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Hi All,
So, first time poster, long time lurker. I want to thank @echat11 in particular as his posts and response helped me significantly with my debt problems. A huge thank you.
A quick bit about me. I was young and naïve and built up a large credit debt (over £10k). During COVID, I lost my job and after 6 months of not being able to pay the credit card company sent my account to default. The debt was subsequently sold to a DCA, and then sold to another DCA.
Thanks to echat11 and others on this forum I was able to challenge the debt with the DCA as the CCA did not have the prescribed terms and the DCA confirmed that the debt was not enforceable. I have since not received any correspondence from the DCA. The debt will be statute barred in 2027. The debt is still owed. The credit card account with the original creditor has been closed.
Since then, I have turned my life around and have received large bonuses which I have invested / saved into a cash ISA. I am currently saving to buy a house and would like to move my cash ISA to a higher rate. The ISA provider uses the bank where I defaulted to hold 'client money'. The ISA provider is a separate company but the 'client money' is held in the bank I defaulted with.
I wondered whether this would have any implications for me? How much contact would the original creditor have with the DCAs the debt has been sold to? Would there be any recourse from the original creditor with right to offset or any risk at all to me? Would I flag up on the bank's systems in any way? How does it work, will the 'client money' have my 'client name' associated with it or is it just a ring-fenced pool of cash from all of the ISA provider's clients?
I have been moving the cash ISA around to get the best rates so am running out of options, but obviously, if there is even the slightest risk that popping up on the bank's systems would trigger any call to action, I will just take a lower interest rate.
Appreciate any insight. Thank you.
So, first time poster, long time lurker. I want to thank @echat11 in particular as his posts and response helped me significantly with my debt problems. A huge thank you.
A quick bit about me. I was young and naïve and built up a large credit debt (over £10k). During COVID, I lost my job and after 6 months of not being able to pay the credit card company sent my account to default. The debt was subsequently sold to a DCA, and then sold to another DCA.
Thanks to echat11 and others on this forum I was able to challenge the debt with the DCA as the CCA did not have the prescribed terms and the DCA confirmed that the debt was not enforceable. I have since not received any correspondence from the DCA. The debt will be statute barred in 2027. The debt is still owed. The credit card account with the original creditor has been closed.
Since then, I have turned my life around and have received large bonuses which I have invested / saved into a cash ISA. I am currently saving to buy a house and would like to move my cash ISA to a higher rate. The ISA provider uses the bank where I defaulted to hold 'client money'. The ISA provider is a separate company but the 'client money' is held in the bank I defaulted with.
I wondered whether this would have any implications for me? How much contact would the original creditor have with the DCAs the debt has been sold to? Would there be any recourse from the original creditor with right to offset or any risk at all to me? Would I flag up on the bank's systems in any way? How does it work, will the 'client money' have my 'client name' associated with it or is it just a ring-fenced pool of cash from all of the ISA provider's clients?
I have been moving the cash ISA around to get the best rates so am running out of options, but obviously, if there is even the slightest risk that popping up on the bank's systems would trigger any call to action, I will just take a lower interest rate.
Appreciate any insight. Thank you.
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