contacting them outside of our DMP. I’d rather the payments carried on until it’s settled is that possible? Then I could inform our debt management company that the debt has been settled and to redistribute the money we were paying to them.0 -
3011gillian wrote: »Thank you I understand what you’re saying. With the CCA option I’d be worried (as above poster explained) about them stopping payments as were contacting them outside of our DMP. I’d rather the payments carried on until it’s settled is that possible? Then I could inform our debt management company that the debt has been settled and to redistribute the money we were paying to them.
Once you make a CCA request, you are not obliged to make repayments, until its been satisfied, but there is nothing stopping you continuing with your DMP payments, should you wish to, you do what you see fit.
They must still comply with your request.
On another point, you refer to your "debt management company" this sounds suspiciously like its a paid for service you are using, and that would also account for the erratic amounts you pay to each creditor, can you confirm who you are using to mange your payments ?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 -
Just looking at the list the two barclays overdrafts are now closed accounts (but not passed to anyone else)
£1593 paying £38
£572 paying £75
We were going to leave these as they’ll pay themselves off soon enough. But I guess we could use £500 and pay off the smaller one or save a bit more to pay them both off if we can) so the £75/£38 gets redistributed to the others which would bring them down a bit quicker???0 -
sourcrates wrote: »Once you make a CCA request, you are not obliged to make repayments, until its been satisfied, but there is nothing stopping you continuing with your DMP payments, should you wish to, you do what you see fit.
They must still comply with your request.
On another point, you refer to your "debt management company" this sounds suspiciously like its a paid for service you are using, and that would also account for the erratic amounts you pay to each creditor, can you confirm who you are using to mange your payments ?
Thank you no it’s not paid for it’s Stepchange.
If we sent the CCA would they not automatically stop payments though?? Do they reply first with their findings and then leave it up to me to tell them I’m stopping or carrying on with payments?0 -
3011gillian wrote: »Thank you no it’s not paid for it’s Stepchange.
If we sent the CCA would they not automatically stop payments though?? Do they reply first with their findings and then leave it up to me to tell them I’m stopping or carrying on with payments?
Firstly, i`m relieved to see its stepchange your using, secondly, you mis-understand the CCA process, allow me to elaborate for you.
You send the CCA request to each creditor, individually, this has nothing at all to do with stepchange, you do not need to tell them, and your payments can continue as normal, nothing will change, all the creditor does is put collection activity on hold, whilst its been dealt with, all that means is they wont contact you for payment during this time, as you are already paying, that is irrelevant to you anyway.
It can take anything up to two years to find correct paperwork, depending on how old the debt is, if they can supply you with what is required, then they will do so, if they can`t, they should tell you that as well.
If they can, all well and good, you've only lost a pound for the privilege, if they confirm they cannot supply compliant paperwork, then that gives you options.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 -
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!!
Also daft question how do we pay the £1? We don’t have a cheque book with our account. Do they have general accounts I could transfer to or can I literally cellotape a pound to the letter and send special delivery?!?! ��!♀️
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.0
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