Approaching Pension Maturity - have debts to DCA's - do i have to tell them?

[Ecker]

Hi, I have a pension that is about to mature in the next 3 months. I really need to take it as a lump sum as times have been hard for almost 20 years and I am still living in private rented accommodation since.

I have 8 creditors from about 20 years ago and all these were unsecured loans. I have 3 of the loans where I am paying nominal amounts (£3-£5pcm).

I have written to the others with the 21day CCA request and they have not been able to produce the signed contracts, consequently I have stopped payments

to those companies.

If I take out the lumps sum payment (of which 25% is tax free) do I have to declare any of the above companies as creditors?

TIA

[dx100uk]

none of their business!!

and why have you been blindly paying DCA's on debts .

running the statute barred date to infinity for 20yrs??>>>

stop all payments to everyone

and dont you dare use a penny of your pension to pay any debts off!!

a DCA is NOT A BAILIFF!!

thread title updated

 

[Ecker]

Brilliant dx - Thanks for the advice and telling off!! They were only nominal payments, however I shall stop payments immediately.

A donation to the site will follow shortly.

 

[glossyfitz]

haha Ecker you will soon get used to dx telling you off!  I get told off all the time

 

[dx100uk]

you have to remember we also post because of future readers in a similar position...it's not a telling off,

- it saves people money!!

if everyone simply stopped paying DCA 's the whole vile industry would collapse overnight

dx

 

[Ecker]

An update from my post 16/01/24.

 

Moorcroft DR Ltd signed the CCA letter 20/01/24.

Received response  23/01/24 stating they no longer require £1.00 fee and returned PO.

They said the request has been sent to their client (M & S Bank) and once they receive further contact from their client they will be in touch.

M & S responded direct to me with letter 01/02/24 (received 07/02/24). Saying in order to process request to complete attached form and send a CHEQUE for £1.00 payable to M & S Bank.

Also stating if we don't here from you within 14 days they'll assume I no longer require this information.

The form asks for name & address, email address, mobile number, DOB, Customer signature and date.

Also for me to tick relevant box to confirm whether i want their response by Royal Mail signed for delivery or secure email. They also sent a second class SAE.

Does this mean that the time lapsed since the DCA received my CCA letter?

Also, should I just send a CCA letter to M & S Bank and ignore the request form they have sent which looks like a bit of a trap to me?

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Cabot Financial (Natwest)

- I sent them a CCA request in 2023 which they were able to send the relevant information.

As a consequence I stopped paying them immediately.

They have since sent various letters and the latest states

"We regularly review Credit Reference Agencies information. From the data we have reviewed, we believe your situation may have improved. We may review your account for an agent visit. Whilst our data is an indicator of your ability to make payments, please contact us so we can understand what has changed in your situation and update your account."

Cabot (Barclaycard) - Received letter confirming they were unable to the information as per the CCA request and the timescale has now lapsed.

They followed that letter with a request to change payments directly to themselves.

I assume I should just halt payment here?

Would appreciate any advice on these accounts.

---------------------------------------------------------

PRA Group (MBNA) - have acknowledged my request and advised they will get back as soon as possible, however the 12 working days have now lapsed.

I shall advise once received.

------------------------------------------

Capital One - Have not received anything and the 12 working days have now lapsed.

------------------------------------------------------------

Once again I would appreciate any help/assistance with my situation.

 

 

[dx100uk]

if anyone fails the 12+2 working day time limit, until they comply and WE CHECK the docs are enforceable, you cease payments.

as for M&S

forget the old CCA request, as stated unless a DCA OWNS a debt, it goes to their client, in this case M&S.

so comply with their wishes 

read ALL THE POSTs IN THE CCA REQUEST THREAD FIRST

dx

 

[Ecker]

An update from my post 16/01/24.

 

Moorcroft DR Ltd signed the CCA letter 20/01/24. Received response  23/01/24 stating they no longer require £1.00 fee and returned PO. They said the request has been sent to their client (M & S Bank) and once they receive further contact from their client they will be in touch. M & S responded direct to me with letter 01/02/24 (received 07/02/24). Saying in order to process request to complete attached form and send a CHEQUE for £1.00 payable to M & S Bank. Also stating if we don't here from you within 14 days they'll assume I no longer require this information.

The form asks for name & address, email address, mobile number, DOB, Customer signature and date. Also for me to tick relevant box to confirm whether i want their response by Royal Mail signed for delivery or secure email. They also sent a second class SAE.

Does this mean that the time lapsed since the DCA received my CCA letter?

Also, should I just send a CCA letter to M & S Bank and ignore the request form they have sent which looks like a bit of a trap to me?

--------------------------------------------------------

Cabot Financial (Natwest) - I sent them a CCA request in 2023 which they were able to send the relevant information. As a consequence I stopped paying them immediately. They have since sent various letters and the latest states "We regularly review Credit Reference Agencies information. From the data we have reviewed, we believe your situation may have improved. We may review your account for an agent visit. Whilst our data is an indicator of your ability to make payments, please contact us so we can understand what has changed in your situation and update your account."

Cabot (Barclaycard) - Received letter confirming they were unable to the information as per the CCA request and the timescale has now lapsed. They followed that letter with a request to change payments directly to themselves.

I assume I should just halt payment here?

Would appreciate any advice on these accounts.

---------------------------------------------------------

PRA Group (MBNA) - have acknowledged my request and advised they will get back as soon as possible, however the 12 working days have now lapsed.

I shall advise once received.

------------------------------------------

Capital One - Have not received anything and the 12 working days have now lapsed.

------------------------------------------------------------

Once again I would appreciate any help/assistance with my situation.

 

 

[Ecker]

DX Many thanks for that. However I am reluctant to give them DOB, phone number and signature as I am afraid of them copying signature and bombarding me with phone calls going forward.

 

[dx100uk]

Who M&S?

they should already have all those from when you opened the account unless you've moved and not told them?
then theres even more reason to do so..backdoor CCJ.

OC's dont lift signatures.

dx

 

[Ecker]

Sorry for not getting back as I've had other issues to deal with.

M&S Bank/Moorcroft( and all my other creditors were notified when I changed address, so no backdoor CCJs have been issued.

I've been paying nominal amounts on all my outstanding cards over the last 15+ years.

As M&S have not actually sold on the debt and most likely do have the original credit agreement, should I continue to just pay the nominal amount or should I try and negotiate a settlement once/if they produce the original signed agreement?

Also Cap1 have now sent me a copy of the original signed agreement when I opened up my account with them.

Should I carry on paying a nominal amount per month or look to try and negotiate a settlement?

Once again I appreciate all views on these issues.

[Ecker]

The policy has now been settled. 

As Cap1 have previously sent copies of the original contract, should I try and reached a settlement with them? Also if I try and reach a settlement, should I do this in writing or over the phone?

Presumably I then ignore all other creditors who couldn't produce contracts where Ive stopped paying them anything?

Any advice is appreciated.

[unclebulgaria67]

No CCA produced then you don't need to do anything other than check any communications received to make sure, no pre action protocol letter or Court claim received.   You could follow the same approach for CAP1, but that is your choice.

Do not disclose any financial details to a DCA. It is none of their business.  It is only in the event that a Court requires you to disclose your finances that you would need to do so.

And make sure all creditors always have your up to date postal address.

[Ecker]

Many thanks for that.