Dealing with debts, first steps, full and final

[bright_future]

Had a good job, career, home, money, etc.

Then had a prolonged period of inactivity, debts piled up, not opening letters, spiral of anxiety and stress. blah, blah.

 

Now, for past year or so, been earning, and getting back on feet.

 

Looking to start paying back, and deal with all my debts.

Have done as much due diligence as I can, and need some pointers.

 

I have a number of creditors, with debts totalling around 45K.

Have been paying token payments of £1 to most, some more.

 

Looking to get StepChange advice and help.

But also need some idea of full and final offers to really motor down the debts.

 

So, as a starter, here are some of my most pressing questions:

 

1: I am having difficulty filling in my Income and Expenditure, as my income fluctuates.

(I am working freelance, as am probably too old to be employed by a company.)

I am wary of entering payment schedule and failing. Prefer to keep paying token amounts, then offer surplus every 6 months or so.

Would creditors go for this?

 

2: I understand the first step may be to get CCAs from my creditors.

Are there any downsides to asking for CCAs?

Would creditors sense that I am trying to wriggle out, and go for asking for more, or get heavy-handed?

 

3: Are CCAs only for debt companies, or even the Originating creditor?

(some of my debts have been off-loaded to debt-companies.)

 

4: What is the purpose of SARs?

How does that help me?

I understand they might be for finding penalty fees, etc?

I know I accrued a lot when I couldn't pay any amounts when I started my downhill slide.

 

5: When offering Full and Finals, do I go for the biggest first?

 

6: I have been sold from one debt-company to another on some debts, I dont know what I am paying for on some of the payments!!

Can I just phone them up and ask where the original debt comes from?

(I have signed up with noddle, and got my list of creditors and credit file, so I have a starting point.

 

I have been reading this forum for a few days, and have built up some knowledge, and seen how helpful this site can be.

I would like to ask for some help in taking the first steps for an eventual bright future.

 

PS: would it be ok to list my debts (with some fudging to protect myself) as a starting point?

[dx100uk]

yes sure list your debts

 

have you looked at your credit file?

 

if you don't know what you're are paying for then a CCA request them now!

 

dx

[BRIGADIER2JCS]

Hi Welcome to CAG,

Are any of your debts with debt collection agencies?

Have you checked credit reference files yet. Would help to see the ages and default dates of the debts.

CCA requests to see if agreements exist first.

Do not deal with these debts on the phone for any reason, even if you can record calls, you need a paper trail.

 

 

Yes please list the debts:

 

 

Original Creditor......

DCA.......

Amount OS £.....

Start Date........

Default Date......

Arrangement to pay?

[bright_future]

Thank you for replying to the thread.

 

In no particular order: source of info: noddle.

 

Original Creditor...... Alliance + Leicester CC

DCA....... Arrow Global ( I think this one has gone round the houses, eg, once was through Moorgate, etc)

Amount OS £..... 16,500

Start Date........ 01/08/2005

Default Date...... 31/01/2011

Arrangement to pay? £1 token amount

 

Original Creditor...... MBNA CC (I think!)

DCA....... Arrow Global

Amount OS £.....8,100

Start Date........ 01/09/2004

Default Date...... 30/11/2010

Arrangement to pay? £1 token

 

Original Creditor...... Co-Op CC

DCA....... Frederickson

Amount OS £.....1,400

Start Date........01/12/2001

Default Date......01/09/2013 (I was paying £1 token. I guess they got tired, and sold onto Fredo)

Arrangement to pay? £1 token to Fredo

 

Original Creditor...... Mint CC

DCA.......still with Mint

Amount OS £.....1,600

Start Date........01/01/2006

Default Date......01/10/2010

Arrangement to pay? £2 token (they have been very nice to me, and helpful)

 

Original Creditor...... Barclaycard

DCA....... still with barclaycard

Amount OS £.....1,900

Start Date........01/10/2002

Default Date......none

Arrangement to pay? £10 pcm.

 

Original Creditor......Halifax CC

DCA.......still with Halifax via Blair something, something

Amount OS £.....9,600

Start Date........01/11/2007

Default Date......15/01/2011

Arrangement to pay? £1 token (to be fait to them, they have been quiet, and let me get on with just tokens)

 

Original Creditor......Santander unsecured loan

DCA....... still woth Santander I think, although CapQuest got involved.

Amount OS £.....2,000

Start Date........01/01/2008

Default Date......01/08/2011

Arrangement to pay? £2

 

Original Creditor......Santander "other" accounts

DCA.......still with Santander, but will need to check

Amount OS £.....2,200

Start Date........01/07/2005

Default Date......01/01/2011

Arrangement to pay? £1 token

 

Original Creditor......Capital One

DCA.......capquest

Amount OS £.....4800

Start Date........01/11/2008

Default Date......01/09/2010

Arrangement to pay? £1 token

 

Original Creditor......Co-Op

DCA....... Frederickson

Amount OS £.....450

Start Date........01/07/2000

Default Date......01/08/2013 (another recent move to fredo)

Arrangement to pay? £1 token

 

I really need to dig out my stuff and verify the originators. I know Alliance and Leicester got bought out by Santander, etc.

I had this habit of only keeping the last 12months of statements, so have lost track of late payment charges, switch to different companies, etc.

 

My slide downhill started around 3 years ago, and have been paying token amounts diligently since then.

But I am confused about which ones have been switched around and sold one. I know that Westcot were involved, but my noddle CRA doesnt show Westcot as receiving my payments.

 

I have 4 accounts showing as "closed"; MBNA, Santander/Abbey; Halifax and Egg.

First 2 showing as Satisfied, the last two as Settled.

Part of me is thinking they wrote off the debt, and DCA picked up and are cash-cowing me.

Part of me thinking the debt was sold on. Dont know how to check one way or another.

 

Thank you for reading this far.

What is my next step, please?

[bright_future]

Should I phone the DCAs up and clarify the original source of the debt?

Part of me wants to do it for clarity.

But at the same time I dont want to awaken them to me seeking this info from them, in case they start getting aggressive.

 

I have made all the classic mistakes of talking to them on phone, and giving them security info!! (I didnt know not to)

Anyway, I have found the original owners of the debts, Mint, Barclaycard, seem more helpful than the DCAs, who are always fishing for info, etc.

[dx100uk]

never ever phone a dca

 

dx

[dx100uk]

barring the banks account

 

I would send a cca request to all you are paying.

 

and plan to sar the original creditors

 

dx

[bright_future]

I read somewhere on this forum that asking for a CCA or SAR can backfire.

In what way can this happen?

(will try to hunt down the thread and link it here)

 

 

Also, if I have lost track of account numbers, I would need the CCA info back before sending off the SARs?

 

Can I just make a generic request for all info they have on me?

Edited February 14, 2014 by bright_future

[dx100uk]

an sar is all about YOU and the bank.

so number are n't really needed.

 

theres nothing that can happen regarding CCA/SAr requests

it is your LEGAL right.

 

dx

[BRIGADIER2JCS]

CCA requests and SARs are lawful requests for information and have no impact on limitations or anything else.

[bright_future]

thanks for help on my first steps. will start off with requests over the coming week.

 

PS: am I obligated to provide an Income and Expenditure breakdown?

my concern is because of the fluctuating nature of my income.

 

Is StepChange any good?

Or can this be handled by myself?

(actually I have been, but passively, if you know what I mean. I am taking more pro-active steps now)

[bright_future]

(been away at work, away from home!)

 

I have got the pdf of the CCA request form from the CAG Library!

Should the letters be posted recorded delivery?

That is, should they require a signature at the receiving end?

Or is a Certificate of Posting enough?

[BRIGADIER2JCS]

Address to the Compliance Manager POP is ok, you can send signed for, but if the address has a |PO Box No. then often this is a waste of money.

[bright_future]

Address to the Compliance Manager POP is ok, you can send signed for, but if the address has a |PO Box No. then often this is a waste of money.

 

What is POP?

 

Will send with Certificate of Posting, to be consistent with all DCAs.

[BRIGADIER2JCS]

What is POP?

 

Will send with Certificate of Posting, to be consistent with all DCAs.

Proof of Posting.

[bright_future]

Broke a cardinal rule just now.

Phoned up Moorcroft.

They say the £1 fee is payable to Santander.

 

But should I make the £1 fee payable to Moorcroft?

[bright_future]

Complexity!

 

Just phoned Westcot (on list of people I pay)

They are just collecting for a company called Credit Securities.

 

Got them to agree to send me in writing who the true owners of the debt are.

 

This is just an unholy mess!

[bright_future]

I have pin-pointed who needs to be sent a CCA.

 

But, of the remaining creditors, ie, Barcalycard, Halifax, etc, since they are the original creditors, they should be sent a request for a SAR.

 

I understand the purpose of a CCA, to ensure the DCA has the authority to own the debt, and it is valid.

 

But, does a SAR also include the CCA?

Is the purpose of a SAR to establish unfair penalties, or to establish the viability of the debt as well, as would a CCA?

 

sorry for being picky, and overthinking, but that's my nature!

 

Planning to send SARs to Barclaycard, Halifax, Mint, etc. (shame in a way, as they have been more accomodating overall)

[dx100uk]

leave the £1 PO's BLANK.

 

the purpose of an sar is to get ALL the data they hold on 'you'

for whatever purpose yu wish to use it.

 

 

if/if not that provides a copy of the CCA is debatable

some do some don't.

[bright_future]

thanks for replies, and for bearing with me on this.

 

really appreciate this.

[bright_future]

leave the £1 PO's BLANK.

 

the purpose of an sar is to get ALL the data they hold on 'you'

for whatever purpose yu wish to use it.

 

 

if/if not that provides a copy of the CCA is debatable

some do some don't.

 

when sending the £10 for the SAR, should that also be blank?

[dx100uk]

no because you are posting those to the original creditor

whom holds your data and that source does not change

anddont forget to put any/all past addreses if you have moved

 

if you have

also include a copy of your CTAX bill

to prove where you reside now

IF that is diff from the address you were at when you took the credit out.

 

and SIGN the SAR letter too.

 

you DO NOT sign the CCA request

nor send a cheque with a CCA request

as it leaves your sig open to 'abuse'.

 

which is why we recommend postal orders.

[fletch70]

Hi

just for info,

when I sent all my CCA requests over 2 years ago now

I sent them by RM signed for delivery to the contact address I had for whoever was chasing me. A couple wrote back telling me who I had to send it to . If I remember with the exception of Iqor and RBS (mint/Natwest) I got signatures straight away on the website. The others I had to chase up with Royal Mail.

They all arrived and they took between 10 days and 18 months for them to get reply or get copies to me.

 

You may have a better chance of low F&F payments with the debts that have been sold on . The less likely they think they are to get significant payments , the more likely they are (from what I have seen) to accept lower F&F's.

If they are accepting £1 a month at the moment and they send a compliant CCA request back I would be inclined to stay at £1 but save save save and when you have say 25% of a debt saved offer a full n final of say 10% ...gives you a bit of negotiation room. It might not work but worth a shot.

 

I hope they have all frozen interest and charges, if not that should be your first priority

[bright_future]

Complexity!

 

Just phoned Westcot (on list of people I pay)

They are just collecting for a company called Credit Securities.

 

Got them to agree to send me in writing who the true owners of the debt are.

 

This is just an unholy mess!

 

got an email from westcot.

 

they now want me to send them my full name, address and any previous addresses, and birth date before they will send me a letter confirming the debt has been passed on.

 

something to do with Data Protection.

 

this despite they passed the debt on, without informing me, but are taking my money.

 

it seems they can play fast and loose, but when I want something, I have to jump through hoops.

 

what do I do?

 

I just want them to confirm the new owners of the debt so I can send the CCA to the correct people.

[theoldrouge]

if wescot are collecting from you, send the cca request to wescot, but dont be giving those personal details to wescot