Me & My Debts & Various CCA REquest

[citizenB]

Can you please advise us, what your dispute with the original creditor is?

 

The courts expect both parties to a claim or potential claim to have communicated prior to the issuing of a claim.

 

It is agreed that Wescott should have been given or obtained ALL information prior to their first contacting you - sadly this doesnt happen. If you have a clear dispute then it is in your interests to advise what this is to get them off your back.

[monkquito]

Hello,

 

I have an account in dispute over enforcment of a CCA 1974.

 

Another DCA is chasing me for the debt, but I have pointed out that the account is already is dispute with another DCA and have told them I will go to the OFT if they persist.

 

They have written back giving me a phone number asking me to contact the client directly as they do not know what the dispute is about.

 

This is odd, as other DCA's chasing the same debt have respected the fact the account is in dispute.

 

Any ideas what I should do?

 

Regards,

M

[renegadeimp]

Ignore them. If an account is in dispute, it is up to them to find out why. Not for you to run around calling them. If they dont own the debt anyway, then tell them to bugger off, as the account is in dispute, and if it wasn't, the new DCA would have no legal remit to chase the debt anyway.

[Stigman]

Another DCA is chasing me for the debt

 

Is the latest DCA chasing on behalf of another DCA? Or have they bought the debt?

 

Stigman

[monkquito]

Hello,

I’m looking for some advice to get

 

1. Get debt-free
   
2. Improve my credit rating
   

correct me if I’m wrong,

I have defaulted on my debts since September 2008.

Now from what I understand that the default is only marked against my account from the first default

and clears after 6-7 years, but the debt can still be chased.

 

The debt is about £25k for reference.

Would I be able to set up a DMP to

 

1. Reduce my debt
   
2. Stop anybody chasing the debt in future
   
3. Stop any future defaults
   
4. Improve my credit score.
   

I would presently have about £100 spare a month at present, but can expect that to increase later in the year.

Or does anyone have any better suggestions for me?

Many thanks in advance

M

[renegadeimp]

If you have defaults/ ccjs on your file forget about the credit rating for now.

 

Could you list all your debts with as much info as possible and check all 3 agencies to see if the debts match up with whats on your report.

 

Try and provide original creditors and current debt owners names if possible.

 

The more info you give the more we can help.

 

You may also have a lot of ppi/unfair charges/interest that will be unenforceable and you can challenge it

[BRIGADIER2JCS]

There cannot be more than one default date for any debt.

All defaulted accounts are removed from credit files on the 6th anniversary of the default date paid or not.

Statute barred = 6 clear years with no payments whatsoever to the account and no unequivocal written acknowledgment of the debt.

 

Once the debt become statute barred it only means that it cannot be enforced via the courts, indeed it does remain payable and creditors can pursue payment short of court enforcement.

 

However the OFTs Guidance on debt collection says that it considers that it is unfair to press for payment of a SB debt once the debtor has informed the creditor in writing of the status of the debt and that they will not be paying.

 

How is this 25K of debt made up please?

[monkquito]

Thank you for your advice so far.

Below is a list of debt, from original source, although my latest credit check from Check My File is roughly £21.7k.

 

 

Lloyds Bank Account £3,287.50

Lloyds American Express £3,716.59

Lloyds Credit Card £8,484.53

B&Q/Edge Storecard £257.67

Sky Mastercard £3,161.16

B&Q/Edge £328.86

Marks & Spencers Mastercard £2,034.44

LVE Loan £4,908.48

Capital One Mastercard £1,397.09

Aqua Mastercard £361.82

Argos Storecard £212.93

£28,151.07

 

 

Regards

M

[renegadeimp]

Ok. Any chance you can give a breakdown of these debts along with the current companies chasing you and the current owners? Also dates you made the last payment or written acknowledgement, along with any CCA's you may have had.

[BRIGADIER2JCS]

Hi M,

 

Are all of these accounts with the original creditors, or with DCAs?

 

I would suggest checking credit files with Equifax and/or Experian CMF uses '2nd' hand data and might not be accurate.

[monkquito]

Thanks for the advice so far. I will be back in a few days with the info requested.

[renegadeimp]

Take your time. The more concise info you can give, the easier and more accurate advice can be given

[monkquito]

Hello again,

 

Got my latest credit report from Equifax below, with all the data I can provide.

 

 

Sky Mastercard

Now with DCA: 1st Credit

Balance: £3,161

Default Date: 28/10/2008

Last known payment: Jun 2008

Lloyds Bank Current Account

Now with DCA: Capquest

Balance: £3,287

Default Date: 12/8/2009

Last known payment: Feb 2009

B&Q/Edge Store

Now with DCA: Aktiv Kapital

Balance: £328

Default Date: 31/12/2008

Last known payment: Jun 2008

Lloyds Bank Mastercard

Now with DCA: Capquest

Balance: £3,716

Default Date: 9/7/2009

Last known payment: Jun 2008

Lloyds Bank American Express

Now with DCA: Capquest

Balance: £8,484

Default Date: 30/1/2009

Last known payment: Jun 2008

Marks & Spencers Mastercard

Now with DCA: 1st Credit

Balance: £,2033

Default Date: Not on Credit Report

Last known payment: Jun 2008

Argos Storecard

Now with DCA: Aktiv Kapital

Balance: £210

Default Date: 18/09/2008

Last known payment: Jun 2008

Many thanks in advance for any advice

M

[monkquito]

I have been receiving advice on reducing my debt and improving my credit rating.

What I would like to know are how can I attempt to negotiate with the DCA’s firstly to remove any interest/unfair charges/PPI. Also, once this has been done would it be possible to negotiate a full and final settlement if the outstanding balance was reduced by 40%-60%?

I have done a little on line research, and would I be right in thinking if I made a full and final settlement, would the defaults be removed on my credit report and the account become settled?

I have received some advice that bankruptcy would be an option for me, but considering that my financial position should be improving in the not too distant future and that bankruptcy would stain my credit report for another six years, I don’t believe this would be a good option.

Thanks for any advice in advance.

M

[reallymadwoman]

Unless the defaults have been put on your file in error then even paying them in full will not remove the defaults from your credit file - the debt may show as settled or partly settled, but the default will stay for 6 years.

[National Debtline]

Hello there,

 

As Reallymadwoman has mentioned a default is likely to sta on your file as part of a full & final settlement but you can ensure that the debt is marked as satisfield. Most creditors place the marking on your file with a 'P' flag - to mention that the settlement was made via a partial payment.

 

As far as bankruptcy is concerned it could be an option if it would take an unreasonably long time to clear your debts, how much do you owe in total? If your situation is improving then an alternative approach to the debts may well be in your best interests.

 

Best wishes

 

David @ NDL.

[monkquito]

My total debt is about £21k.

 

Regards

M

[monkquito]

On my info provided above.

Would anybody advise me on the advantages and disadvantages od negotiating my debt through a DMP or doing myself?

Which one is better for my credit rating?

Many thanks

M

[renegadeimp]

Both are the same. With a DMP like stepchange, they know what they are doing and can do everything for you. With your own DMP, you can do the same, but need to do a lot of reading on the legal side, such as SAR's, CCA requests, negotiations, what to do if a creditor refuses to stop interest and unlawful charges etc.

[monkquito]

Thank you for your reply RenegadeImp

 

 

Can you advise me my best course of action for my situation at the moment..

 

 

Many thanks

M

[renegadeimp]

Personally, if you are unsure, give national debtline a ring so you can be 100% sure of your options. There is pretty much nothing they dont know about debts and how to handle them. They can supply packs for you to look at if you go through your own DMP. We can also help you as well, if you decide to 'go it alone'.

 

Others will have their own opinion, but i would give them a call, just for my own piece of mind.

[monkquito]

Hello,

Would anyone be able to answer the following question(s)?

I have number of o/s debts with DCA's.

From my research, and correct me if my understanding is wrong, it is possible to negotiate with a DCA to ask for the debt to be reduced (by between 40%-60%) and offer a full and final settlement.

Also, what would be the effect on my credit rating if I settled and cleared all my debts, and how long would it take to return to a good/excellent credit rating?

Many thanks in advance,

M

[BRIGADIER2JCS]

Hi, building a 'credit profile' is a fairly long process.

 

 

1.Paying of OS debts:

 

 

How many defaulted debt do you have showing on your credit files?

 

 

Partial settlement of of defaulted debts: these will remain on the files for the remaining life of the default then will be remove.. (All defaulted debts are removed after 6 years paid or not, what is the status of your debts?).

 

 

2. Building a credit profile:

 

 

You need to have a minimum of 3 well managed active credit facilities showing on the files ( have no such accounts or too many will have an adverse effect).

 

 

The likelihood is that it will take 3-years to get to a 'good/average' credit profile.

 

 

Too many/ or frequent credit applications will have a very negative effect.

 

 

Also length of residence at one address and being on the electoral roll are very important.

 

 

As to F&F settlements if you post up the type of debt the amount, default date and the name of the DCA we will be able to advise properly.

[monkquito]

Hello,

 

 

Please find the details of my debts below:

 

 

Sky Mastercard

Now with DCA: 1st Credit

Balance: £3,161

Default Date: 28/10/2008

Last known payment: Jun 2008

Lloyds Bank Current Account

Now with DCA: Capquest

Balance: £3,287

Default Date: 12/8/2009

Last known payment: Feb 2009

B&Q/Edge Store

Now with DCA: Aktiv Kapital

Balance: £328

Default Date: 31/12/2008

Last known payment: Jun 2008

Lloyds Bank Mastercard

Now with DCA: Capquest

Balance: £3,716

Default Date: 9/7/2009

Last known payment: Jun 2008

Lloyds Bank American Express

Now with DCA: Capquest

Balance: £8,484

Default Date: 30/1/2009

Last known payment: Jun 2008

Marks & Spencers Mastercard

Now with DCA: 1st Credit

Balance: £,2033

Default Date: Not on Credit Report

Last known payment: Jun 2008

Argos Storecard

Now with DCA: Aktiv Kapital

Balance: £210

Default Date: 18/09/2008

Last known payment: Jun 2008

 

 

Many thanks in advance

M

 

[BRIGADIER2JCS]

Ok 1 debt at a time.

 

 

Skymastercard/1st Credit. Falls off credit files OCT 2014: Probably Statute Barred June/July 2014.

 

 

Would leave alone if not being pressed for payment.

 

 

Lloyds Current Acc./ Capquest: Last Financial Transaction? Is the an authorised overdraft?

 

 

M&S Credit card/ 1st Credit/not on file (which CRA do you use) Poss already removed after 6 years, any payments made to 1st Credit at anytime or to anyone else?

Lets tackle these first so we don't get confused.

 

 

Is this credit report current?

 

 

For info: a F&F settlement negotiation should start at no more than 10-15% of the outstanding balance, and must be conditional on removal of adverse data from credit files and the balance not being sold on or assigned to a 3rd party for collection.