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Need advice - £70k debt - should I quit DMP now?

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Hello,

 

I started a DMP with Stepchange about 6 years ago with £150k of credit card and personal loan debt.

 

I have paid about £80k via Stepchange over the years and about £70k remaining balance (including personal loan interest).

 

I have been paying £800 per month split pro rata via stepchange but due to change in circumstances can not pay much at all anymore! Have yet to contact Stepchange but have cancelled the DD with them just now. I need urgent help and advice!!

 

Should I arrange to pay them £1 per month instead for now through stepchange and CCA them all in the meantime? – I have just read about CCAs here. I am terrified of getting CCJs from them all now – All help greatly appreciated!

 

 

Debts are as follows:

 

 

• NRAM personal loan pre 2007 – now with Cabot Financial (Marlin) - £12,933 - not on credit report

 

• Bank of Scotland personal loan – post 2007 - now with ‘Wescot Credit Services – Bought Debts’ – £12,395 owing – not on credit report

 

• Santander Personal loan – 2002 - £10,859 – Defaulted 2011

 

• MBNA Credit Card – 2005 - now with IDEM CAPITAL SECURITIES – £6,919 – Defaulted 2011

 

• Cahoot loan - £4499 – showing on credit report as settled 2015! – but stepchange still collecting and paying!?

 

• Barclaycard credit card 2008 – now with LINK FINCANCIAL OUTSOURCING - £3337 – showing as up to date positive credit on my credit file!

 

• MBNA Credit card 2008 – now with IDEM CAPITAL SECURITIES - £3233 – defaulted 2012

 

• Capital one credit card £3205 – not on credit report

 

• MBNA Credit card 2008 – now with PRA GROUP - £2723 – defaulted 2012

 

• Co-operative bank credit card 2002 – now with LINK FINANCIAL OUTSOURCING - £2571 – defaulted 2012

 

• Co-operative bank credit card 2001 – now with LINK FINANCIAL OUTSOURCING - £2026 – defaulted 2015

 

• RBS MINT credit card – now with ‘WESCOT CREDIT SEREVICES – NON BOUGH DEBTS’ - £1624 – not on credit report

 

• Tesco Bank credit card – now with ‘ROBINSON WAY LTD – TESCO’ – £1222 - not on credit report

 

• Barclaycard credit card 2001 – now with ‘LINK FINANCIAL OUTSOURCING’ - £1087 - showing as up to date positive on credit report!

 

• Bank of Scotland – now with FAIRFAX SOLICITORS - £750 – not on credit report

 

• Cahoot credit card £713 – not on credit report

 

• American Express credit card – now with ‘NCO – OTHER’ £387 – not on credit report

 

• EGG Credit Card – now with PRA GROUP (UK) - £193 – not on credit report

 

• Cahoot credit card £100 – not on credit report

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Hello,

 

I started a DMP with Stepchange about 6 years ago with £150k of credit card and personal loan debt.

 

I have paid about £80k via Stepchange over the years and about £70k remaining balance (including personal loan interest).

 

I have been paying £800 per month split pro rata via stepchange but due to change in circumstances can not pay much at all anymore! Have yet to contact Stepchange but have cancelled the DD with them just now. I need urgent help and advice!!

 

Should I arrange to pay them £1 per month instead for now through stepchange and CCA them all in the meantime? – I have just read about CCAs here. I am terrified of getting CCJs from them all now – All help greatly appreciated!

 

 

Debts are as follows:

 

 

• NRAM personal loan pre 2007 – now with Cabot Financial (Marlin) - £12,933 - not on credit report - send a CCA request

 

• Bank of Scotland personal loan – post 2007 - now with ‘Wescot Credit Services – Bought Debts’ – £12,395 owing – not on credit report - wescot dont buy debts - who is their client on theri letters? - send them send a CCA request

 

• Santander Personal loan – 2002 - £10,859 – Defaulted 2011 send a CCA request

 

• MBNA Credit Card – 2005 - now with IDEM CAPITAL SECURITIES – £6,919 – Defaulted 2011 send a CCA request

 

• Cahoot loan - £4499 – showing on credit report as settled 2015! – but stepchange still collecting and paying!? send a CCA request

 

• Barclaycard credit card 2008 – now with LINK FINCANCIAL OUTSOURCING - £3337 – showing as up to date positive credit on my credit file! send a CCA request

 

• MBNA Credit card 2008 – now with IDEM CAPITAL SECURITIES - £3233 – defaulted 2012 send a CCA request

 

• Capital one credit card £3205 – not on credit report send a CCA request

 

• MBNA Credit card 2008 – now with PRA GROUP - £2723 – defaulted 2012 send a CCA request

 

• Co-operative bank credit card 2002 – now with LINK FINANCIAL OUTSOURCING - £2571 – defaulted 2012 send a CCA request

 

• Co-operative bank credit card 2001 – now with LINK FINANCIAL OUTSOURCING - £2026 – defaulted 2015 send a CCA request

 

• RBS MINT credit card – now with ‘WESCOT CREDIT SEREVICES – NON BOUGH DEBTS’ - £1624 – not on credit report send a CCA request

 

• Tesco Bank credit card – now with ‘ROBINSON WAY LTD – TESCO’ – £1222 - not on credit report send a CCA request

 

• Barclaycard credit card 2001 – now with ‘LINK FINANCIAL OUTSOURCING’ - £1087 - showing as up to date positive on credit report!send a CCA request

 

• Bank of Scotland – now with FAIRFAX SOLICITORS - £750 – not on credit report what type of credit/

 

• Cahoot credit card £713 – not on credit report send a CCA request

 

• American Express credit card – now with ‘NCO – OTHER’ £387 – not on credit report send a CCA request

 

• EGG Credit Card – now with PRA GROUP (UK) - £193 – not on credit report send a CCA request

 

• Cahoot credit card £100 – not on credit report send a CCA request

I will guess 99% are cash cow accounts

good idea to stop that DD.

 

 

dx


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Send the CCA requests as advised by dx in red above.

 

But i would suggest that you also speak to Stepchange about your change in circumstances, as you have been dealing with them for 6 years. You will have given them more details about your finances and whether you own any assets such as a house.


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Most of your debts will be unenforceable. Stop payments. get CCA requests off to all.

 

Cabot, IDEM, link, PRA, robbers way etc do.nt chase enforceable debts. Theyre bottom feeders. Theyve seen the large amount, bluffed, you , marked you as gullible as youve given them thousands without question.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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Thanks for the help.

I am going to send a CCA request to all by recorded delivery (without written signature and with a blank £1 PO as recommended on here).

 

 

Can someone direct me to the best CCA letter to use,

I have seen many different versions on the internet, some much more lengthy than others.

 

I will update on progress for everyone's later reference and probably for further help!

 

Will contact StepChange to update them on my changes to circumstances in the meantime. Probably will end up paying £1 per month through them until the CCA's come back at least.

 

renegadeimp, I read on this forum that Cabot and link have sent out CCJs and charging orders, do you mean they don't chase unenforceable ones?

 

 

Surely its easy for any DCA to send a CCJ request at a click of a button, hoping I will pay up in full or at least to get me to pay something on a monthly basis?

Edited by torch1

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Cabot never chase enforceable debts or at least ive NEVER seen it. They go for debts no other dca will touch and then threaten legal action on them to scare you into paying.

 

And ccjs do NOT work like that. At all. There's a whole lengthy procedure to go through and it's very easy to defeat any claim they make.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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don't waste money on recorded

1st class with free proof of posting at the PO counter when you get the £1 PO's will do.

 

click CCA request

 

no-one can get CCJ/CO's without enforceable agreements

and 99% of those you list are known cash cowers.

 

sorry but you've been had as a mug for years here ..


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Thanks. I am happy to hear if I have been had as a mug for years, if it means I don't have to pay them anymore!

 

Searching this forum for Cabot CCJ returns quite of lot of people that got CCJs from Cabot.

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because they werent defended

rarely do see a cabot win if defended


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What about the Capital One credit card? - that is still with my original lender after all these years - probably because I now learned that my reduced payment were not reduced enough.

 

Santander and others send me statement of account updates. I think the original debt for Santander was with cahoot flexible loans, can't remember it is so long ago now :)

 

 

I always ticked no PPI required on any loan applications in the past to keep the cost down. What is a SAR and is it relevant to me?

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CCA ALL of them. every last one. You need to start fresh and get all your homework done. Youre talking tens of thousands pounds here, plus the thousands you already wasted.

 

Please do this right so youre not wasting any more.

 

A SAR is a legal request from you to the original creditor that requires them to supply all information they hold on you. Some creditors wont supply all of it for whatever reason, so if you need specific info from them, make sure to detail it in the request.

 

To find out what a sar is, click the word sar.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Thanks. For the CCA requests, I don't have any original paperwork, only stepchange statements and only the reference number that the DCA's use. Do I need to track down the original agreement numbers first somehow?

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would be an advantage yes


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Stepchange said they can trace the original account numbers from my records and mail (not email) them to me. Will take about 1 week though.

 

Is it best to wait for them or use the DCA account reference numbers?

 

 

ps. I am worried that Stepchange have copies of some original agreements from when I started the plan. Can't remember if Stepchange requested them from me on starting a new DMP.

Edited by torch1

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The DCA will have the details, so for a CCA request you need only mention original creditor name and the DCA reference number. They can look it up on their system and deal with the request.


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For the Santander debt, this was originally a cahoot flexible loan taken over by Santander. I just read that Santander gave out massive refunds of all interest paid in the past due to an illegal rate hike. Anyone know anything about that which can help my case against Santander?

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Send those CCA's out in the morning, THEN worry about the rest. You need to get those CCA's out so you can find out the enforceability of the debts. SAR's will give you the other info you need.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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For the Santander debt, this was originally a cahoot flexible loan taken over by Santander. I just read that Santander gave out massive refunds of all interest paid in the past due to an illegal rate hike. Anyone know anything about that which can help my case against Santander?

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?325044-325044&p=3600709#post3600709

 

 

http://www.moneysavingexpert.com/news/loans/2012/02/santander-offers-massive-refunds-on-cahoot-loans-after-rate-hike


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Something interesting happened since I stopped my DD with StepChange.

 

My credit report today dropped further by 248 points because LINK FINANCIAL reported a missed payment on my DMP in active accounts.

 

I believe this account was originally marked as Defaulted only in 2015 even though Ive been on regular DMP payments with them since 2012.

 

Not sure if there is anything that can be done with that now or later?

 

Should LINK still be updating my credit report even though they defaulted it in the past (2015)?

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Link will just be reporting the account as they should. As long as its a true representation of the status of the account, then thats all there is to it.

 

The points mean nothing, as every lender has their own criteria for lending. The points on a Credit record is just a way for the CRA to make money off the uninformed.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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The strange thing is that the LINK FINANCIAL account is showing as an active account and not showing in the defaulted accounts section, even though the original creditor (co-op) defaulted it in 2015 and is showing as a default by co-op in 2015 in the defaults section.

 

 

Can I get this LINK entry removed because of that?

This has caused my credit rating to go from fair to very poor.

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best you start separating these debts off into their own thread tourch

go start a new thread in the Co-op forum off the main forum tan top left of this whole page

else this is gonna get mighty confusing.

 

 

dx


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Link will just be reporting the account as they should. As long as its a true representation of the status of the account, then thats all there is to it.

 

Link are reporting this account as an active account and updating monthly.

They have now set all payments to 6 months late,

 

 

last month everything was reported as up to date.

 

 

now I have another 6 years fresh bad credit rating!

However, it was defaulted by co-op bank years ago.

The co-op default shows in my credit file.

 

 

Do Link (or anyone else) have the right to update the credit file separately since they are only DCA'a and the original debt was already defaulted?!

Why am I being treated unfairly.

 

 

If there was just a default and I made no effort to pay,

I would only suffer 6 years bad credit from the default date.

Instead I have to suffer further for paying over 50% of the debt already to Link!

Edited by torch1

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nope

when the co-op default reaches 6yrs both entries will vanish.

doesnt matter either is live nor closed.

dx


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Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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Just an update on this so far. PRA Group have replied stating they have requested the original agreement and my account is suspended and unenforceable until they have it. They also state that they can not issue a CCJ until they have it.

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