Moving away from my Payplan DMP

[gwebstech]

Hi all

 

not been on here for many years but i hope im asking in the right forum, if not please move

 

Ive got a DMP had it for several years slowly steadily paying my debts off .

 

The thing is my dad owns a few houses and to offset any inheritance tax he's thinking of putting a house in my name,

 

now if he does and i sell the house ill have x amount in my bank

and if my creditors see it they will want or even might want their share.

 

I want to put the money into a project that will earn more money which means i can pay my creditors off when it suits me

 

Now my question is:

can i put my dads or someone elses bank details on the conveyancing form

so the money will not go into my own bank account?

Or is it a legal requirement that the house owner has to put their own bank details for any monies to be paid into?

 

thanks

[maroondevo52]

Hello and Welcome,

 

I'll see if I can get you some help with this and whether or not the thread may need moving.

 

Regards,

 

Scott.

[dx100uk]

firstly who is your DMP with?

and list your debts

did you CCA them all before blindly? paying them.

 

just because you have debts and a DMP

that is no reason whatsoever for your inheritance to be 'grapped'

or any more pressure being put on you to pay them off

none of their business!!

 

let me go look at your old threads and have a good read.

 

what was your old username please?

 

 

dx

[Mr.P]

Now my question is:

can i put my dads or someone elses bank details on the conveyancing form

so the money will not go into my own bank account?

Or is it a legal requirement that the house owner has to put their own bank details for any monies to be paid into?

 

I don't believe there is any legal requirement that the receiving account has to be in the name of the seller. However, you may fall foul of money laundering legislation. In addition, you need to consider a few points:

 

• If the money is paid in to your father's account, when he dies, it would be considered part of his estate. If the money was transfered to an account held by someone else in the preceding seven years, HMRC could still want a slice of inheritance tax.
  
• If the money is held by another person, you would need to consider what would happen if they were declared bankrupt or get divorced (if they are married).
  

One more point to consider: If this property is not your main residence, you may well find yourself liable for capital gains tax if/when you sell it. It may well be worth while for both of you to sit down with an IFA/solicitor and get some advice as to ways of reducing IHT liability.

[ericsbrother]

doing what you are suggesting will give you and your dad a massive tax bill unless it is done properly.

 

 

Personally I wouldnt risk a property asset in an attempt to gain a higher return on a cash investment,

there is an awful lot to go wrong.

 

As said ,

you need to sit down with an expert on this and get them to do the sums

and offer advice on how to best protect both your father's estate

and your possible interest/investment.

[gwebstech]

Hi dx

 

Hi

 

my DMP is with payplan, i assume you mean consumer credit act?

i think i followed the right path but not 100% sure what you mean. All interest is frozen though

 

these are my debts:

 

 

• Cabot Financial (Europe) Ltd
  
• £4,628.63
  

 

• Cabot Marlin Financial Services
  
• £630.08
  

 

• Creation Financial Services
  
• £1,418.42
  

 

• Paragon Personal Finance Ltd
  
• £1,150.48
  

 

• Paragon Personal Finance Ltd
  
• £2,335
  

 

• Santander UK Plc
  
• £614
  

 

• Santander UK Plc
  
• £5,477
  

 

• Santander UK Plc
  
• £4,569
  

i cant remember my old username, im not sure which email i used originally

 

mr p and erics brother- many thanks, ive got all the tax side of it sorted,

no worries about any of that. Ive spoken to my accountant and he says no problem.

 

My main issue is just that i assume - rightly or wrongly that my creditors can try and claim some of that money to pay my debts

 

thanks everyone for all the help,

it was this site that helped me claim a fair few £100 from my banks back in the day

Edited April 28, 2016 by gwebstech

[dx100uk]

Hi dx

 

Hi

 

my DMP is with payplan, i assume you mean consumer credit act?

i think i followed the right path but not 100% sure what you mean. All interest is frozen though

 

these are my debts:

 

• Cabot Financial (Europe) Ltd
  
• £4,628.63
  

send a CCA request

 

• Cabot Marlin Financial Services
  
• £630.08
  

send a CCA request

 

• Creation Financial Services
  
• £1,418.42
  

send a CCA request

 

 

• Paragon Personal Finance Ltd
  
• £1,150.48[/listsend a CCA request ]
   
   
  
  • Paragon Personal Finance Ltd
    
  • £2,335
    

  send a CCA request

   

  • Santander UK Plc
    
  • £614
    

   

  • Santander UK Plc
    
  • £5,477
    

   

  • Santander UK Plc
    
  • £4,569
     
    My main issue is just that i assume - rightly or wrongly that my creditors can try and claim some of that money to pay my debts
    

 
no they cannot!
its YOU RMONEY not theirs.

now the satan debts what are they place
 
the rest
get a CCA request to each running
something smells here
just remember
PP wont do any legality checks

[gwebstech]

Hi

 

"what are they place" not sure if thats a typo or something? can i do the CCA request myself or is it best via payplan? does it matter that some of the above have been passed on from original debtors to collection agencies?

 

what do you mean something smells??

 

as an aside, payplan have caused me FAR more grief with my debts than i ever could myself. I would never recommend them to anyone else

 

thanks for the reassurance

Edited April 28, 2016 by gwebstech

[gwebstech]

ok ive read up on the CCA so ill get them sorted ASAP

[dx100uk]

ruddy predictive text...

 

now the satan debts what are they please

[gwebstech]

oh lol,

 

ok 1 was my bank overdraft, i think one was a bank loan and ill have to look the other up

 

ps my 1st username was gazzalad2000

 

thanks

[dx100uk]

i''l get them merged to gwebstech

[gwebstech]

many thanks!

[gwebstech]

Ive been reading round and i was wondering what the actual point of getting a CCA request is?

isnt it only useful to stop being taken to court/having debt collectors ring al lthe time

 

or is it actually useful to stop having to send payment to debtors as i am doing via my DMC

 

If anyone has nay links with useful info id be grateful

 

thanks

[dx100uk]

or is it actually useful to stop having to send payment to debtors as i am doing via my DMC

 

 

if an original creditor has sold a debt on

then it makes you wonder why?

 

 

they could have crushed you in court but they ran away

and sold the debt..urmm...

if a debt is with the original creditor still

then in most cases no a CCA request doesnt help as such..

however, if its been sold

for someone to be able to demand money of you

legally they must hold an enforceable copy of your agreement.

 

 

sadly any DMC paid or otherwise

cdo not carry out any legality checks

they simply negotiate payments blindly on your behalf

[gwebstech]

Right, i see

 

thanks

[gwebstech]

Im preparing my CCA requests, but for one im not sure which section is relevant?

 

any ideas how to proceed? surely i can just add all relevant section reference numbers as they then cant say they dont know what section im referring to

 

thanks

[dx100uk]

read the full CCA request thread

 

 

dx

[gwebstech]

Hi

 

I have read it, im not sure what my original debts were for - i know most of them but 1 im not sure which section applies to it

 

i ve had a think and im pretty sure it was a hp agreement so ill use that reference

 

thanks

[dx100uk]

does your credit file give any clues?

[gwebstech]

yes got it - just checked my credit file

 

is there any way to check the "validity" of my other debts by any chance?

 

thank you

[dx100uk]

what are they [types]

 

 

dx

[gwebstech]

they are:

 

 

• Cabot Financial (Europe) Ltd
  
• £4,628.63
  

LOAN

 

 

• Cabot Marlin Financial Services
  
• £630.08
  

LOAN

 

 

 

• Creation Financial Services
  
• £1,418.42
  

HP

 

 

 

• Paragon Personal Finance Ltd
  
• £1,150.48
   
  CREDIT CARD
   
   
  
  • Paragon Personal Finance Ltd
    
  • £2,335
    

  CREDIT CARD

[gwebstech]

the santander ones are 2 x loans and an overdraft

[dx100uk]

so CCA request on every one bar the overdraft then.

 

as post 8 stated before

dx