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A little advice on what's the best thing for me to do, debt wise


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Hey guys, i'm quite new to this so i apologise in advance if there has already been similar posts been put up about this sort of stuff.

 

my situation at the minute is that i'm in a stepchange dmp for the value of around £3000 split between five creditors,

 

 

On my credit report two of them have defaulted and the others have arrangements to pay on them.

 

 

I'd like to start building my credit rating back up as soon as i can

 

 

the advice i'm looking for is whether it's best to stay in the dmp which will take five and a half years to pay off

or default on all of the debtors and make a deal with the collection agencies for a smaller more affordable sum

which then i will hopefully have the defaults drop off my account in around 6 years.

 

Thank you for any future help on this subject, look forward to hearing peoples views and help.

 

Thank you

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Sadly the Arrangement to Pay markers are likely to cause you the most problems - If a default marker is placed on the account then it is 6 years from that date that it will drop off.

 

I am not quite certain about the AP's, whether or not when you have finished making payments those drop off as well or whether they continue for a further 6 years, I don't know.

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Thank you for the reply, from what i've found out the arranged payments will stay on my account until the debt management has finished then they will take a further 6 years to drop off completely. so i'm in two minds whether to default everything so as they come off my credit file 6 years later instead of potentially 11 years

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I am sure you will receive further responses to your thread later on today.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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pers id stop/cancel the DMP

 

then start one yourself for ONLY those debts that:

 

1. you have an enforceable CCA request return for

2. is defaulted on your credit file.

 

the AP markers never go away for +12yrs and will kill credit etc etc.

 

a defaulted debt will vanish from the report

paid or not

on the defaults 6th birthday.

 

doesn't mean its not owed mind

esp if the CCA returns enforceable.

 

but well deal with each debt as and when the info comes

 

can you list you debts please

 

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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hey there thank you for the reply, my debts are as follows:

 

capital one credit card £200 - this one is defaulted

 

Lowell finance for £29 (cant remember what thats for and how its so low) this one is defauled

 

Natwest bank overdraft for £1209 (stated as late payment atm, stepchange arrangement is in place for this)

 

shop direct catalog Very for £660 (not defaulted either, states up to date on credit file with arrangement)

 

O2 Limited phone contract for £531 ( not defaulted, states late payment on my credit file)

 

thank you for the reply and advice

 

 

, let me know if there is anything else you need to know.

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cca request to:

cap1

lowells

shop direct

 

 

the phone account and the OD you cannot.

 

 

are you still banking with NatWest [wages/income going in?]

 

 

and whats this phone 'debt'

not a cancelled contract I hope

it might be worth to start own threads for each debt.

 

 

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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I bet that Lowlifes one for £29 is also a mobile phone debt too, they like to snap these up as they believe you can't argue the enforceability.

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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okay so i send a cca request to the first three but cant to the bank and phone that's fine.

 

i stopped banking with natwest,

it was a student overdraft which stepchange insisted on putting in the debt management.

 

the phone contract i forgot to pay the final bill as i had taken a new contract out

and completely forgot about the matter,

so defintely human error on my part for that one.

 

 

thanks mrguy

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a final o2 mobile bill of +£500!!

I take it they self enrolled you for another year without your permission ?

so that WELL up for disputing.

 

 

tell stepchange to go away off..tey cant just include debts because 'they think they should!!'

 

 

re NatWest

 

 

sorry but I think you are getting cash cowed blind here

 

 

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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well basically i forgot to pay the last month which would of cancelled the contract as i was in my last month so they just kept saying it got higher and higher, yeah the natwest overdraft wasnt something i classed as a debt i would of gotten out of it with a change of job etc, maybe they didnt want me to be living out of credit i dont know.

 

so the best option you feel is cancell stepchange and go it alone?

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YES def

you don't owe that o2 debt either cheeky buggers!

 

 

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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okay it definitely sounds like ive been made a fool of

 

 

is there anyway i can dispute the o2 amount and is it scary going it alone as i'm kinda scared of getting letters about baliffs and things like that

 

 

i just want to default them all then hopefully make a deal with the debt agencies.

 

thank you for the help, i appreciate it.

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bailiffs, where sid that come from??

 

 

a DCA is NOT A BAILIFF

and NEVER EVER CAN BE

they have

NO SUCH LEGAL POWERS.

 

 

bailiffs ONLY EVER EVER get involved AFTER a debt has gone to court

you LOSE

and you FAIL to pay what a judge orders..

 

 

you've not been talking to DCA's on the phone have you?

 

 

pers for the o2 debt

I'd simply stop paying it.

 

 

the very most you might have owed was a small cancellation fee

that you've probably already met with your payments made blindly already

 

 

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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It gets easier as you go along, powerless DCA's prey on the vulnerable and like to exploit a debtors lack of knowledge,

something which they're not supposed to do, but get away with it all the same.

 

Once you take back control of this, and tell them what tune they're going to be dancing too, they know that they have

to like it, because the alternative is £1 a month for the life of the debt, if it's enforceable that is!

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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hey there guys,

i've now cancelled my dmp with stepchange and have a full accurate breakdown of my debt.

 

 

I just wanted to share it with you guys fully just so i know exactly what i'm gonna be doing to make sure i get myself debt free as fast as possible :)

 

capital one has a balance of £161 (credit card which has defaulted)

 

jump 4 u ltd has a balance of £131 (old contract)

 

NCO - shop direct has a balance of £558 (VERY catalogue account)

 

Natwest bank collection has a balance of £1200 (my overdraft)

 

fredrickson international has a balance of £35 (could probably just ring up and pay that if i'm honest)

 

Robinson way ltd has a balance of £759 (this was my aqua credit card)

 

my noddle credit report shows a few creditors that arent here which are:

O2 with a balance of £531

Lowell with a balance of £29 (defaulted)

 

hope this gives a broader insight and hopefully i can receive advice on the ones that are here in continuation from the help i've already received.

 

Thank you mrguy

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hey there guys,

i've now cancelled my dmp with stepchange and have a full accurate breakdown of my debt.

 

I just wanted to share it with you guys fully just so i know exactly what i'm gonna be doing to make sure i get myself debt free as fast as possible :)

 

capital one has a balance of £161 (credit card which has defaulted)

 

jump 4 u ltd has a balance of £131 (old contract) what is this?

NCO - shop direct has a balance of £558 (VERY catalogue account) CCA request time.

Natwest bank collection has a balance of £1200 (my overdraft)

 

fredrickson international has a balance of £35 (could probably just ring up and pay that if i'm honest) why?

Robinson way ltd has a balance of £759 (this was my aqua credit card ) CCA request time

my noddle credit report shows a few creditors that arent here which are:

O2 with a balance of £531

Lowell with a balance of £29 (defaulted)

 

hope this gives a broader insight and hopefully i can receive advice on the ones that are here in continuation from the help i've already received.

 

Thank you mrguy

 

 

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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Jump 4 U is the name Phones 4 U used, but they've obviously gone to the wall and no longer exist!

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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Okay so ccas to the ones specified here as well as previous mentioned ones, the jump 4 u was a contract on phones 4 u own network. As bazooka boo stated. I was thinking to pay the two low ones off as it would just get then out of the way

 

Mrguy

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I was thinking to pay the two low ones off as it would just get then out of the way

 

You'd be better off putting the money in the hands of someone who's homeless, well in regards to the J4U one anyway,

at least then you'll know it's going to make a constructive difference to someone who will appreciate it.

 

Otherwise it will simply go in the DCA's profit pocket so they're able to harass other debtors who don't owe money.

 

It will make no difference to your credit files, granted it might stop them form sending you their

computer generated threat letters, but nothing else.

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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you seem to have this inherent thought that these debts need paying...

they probably don't, and most certainly will never improve any credit rating if they are defaulted

 

 

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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