IVA and Bankruptcy expense question

[P12345]

Hi all,

 

I have couple of questions about both IVA and BR, I am currently on DMP and been so for the past six years, total debt is about 24k, no property or any thing worth of any value!

 

1. When declaring I&E what are the guidance for a reasonable expenses? Do you have to provide a proof for every single expense??
   
2. I have to help my family abroad with a monthly payment of(£350) due to the passing away of my father couple of years ago! will they accept this as a reasonable expense?
   
3. Do they contact your employer to confirm your salary? how do they confirm your income?
   
4. In term of BR and if I have to pay IPO, does this change within the three years according to my change of circumstances or is it a fixed amount once declared within the Bankruptcy period?
   

[citizenB]

If you are planning on going Bankrupt, then I think you will be "interviewed" with regards to your expenditure.

 

I have attached the National Debtline fact sheet and it might be worth giving them a call to talk through your options. If they agree with you that this is an option then they will advise further.

 

You should ignore the first page of the attachment.

 

 

[ATTACH=CONFIG]48344[/ATTACH]

 

We also have a National Debtline advisor on the forum, I will send an S.O.S out for you, although I suspect they might not be available until the 27th.

[dx100uk]

might be an idea to list your debts

and whom your DMP is with too......

 

have you CHECKED via say a cca request to each of your creditors

tthey have a legally enforceable agreement against you.

 

IVA & BR are two things not to be considered lightly

esp if the debts are 'dubious'

 

£24k is a relatively small amount for you to be considering such drastic steps at this point.

 

dx

[P12345]

DMP is with Payplan, it been going great so far and only one creditor have refused the offer the remaining agree.

creditors are:

 

Barclays Bank

Cabot Financial (Europe) Ltd

CapQuest Group Limited

Fredrickson International Ltd

HSBC Bank

Link Financial Ltd

Natwest/RBS

Paragon Personal Finance Ltdl

Santander Cards Ltd

Santander UK Plc

 

I am currently on very low income being a student, all creditors have accepted the DMP except for Link Financial.

 

I know my income will increase soon in six months or so and I am happy to report that and pay more but worried that they might not consider the £350 which I have to send home to maintain my family abroad as reasonable expense!

 

I thought about BR because I have no property to lose and I am not in a profession that will be affected so I feel it will get me out of all this mess and start clean, again I am worried that I will have a problem with the IPO/IPA for the same reason mentioned above.

 

what do you mean by legally enforceable agreement? what if they don't? how does that change thing?

 

Thanks.

[dx100uk]

1. DMP is with Payplan, it been going great so far and only one creditor have refused the offer the remaining agree.
   creditors are:
    
   

   
   
   1. Barclays Bank
      
   2. Cabot Financial (Europe) Ltd
      
   3. CapQuest Group Limited
      
   4. Fredrickson International Ltd
      
   5. HSBC Bank
      
   6. Link Financial Ltd
      
   7. Natwest/RBS
      
   8. Paragon Personal Finance Ltdl
      
   9. Santander Cards Ltd
      
   10. Santander UK Plc
       

   I am currently on very low income being a student, all creditors have accepted the DMP except for Link Financial.

    

   I know my income will increase soon in six months or so and I am happy to report that and pay more but worried that they might not consider the £350 which I have to send home to maintain my family abroad as reasonable expense!

    

   I thought about BR because I have no property to lose and I am not in a profession that will be affected so I feel it will get me out of all this mess and start clean, again I am worried that I will have a problem with the IPO/IPA for the same reason mentioned above.

    

   what do you mean by legally enforceable agreement? what if they don't? how does that change thing?

    

   Thanks.

   what type are the debts please and when did you take each out?

    

   your appear to have several DCA's there your are paying

    

   2,3,4,6 you CERTAINLY need to CCA request.

    

   the thing with all DMP's is they never check the debt are enforceable

   if the dca's with those debts are listed as the OWNER on your credit file

   then you need to question WHY the original creditor sold the debts

    

   typically that means there could be something wrong the them

   esp things like PENALTY charges & PPI

   ever looked at reclaiming these too?

[P12345]

1. 
   

what type are the debts please and when did you take each out?

 

your appear to have several DCA's there your are paying

 

2,3,4,6 you CERTAINLY need to CCA request.

 

the thing with all DMP's is they never check the debt are enforceable

if the dca's with those debts are listed as the OWNER on your credit file

then you need to question WHY the original creditor sold the debts

 

typically that means there could be something wrong the them

esp things like PENALTY charges & PPI

ever looked at reclaiming these too?

 

They are all credit cards/unsecured loan I cant remember exactly when I took them all but between 2002 and 2008

 

I haven't claimed any thing on these accounts, shouldn't the DMP be advising on these thing? I was just so glad to have an DMP and reduce my payment at that time and never thought about it hard since then.

 

Should I discuss this with my case officer which I have appointment with after the break?

[P12345]

I looked at my credit report and I cant see most of the debts

The only one visible is the two Barclays and Link Financial

What does that mean? where did all the other debt go?

[citizenB]

They will only be reported on your credit file for up to 6 years after defaulting, so that could be one reason they are no longer on your file.

Some creditors dont report to the CRAs.. very few, but there are some.

[dx100uk]

poss means they were defaulted more than 6yrs ago

when a default reaches its 6th birthday

the WHOLE ACCOUNT is removed from your CRafile

NEVER to be able to return.

 

there you go

we've scratched the surface and already found some glary errors

that NEED to be investigated.

 

could be something

could be nothing.

HOWEVER, in my mind this casts SERIOUS doubt on your thoughs about BK/IVA.

 

right next step is to findout WHAT all your debts WERE

and WHO were the original creditors were

 

these DCA's don't give A MONKEYS how they get money out of you

all they want is to get it

so they can either POCKET IT

or keep some money to THEMSELVES.

 

NO CCA MEANS THEY DONT GET A PENNY!!

 

no enforceable CCA mate - BUGGER OFF!

 

in the trade we call it cash cowing.

now as I eluded too

most DMP providers be them free or paid for

don't give a monkeys EITHER.

 

they just take on spec what these people CLAIM you owe...

 

LINK are one of the VERY VERY worst..75% of most debt they collect

people DO NOT EVEN OWE!!

 

dx

[P12345]

mate, thanks for all your help!

 

I know the original owner of the debts:

 

Cabot Financial (Europe) Ltd, owns four accounts from:

Barclays Bank Plc,

Abbey Plc,

Sky(Barclays Bank Plc),

MBNA International Ltd

 

CapQuest Group Limited, HSBC (current account with overdraft)

 

Fredrickson International Ltd, Capital One

 

Link Financial Ltd, MBNA International Ltd

 

Paragon Personal Finance Ltd, MBNA International Ltd

 

What should I do next? should I send a CCA Request to all of them? Should I discuss it with my DMP first?

 

Most of these account are quite old? will they still have the credit agreement?

 

I really appreciate your help:)

[dx100uk]

mate, thanks for all your help!

 

I know the original owner of the debts:

 

Cabot Financial (Europe) Ltd, owns four accounts from:

Barclays Bank Plc, - if this is not a bank account send cabot a CCA request

Abbey Plc, - if this is not a bank account send cabot a CCA request

Sky(Barclays Bank Plc), - if this is not a bank account send cabot a CCA request

MBNA International Ltd- if this is not a bank account send cabot a CCA request

 

CapQuest Group Limited, HSBC (current account with overdraft) - send an sar to HSBC, when did you take this out?

 

Fredrickson International Ltd, Capital One - send freddies a CCA request

 

Link Financial Ltd, MBNA International Ltd DEF - send these fleecers an CCA request, sar to MBNA

Paragon Personal Finance Ltd, MBNA International Ltd - send them an CCA request

What should I do next?

 

should I send a CCA Request to all of them?

 

Should I discuss it with my DMP first?

 

Most of these account are quite old?

 

will they still have the credit agreement? - doubt it!!

I really appreciate your help:)

 

well baring the bank account, which could be an issue

as they don't need a CCa for that all looking rather suspect to me.

very few creditors sell a debt without a reason.

 

typically its because the debt is inflated by reclaimable PENALTY charges [late/over/returned DD, letter] FEES

all these are UNLAWFUL and can be reclaimed.

 

youll need the statements mind. from the OC via an SAR

 

you only need ONE sar per 'group'

so say MBNA you've 2 accounts of theirs, one will will co.

 

as for the multiple CCa request to say cabot, each in its own envelope

with a BLAMK £1 Postal order

 

as for payplan

 

pers I WOULD end the DMP with them.

 

there is NOTHING to stop you doing it YOURSELF!!

 

who a love a good happy xmas story

 

dx

[P12345]

Dx,

 

sorry to bombard you again with so many questions:

What about the other debt that is owned by OC:

 

Should I only send CCA to each of those?

 

Barclays Bank

HSBC Bank

Natwest/RBS

Santander Cards Ltd

Santander UK Plc

 

Looking on-line, the National Debt Helpline seem to be saying even if the creditor have failed to respond to the CCA, money have to still be paid and they can demand for it?!

 

All my debtors are very quite and have not heard from them for couple of years, they even accept payment as little as nothing, does that mean they have no intention of taking me to court?

 

Re: DMP, I will be scared to cancel it as Payplan has been paying my debtors for the past six years and managed to get them to accept very low payment, they do al this for free too!

[dx100uk]

someone you don't actually OWE money too

will gladly accept anything.

 

if the OC's debts are anything bar a bank account

 

then there is no harm in sending a CCA request

it is one of your legal rights.

 

DOEs the person demanding money ACTUALLY hold the legal paperwork.?

 

read the NDL stuff carefully

they can ASK for the money, but cannot ENFORCE the debt in court.

 

sorry but with my experience of the DCA's you have in your pack

 

i'd suspect cash cowing on several debts here.

 

ask yourself this question....

 

if you owed the OC all that amount of money..

 

WHY did they sell the debt on for pennies to a DCA and not take you to court.....?

 

PPI or PENALTY Charges I bet.

[dx100uk]

oh sorry and you say many of these companies have not written to you in years...

 

urmm... they are supposed to send you at least a statement ONCE every 12mts.

 

oh and payplan might be free, however..how do they make their money...urm..I wonder...

 

not funded by the banks are they...urm...ah yes they are....

 

theres no harm in QUESTIONING your debts

.

 

that what CAG is all about .......

[fkofilee]

This is an interesting set of debts here. DX is right, but even so, how long have you been with Payplan?

Good on you for trying to take control of your debts...

 

Cancelling your DMP right this second? I would advise against it, wait until you get ALL the CCA agreements back.

That is the best thing to do.