Hi all

I have been on a DMP for 12 years.

I have inherited a little money and want to clear down the remaining debt.

I have written to all the creditors and made offers of approx 30% of the outstanding amount split proportionately between them.

The total outstanding is £7500 and allocated funds are £2500.

I could be pushed to clear in full if I had to, without borrowing, but would rather clear for significantly less.

I have so far received one reply from Cabot, the largest of the debts, refusing my offer, and suggesting I pay £3856 to clear.

I've listed below the debts and where they came from etc.

All defaulted in 2005.

What are my options?

1 - do nothing until all creditors reply

2 - make a slightly increased counter offer

3 - continue to pay till end of plan

4 - any other ideas

Creditor Debt Full and Final Offer made

Cabot (egg loan) £4,820.27 £1,662.23

NCO (Alliance & Leicester CC) £1,464.41 £504.99

Fredrickson (Capital One CC) £829.88 £286.18

Link (Egg CC) £135.15 £46.60

Thanks very much in advance

Have you sent CCAs to all those firms concerned?

No, is that the next thing before I do anything else?

I should also mention that the DCA's have changed numerous times over the years on all accounts.

CCA them all. If cabot are involved then youre being cash cowed. They do NOT collect enforceable debts.

cabot freds and link.

Get them CCA'd.

Btw who are freds collecting for.

They dont buy debts.

By a simple CCA request to each, you can very likely wipe out those debts and pay them absolutely nothing.

Are these on your CRA?

Are these on your CRA?

If you mean credit reference agency then no, the debts are 12 years old.

whos the DMP with

not a fee paying fleecers I hope?

No its with Stepchange, did manage to avoid the fleecers!

CCA everyone

looks like you've been cash cowed from day one

Stepchange never question the enforceability of anything

just recommend blindly pay up

How are you going with the CCA requests?

Hi, apologies for the late reply, work and health issues.

However I did finally get a response from Cabot (the largest of the 4 debts) stating they cannot get the information so the debt is unenforceable until such time that they can get it.

So, simply put, does this mean if I stop paying them, there is nothing that they can do?

I do expect the harassment would start again if I do decide to stop?

Any advice welcome, thanks in advance

Cabot dont chase enforceable debts.

As you said, dont pay them a single penny. Theyve been cash cowing you for years, knowing you didnt realise. Theres absolutely nothing they can do to make you pay until such as time that they come up with an enforceable agreement.

Thank you renegadeimp. I have changed my DMP to stop them getting any more money

Do I need to write to them and tell them anything?

I have been going through the paperwork I received back, I did receive one other CCA reply, from Capital One (DCA Fredrickson) with a "reconstituted" agreement, which comprises of a photocopy of my signature and date, and a print off of terms and conditions. The form is dated 2001, the printed off T&C's are undated. Any advice on this one appreciated muchly

should have stopped paying them a fortnight after you sent the CCA request.

As for the Freds response, does the recon document have the correct terms and interest rate stated on it? If missing the latter then it is duff and then the lack of date is immaterial. you could ask for evidenec that this is a true copy of the 2001 version rather than a later one. No harm done by doing so and they wont have anything to go by so will have to chase up the OC.

Hi, apologies for the late reply, work and health issues.

 

However I did finally get a response from Cabot (the largest of the 4 debts) stating they cannot get the information so the debt is unenforceable until such time that they can get it.

 

So, simply put, does this mean if I stop paying them, there is nothing that they can do?

I do expect the harassment would start again if I do decide to stop?

 

Any advice welcome, thanks in advance

make a new thread for each debt as paperwork come thru please

we need to SEE IT.