Getting myself out of debt

[Roger]

Interesting to find out what the flaw was ')

But then each Case is different.

[debrag]

Debt 2 Natwest OD

Opened: January 2016
Current balance: 1248
Last payment: £1.00 | July 2018
Correspondence: July 2018 - in partnership with Westcot
Status: Up to date on credit report

2018
March - Collections letter, i+e attached, ignored
April - closing of accounts letter, payment proposal form attached, ignored
June - Closing of OD facility letter
June - Notice of arrears in compliance with CCA 1974
June - You have fail to comply letter received
July - changes to ongoing management of repayment plan, partnered with Wescot, in touch within 14 days to management provider (no longer with them)

Can I just point out that this OD is on a student account and doesn't incur fees, I've not actually gone over the limit etc. Are they just closing the account due to defaulting on the loan, therefore it will now incur fees therefore a default.

[Still Waving]

Can I just point out that this OD is on a student account and doesn't incur fees, I've not actually gone over the limit etc. Are they just closing the account due to defaulting on the loan, therefore it will now incur fees therefore a default.

Have they not spelled this out in their letters?

[debrag]

Have they not spelled this out in their letters?

You have failed to comply with the requirements set out in the recent default notice.....
Principal £1249.31
Arranged overdraft interest £0
Charges £0
Total outstanding £1249.31

I don't appear to have a default notice but I do have the same letter twice one with the FCA default information sheet attached.

Could this all be due to the fact I tried to settle them monthly via a DMP previously.

[Roger]

The Nat West Loan and O/d are still with the Original Lender.
You have started a process that will take six years from the last payment/default notice?
Wait until the Original Lender sells these debts. File away what you have been sent. But in the event it will be up to the Future Owner to have to provide evidence of CCA compliance or not.

Perhaps the best advice is to make certain now that you have banking facilities completely separate from your current debtors. You should attempt to build up a war chest.
You have adopted a divide and conqueror approach between your debtors and a DMP is likely to prove difficult because you are favouring some more than others.
What was the Nat West Loan for?

[debrag]

So I shouldn't offer any monthly payment to Natwest, they'll eventually sell it on and not try it on in court?

[Roger]

Well if they try it on in Court how much will they get?
If you have nothing and you set out your Unsecured Creditors all they can get will be a proportion of whatever surplus income you may or may not have after All your Necessary living costs and then the Unsecured Creditors treated equitably from any, if there is any, surplus monies.
Better to save in a war chest and stop paying. Why put off the six years to Statute Bar, because each and every month you are paying is a month longer.
A war chest means that F&F becomes a possibility if needed.
The important thing here is taking control of your Life rather than reacting to the loud noises from your Creditors.
I wouldn't pay any of them, treat them all the same rather than preferential treatment for some and not others.
In the End it is your choice of course.
First there is no shame in falling into a Debt crisis! Welcome to the club! Its a question of dealing with it, and this is where AAD can help.

[debrag]

I don't want a CCJ so will want to stop court action at all costs. From now on I will awaiting the letters and drag it out as long as I can

[Roger]

I don't want a CCJ so will want to stop court action at all costs. From now on I will awaiting the letters and drag it out as long as I can

Well who does?

But the actual process is lengthy and the door is always open for settlements. The Law actually is on our side since we are the Consumers. See the Consumer Credit Act 1974.

But Debt Collectors prey on your fears! your nightmares!

Consider this venture capitalists invest in Funds which are used to BUY up Bad Debts.
We never know or hear from where this investment funds comes from do we! Drugs, Vice, Off shore? Dictators? I mean Who knows. This Funding is used to bulk buy (often in monthly tranches) debts for pennies of their face value.
Increasingly the Debt Collection Groups seek the full face value of the Bad Debt.
Now here is the interesting anomaly because the Debtor considered and labelled Uncreditworthy! is for the DBA's a good investment!!
That's right you and I are GOOD for the money in the eyes of the venture capitalists and the DBA's.

So we get the full monty treatment for harassment at the phone, letters, txt's. I suppose they would if they could use carrier pigeons! The moral high ground to be clear of your debts!
We can help you get rid of this Debt!
Anybody would think you were dealing with a Charity or a great Public Service.

So now understand that your priority in this is to control your own money affairs and hence self esteem.
AAD will help with a place where you are not judged but encouraged in the decisions that you make.
Welcome to AAD

[debrag]

I shall be putting money aside in case it every gets to the point of needing a F&F offer. Till then bring it on lol

[Still Waving]

I shall be putting money aside in case it every gets to the point of needing a F&F offer. Till then bring it on lol

If it ever comes to the crunch, personally I would be inclined to do what you have done previously - that is pay them very small sums over a very long period.
You could use your put aside money for your own benefit.

[Warwick65]

I don't want a CCJ so will want to stop court action at all costs. From now on I will awaiting the letters and drag it out as long as I can

If avoiding a CCJ at all costs is your priority, I would treat each debt on a case by case basis but saving , if you can, so should you need to, you have some funds.

The potential problem, if it is a problem , is that the debts are relatively small so engaging a solicitor for some may not be cost effective. The NatWest loan is probably the exception.

That doesn’t mean they are not worth fighting

Take each letter as it comes, things will quieten down as time goes by

[debrag]

If it ever comes to the crunch, personally I would be inclined to do what you have done previously - that is pay them very small sums over a very long period.
You could use your put aside money for your own benefit.

I'd want them to default though right? Otherwise it will stay on my file for many years

[debrag]

If avoiding a CCJ at all costs is your priority, I would treat each debt on a case by case basis but saving , if you can, so should you need to, you have some funds.

The potential problem, if it is a problem , is that the debts are relatively small so engaging a solicitor for some may not be cost effective. The NatWest loan is probably the exception.

That doesn’t mean they are not worth fighting

Take each letter as it comes, things will quieten down as time goes by

If I knew I was staying in this property for 6+ more years then it wouldn't matter but renting with a CCJ is hard. Plus a CCJ could come any time even years down the line.

[Roger]

If I knew I was staying in this property for 6+ more years then it wouldn't matter but renting with a CCJ is hard. Plus a CCJ could come any time even years down the line.

One of the reasons why I followed AAD is because irrespective of whether to set up a payment plan or partial payments or whatever whilst that Debt exists the threat of CCJ exists! DBA's can raise a claim. So it makes sense to prepare for contingencies and use whatever is legitimately available to protect Ourselves.

The S 77/78 CCA is a protection under the Law until it has been fulfilled. It is a Consumers Right under the Act. Their are other reasons for UE of course.

Warwick has pointed out the Nat West as being your biggest debt, the others are small by and large. The Nat West you obviously can't afford to pay so save the money wait until there is a assignment of this or a clear legal threat.
The others well divide and conquer can be achieved by keeping them at bay and dealing with them individually as and if they become a threat!
In other words a plan and a strategy!!