3 years into a DMP - is there anyway of clearing my debts sooner??

[mjkent]

Hi

 

I started a DMP with the CCCS 3 years ago when I had 21k of debt to pay off.

 

 

I still have about 11k left so about 4 years to go until I am debt free.

 

 

I've looked through the forums etc but I was just wondering if anyone had any ideas if I could pay this back sooner,

reduce my debts, IVA etc?

 

I am paying £274 a month with I can just about manage.

I am desperate to get this debt paid off asap but cannot afford more then £274 a month.

 

My debts are from 3 credit cards, 2 store cards, 2 overdrafts and a loan.

 

Also one question I have is regarding a lloyds overdraft I had about 4 years ago.

 

 

I had their top current account at the time and was able to apply to extend my overdraft online which was an instant decision.

 

 

I keep doing this as I was always short of cash and somehow over a period of about 2 years

I managed to get my overdraft limit up to......£6920, yes, £6920!!!

 

 

How did they let me do this?

 

 

is was an apprentice at the time so was earing between £11k-£18k at the time and renting a flat!!

 

If anyone has any advice or ideas I would very much appreciate it.

 

Thanks for your time reading this.

 

Mike

[firstship]

Who currently owns the debts the OC or have they been sold? Any PPI,? Are there any charges on the credit cards,store cards and loan?

 

List the debts along with the date of opening the account

 

CCCS (Stepchange) are a good and FREE organisation and very helpful in general,they will not help or advise you where your creditors cannot produce an agreement for the account,they consider a debt a debt and must be paid,although they will help with F&F settlements

[mjkent]

Hi,

 

Thanks for your reply. I'm at work and don't have my stepchange login details handy to list the debts.

 

 

Will do tonight if you don't mind keeping an eye on this thread.

 

Regarding the charges.

 

 

I'm almost certain that most if not all of the debts incurred charges during the time I had the accounts.

 

 

Either credit/store card late payments,

overdrafts in excess of limits,

missed payments etc.

 

 

I'm not sure if I ever took PPI but I guess I can try and find out.

[citizenB]

Your credit cards and loans, you should be able to reclaim charges - which could be used to reduce any balances. If there was any PPI on the loans and credit cards (or Card Protection on the credit cards) and if this was mis sold, then you should be able to reclaim that.

 

I don't think you will be able to do anything regarding the current account unless it was a mis sold package deal.

[sequenci]

Hello there. The IVA would be 5-6 years, as such I think it's actually going to be faster to continue doing what you're doing.

 

Make sure that:

a) You reclaim anything you're able to

B) That the interest and charges have been frozen

 

If your debts are pre april '07 you may wish to try the CCA route. If you've no idea what I mean by this just let us know and we'll expand.

 

Best wishes,

 

Seq.

[mjkent]

ok so I have the details of my debt. They are as follows

 

Credit/store cards:

OC - Home retail (homebase store card)

Now - Moorcroft debt recovery

Date opened - 10/03/08

Debt - £245.19

 

OC - Marks & Spencer Credit card

Now - Rockwell debt collection

Date opened - 12/04/06

Debt - £511.68

 

OC - Barclaycard

Now - Barclaycard

Date opened - 18/03/08

Debt - 604.59

 

Overdrafts:

OC - LloydsTSB

Now - Lloyds Bank

Date opened - 01/07/09 (This is according to my credit file but I had this account for many years prior to this date)

Debt - £3215.06

 

OC - Santander

Now - Debt managers Ltd.

Date opened - 12/02/09

Debt - £165.89

 

Loan:

OC - LloydsTSB

Now - Lloyds Bank

Date opened - 27/10/07

Debt - £5,080.08

 

Also I have relatively new Capital one and Vanquis credit cards which are defaulting now as I am stuggleing to pay these aswell as my DMP. Is it possible to now add these to my DMP? or would I need to set up a new one? the balances are both about £300

 

Thanks in advance for your help.

[mjkent]

Hi Seq.

 

Thanks for you reply

 

Is the CCA relating to debts that cannot be chased after 6 years? The problem with that is I have been making regular payments so does this still apply? any advice welcome.

 

Thanks

[mjk101]

With the debts that I have listed earlier in this thread. Is there any specific things I can do for each of these debts?

 

Thanks

[firstship]

The cards and store cards Pre april 2007 worth sending of a CCA request cost £1 this will determine whether they can produce a signed agreement for the account,where a DCA owns the debt repeat owns the debt make them do the work,if they are just looking after the account for the OC send it to the OC.

In my opinion for cards started after April 2007 not worth chasing for the agreement but well worth chasing for all charges,and all accounts chase for PPI if this was applicable.

 

The 6 years relates to Statute Barred,you have been paying them so that will not apply.

 

My concern outside of the above is you seem to be paying CCCS more than you can afford,review your outgoings and ensure you are covering every outgoing to the full and advise CCCS of the change in circumstances.

 

Not on the lecture circuit but going for Capital and Vanquis High interest cards not the best way forward

 

The best way forward is to run your own DMP and ensure you only pay what you can afford

 

FS

[mjk101]

Thanks

 

Will send a CCA to the older ones. Regarding the PPI, I no longer have any of the original paperwork so I do not know if I ever had PPI. How do I find out? CCA?

 

I have been paying £274 a month to my DMP with CCCS for a long time now and if i'm honest, I would like to reduce it becasue you are right, I am struggling to afford it. However, I am so desperate to clear the debt, I am reluctant to reduce the monthly payment. Urgh, hate debt!!!

 

Capital one and vanquis cards I got because 'I would not default one these this time'....that old story! Do you think it's possible to add these to my current DMP or would I have to set up a new one?

 

To make a claim for the credit and store card charges, how is the best way to go about it? Do I have to plead financial hardship? what would I be entitled to?

 

Sorry for all the questions. I've read a lot about these things on the web and I think i'm just confusing myself, hence why I started this thread.

 

Thanks in advance for your help.

[odetter]

Make sure your DMP has managed to freeze interest and charges otherwise you could be in for a nasty shock at the end of the DMP.

[mjk101]

odetter

 

The interest was frozen on all of the debts in my DMP. luckily as I have read a few peoples stories where they have paid back a lot more then the original debt.

 

Thanks for your input.

[odetter]

Personally not a great fan of DMP s the real beneficiaries are the creditors, not the debtors.

A lot of people would be better off going down the BR/IVA route.

A certain DMP provider is financed by the banks and receives a 9% commission on all payments.

That's hardly impartial is it?

[mjk101]

odetter

 

Yeah, I know what you mean.

 

When I started this thread, I was trying to get ideas of ways to pay my debt back quicker, if there was any way of getting some of it wiped off etc. But to be honest I don't know if any other solution is better then what i'm doing at the moment with my DMP.

[Coughdrop]

As at least 3 debts have been sold on, if you can get any lump sum together at all, it would be worth negotiating for a F&F with those ones. They will have paid around 10-20p per £1 for the debt, so if they bought it for 20p per pound and you offer a 30% or even 25% F&F they may accept, Often F&F's can be lower, though in your circumstances this may be tricky.

 

Is there a particular reason you are keen to clear them asap all of a sudden, or do you just want to be debt free?

[mjk101]

Hi.

 

I could try and see what offers for f&f settlement I could negotiate. Basically I have been in debt since I was 19, I'm 29 now and I'm sick of being held back from saving money for a future. I just want to be debt free asap.

[Coughdrop]

CCA requests are worth doing on those governed by the CCA as well, as if they can't produce the agreement even post 2007, you can bring pressure to bear.

 

Forgive the personal question, but are you able bodied and medically well? The reason I ask is it is occasionally possible to use medical conditions to write off debts - don't get your hopes up, but it is done.

[mjk101]

Will try the CCA approach first I think. Just to see what reaponse i get. I assume I will find out about any PPI too. I don't mind you asking. I am able bodied and work full time earning ok money.