Should I change from DMP with Payplan to an IVA

[Longess]

Been in a DMP with Payplan since May 2013,

 

 

was originally for 4 years but over the last couple of years due to a debt being added

and monthly payments reducing this is now showing as ending July 2020!

 

 

what worries me more is that even in July 2020 we still don't know if that wil be the end due to charges and interest being added.

 

Not even sure if we can both get iva as we have 2 debts with link financial and I have been told they reject a lot of iva's.

 

My worry about an IVA is at the moment of budget is not 100% accurate and would have to change as I know they require more proof of your expenditure.

 

 

We are currently left at the end of the month with a bit of spare money which allows us to have a bit of a life

(money for Xmas for my son and days out for him) on this plan but know we should really put everything into paying our debts off

 

 

but this way it just makes life a bit for manageable.

 

We currently pay 360 month to Payplan and have £21500 debt left and have paid 12000 off so far. I keep reading lots of stories about iva's that scare me but just want to get this debt paid off. Me and my husband both have old cars and I do worry about replacing them as we both pay lots of money in repairs and mot.

 

Grateful for any advise

[dx100uk]

what, paying LINK?

 

 

you have ofcourse sent all the people you are paying a CCA request?

 

 

list your debts

when

from whom

who you pay now

it is on your credit file?

defaulted date

 

 

dx

[renegadeimp]

Agree with dx. get the CCA requests off now. You are very likely paying money you do not need to, especially if link are involved.

[Longess]

Hi DX - my debts are as follows -

Barclaycard £3,731.29

Barclays Bank Plc £51.14

Barclays Bank Plc £597.77

Barclays Bank Plc £1,511.34

Barclaycard £3,198.50

Argos card £390.62

Link Financial Ltd£1,677.12

Link Financial Ltd £3,832.10

Tesco credit card £2,545.25

Tesco Bank credit card £1,352.58

Wescot Credit Services £2,518.52

 

not checked my credit file for a while - sorry but have heard of CCA requests but don't know anything about them.

 

I don't even think I could go on an iva as I can afford to pay all my debt off and it wouldn't take 5-6 years as it is on an IVA. I just worry with the DMP if it will not end unti l quite a bit after 2020 because of interest.

 

Thanks

[dx100uk]

as said who say all these debts are enforceable anyway?

 

so other than the with link and wetcloths

the others are all still with the original creditor and you are paying them directly?

[Longess]

yes the others are with the original creditors,

 

I pay them through my DMP with Payplan.

 

Can you explain what a CCA request is?

 

do you suggest that I check my credit file?

 

is it a case of checking that all my creditors are on there

or is there something else I should be looking for?

 

Thanks

[dx100uk]

click the CCa request

I'd be sending one certainly for each debt with plink

and the one with wetcloths.

 

 

can you remember what the original debts were please?

 

 

yes go get your credit file.

if all the debts show

defaulted date etc etc

 

 

don't worry we know you are green.

 

 

one step at a time.

 

 

dx

[Longess]

The original debts were MBNA (link) and AA Loan HBOS (Wescot)

 

I will have a look at my credit file and get back to you.

 

Thank you for your help

[dx100uk]

dates when you took each out first please

 

 

if before apr 2007 then DEF CCA plink!!

 

 

dx

[citizenB]

I would not recommend an IVA at all. They are usually set up to fail anyway..

 

I would suggest you do a proper calculation and factor in the following.

 

Are all the debts in both your names or do you have some joint and some individual.

 

Do you own your own home ? If so, then the following will be of no use.

 

If you don't own your own home, then it might be worth considering a Debt Relief Order, if one of you has debts that total under £15,000 . This will increase to £20,000 in October of this year.

 

In which case, have a word with National Debtline as an alternative to an IVA.

 

First of all, however, do as dx has suggested - check each of your debts to see if they have either default/penalty charges that can be reclaimed - or Payment protection Insurance that might have been mis sold.

[dx100uk]

and ofcourse don't forget ppi and penalty charges reclaiming...

[goodatresearch]

First job, send out a CCA request at advised. Especially to those lovely people at barclaycard who wouldnt reduce my interest or accept lower monthly payments. Unfortunately they couldn't produce a CCA and cannot take me to court.

 

You say you don't know if interest is accruing? Haven't you received the annual statements your legally entitled to?

[renegadeimp]

First job, send out a CCA request at advised. Especially to those lovely people at barclaycard who wouldnt reduce my interest or accept lower monthly payments. Unfortunately they couldn't produce a CCA and cannot take me to court.

 

You say you don't know if interest is accruing? Haven't you received the annual statements your legally entitled to?

 

Interest cant accrue on them if the debt is sold. By the contract the interest stops when it defaults or is terminated.

[dx100uk]

terminated yes

[Longess]

Thanks for the comments, spoke to somebody the other day about an IVA but we would end up paying back more than we owe so will stick to the DMP with Payplan.

 

I am waiting to get access to my credit file to check dates and defaults and will send out CCA requests. I haven't received annual statements so I am going to request these so I can check for any charges and interest. A few people have mentioned about reclaiming penalty charges - how does this work?

 

Thanks for all the advice

[renegadeimp]

Dont wait. Get those CCA requests out first thing in the morning. Get the timer rolling. The longer you leave it, the longer you will be cash cowed.

[Longess]

Just gone on to check my credit file and this is what I've found -

 

Barclaycard £3,731.29

- not showing as defaulted

we are paying reduced amount through DMP

however payplan not always pay on the right date so its shows we are 1mth in arrears.

 

Barclays Bank Plc £51.14

- this was an O/D but is not showing on my credit fil, could this have been written off?

(have found an account settled in 07/13 and think this is the one)

why am I paying this through Payplan then!!

 

Barclays Bank Plc £597.77 defaulted 07/13

 

Barclays Bank Plc £1,511.34 - this is not showing on my credit file but pay via Payplan (this was a loan)

 

Barclaycard £3,198.50 (husbands debt)

 

Argos card £390.62 not showing as defaulted but pay through Payplan

 

Link Financial Ltd£1,677.12 (MBNA card taken out 08/12) defaulted 04/14

 

Link Financial Ltd £3,832.10 (husbands debt)

 

Tesco credit card £2,545.25 (husbands debt)

 

Tesco Bank credit card £1,352.58 defaulted 08/13 (card taken out 08/12)

 

Wescot Credit Services £2,518.52 (AA loan taken out in 04/09) shows as capital bank not Wescot defaulted 10/13

 

Couple of questions -

should they show as defaulted when I went to DMP or not?

 

if debts aren't showing on my credit report should I be paying them?

 

What is the advise for sending the CCA request - do I send for some or all?

 

Many thanks

[dx100uk]

Just gone on to check my credit file and this is what I've found -

 

Barclaycard £3,731.29 -

- not showing as defaulted

we are paying reduced amount through DMP

however payplan not always pay on the right date so its shows we are 1mth in arrears. - send a CCA request

Barclays Bank Plc £51.14

- this was an O/D but is not showing on my credit fil, could this have been written off?

(have found an account settled in 07/13 and think this is the one)

why am I paying this through Payplan then! - prob already defaulted more than 6yrs ago!

Barclays Bank Plc £597.77 defaulted 07/13 - what is this type of account?

Barclays Bank Plc £1,511.34 - this is not showing on my credit file but pay via Payplan (this was a loan) - - send a CCA request

 

Barclaycard £3,198.50 (husbands debt) - send a CCA request

 

Argos card £390.62 not showing as defaulted but pay through Payplan - send a CCA request

 

Link Financial Ltd£1,677.12 (MBNA card taken out 08/12) defaulted 04/14 - send a CCA request

 

Link Financial Ltd £3,832.10 (husbands debt - send a CCA request

 

Tesco credit card £2,545.25 (husbands debt) - send a CCA request

 

Tesco Bank credit card £1,352.58 defaulted 08/13 (card taken out 08/12) - send a CCA request

 

Wescot Credit Services £2,518.52 (AA loan taken out in 04/09) shows as capital bank not Wescot defaulted 10/13 - send a CCA request

 

Couple of questions -

should they show as defaulted when I went to DMP or not - yes..or earlier.

if debts aren't showing on my credit report should I be paying them? - depends

What is the advise for sending the CCA request - do I send for some or all?

 

Many thanks

 

 

dx

[Longess]

Barclays Bank Plc £51.14

- this was an O/D but is not showing on my credit file could this have been written off?

(have found an account settled in 07/13 and think this is the one) - date was July 2013

why am I paying this through Payplan then! - prob already defaulted more than 6yrs ago! - this only defaulted in 2013

 

Can I ask about the CCA requests - is there any point in doing this when I know they are my debts which I have been paying through Payplan.

My DMP works fine and I don't have DCA chasing me or on my back so its not like I need any breathing space.

[dx100uk]

but whos to say the debts are enforceable???

 

 

get the CCa requests running

 

 

dx

[Longess]

Why wouldn't they be enforceable when I know they are my debts?

 

Sorry to keep asking its just that I don't want to go to the trouble of sending all the requests out for nothing.

 

Is it a case of if they cannot produce a CCA then I never pay them again? I don't really want any hassle or having to go to court.

[dx100uk]

GO READ A FEW THREADS>>>>

 

 

they cant do court without an enforceable CCA

 

 

those still with the OC's then they prob will

but those debts sold to a fleecing DCA

ESP those with LINK

there will prob be something WRONG with the debt.

 

 

 

 

as your elf this...

 

 

a big multi-national company sold my debt to a debt buyer/DCA.....

why???

 

 

if they had taken me to court the big powerful company would crush me...

so why did they sell it to a DCA???...urm....

 

 

just remember the bottom line here...

 

 

a DCA is NOT A BAILIFF

and have

NO SUCH LEGAL POWERS.

 

 

dx

[Longess]

Thanks dx, will definitely send out cca request to.link. If I pay by cheque for £1 who do I make it payable and I know I've read not to sign the letter but what about the cheque?

[dx100uk]

why use a cheque you are giving them your sig...

not a good idea when you are after a copy of your signed agreement..

 

 

use a blank £1PO

 

 

dx

[Longess]

good point