Yep indeed, just keeping the thread upto date with all correspondence. This is the first letter received with a named person on it, so I suspect the account will now be managed by a team rather than the auto generated letter spam to date. Given this purchaser holds multiple of the accounts, I do wonder if they will correlate them now at this point. I can see how the OC has little/no incentive to work with them as there is no profit to be had for them since selling the account. Given the CCA is for the DP, I wonder if OC would even engage with them? is a DP 'allowed' to request my information from an OC if it wasn't shared during the sale of the account? just thinking out loud... Sitting on hands as advised

Letter received from Debt purchaser stating ' the OC is unable to comply with request for documentation within the 12-day initial timeframe. ' They state ' the outstanding balance remains collectable and it is acceptable for creditors to register and continue the reporting of a default. ' Unsure exactly what that last part means.. they haven't returned the PO

Perfect summary dx thanks I really appreciate it

Ok thanks, 12+2 working days. Having read the provisions of CCA too on gov.uk, I've found it hard to understand for a layman In posts above there seems to be contradiction (or again my lack of ability to understand!!) - last bit of clarity I feel I need for now please. " safe to ignore any debt unless/until you get a notice of assignment " Post #36 But then told " only reply to letter of claim for any debt " Post #40 So am I responding to notice of assignments with a CCA, or waiting for letter of claim before sending of CCA's? Thanks

Yeh multiple times, I was asking for clarity - I understand this is a self help forum.. When I've asked to confirm my understanding in previous posts I've received no responses, so thought I'd ask the simple question in the hopes of elaboration. My understanding, as follows: After 12+2 (still dont know if it's working days...) they are in default If the solicitors continue to chase I send them another letter referenced in the library: But what happens if I don't hear anything back from solicitors? can I take any action to close it off? What happens if I do hear back but it's say after 30 days or a year? Thanks

Morning CAG Team. CCA request sent with proof of postage 22/03, the 12+2 requirement - is that 12 working days please? Also, what are the next steps if I don't hear back within the 12+2 please? Thanks

Do not offer any income/expenditure information at this moment in time. From my understanding (not experience) you might only offer that info at the moment you go pro-rata, but even if you don't offer this info, the pro-rata offer is just as valid - happy to be corrected on this. I know it's tough, and dx doesn't beat around the bush, but you need to follow those posts to the letter please. Don't do anything you aren't advised to do, that's why you're here right?

Update: Letter from solicitor received dated 25th March confirming receipt of my correspondence and stating they have 'requested the documentation' and it will be sent to me when they get it.. I haven't received any letter replies from the debt purchaser yet since my CCA request which was posted 22nd March.

Relax. They won't call today. Phonecalls mainly start when you're a few missed payments into it. When they do call in the future and if you don't want to have to be ignoring calls, then answer it but only to take the opportunity to tell them you are having financial difficulties and you want phone to be removed as a method of communication regarding your account, post only from here on. Don't discuss anything else. If you haven't done so already then start reading some success stories that are similar to our situation, get informed on the process that will follow, which will give you confidence and allow you to be calm. I found this one to be very informative as it went all the way to being defended in court:

I can't argue with your logic, it was my decision too after getting informed and knowing it was right for me. TLDR; - Let the stress go, nothing will change except your credit record. - Forget your morals. - Take as much as possible of the payments you would have been paying them and ship it to a separate account so you're positioned to make settlements in the future. Replying to comment from my thread. Sorry my replies are wordy to start your thread off! People will be here soon with real, straight to the point advice! I'll just be a cheerleader! Jokes aside: Stress (posted in my thread) - please let it go, seriously. Take a moment to think about the important things to you and know they will not be affected, mine were my children, my wife, my home, my credit score (oddly) Children will be unaffected, wife will be unaffected, home is protected from this (while ever I'm defending it and I could pay in the future) and finally my credit score??... well let's be honest, isn't that the issue in the first place? if I didn't have a mortgage to renew in 4 years time I genuinely don't want anything to do with credit again. I had a moral issue, in that I had taken the money, I did spend it, I did owe it (I was raised well ) but forget all those feelings if you have them too, these companies are parasitic and by their own process they fall.. let them. If they had a way to get out of your contract, at your loss, they absolutely would!! I say give them the same treatment, no morals in business clearly. Mine's a waiting game now, I'm stalling, making them prove enforcement those that can't will disappear, those that can will be communicated with. It will all be documented on CAG. If you choose like me, to stop paying everything not a priority debt then from day 1, take as much of the money as you can, and ship it to a separate account/another person, that way if/when the time comes for any settlements, it'll be the money you were going to pay anyway!! a little win ha BONUS - you'll have savings for once! I can't overstate doing this, it's a real booster for energy when having to file all the DCA paperwork into folders. Right I'm not going to spam type in your thread again, I will try to give short advice where I think I can help, but otherwise you're in good hands here, stay around and update your thread where you can, it'll be therapy for you too then simply follow the advice, everything is going to be fine regardless of how this plays out - know that. Peace

Nice, step 1 complete Very similar to me, but make no mistake my journey is barely started. The next 12 months for me are where the action will be. Worse case? as I've already ruined my credit score defaulting everything, is that I have to pay back, which I intended to do before the wheels fell off so actually for me, today, there can only be positives because I know some of these debts will go away, not all of them perhaps, but some/most due to the shady businesses that work in debt collection and my willingness to stand up for myself in the face of a very criminal financial industry. My first piece of advice, will copy what I was told by London1971 at the start of my thread - Forget morals, you're just a number. Here's a snip you've probably already read but hey, it's solid advice and where you should start too: "...... it's not like you owe the money to your best mate. To your Creditors you are just a number on a spreadsheet. Worst case scenario? Default on everything, and get a barrage of letters from mainly powerless DCA's (Debt Collection Agencies). Maybe nothing will happen, maybe at some point in the next 6 years you might get a Claim form to try and take you to court. We can advise you with that here if it does. What would I do? As someone who's been through this mess. Get your calculator out and work out your essential expenses. Work out what you have left over to offer the cards and loans etc, offer them a token amount and ask them to freeze interest until you find another job. It may be that because of the pandemic they will offer you a payment holiday anyway. If you are really worried you can still ask your mortgage company for a six month payment holiday also, I did it, and it really helped me get back on track after losing my job. Mortgage, Council Tax, Food etc so you know what you need to live on. Get rid of any expensive cars, spend a grand on an old Focus or Corolla Get rid of any expensive mobiles, Buy a cheap PAYG on a second hand phone Start looking for another job now, even if it's half the salary. ...... " I'll be lurking around Thisseason - you got this.

Welcome , if I've helped you reach out for help here then that makes me very happy because the reason I'm documenting this is for others to self help from my journey. Indeed, start a new thread and I'll certainly drop in. What I would say at this point is, if you feel you'll be able to pay this back, then at least make token payments and potentially keep your credit score good by calling them and being polite the guys on here will guide you as to your specific situation, although as you say yours is very similar to mine! As the experts on this forum will tell you - nothing bad can actually happen here, it's just money. I can say for certain that the fear you have is not based on any facts, the truth is hidden from you, do not fear. Good luck

So that was a first me using PO's also the lady at the counter didn't realise you could create a PO with no name, she was happy she'd learned something new after years doing the job, she had actually advised people previously that they must, it wasn't until I said I was pretty sure you can that she said "oooh, you know what I'll try to click next without entering one, see what happens" haha it was a fun experience. Anyway, enough waffle. Just to confirm now I'm at another juncture with these debts, the advice is: - Ignore all DCA comms while they are working on behalf of OC - CCA request to debt purchasers upon receiving Notice of Assignment. - Follow the PAP instructions should I receive a Letter of Claim. Any paperwork received following CCA requests/PAP response, return here for upload review, then take action on each individually depending if it's enforceable. ^^that all correct please? Just want to double check before I potentially go radio silent again while I action them, I will of course update the thread with anything relevant in between. MBNA Loan assigned to Link, letter of claim received from Kearns: I've sent the CCA to Link and the PAP forms to the solicitor with reason for dispute to the solicitor as 'I do not acknowledge the debt, and the debt purchaser is yet to respond to my request for documentation' - I hope that's right? awaiting response on both of them. Both were sent at the counter and I have proof of posting.

I've read a number but none are as new of a debt as mine/I haven't scoured deep enough yet. Let me go make a brew and get to reading Thanks dx Wow, just finished reading Read all of it what a success! I guess the difference with mine could be they are so recent there is no way they don't have the paperwork.. or perhaps I'm giving them too much credit? lol

Ok, will do. So, what happens next then usually? let's say they reply with all the info requested.

Understood. I have 3 to do then, all to LC Asset: MBNA CC MBNA Loan Halifax CC My credit score is now 0 and will not recover for circa 7 years, this will not change now these accounts are defaulted regardless of whether I pay or not, even if I pay in full today, in fact, paying anything towards them only prolongs the pain with respect to Statue Barring situations. So I'm incentivised to find another solution. My intention remains the same as a year ago, default them to start the timer and where possible settle for less than the full amount. There's no benefit to a payment plan other than perhaps a token plan where the debt gets devalued due to time passing with an eventual F&F of factions the value... Thoughts?

Will do dx, I'm happy to have gotten the letters in order again.. Notice of Assignment: Riiiight, I kind of expected this as the title of letters that may jump out at me, like the Letter of Claim does. But as I elude to above, it's the wording in the letter body '...(Insert OC) has assigned all of it's rights, title and interest in respect of......' Sorry I know that's probably 101 for you but this is a first for me trying to understand the process and I'm deep in letters and wording with this many accounts

To think it's almost a year ago when I started this journey reaching out for your help. It's quite the lengthy update to follow, apologies for that.. as you can imagine all OC's have progressed the accounts in some way or another. It was my understanding that at least until I saw the words 'court' or something similar I could pretty much ignore correspondence. Especially with the understanding of DCA's I have gained from this site and other research, I thought I wait for their moves. That said, I have taken my eye off the ball these last few months dealing with other challenges and perhaps there are things I should have been doing? instead of ignoring the DCA's (which I thought was correct) To start, all have progressed to a DCA (I have all correspondence filed in order) - perhaps I need to confirm if they are acting on behalf of, or if they actually bought the debt?? Some offering reduced payments in full (which is where I want this to go ultimately) to the one that has progressed the furthest, to a letter titled 'Letter of Claim': Kearns solicitors, instructed on behalf of LC Asset Dated 21/02/22 Letter titled Letter of Claim, requesting my response within 30 days completing an income and expenditure, and tickbox letter for me to tell them whether I dispute it or not (think I've seen Dx link the same form to someone in another thread..) Any help appreciated. I will follow-up today with who is looking after each account now and act on mass where appropriate. Thanks This account was assigned to LC Asset on 22nd October 2021 (letter from MBNA) Words in letter that confirm it's fully sold on? - "MBNA Limited has assigned all of it's rights, title and interest in respect of......" 1st Feb 22 - Letter from Link Financial, giving me 14 days or they will do the above and assign to Kearns. Happy to list out each account (with dates of letters included, but appreciate it could be a long post.. so here's a summary for now. Both tesco's accounts went to Wescots (offering reduced settlement), now they've both been moved to Moorcroft! Moorcroft: Tesco CC Tesco Loan Virgin CC Wescots: M&S CC LC Asset: MBNA CC MBNA Loan Halifax CC

Hi Dx, thanks for reply. Apologies, this is the MBNA loan that was sold on yes. I'm pretty certain every OC has followed the correct process with notifications however recently I've gotten a little lazy with sorting the letters. I'll re-order and file them this weekend and pick out the MBNA one, then update the thread properly.

Thanks for reopen BankFodder. So an update (we knew this was going to be a long road..): All debts are now in default state with threatening letters being sent on the regular. I have one that has sent me a letter of claim, this is the MBNA debt of £4271.33. The letter is from a solicitors on behalf of LC Asset 2 S.a.r.l Any guidance on this please team?

Thanks dx and good morning!

So Tesco Bank didn't hang around!! Loan debt of £8367.52 passed to Wescot DCA, letter dated 05/10/21 Watch this space! Any comments re experience with Wescot? Given how quickly this happened does that mean the debt is 'sold' to them or simply they have been engaged to act on behalf of Tesco and Tesco remain the owning creditor at this time? Thanks

You know.. at the time a parachute account was suggested to me, I was going to ask for your advice as to which bank I should choose but it also seemed like such a simple thing I can do myself. I know there are no stupid questions, but I wanted to do as much as I could myself given how much effort you guys expend on here helping people. Bah! ok well I still have time to change my bank details before I get my first pay at the end of Oct. You guys made me feel much better about my situation when I first posted and certainly every post I read from you lot gives me more and more confidence with how I'm dealing with this. Naturally, and as promised, with my first pay I will be donating, I just wish I could buy you all a beer.

Hey dx, Yeh I can create an account with Co-op for sure if you think it's worth. MBNA part of HSBC group... don't know how I missed it because I really tried to get it right!!.. I was swayed to them too as my missus also banks there and thought it would be easier I have card and loan with them, loan is defaulted but not on credit file as such just yet, CC is still threatening letters stage

It was my intention to use my parachute account for my salary moving forwards with my new employer, but given I now know they are part of the same banking group as one of my creditors, should I change this? would they be allowed to access this account say straight after payday and zero it to clear some of the debt? or would it just give them insight into my earnings etc? Happy to find another bank however with a 0 credit rating as of this month, I'm unsure whether a bank would give me an account even with 0 OD Can you advise please?