Have Set Up Token Payments... Next Step Advice Needed

[lakey1986]

Hi,

 

I am new here although have searched this web site many times and helped me to make huge strides into my debts. Firstly my position is as follows.

 

I own a property but is rented out and have moved back home in order to ensure the mortgage is paid, i also have a secured loan. both my mortgage and my secured loan are fully up to date.

 

I basically got into debt around 4 years ago and buried my head in the sand for a long time, last year i started to deal with things as the constant harassmentand letters were getting too much, and i was concerned about the security of myproperty.

 

The equity in my flat is negligible, if not negative. Anyway this is where i am and am looking for advice on how i move forward in the coming year to try and settle some of, and eventually all of what i owe.

 

American Express

£1093.95

Dealing With Moorecrfot

£10.00 PCM Agreed

Default Registered November 2011

 

 

Santander Credit Cards

£5902.74

Dealing With Fredrickson International Ltd

£12.50 PCM Agreed

Default Registered May 2010

 

 

Lloyds TSB Credit Cards

£3409.50

Dealing With SCM Solicitors

£12.50 PCM Agreed

Default Registered Dec 2010

 

 

Vanquis Bank Ltd

£691

Dealing With C.A.R.S

£5 PCM Agreed

Default Registered Nov 2011

 

 

Capital One Europe

£381

Not Assigned To DCA Wont Accept Payment Plan

£2.50 Token Payments Made Last 8 Months

Default Registered Dec 2009

 

 

Barclays Bank PLC

£1204

Dealing With Lowell Financial

£6.50 Agreed

Default Registered July 2012

 

 

Nat West PLC

£1000 Approx

Dealing With Moorecroft

£10 PCM Agreed

Cant Locate On Credit File

 

 

Lloyds TSB Current Account

£2162.65

Dealing With Credit Security Limited

£10 PCM Agreed

Default Registered Jun2010

 

 

Barclaycard

£5009

Dealing With barclaycard

£12.50 PCM Agreed

No Default Registered 6 Months Behind

 

 

There are also a couple of phone bills, and yes you guessed it pay day loanswhich are also on agreed payment plans, after a great deal of persistence.

 

I really need advice on how best to move forward, do i continue to stickwith the plans until the 6 years passes and the defaults come off my creditfile?

 

Do i attempt settlement offers on the older debts now or wait until they area bit older?

 

is there any advice on which ones i should focus on first?

 

I want to deal with my debts, there are a lot of reasons how i got here, butthe bottom line is i have a full time job now, and am getting back on my feet,but until i have dealt with everything there is no chance im moving back to myflat.

 

Any advice welcome.

 

I have full audit trail since decemebr last year with ever letter written and received and never discuss on the phone.

[citizenB]

On those accounts where there is a payment plan in place - have all charges and interest been frozen?

 

Were there any default charges for late or missed payments made on any of the accounts prior to you entering into the arrangements - if so you could either reclaim those charges or use them to negotiate a full and final settlement with the creditor.

 

Did you have any PPI on any of the accounts - could it have been mis sold ?

 

IMHO, I would be picking off the smaller debts first, then using what ever monthly money was saved to start on the next one.

 

Capone are the worse people to deal with. Check the default charges situation - reclaim if relevant then get shot of them if you can.

[lakey1986]

Once upon a time i attempted to set up a debt management plan which was in place for a while, and then i was made redundant again, putting a stop to that,after research i realised that i can actually do what the management companies do myself.

 

The accounts which i am making payments as per the plan the interest hasbeen frozen, i check my credit file every month and can see the payments coming off the defaulted balance.

 

I am sure that on nearly all the accounts there are going to be some significant charges applied prior to entering into the agreement, how would i go about getting these looked at? i obviously don’t want to prod the creditor too much as they are all leaving me alone at the moment.

 

PPI was only on my loan, which has been refunded and i used it to clear my mortgage arrears (which is now up to date)

 

capital one shouldn’t be much of a drama its only £380 odd quid so i can save that in a few months and just pay them off, strangely since making the token payments i have not heard a word from them, and it defaulted 3 years ago,ironically they are the only creditor where the debt currently stands at less than the original credit limit.

 

are there any proven methods for getting charges removed off accounts whichare already on a plan, i have acknowledged the debts as i quite clearly know they are mine, but if i can get a wedge taken off the overall balance it will only speed this process up.

Edited December 13, 2012 by lakey1986
formatting

[citizenB]

In order to claim any default charges - you will need to have all the statements on which the charges are shown.

 

You would then complete a spread sheet with the date and amount of charge

 

The spread sheets provided by CAG automatically calculate the 8% interest that you are entitled to.

 

If you dont have your statements, you can obtain these by way of a Subject Access Request - draft letter in the CAG library. You will need to send £10.00 with each request (unless more than one account held with one bank in which case, all accounts will be covered with the one £10.00).

 

They have 40 calendar days in which to provide this information to you.

 

If this were me, I would complete the spread sheets to see the value of the charges and see what difference it makes to the outstanding balance - if it is significant then you can either say byebye to the debt or perhaps negotiate a full and final settlement with the creditor using the charges and perhaps a small sum from your own finances. It is almost certain that where an account is still with the original

creditor, they will offset any refund against the outstanding balance..

 

I have attached the spread sheet you would need to use.. play around with some "pretend" figures and see what happens

 

 

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