Payplan and my debts

[jasmineuk]

No, not being chased at the moment.

 

I have a separate thread running as I'm with Payplan and they are pressuring me to increase my payments.

 

It was just a general question as to why DCAs would sell a debt onto another DCA, like what would be the benefit to them?

 

And I also assume that the more times a debt is sold on, the less the DCA would settle for if it was paid off?

[brassnecked]

A fairly reliable indicator of potential unenforceability is where a DCA offers a discounted settlement, but a discounted settlement even if paid would not clear a default on a credit record, it would show partial.

[Old Cogger]

DCAs usually are registered collectors (or try),solely collectors who threaten and the like BUT are just collectors for owners, then you have Debt Buyers = who buy the debt and own it , and can if they think worth while issue court proceedings and try their luck that way!

[renegadeimp]

I'd dump payplan and do it myself if i were you.

[martin2006]

Its also just become a new financial year so the dca will want to show it looking good as a write off on their accounts.

[dx100uk]

yep dump PP do it yourself

 

 

or simply stop all payments

and deal wit the forest as it comes thru your door with our help.

 

 

dx

[jasmineuk]

I've been reading through the forums (fori?) to try and familiarise myself with terminology and I've seen that it's not possible to CCA a bank account.

 

I'm a bit confused because I've sent a CCA request to a DCA in respect of an "overdraft" of over £2,000, although my overdraft limit was £300.

 

Have I done the wrong thing?

[dx100uk]

doesn't matter

they'll simply ignore it

or willy wave back and tell you so.

 

 

sar to the Original creditor might be useful mind

[jasmineuk]

Lol, do I need to ask what a willy wave is?

[dx100uk]

no ...

[jasmineuk]

Me again

- I haven't had any response whatsoever to my CCA requests

and I've written to Yorkshire Bank for an SAR

and they have 40 days to reply so I'm not expecting anything from them yet.

 

However,

I've got copies of my credit report from, two different bodies

- Clear score and Experian and

both show that I have a "very good" credit rating.

 

My Experian report shows that in 2010 I owed Yorkshire Bank £11k

but in June 2014 the balance went to nil and "S" marked against it, meaning it was satisfied.

 

I assume that's when Yorkshire Bank sold the debt.

There's nothing on my credit report regarding my other debts (Yorkshire Bank and MBNA).

 

Nothing

- absolutely nothing

- else shows up on my credit report to say that I owe anyone any money.

I take it that's a good sign, right?

 

And reading the second page of my

"You have been selected to receive a discount on your debt to us" letter, it says that if I stop payment, then the full balance will become due.

Can they do this?

[AndyOrch]

And reading the second page of my "You have been selected to receive a discount on your debt to us" letter, it says that if I stop payment, then the full balance will become due. Can they do this?

 

No...only the OC can recover the full amount if payment is breached...as in a default notice being issued then court proceedings.

[dx100uk]

so more cash cow accounts sorted then...

[jasmineuk]

I currently owe money to three DCAs and MBNA. The DCAs are chasing debts due to Yorkshire Bank going back around 10 years.

 

I've been in a DMP for 8 or 9 years and have never missed a payment.

 

I've recently got a copy of my credit report, which is very detailed and it shows no defaults and in fact, my Yorkshire Bank loan was marked as "Satisfied" in 2013 even though I've never paid it off.

 

Why would it be marked satisfied and if I stopped paying and the DCAs came after me for non-payment, wouldn't it be difficult to prove that I owe money when one debt has been marked as satisfied and my credit report is clear with no defaults, no balances outstanding or anything? How can this be?

[unclebulgaria67]

I think you need to seek information from Yorkshire Bank about this i.e how much the debt was.

 

Don't trust DCA's to give accurate information. The debt amounts are often wrong, they add interest when they should'nt, they don't send annual statements.

 

Who is running your DMP and are they providing regular info ?

[Guest]

defaults go after 6 years.

it may have been marked 'satisfied' by an original creditor as it has then been sold on?

[jasmineuk]

The loan with Yorkshire which shows "Satisfied" was £11,300 but rather than be satisfied, the debt was passed to one DCA after another. Is this normal?

 

I'm with Payplan. I regularly get letters from DCAs offering a reduced settlement figure, which varies from 1/2 to 1/3 of the debt. If I rang the DCA to offer payment, is it likely that an offer of 10% would be accepted?

[Guest]

seems then as i posted. original creditor sells it on,

marks their record as satisfied.

but, the matter is still outstanding re the new owner

[unclebulgaria67]

Might be the case, but it is not an accurate way of updating the record.

 

 

From what i have read most creditors when selling a debt on,

either just leave the debt record as it is or they delete it,

with the new debt owner being added as a replacement after the debt sale.

 

In this situation,

i think Payplan need to be asked about this,

as they are no doubt deducting a fee,

by administering the DMP.

They need to supply the information.

 

What type of loan with Yorkshire and when was it originally taken out ?

[fkofilee]

Yes thats correct =- When the debt is sold - It will get marked as Satisfied from that perspective.

Even if the balance is still outstanding.

[jasmineuk]

It was a personal loan from Yorkshire and was originally taken out around 2006. Why would the DCA not want to protect their ownership of the debt?

[dx100uk]

ask yourself one question..

 

why would a major bank sell one of my debts on

and not take me to court and crush me?????????????

 

you've been blindly paying a your DMP for 8-9yrs

have you not once thought... I wonder if I really do owe all these debts?

 

a DMC will never check the enforceability of any debt

because they get paid to arrange payment plans

 

pers i'd be cancelling the plan and we'll deal with the deforestation that falls through your door on a debt by debt basis

 

are you still living at the same address where you took all these accounts out at?

 

sorry but I smell a cash cow here.

 

 

dx

[dx100uk]

its a real shame that I see in 2006

again in 2009

and again in 2011

you were already given this advice but you chose to ignore it...

 

 

check a debt enforceability....

 

 

dx

[Guest]

Yes thats correct =- When the debt is sold - It will get marked as Satisfied from that perspective.

Even if the balance is still outstanding.

thought so. happened with mine, and others.

the new owners then took over.

[fkofilee]

I wrote something about this a little while ago as a sticky

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?460629-Settled-Or-Satisfied-That-Is-The-Question...