Offers of repayment

[ivansmagic.]

Hi,

 

I have recently contacted my creditors / their agents about 4 unsecured debts and 3 payday loans and await a response from most of them.

 

I have received a response from Credit Experto re a Barclacard debt of around £500 asking me to complete a budget planner / I&E statement.

 

I do not wish to provide this information to them but do I have to ???

 

Also is there a template letter I can use to politely decline their request for this information and refer them back to my proposal in my original letter.

 

I anticipate getting a few of these requests so I though I would be the ball rolling now.

 

I have managed to cancel all d/d's and redirect my salary to a new account and had requested standing order details to make payments to them. I have also canacelled the debit card used to make payments to some of them.

 

I know I have a long journey ahead of me, but having read a lot of information here, I feel positive that I can do this

[26072004]

You dont have to give them this information but then they dont have to agree to a repayment plan.

 

If oyu refuse they will think you are hiding income and can afford to pay more it just the way they work, if you have nothing to hide then it may help your case to complete it but as I said above you are under no obligation if you dont want too.

[ivansmagic.]

guess it's best to go with it then. Will get on to it ...

[ivansmagic.]

Good start, I have today received confirmation from one of the DCA's that they are willing to accept £10 pm.

 

One down, five to go !!!

[ivansmagic.]

Now txt loans have started to email me back and have advise they cannot accept monthly payments of under £50. I have offered £10pm.

 

They have given me this breakdown of what they claim will be the total amount payable

 

Day 1 - you receive a loan of £300. A repayment reminder is sent before the loan term elapses.

Day 16 - We collect £351, however, if the funds are not available;

Day 17 - a 1st reminder is sent and a £25 administration fee is added and interest accrues at the rate of £3.40 per day until your loan is repaid in full. The loan totals £379.40.

Day 27 - a 2nd reminder is sent and a £25 administration fee is added and interest continues to accrue at the rate of £3.40 per day until your loan is repaid in full. The loan totals £438.40.

Day 61 - the loan totals £554.00 and is passed to our Collection Partner which incurs an additional £138.50 administration fee. The loan totals £692.50.

 

I have requested that they freeze all charges and interest forthwith and have said I will repay the full amount borrowed plus one months interest. I have read a lot about this on here.

 

Is there anything that I can quote them to reinforce that I only need to repay the loan and one months interest ??

[Jon1965]

See if you can find the contract, unless it is specifically mentioned they can not charge for passing to a DCA . That goes for the reminder fees. I think everyone here will say that all you owe is £351 which is the principal +1 months interest. Stick to your guns of £10 per month

[ivansmagic.]

Just thought I would post an update on my situation so others can take heart from it.

 

Result : Numerous emails went back and forward with TXT Loans and they have agreed £10 per month for 6 months repaying £351 ( capital borrowed + 1 months interest.) I agreed the 6 month review, but I guess in 6 months I will just say my situation has not changed and continue making £10 payments but still await bank details for standing order. A big reduction from the £692 they originally wanted as posted above.

 

Result : Experto Credito re MBNA agreed £10 per month within 3 hours of me emailing my I&E form. No further questions asked and gave bank details for standing order.

 

Result : Wescot DCA re Halifax agreed £10 per month from 1 letter. No questions asked. Bank details were provided.

 

Pending : MacKenzie Hall re Barcalybard. No contact since my recorded delivery letter 10 days ago. But texts, calls and emails have ceased. I have sent them a reminder !

Pending : Wage Day Advance. Email from them to say they are considering my offer. ( I offered £10 per month and asked if they would consider using some of the £700 I have already paid towards the capital borrowed ( £400 ). Maybe a bit cheeky but you dont get if you dont ask !

 

Pending : Swift Sterling. No contact at all since my email 5 days ago. I have emailed them back to ask them to acknowledge that the bank details I have for them ( obtained from here ) are correct and that I will commence £5 payments forthwith. - they are getting less because they ignored me !!!

 

maybe I have just been lucky but this seems to be going well.

 

My tips for others who are considering defaulting and negotiating :_

 

be honest.

remain polite and do not threaten them

quote facts only

take heart from this forum, read as much as you can and have belief

 

I did and I am more that half way there. I dont expect swift sterling to be so easy to deal with or possibly WDA but empowered with the information in this board, I am ready for them.

 

Take heart folks. It can be done.

 

Will keep you updated.

[ivansmagic.]

another result today

 

letter back from Mackenzie Hall accepting £10 per month. Slow to respond but no further questions asked. They did set one condition though. I have to return the standing order mandate to them "by 12noon, 7 days from the date of this letter"

 

of course I will return it to them, but they didnt date their letter so im not sure when the 7 days lapse !!!

 

I found that quite amusing, but very shoddy from them.

 

Just WDA to respond and Swift Sterling to go

[freeofdebt]

Hi congratulations on making progress with these companies hopefully sometime soon this worry will be gone from our lives. I have contacted WDA and they want me to fill in and income and expenditure spreadsheet and provide them with my bank statement from the last month. I am relucant to do this but may have to so I can get a repayment plan setup, have you filled in a form with them?any progress with an agreement? I have contacted swift sterling also by email but have heared nothing back at all.I will send another email to them tomorrow.

[ivansmagic.]

I have had nothing back from WDA other than acknowledgment of my email but my account does not fall due until Friday. I guess they will step up a gear when their payments fail !

 

Everyone has their own opinion of sending in I&E deatails, but I will send one in if they request - but with the info that I want to provide them with.

 

I found it helps your cause and showns a willingness to co-operate in resolving the situation. I sent one in by email to another company and got an acceptance of my proposal within 3 hours !

[Kitten1]

I personally would be wary of sending a standing order mandate back with my bank details on. Why not just ask them for the details and set up the standing order yourself via Internet banking?

[ivansmagic.]

yeah, I was thinking that later last night. Their details are on the s/o mandate so will just do that and write to them to advise it has been set up

[ivansmagic.]

OOooh ! An emailed reply from WDA

 

They want 2 things (intially i guess)

 

1. The reason why I can only pay £10 per month - eh, I'm skint cause of PDL interest rates !!!!

 

2. I MUST supply a number to communicate with - eh, no I dont actually - get your facts right.

 

I replied but obviously not using the terminology above !!!!!

 

I await their response with baited breath !!!!!

[ivansmagic.]

things are hotting up !

 

email from swift sterling acknowledging my email but stating that the payments team do not communicate in writing and I must contact them by phone on xxxx.

 

aye right !!!!!!!!!!!!!!!!

[ChaosTheory13]

OOooh ! An emailed reply from WDA

 

They want 2 things (intially i guess)

 

1. The reason why I can only pay £10 per month - eh, I'm skint cause of PDL interest rates !!!!

I'm guessing a I&E form would suffice to show your debts exceed your income.

 

How are you getting on? Any further progress?

[ivansmagic.]

They can stick their form. Gonna go all the way with this lot. Swift sterling not speaking at all !

[Jon1965]

As said earlier, if you do not supply an I&E form they will only assume that you are hiding something. Is it such a big deal to send them one?

[ChaosTheory13]

I've been sending a very basic one along with my repayment plans. Nothing detailed, I've not mentioned any companies names, just something like this:

 

INCOME

£X

 

PRIORITY DEBTS

Rent - £X

Council tax - £X

(any others eg, phone, tv, internet)

 

REMAINING INCOME

£X

 

OUTSTANDING DEBTS

Name of company contacted - £X

A - £X

B - £X

C - £X

etc

 

Total debt - £X

[ksmiggy]

Shifty sterling will not talk, negotiate or accept monthly payments, now will their debt collectors, shame, as they are near enough the only ones not getting payments from my lot of pdl.

[ivansmagic.]

Im confused !

 

Got a text from SS today saying they had collected my loand and I could now borrow again. Not sure how they did that as the account the collect from is closed and they dont know about my other accounts !!!!.

 

I wait in anticipation !

[ksmiggy]

just email them back saying thankyou for the confirmation that the account is settled and that you never want to hear from them again, I doubt it will work, but it's a nice thought , if only for a while.

[ivansmagic.]

lol, your right, it wont work. Im staying quiet on this one till they gat back to me though.

 

WDA still being arses though. Sent them my I&E but want more than my offer despite seeing that my dispoable income does not allow this.

 

there may be trouble ahead ......

 

Sad, but I am quite enjoying this now in the knowledge that I will get there eventually !

[ksmiggy]

WDA, had an arrangement with them, but as i was ill for half the month, only had half the wages, made a token payment , but they said no way jose and passed it straight over to DCA for collection, so they can wait now. Cooperate and get paid that's my theory on it all.

[ivansmagic.]

yeah, I agree. I have no fear of DCA's. Sometimes easier to deal with !

[ivansmagic.]

Folks, take heart ! I have sucessfully negotiated £10 per month with Wage Day Advance to be reviewed in 3 months. It can be done. Just Swift Sterling to deal with now