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I am paying £100 per month to payplan who share the payment out to the companies I owe .

 

They have told me to take an I v a Because it is going to take me 20 years to pay back what I owe . I don’t want to take a i v a ...

 

they said unless I can afford to increase my payments and pay off the debts earlier , then an I v a. Is the only option .

 

I can’t increase the amount I am paying ..

they also said that if I died ,

my wife would have to pay the debt as I incurred the debt at this address

 

.. this is all very stressful .

.. I have paid back about 8 thousand over the past 7 years ..

I thought I would be able to make payments through the debt management plan until it was all paid back .

 

I don’t owe the debt to hsbc or Yorkshire bank any more ,

I owe it to collection agencies such as Cabot ,

who probably bought the debt for next to nothing .

 

Any advice please

Edited by dx100uk
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Hi.

 

Other people know more than me but I thought you could run your own payment plan. Or maybe you could leave PP. Other people should be along soon.

 

HB


Illegitimi non carborundum

 

 

 

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Hi.

 

Other people know more than me but I thought you could run your own payment plan. Or maybe you could leave PP. Other people should be along soon.

 

HB

Thank you

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Cash cowed blind..

 

Who even says the debts are enforceable??

 

Bank account OD's mostly penalty charges lvbet!!


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Please wait for more comments, it's not my field.

 

Edit: , crossed posts.

 

HB


Illegitimi non carborundum

 

 

 

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You are under no obligation to result to insolvency to resolve these debts.

Payplan need to be shot for advising this. A DMP is an acceptable form of repaying debts and is informal. IVA is extremely formal and shouldnt be taken unless a last resort...

 

Id raise a formal complaint with Payplan about it...

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Thank you for replying..

payplan said that because it is going to take such a long time to repay the debt ,

an I v a would be only for 6 years and then I would be debt free .

 

. They suggested an I v a for the past few years and I have said that I don’t want to go down that route .

 

I am legally okay to carry on paying into this debt management plan as I am doing and they can’t force me into taking the I v a , which they keep on pushing

 

. Thank you

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pers id stop paying altogether

and get an sar running to both YB

 

sorry but if these 2 are like the others you have already settled

you've been had on all of them = cash cowed.

 

a dca is not a bailiff

and have

ZERO legal powers.


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[thank you for advice .

Payplan have sorted all my payments to Cabot financial (Europe) ltd for marlin financial , ex Yorkshire bank loan .

 

Link financial ltd. Ex alliances &Leicester credit card

 

Nco Europe ltd. Arrow. Ex hsbc loan

 

Wescot credit services . Ex Cabot ex nat west credit card and loan ..

 

All these have bought the original debt from the banks .

So I don’t owe the banks ,

I owe to these other agencies who have bought the debts for next to nothing .

 

Why are payplan ( who are supposed to be helping me ) not telling me that I should not be paying anything to these collection agencies .

 

Some of these debts were sold to the debt collection agencies in 2008 .

 

There must be thousands of people who are in debt management plans who are paying to these agencies , when they shouldn’t be .

 

I can’t believe that payplan are knowingly not telling people like me that we shouldn’t be paying anything to theses debt collection agencies .

 

And today he was telling me that an I v a was the only option.

 

I feel sick now

Edited by dx100uk
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if a debt is sold on

it typically means there is SOMETHING WRONG WITH IT>

 

think about

why would multi-million pound banks etc sell a debt on

they would CRUSH you in court if they took you there.

but they don't..they don't want bad publicity

and no doubt know for debts of that age No-one holds an enforceable agreement

so they sell it on, reclaim the debt against their insurance policies and also redeem them against their tax arrangements in the uk.

 

payplan or indeed ANY of the DMP providers do not ever question enforceability, they simply and blindly [on purpose] advise you to pay any tom dick or harry that owns your debt now.

because they get a CUT of all your payments made to each debt every month through them.

 

so CCA request time to the owners of your YB loan..that appears to be cabot.

 

as for link

I suspect part of this is your money..

http://www.mirror.co.uk/news/uk-news/boss-of-a-debt-chasing-firm-link-financial-790005

 

http://www.homesandproperty.co.uk/property-news/news/millionaire-debt-collector-digs-deep-south-kensington


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Cash cowed blind..

 

Who even says the debts are enforceable??

 

Bank account OD's mostly penalty charges lvbet!!

 

What about if they owe the money and they want to pay it back, just because they might night be enforceable should they not pay it back...is that the advice of this forum now,don't service your debt?

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no but check what the debt is made up of and weigh all the evidence up.


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" they also said that if I died , my wife would have to pay the debt as I incurred the debt at this address "

 

Are the debts in joint names ?

 

 

Andy


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No . Just in my name but at same address.

I have paid thousands back .

But I didn’t know , and wasn’t told by payplan , that I was paying to debt collection agencies when legally I shouldn’t be .

 

These agencies have bought the debts for next to nothing .

 

One of them is for £8000 , Cabot own this and have recently sent me a letter saying that if I pay £2900 , they will wipe the rest of the debt off . But apparently I don’t owe them or any of the debt collection agencies anything ?

 

Regarding the post that says are consumer action group now telling people not to pay their debts ,

I think this is different because Cabot are saying that I owe them £8000 but actually I don’t owe them that , as they bought the debt for a few pence and are making money out of me .

I don’t know why this practice is even allowed . ..?

Why doesn’t the financial watchdogs deem this practice illegal ?

Edited by dx100uk
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unlawful not illegal - debt is no a criminal matter.

 

and they are offering a big discount too. another very good pointer.

 

how many others debt have you blindly paid off to them..following the cash cow route payplan lead yo down.


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" they also said that if I died , my wife would have to pay the debt as I incurred the debt at this address "

 

Are the debts in joint names ?

 

 

Andy

 

No . Just in my name but at same address.

 

Then your wife is not liable.....you would be if you leave an estate that can afford to settle the debts but if you dont the debts die with you.

 

With regards to debt assignment...debt assignment is Legal and is part of the T&Cs of the agreement you signed when you applied for the credit.It shouldn't be legal but welcome to the murky world of Finance and how the rich get richer.Yes they do pay a lot less than the face value and yes the original creditor writes it off and claims tax relief...but you have had the benefit of the credit and therefore it must be paid back to the legal owner...whether that be by payment plan or a full and final settlement.

 

CAG does not advocate debt avoidance...but that you are treated fairly and DCAs act appropriately and within the guidelines of the law and we advise an amicable way to settle the matter.

 

Link for you to read how debt assignment works :-

 

https://www.netlawman.co.uk/ia/novation-assignment

 

 

https://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/136

 

Andy


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I am paying 8 debts through payplan , all the debts are paid through them to

Cabot ,

nco ,

link .

 

I have been paying £100 per month through payplan for 8 years .

I am confused now .

 

The previous thread says it is legal for the dca’s to Make me pay the debt back .

One says I am being cash cowed

payplan just pay any Tom, dick or harry .

 

Should I stop making payments to payplan to pay the dca ‘s

Or carry on paying these debt collection agencies ,

 

which one says are legally collecting the debts which they bought for a small price .

Which should I do .

Thank you for all of your help

Edited by dx100uk
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List your debts

 

Original creditor

Type of credit

Who you pay now

When taken out

Amount outstanding


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Yorkshire bank credit card , Cabot, 2003 , to payplan Sep 2008. Owe 6400.

Yorkshire bank current acc, Cabot. 2000 to payplan Sep 08 “. . Owe 298.00

Alliance &leic. Credit card. . Link .... 5000.00

Hsbc credit card 2000. Moorcroft. 860.

Hsbc loan Nco Europe. .. 2002. 11000

Citi financial credit card. 2000. Nco Europe 870.00

‘Citi financial credit card. 2000. Nco Europe. 5000

Nat west current account. 1996 Westcot. 527 .00

Nat west credit card 1966. Wescot. 4000.00

All transferred to payplan Sep 2008. Although they have changed dca ‘s. A few times

 

I was taking out loans to pay loans and credit card payments.

In the end I was paying out more than I was earning , it was driving me mad

I sought advice and was put in touch with payplan in 2008

Edited by dx100uk
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Yorkshire bank credit card , Cabot, 2003 , to payplan Sep 2008. Owe 6400. - CCA request

 

Yorkshire bank current acc, Cabot. 2000 to payplan Sep 08 “. . Owe 298.00 - stop paying

 

Alliance &leic. Credit card. . Link .... 5000.00 - CCA request

 

Hsbc credit card 2000. Moorcroft. 860. - Moorcroft don't buy debts - who are their clients?

 

Hsbc loan Nco Europe. .. 2002. 11000 - NCO are part of the arrows group send arrows a CCA request

Citi financial credit card. 2000. Nco Europe 870.00- NCO are part of the arrows group send arrows a CCA request

 

‘Citi financial credit card. 2000. Nco Europe. 5000 - NCO are part of the arrows group send arrows a CCA request

 

Nat west current account. 1996 Westcot. 527 .00 - Wetcloths don't buy debts - who are their clients? but stop paying anyway

 

Nat west credit card 1966. Wescot. 4000.00 - Wetcloths don't buy debts - who are their clients?


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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

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The moorcroft was from hsbc , then to hsbc then back to moorcroft .

The wescot was from Cabot then transferred back to wescot

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so cca request to cabot then too

what about the others


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Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

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Nat west 4000 credit card says wescot credit services as creditor name and further down it says ,under product name , wescot cabot accounts ...

 

Nat west £527. Current account . Wescot credit services , further down under product name it says wescot rbs retail accounts

 

this last one has had several owners ,

nat west /rbs sept 2008 ,

Wescot credit services apr 09 ,

nat west /rbs May 09,

hoist finance May 2010 ,

Nat West/rbs Nov 2011,

wescot credit services Aug 2016,

Nat west/ rbs July 17,

wescot credit services July 17 ...

 

so this , like all the others has been moved a lot .

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Stop paying the ones you cant cca

Whomever wants money will write . It cant harm you

 

As for the ones you can

Ie as above cabot natwest CC

 

If they dont reply within 12+2 working days stop them too


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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

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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Sorry to be a pain ,

this is all new ro me .

 

What is a cca and what happens when I send it to them .

 

Should I send it to all of them .

 

I keep logging in when I can as I am working , helping my wife , who is in hospital and visiting my mother in a care home .

So it is all a bit hectic .

 

Thank you again for helping me

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