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lowell PAP letter of claim - old Studio CAT debt - balance all charges

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Hi all,

Hopefully someone can help/advise.

 

My other half has a couple of debts (mail order) on his Credit ref file which total £2.7k

they are causing an issue on his file due to the amount (apparently),

 

he has been paying them back at reduced interest free amounts for 4 years now and seems to be getting nowhere as the repayments are £13 and £20 per month.

 

Is it worth making an offer for them to write off the debts if we were able to pay a certain amount?

Is this do'able? and are they likely to accept at all?

 

My family have offered to lend me some money to do so but its nowhere near the full amount

- i just want his credit rating to improve as there is nothing else untoward on there.

 

Thank you in advance...

 

Maudy

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The defaults are only on the credit record for 6 years anyway and will then drop off. If creditors accept a reduced F&F offer, they may note the credit record as partially satisfied, therefore no real improvement in credit score. Partial settlement is a bit of a red flag on a credit record, as it means a person is unlikely to repay any credit in full.

 

The good thing about negotiated settlement, is you don't have the debt hanging around and if there was ever a problem paying, you are not threatened with a CCJ.

 

It may be worth asking the mail order companies for copies of all statements of account, so you can check whether the debt is made up of excessive charges. If so, you might be able to get these deducted from the debt amount, by submitting a complaint. The mail order companies might want a subject access request to be submitted for copies of all statements.


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I dont think they are on the file as defaults as such...

we used clearscore and it just said your total mail order utilisation is relatively high

- which i assumed is due to the accounts i mentioned above.

 

his credit score went down by 2 this month which is what prompted me to ask this Q.

 

As far as i know there aren't any excessive fees on either account as he has been paying the agreed amounts ever since, when you say they will drop off is that 6 years since the start of the account?

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Ah ok, so never defaulted on payments.

 

In that case ignore my last reply.

 

If the minimum payments required on the accounts are being paid, then these mail order companies will NOT consider reduced settlement offers. No point writing to them.

 

You do realise that credit scores are not really a big issue as such. They are only a rough indication. When you apply for credit, you will be scored by the company receiving the application. It will depend on how long you have been at an address, how long you have been employed, how much you earn and how much existing credit you have. The warning by clearscore is that the mail order debt is remaining high and it is indicating a struggle to pay off the credit taken out.

 

Suggest you try to reduce the balances on these mail order accounts quicker, if you intend to make credit applications in due course.


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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

 

If you want advice on your thread please PM me a link to your thread

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if nothing much has changed in recent months/years then why has his score gone down?


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Thank you for the replies..

 

He has now received a statement from one of the accounts.

 

He originally made an agreement back in 2013 which was to pay an agreed amount each month - he has stuck to this but the reason for the score change seems to be due to the fact that they say it should have been paid every 28 days rather than every month,

 

this may be a misunderstanding on his part but its 4 years ago so i dont know if he will have anything to confirm.

 

the statement shows a large number of 'service charges' which are down as 'default sum' at £20 per time.

 

Are these the excessive charges you mentioned and is there any way to ask them to 'cancel' them so the debt is less thus there may be a chance of him paying it off quicker.

 

..Im about to attempt totalling the charges now! :-(

 

Im horrified after looking at the statement :-(

It appears that they have charged a default sum of £20 in the early days (2008-2013) and then almost for the entire agreement (2013-till now) they have charged default sums of £12 each month when the agreed repayment was £13 per month.

No wonder this debt hasn't decreased at all :-(

 

The total amount of charges is £736 - total debt is just over £1k.

 

We could so clear this if those charges hadn't been added :-(

 

I am really annoyed because we wrote to them in Oct 2015 querying the charges/arrears letter but they never replied.

 

Its only when we made the formal complaint in November 2016 that we get the statement and explanation.

 

Im really gutted :-(

 

Do you think there is anything we can do?

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STOP paying £13 a month, and drop it immediately to £1 a month.

 

Do this via standing order or your banking portal, DO NOT set up a DD, and DO NOT give them any card details..

 

Which catalogue/mail order company is this?

 

Have you ALL of the details regarding the entire running of the account, which show ALL payments made and interest and fees charged?

 

If not send a SAR to them (£10) and they'll send you this within 40 days.

 

Send them this http://www.consumeractiongroup.co.uk/forum/showthread.php?387358-Request-to-make-%A31-token-payments-for-X-Months-**Correct-as-at-October-2013**

 

And pay £1 a month, until you have all of the evidence when you can reclaim all of their fees and charges, including interest at their rate.

 

A F&F payment should be the last thing on your mind until they have refunded you all of those penalty charges, if they knew you were in financial difficulty, then they've been cash cowing you in continuing to add interest and charges, which they ;should' have stopped!


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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don't forget the interest on those penalty charges!!

 

fill out a copy of the CISHEET here

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

put EVERY penalty charge in and its date and reason

INDIVIDUALLY ON ITS OWN LINE.

 

pull their INt rate in cell D15.

 

then sent that off with a complaint letter from the library about charges being unlawful. by the FCA


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Hi again

Firstly huge thanks for replying I'm so grateful.

The reason we paid £13 was because when we wrote to them to say we were having financial difficulties they said that was the least amount they would accept so we've paid it each month by cheque ever since.

 

My hubby doesn't really understand much about this kind of thing and it's all been down to me but due to ill health I've not been on the ball as I should have been. I'm so upset that they've done this.

 

If we say we will only pay £1 per month won't that make things worse?

Will they then start to add interest again because we aren't keeping to the agreement?

 

The early charges were at £20 but the amounts changed about 3 years ago to £12.

 

Do I need to do the SAR if the statement of account shows all the info we need?

It's quite detailed you see.

Sorry for all the Q's...

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The reason we paid £13 was because when we wrote to them to say we were having financial difficulties they said that was the least amount they would accept so we've paid it each month by cheque ever since.

 

Then the were obliged to stop all interest and charges then, they haven't and now they are going to pay it all back, and answer to the FCA for failing to assist it's customers when they know they're in financial difficulty.

 

You're NOT asking them or politely saying, erm we're just going to pay you £1 a month is that alright?

 

You are telling them, and the first they'll know about it is when you pay them via standing order the £1 a month.

 

You control them, NOT the other way round.

 

A statement of account is what they are legally obliged to do annually, IMO I'd want to see everything they hold regarding this account, including the letter you sent to them stating that you were in financial hardship and needed their help in lowering payments, which they never did!

 

All the time you were paying the agreed monthly offer, they were laughing and rubbing their hands with glee!.

 

Take back control now, don't ask them, TELL them. There is no need to tell them that they are only going to receive £1 a month anyway, they'll know soon enough!.

 

A SAR costs £10, and they have 40 days in which to furnish you with all of the documents.


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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Do the spreadsheets


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Thank you so much

- i will get it all started this week.

 

I feel very stupid for not having pushed further

But id truly never have known had they not sent the statement..

. plus ive been too poorly to even entertain it anyway.

 

I forgot to say who the company is - its Studio...

 

Huge thanks as always.

 

I can't tell you how much i appreciate your help and advice.

Maudy x

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Just starting to collate all the forms etc

- do i need to send the letter telling them about my £1 offer? or shall i just do it?

 

 

I dont really want to start filling out income and expenditure forms if i can do without it..

. Or do i just send a letter of complaint and try to incorporate the £1 payment from now on so to speak? Sorry to ask Q's again

x

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just send the £1 offer letter from the debt collection section of the legal library

no-one bar a judge is entitled to see ANY of your pers financial details

 

certain NOT an extremely low level poxy catalogue company

 

pers i'd be getting that CISHEET moving and hit them with the reclaim.


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Thanks dx - i have done the £1 letter today starting the standing order tomorrow but as its every 28 days its going to take some remembering! Anyhow - one (maybe!!) last Q - how do i find out what interest rate to add to the CI sheet?

 

Maudy x

 

Shooot! Ive just tried to set up the standing order and the bank details on the statement doesnt accept credits :-( how do i get around that?

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INt rate should be on the statement prob about 30-40% APR

 

 

you'll probably find studio [is it studio24 or studio?]

is listed in the pulldown section on your banks site


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Its studio 24,

even their website says (Under payments) that they dont accept payment via internet banking :-(

is it best to send a cheque each month instead now?

 

Ive checked the statement but theres no interest shown on there at all.

 

Ive even checked the monthly bill/statement they send and its not on there either.

. not sure what to do now! :-(

 

will it be a standard interest rate do you think?

since 2013 they havent charged any interest due to the payment arrangement.

..or is that different?

 

i thought it was studio24 but its actually just studio if that makes a difference...

 

will this be what i need?

 

if so do i only apply it to the periods they charged interest?

2017-01-30_1353.png

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ok all good info.

 

so whilst they were charging interest

and if you paid by DD till that point you use 29%

if you paid until that point by any other method use 50%

 

end the CISHEET on the day they stopped interest [claim to date]

 

were there any charges after they stopped interest?

 

as for how to pay them.

might it be after you've done this sheet you don't owe anything?? look like it to me!!


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Hi dx

Thanks again for replying. sorry for the delay im having to try and respond in work breaks..

 

It does look like they will owe me by the time the charges are all accounted for..

. shall i just get the sheet done first then do you think?

I shouldn't be too much longer on it now actually.

 

The interest stopped in 2013 when the £13 per month arrangement was made but for 98% of the £13 we have paid they have charged a £12 default sum because they say the payments should have been made every 28 days however we have made them once a month hence the discrepancy.

 

when you say above end the CIS sheet when they stopped interest..

. how will it work with the charges after that date as there are ALOT after that :-(

 

Thanks dx

i really dont know how i would get through this without you guys and this forum. I appreciate it more than you could ever know!

 

Maudy x

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that was going to be my next part...

didn't want to overload you..

 

you now need to move to the statutory interest side you are entitled to following them stopping their interest.

 

when you have completed the CISHEET

it will give you a total.

 

you are entitled to 8% statutory interest on that figure from the day after their int stopped

till the day they settle.

 

this also runs for each £12 charge since that date...so

input the CISHEET figure

then enter each charge since individually in this sheet

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPIlink3.gif cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

 

the two sheets completed your claim

the total from the statint sheet will be its end value

leave the claim to date alone

the hidden formula will increment each day the total due


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Thanks dx - that makes sense - altho please forgive me as i just dare bet this wont be the end of my Q's!! I need to get it sent ideally - they have text today requesting payment...

 

So i have 2 spreadsheets - the first one has default sums from 2008 (acc opened) until 2013 (when they suspend interest and i have added the interest rate of 48.9% as we always paid by card not DD) - i have attached a pic - would you be so kind as to have a look and see if it looks like ive filled it in correctly?

 

The second one has the default sums from 2013 until now (the period which interest has been suspended) and heres where 'surprise surprise' i get confuzzled! How do i get the total from the first sheet onto the second? if i understand you correctly...

 

Maudy xx

Spreadsheet_2.png

Spreadsheet_1.png

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fit to page - only print active pages - print to PDF then we can see it all.

 

 

take the total from the CI sheet

and enter it as a whole figure dated the day after the CISHEET claim to date on the statint sheet.

should be the first entry


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Are these attachments any better? will have a go at your advice above now :-)

 

OK - i went slightly wrong on the first attempt as i'd entered the wrong dates so the start figure for the second spreadsheet was way too high!

 

So i 'think' i may have the right ones this time

- would you be kind enough to have a quick check for me please dx?

 

My concern then is the titles of the spreadsheets themselves as one relates to PPI etc AND how do i actually get these to them?

 

I mean what sort of covering letter would go with them?

 

I'm guessing there is a template somewhere.

 

Fingers crossed im on the right track :-/

 

Maudy xx

Spreadsheet No2.pdf

Spreadsheet No1.pdf

Spreadsheet No1 Completed.pdf

Spreadsheet No2 Completed.pdf

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cisheet has the wrong claim to date?

 

there is a charges reclaim letter in the library.


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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hi dx.. the cis sheet claim to date i put as 17/01/13 as thats the last default sum

- the last date they charged interest shows as 14/02/13

- is that the date i need to add there?

 

Do the figures i put on the statint sheet look ok?

 

Do i need to edit the PPI mention?

 

Sorry for all the Q's...

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