Unfortunate Change of Events

[StereoRosex]

Hi All,

 

I have been a long time lurker here at the forums and have managed my own DMP quite sufficiently until this point. I currently have the following outstanding:

 

Halifax Overdraft

Halifax Credit Card

Barclaycard

X 7 PDLs

X 1 Store Card

 

Obviously, it has now gone on long enough and I would love to have some money for myself each month (as I'm sure we all would!),

if I was to offer a F&F to the PDLs what percentage of the overall outstanding balance should I start with?

 

These are my issues,

if it wasn't for the PDLs I could return to maintaining minimum payment in the other accounts at a push.

Also, how does Arrangement fair on CRA's?

Are they worse than a default?

 

Thanks in advance

[citizenB]

If you default on a debt and a default marker is placed on your credit file - it is bad.. for 6 years, after which time the default will drop off. Whether you have paid the deb or not.

 

If you have an "arrangement to pay marker" on your account - then until such times as the debt is repaid and then for 6 years after, the debt will show on your credit file !

 

Are there any default /penalty charges on any of your debts ? If so, these can be challenged.

 

Was there any mis sold PPI that you could reclaim ?

 

Is it likely that any of the PDLs were loaned to you irresponsibly ? - if so, you might well be in a strong negotiating position. The FCA have imposed strict new rules on PDLs and if you have a read round the Pay Day Loan forums, you will see that people have negotiated a lot of interest reduction and some write offs.

[StereoRosex]

If you default on a debt and a default marker is placed on your credit file - it is bad.. for 6 years, after which time the default will drop off. Whether you have paid the deb or not.

 

If you have an "arrangement to pay marker" on your account - then until such times as the debt is repaid and then for 6 years after, the debt will show on your credit file !

 

Are there any default /penalty charges on any of your debts ? If so, these can be challenged.

 

Was there any mis sold PPI that you could reclaim ?

 

Is it likely that any of the PDLs were loaned to you irresponsibly ? - if so, you might well be in a strong negotiating position. The FCA have imposed strict new rules on PDLs and if you have a read round the Pay Day Loan forums, you will see that people have negotiated a lot of interest reduction and some write offs.

 

Hi,

 

Sorry for the delayed response!

 

I have only one default which is for Next Directory which I now pay £5.00 a month too.

I never received a default notice mind you so I am going to be requesting a copy of my Credit Agreement with them.

 

Do "Arrangements" remove if I go back to paying minimum payment on the accounts,

say it would only show until August if I began repaying minimum then?

And how will that affect my credit rating?

I mean, I'm not overly bothered as it had taken a beating anyway but just trying to improve everything I can for the future really.

 

I have emailed Wonga & Sunny in relation to irresponsible lending, Wonga refused to uphold my complaint and Sunny are still investigating.

 

I have PDL's with the following and have included the dates in which they were given:

Wonga - July 2014

WageDayAdvance - June 2014

24/7 Moneybox - August 2014

MyJar - July 2014

MiniCredit/OPOS Ltd - August 2014

Sunny - July 2014

Payday UK - April 2015

 

As you can see, they were all given around the same time. Obviously it was my mistake in using PDLs in the first place mind you.

 

What percentage would you offer each in relation to a full and final settlement?

[citizenB]

If you believe that Wonga DID lend irresponsibly, then you should now be escalating your complaint to the Financial Ombudsman - you can download the complaint form from the FOS website - you will need to enclose a copy of the letter that Wonga sent you advising they would not uphold your complaint.

 

If you return to minimum payments then the AR will change to the normal reporting.

 

Indeed, with all those Pay Day Loans on your record, even if you were maintaining correct payments or they had been cleared, you would still have had a trashed credit file and would be finding it very difficult, if not impossible to obtain a mainstream loan or mortgage

 

As for making offers as F&F - it is suggested you start low.. say 10 - 15% of the outstanding balance - see what they come back with. Hope that helps.

[StereoRosex]

If you believe that Wonga DID lend irresponsibly, then you should now be escalating your complaint to the Financial Ombudsman - you can download the complaint form from the FOS website - you will need to enclose a copy of the letter that Wonga sent you advising they would not uphold your complaint.

 

If you return to minimum payments then the AR will change to the normal reporting.

 

Indeed, with all those Pay Day Loans on your record, even if you were maintaining correct payments or they had been cleared, you would still have had a trashed credit file and would be finding it very difficult, if not impossible to obtain a mainstream loan or mortgage

 

As for making offers as F&F - it is suggested you start low.. say 10 - 15% of the outstanding balance - see what they come back with. Hope that helps.

 

Thank you!

 

I have another queries, sorry if I am a pain!

 

 

I have an overdraft that I haven't been able to afford any sort of repayment on,

they have added over £200 in charges now so I am obviously over my "agreed" limit,

I have an on-going dispute with this for irresponsible lending as the overdraft limit itself is 4x more than my monthly salary.

 

Can these charges be reclaimed and what sort of letter should I send in relation to repayment?

 

 

I have a repayment plan for my other creditors which suits me and them fine and has only been reviewed this month

so I don't really want to have to contact them again with a revised figure as I have just been able to increase slightly.

[citizenB]

I would certainly be making a complaint regarding the charges and requesting that they remove them and let you enter into a reasonable payment plan.

 

If the bank has not considered your financial circumstances properly, then yes, they were irresponsible in giving you such a huge overdraft facility.

[StereoRosex]

UPDATE:

I had a response today for one the complaints made,

 

I only questioned whether charges and/or interest could be refunded onto the account due to the financial difficulty I am in

and receive this reply (obviously part reply as it is extremely long)

 

"Bearing in mind the above,

I am unable to uphold your complaint,

as we believe that the aforementioned checks were proportionate and responsible

and we considered all available information at the time we made our decision to lend to you.

 

 

The total amount borrowed was £500 and repayments to date total £229.99,

which means that presently you have benefited from £270.01.

 

 

As a goodwill gesture, and in light of your current financial hardship,

I have arranged to write off the outstanding balance of £589.00,

meaning you therefore have no further liability to us.

 

 

Please cancel any regular payments that may have been set up in connection with your account,

either directly or through a debt management company."

 

I have today checked the account and it has a zero balance with no outstanding arrears.

 

This is brilliant but where do I stand in relation to my credit file reporting this?

 

TIA

[StereoRosex]

Sorry, me again! I have today received a FINAL Demand from

OPOS on behalf of an £80 loan I took out previously with Mini Credit. This account hasn't been paid since June although I have rung them in both June and July stating a payment couldn't be made until 1st September due to unforeseen circumstances.

 

Where do I stand with this? I rearranged a new payment plan on 04/08/2015 which I received email confirmation was accepted.

[dx100uk]

might be better to start splittin these debts off into their own threads

 

 

why not start a thread in the mini credit forum?

 

 

dx

[StereoRosex]

Hi All,

 

*Firstly, would someone be able to assist me in deleting my previous thread as circumstances have changed and I felt better in posting a new one for advice*

 

I began experiencing financial difficulty in August 2014 (relatively new still!) and originally used DFH Financial Solutions to look after my DMP,

 

 

fast forward a couple of months and I realised through this forum that a DMP can be self-managed and/or free,

I believe I was paying DFH 20% each month maybe more.

 

I left this DMP in January 2015 and began to self manage my own, writing to creditors and generally receiving a good response.

 

 

This was managed successfully until I again hit a further financial difficulty in June.

I have since been unable to manage my current DMP,

I originally increased my offers as my income allowed me too

but since then my rent and such has increased due to unforeseen circumstances.

 

I no longer feel able to repay the current offers I have in place and have already received one letter stating that I have "used" as such all repayment plan requests.

 

I am extremely agitated and anxious that I will have bailiffs/debt collectors at my fathers address.

I have this evening requested a new DMP pack from StepChange in the hope this will relieve my current anxieties.

 

Will my creditors respond to this or will they think negatively of using a provider now since I have managed up until the last two months or so?

I am going to write a further letter to those required explaining that I am unable to continue self-managing my DMP.

Will they refuse offers now that a provider will be used and payments reduced?

 

Sorry for the ramble.

 

TIA

[dx100uk]

halifax Overdraft

Halifax Credit Card

Barclaycard

X 1 Store Card

 

Wonga - July 2014

WageDayAdvance - June 2014

24/7 Moneybox - August 2014

MyJar - July 2014

MiniCredit/OPOS Ltd - August 2014

Sunny - July 2014

Payday UK - April 2015

 

the above are your listed debts as per previous threads merged to this one now.

 

for the PDL issues you need to start a new thread for each one in the relevant PDL named lender forum.

 

and give us and update on where you are for each one.

 

as for the 4 non PDL debts

again do the same in the relevant named bank forum off the main forum tab top left

 

you have 3 debts there that can all receive a CCA request

and I'd advise doing that.

 

it might also pay you to SAR haliprats to get all the statements

and look at PPI/reclaiming.

 

and obv the same for the Barclays debt.

 

it would also be useful for you put the CRA FILE details for those for debts on the threads too.

 

get your ducks inline first

then start attacking each debt one by one with our help

 

pers I would NOT be opening any kind of arrangement with a debt charity until all the relevant boxes are ticked with each debt

 

as for the numerous PDL loans

 

smacks of irresponsible lending to me

 

dx

[StereoRosex]

Hi! Thanks for the response.

 

In regards to the PDL's I did make formal complaints on the basis of irresponsible lending as per a template I found on the forum. I managed to get one PDL written off completely, 1 reduced to the amount initial borrowed with no interest and the others the complaints were not upheld.

 

I thought I had this under control but again this month I can't make the agreed repayments hence the reasoning behind requesting an application pack for StepChange.

 

Which debts do you believe are the ones to request a CCA?

The store card I have actually was passed to Moorcroft and defaulted,

however they assumed I was living at an address permanently when intact it was a temporary address whilst I waited to move into our new property

a couple of weeks later so the default was sent there and not received until some months later.

 

 

Both the original creditor and Moorcroft dismissed this though as this was the address I was advised by DFH to give so that the paperwork could be sent to me in the first instance!

[dx100uk]

the cards

[StereoRosex]

the cards

 

 

Thank you.

 

 

Out of interest since you have been a great help,

 

 

I canceled my standing orders but Natwest let them go as they weren't cancelled in time according to them

and I am now out of pocket.

 

 

Natwest can't do anything about this as the payments have been made and have requested I contact the company in question.

 

Will my creditors return these payments because they should never have been received

or am I wasting my time in even asking?

[dx100uk]

not sure

 

 

dx

[bojest]

Can somebody help?

A dear friend has found herself in debt. She owes £8,000 on a car which was repossessed when 1) she lost her high salaried job and 2), dear hubby was sent to prison. She found herself dumped from comfortable life to food banks in no time. She is paying off the debt at £30 pcm but with other, normal outgoings, a 6 year old daughter, an elderly parent and life in general, is now in serious financial trouble and her health is suffering.

Is there any way that she can get the debt forgiven?

[dx100uk]

Can somebody help?

A dear friend has found herself in debt. She owes £8,000 on a car which was repossessed when 1) she lost her high salaried job and 2), dear hubby was sent to prison. She found herself dumped from comfortable life to food banks in no time. She is paying off the debt at £30 pcm but with other, normal outgoings, a 6 year old daughter, an elderly parent and life in general, is now in serious financial trouble and her health is suffering.

Is there any way that she can get the debt forgiven?

 

 

might be best to start a new thread

in the vehicle repo forum

 

 

dx