Herbert Henry

[Herbert Henry]

Hi, I'be been paying off my debts through a DMC, for nearly 20yrs. The co has ceased trading and I have contacted my creditors with a view to paying the same amounts per month that they have previously been happy to accept. Some of them are now asking for financial statements, income expenditure etc. Is this correct or by accepting payments all this time, have they set a precedent in law?

[nemesis45]

Re: Herbert Henry

Hi Welcome to LB

Creditors be it the original ones or the DCA/Debt Purchasers can certainly "ask " for a financial statement and a review of the payment level but you are not obliged to comply.
No there is no precedent.
Are you aware of the outstanding balances on al these debts, do you/have you received statements for these at least once a year.

"20 years is a very long time to be paying, was this a paid for DMC?

nem

[Herbert Henry]

Re: Herbert Henry

Hi Welcome to LB

Creditors be it the original ones or the DCA/Debt Purchasers can certainly "ask " for a financial statement and a review of the payment level but you are not obliged to comply.
No there is no precedent.
Are you aware of the outstanding balances on al these debts, do you/have you received statements for these at least once a year.

"20 years is a very long time to be paying, was this a paid for DMC?

nem

Yes was a paid for DMC, I have no balance, just a list of amounts being paid supplied by DMC co. Thanks for your advice.

[nemesis45]

Re: Herbert Henry

I was wondering just how much the DM skimmed of what you paid them?

nem