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hello,

first time here after reading some posts thought I would join in the hope I could get some advice.

 

I have a dmp with pay plan, had since 2011.

 

 

5 creditors and according to my pay plan summary have approximately £10,700 remaining to pay.

 

 

My review is due however I am now in a better position financially and want to get my debts paid off quicker.

 

 

I looked into a loan to consolidate just to see what the monthly payments would be over a 3 year term and it would be manageable.

The issue being that I would be unable to get a loan.

 

I want to look into the option of ending my dmp to try and get my debts paid off sooner, ideally within a 3 year timescale.

There are 2 creditors that I could pay off within 12 months but as pay plan payments are set, the dmp wouldn't allow for this.

 

I'm worried however if the creditors returned to the previous payments with additional interest that I wouldn't be able to go it alone.

 

If anyone could possibly give me some advice as to what my options are, whether negotiations with creditors are possible

and what I need to do it would be massively appreciated.

 

 

Pay plan are hounding me for my review however I don't want to speak to them until I know what my options are as to whether I can get rid of this debt quicker.

Many thanks

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Hi there

Welcome to CAG

I am about to go to work so cannot go into too much detail but you can certanyl create your own DMP easily enough.

 

Please help others ot help you by telling us about the debts

 

1 - Company the account was opened with.

2- Type of debt - Credit card, over draft, unsecured loan, catalog, secured loan

3 - When account was opened.

4- The name of the company t hat owns the debt now if it has been sold on.

5 - Any PPI, or if credit card/catalog any over limit fees, late payment charges etc

 

Before negotiating, it is vital that you have all the relevant information to hand. So CCA requests and SAR requests may be in order

 

Regards

 

SS

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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Hi, thanks for your reply. I am a complete novice when it comes to finance and I have no idea what cca and sar requests are however will be off to google shortly!

I'm not sure what dates the accounts were opened either. They are all credit cards with the exception of one which was a bank loan, as follows

2x shoo smiths solicitors - originally rbs

Paragon personal finance ltd - originally tesco

Natwest/rbs

Barclays Bank Plc

I have never missed any payments, I began the dmp when I was struggling to live off what was left but payments have always been made and I don't think there are any late payments.

As for PPI, I don't believe there to be any on these accounts but I'm not 100% certain.

Please excuse my absolutely pathetic ignorance, I clearly have a lot of reading up to do. I am capable of doing it I just need to know how and the risks around it. Thanks very much

Edited by Slightlyconfused
autocorrect issue!
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Hi welcome.

 

Ditto all the above, and when were these accounts taken out?

 

Also for them to be in a DMP then they will/should have been defaulted, and therefore terminated, which would mean they cannot

add any more interest or late payment fees on the account.

 

You can very easily set up your own DMP, as it will give you much more control as to who you pay and how much.

 

But first you will need to know if these outfits are legally entitled to claim this money, and begin to reclaim any/all fees/charges including interest on those charges back.

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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CCA= Consumer Credit Agreement, the document you sign forming the contract between you and them, the creditor. Cost £1.

 

SAR= Subject access request, which will be a ream of deforestation holding all the information the company/creditor holds about you

and your account, which is where you will find out how much charges they have levied on your account, and if there is any PPI which you can reclaim. Cost £10

 

What scares me at the minute, is that you say you had an account with Tesco, which was what exactly? A card?

And it is now with Paragon Personal Finance (PPF) who are loan providers to home-owners, and they provide 'secured loans', so when Tesco passed it onto PPF did you agree to take out a loan with them to pay off your debt with Tesco?

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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Hi, thanks both for replies. I need to try and dig out old agreements as I'm not sure off the top of my head what dates the agreements were.

I've just looked at statements for the 3 credit cards, on the barclaycard it says new activity so seems they are still charging some minimal interest. The rbs one doesn't reach the minimum payments so has overdue payment on, the minimum payment is £27 which I could manage and get rid of pretty quickly .

I've checked the tesco issue, it's only very recent that they have passed the debt on and the letter I have from them says it was being passed to Idem capital securities ltd. paragon is the name that comes up on my pay plan creditors list, not sure why there are two names I hadn't realised till I just checked the paperwork, yes it was a credit card.

Is there any reason why they wouldn't be legally entitled to claim the money back as its debt I have gathered through the credit cards and loan? Not sure what this means!

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OK, so it will be Idem Capital who are part of the Paragon group of companies, Idem Capital are a debt purchaser.

 

There are plenty of reasons why they wouldn't be 'legally entitled' to claim money back, one being they don't have or can't produce the relevant documentation when demanded.

 

And if the debts are made up of charges, then these too are unenforceable.

The first thing to do would be to tell them that you are in financial difficulty, and to demand they stop all interest and charges on the accounts.

 

To continue charging you interest and fees when they know you're in financial difficulty is criminal to put it bluntly!

They clearly know your in a DMP, as payplan would have been paying them, so they're taking the proverbial and using you as a cash cow.

 

But you will need to get all of your ducks in order first, collate as much paperwork you can regarding each of the accounts.

Anything that you're missing you can demand from them, either by sending them a SAR, or a CCA request.

 

If you can find out exactly when (month and year) you took out these agreements, then that will be a great start.

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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They already have in the most part stopped the interest and charges when the dmp was first taken out 4 years ago, the dmp is still in place at the moment but I want to stop it and not sure whether they will then put the interest and charges back on or whether I would be able to successfully negotiate with creditors a new set amount to pay myself over a set time limit so that an end is in sight. It seems from checking the pay plan summary and the actual statements that's I owe more than pay plan are saying? Not sure how they've worked it out but they have my remaining debt as less than it actually is.

What would be really helpful is to know whether it is risky to stop the dmp or whether it is possible to come to the kind of arrangement I am looking for without the risk of threats and charges , and a step by step list of what to follow, when to do it and at what point to cancel the dmp. I appreciate I am asking a lot and I am extremely grateful for advice.

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It depends on the state of the accounts, whether they have been defaulted and then terminated, which I would hazard a guess that they have been?

 

If the agreements have been terminated, then they CANNOT add any further interest OR charges, so you don't have to worry about that.

 

Have you checked your credit files to see what entries are on there?

Noddle is free.

 

Too damn right you will be able to successfully negotiate payments with the creditors, simply because you'll be TELLING them what YOU will

pay them, all of your accounts are unsecured yes?

 

Anything that is unsecured is NOT a priority debt, therefore can attract the minimum legal token payment of £1 a month.

That's not to say you will drop them all down to that amount, but I am advising that this is what you could do, when/if you do your own DMP.

 

Talk to PP and find out what figures they actually have regarding the outstanding amounts, get them to send it to you in writing.

 

See post two above from sabresheep, and answer as many questions you can, then caggers can advise from there..

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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list the types of debts you have against whom you now pay

[bank accounts/credit cards/cat debts/loans etc]

 

 

credit file is a must

make sure ALL your old addresses show in linked addresses

 

 

then any debt not showing is not harming you

[though doesn't mean its not owed mind]

 

 

any debt showing with a defaulted date

will vanish on the defaults 6th birthday

 

 

[again doesn't mean it not owed mind]

 

 

but if a debt shows defaulted

doesn't matter what you do

the defaults therefor 6yrs and will kill any credit/mortgage

 

 

thus think VERY carefully about paying ANY debt off

esp to a DCA

and esp if you've never questioned the legality of a debt

and never reclaimed PPI/PENALTIES first..

 

 

just remember

no DMP provider EVER checks a debts legality.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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the problem I had was when I asked Nationwide for a cca they just went to court for a CCJ, and now a charging order. They attempted to fob me off with a application form and when I challenged them, they ignored me, and the FOS just replied that Nationwide were entitled to chase me for the money. FOS do not look at the CCA agreement, don't ask me why, but they are obviously not on our side. Good luck

LilythePink

If you liked what I said, and if it helped in any way, please tip my scales..... thank you:)

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its not for the fos to ever decide if a cca is enforceable or not.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thank you so much for your help so far..

. The direction to noddle was particularly useful as I'm now able to provide the information to answer your questions.

 

 

As follows...

Idem - originally tesco credit card, opened 9/2/11 - defaulted 22/11/11

 

Rbs card opened 3/7/08, defaulted 14/2/12

 

Barclaycard opened 2/7/09- not defaulted, seems the dmp is meeting the minimum payments. I think the interest is around £8 per month

 

Rbs loan - now with shoosmiths opened 4/1/11 defaulted 29/2/12

 

Rbs account ( overdraft) with shoosmiths opened 16/11/00 defaulted 31/5/12

 

I want to pay more to the creditors so should I contact them directly to arrange this?

 

 

Pay plan are saying my dmp has to be reviewed by 8th June but if I'm doing it myself I don't want to review it.

I want to make sure however that no payments are missed In between times.

 

 

If I request the sar the template letter says they have 40 days to respond

so should I just try and keep the dmp until I have the required info?

 

 

I'm worried that if the review isn't done by the 8th that the creditors may decline to continue the dmp in the meantime

and I don't want to end up in court!!

 

 

It's all scary stuff but I feel like if I continue with the dmp I'll be paying for a lt longer than I now need to.

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who shows as the owners of the two debts with shoesmiffs..

they are not debt buyer but fleecing solicitors.

 

 

so they are still with RBS?

 

 

not sure on this being scare of court stuff

and they'll rush straight to court if you stop paying any of these

 

 

doesn't quite work like that..

 

 

wheres this come from?

you've not been getting scary letters have you

or been talking to them on the phone...

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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The credit report says the lenders are rbs but the pay plan money and the name of the creditors on pay plan says shoo smiths. Not had any letters since pay plan took over. Suppose my fear is through my naivety and lack of experience with this however the earlier reply about asking for cca from nationwide scared me!!

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Rbs account ( overdraft) with shoosmiths opened 16/11/00 defaulted 31/5/12
This will no doubt be littered with penalty charges which can be reclaimed.

 

Barclaycard opened 2/7/09- not defaulted, seems the dmplink3.gif is meeting the minimum payments. I think the interest is around £8 per month]

This is why doing your own DMP is best, you will be able to have the interest stopped, they should be dropped from the DMP if they continue to add interest.

 

I want to pay more to the creditors so should I contact them directly to arrange this?
Er no, not yet, don't forget you also have to live, creditors are NOT your friend, they would not do the same for you, you should be treating them with the contempt they deserve.

 

I'm worried that if the review isn't done by the 8th that the creditors may decline to continue the dmp in the meantime

and I don't want to end up in court!!

Being in debt is not a crime, and if you're paying them something, ensuring they're legally entitled to be paid, then the threat of court is just that, a threat purely designed to intimidate a debtors lack of knowledge into paying more than they can realistically and comfortably afford.

 

It's all scary stuff but I feel like if I continue with the dmp I'll be paying for a lt longer than I now need to.
You will do, especially as sharklaycard are still adding interest.

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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The credit report says the lenders are rbs but the pay plan money and the name of the creditors on pay plan says shoo smiths. Not had any letters since pay plan took over. Suppose my fear is through my naivety and lack of experience with this however the earlier reply about asking for cca from nationwide scared me!!

 

 

yes I understand which is why I made the reply to lilly

 

 

its disappointing to see longterm members that should know better

going around needlessly frightening newbies.

 

 

everyones situation is totally diff

as an example that person is in N Ireland for a start.!

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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What would you advise as the next steps then?

 

 

Request the sar from all of the companies and try to keep the dmp until then?

 

 

Or cancel the dmp and pay nothing until I get the info back?

Not sure how to progress now.

 

 

Do I tell payplan I am requesting the sar info and ask them to hang fire with the review

whilst I determine whether there is any money to claim back,

 

 

do I ask for settlement figures from the companies and lastly if shoosmiths aren't the lenders so I write to rbs then or shoosmiths?

 

Again thank you for the advice and the reassurance.

 

 

I was terrified when this was all originally beginning with payplan and now I just want to try and get it paid asap.

 

 

I think 3 Years is potentially realistic by then I will be able to move forward hopefully debt free!!

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Deffintly dump the debt management you can do it yourself for free

They will be charging you fees and not helping

There is plenty of support here most if not all been there and been through it and survived

Do not deal with anyone on the phone refuse any security questions

Check status of debts CCA and SAR reclaiming charges ect

 

Time to take control

If i have helped in any way hit my star.

any advice given is based on experience and learnt from this site :-)

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lets be clear here.

 

you have defaulted debts

until those defaults reach 6yrs

you'll be stuffed.

 

doesn't matter what you do

your credit is gone.

 

that to me looks like mid 2018

 

theres nothing you can do to improve things either.

 

those debts that are listed on your creditfile

that are still with the original creditors

[regardless to who you pay via paypal

I would not be stopping.

 

but poss do it yourself rather than pay via payplan.

 

so that leaves the Tesco debt with idem

 

send them a CCA request

 

theres little point in sending a CCA request on debts still with the OC at present.

 

p'haps worthy sar candidates are RBS and Barclaycard

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Definitely dump the debt management you can do it yourself for free

They will be charging you fees and not helping

 

Payplan don't charge for their service, they are one of two who do it for free.

 

However, they don't check the enforceability of debts.

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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I was only replying to you, to say that Nationwide is only one debt that I have none of the others have went to court, some of them have just went away and never heard of them. I don't see what the point of saying that I am in northern Ireland, the law is still the same

 

Don't be frightened of doing this on your own, as you can keep track of it better.

 

Good luck

LilythePink

If you liked what I said, and if it helped in any way, please tip my scales..... thank you:)

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But the op doesn't have any debts with nationwide?????

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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