DMP Mutual Support Thread - Part 12

motivated wrote: »

Hi all

I’ve logged into my online banking on my old bank account to discover my 2 loans are not showing anymore. :eek: I have been paying them £10per month for a few months now. Halifax are the creditor. than scare me out of all mine. Maybe because the loans are for very high amounts. They sent me letters with FCA information enclosed and told me to carry on with the low payment amount for the time being.

Anyway, any thoughts on what you think their next move will be? Both loan accounts are not defaulted yet so maybe this could be it.

My MBNA accounts have informed us they will be defaulted at the end of the month :T
M

Most likely scenario is they are prepping them for sale.

Banks dislike managing bad debts, it costs them money basically, that’s why they sell them on, time will tell, it’s all perfectly normal and just a part of the game.

Mcfry80 wrote: »

Hi
Started a joint Dmp in June and everything has gone smoothly until I received a letter from Wescot saying they are now managing our natwest debt. They say they have contacted Stepchange and they have not replied so I need to contact them. I am scared to make contact as my mental health has not been good since we started facing our financial situation.
The letter was only addressed to me and my husband has had no contact from them. Our Dmp is showing Stepchange still paying natwest. Has anyone else had a similar issue.? Will be contacting Stepchange but know the phone lines will be jammed so not sure when I will get through and don't want to leave contacting Wescot to long as don't want debt collectors to turn up. Any advise would be greatly appreciated.

As the others have said, Wescot dont buy debts, they dont own any of the accounts they chase, they are if you like, sub contracted to pursue these debts on behalf of the original client.

They are based just down the road from me in Hull, i have seen there obscure little hut they operate from, well not quite a hut, more a call center, a few dozen people sat at desks, talking on the phone, most of their staff are just over school age, some a little later into there career, a lot are woman, certainly not the burly blokes you have in your mind knocking on your door at 6 am.

That does not happen much these days either, some DCA`s still use doorstep collectors, Motor-mile finance for one still do, (Wescot do not), but there use is limited, these people are self employed, so only get paid commission on results, its important to realise they are not bailiffs, they have no power whatsoever, just for your information, you can refuse them entry, call the police to have them removed, if they wont leave, you do not have to speak to them, they are just ordinary folk.

IWILLgetthere wrote: »

Hello all, off work sick today so been in bed reading previous posts on this thread - all very helpful in making me realise that things do get better, I sent all my letters off last week and am still awaiting replies - can anyone tell me how long it usually takes before you hear back from creditors? I have spent SO long now robbing peter to pay paul and living on vertually no money just so that I can keep up with minimum payments, this will be the first month I have not done that - still feeling nervous about what creditors are going to say though.

Hi,

What do you think they’ll say ?

Absolutely nothing is what they’ll say, cause they don’t care too hoots, they still get paid something no matter what, some will reply, some won’t, don’t let it worry you, just do what you have to do to carry on, everything will fall into line.

I’ve posted this so many times I repeat it in my sleep, it’s all part of the game, well done for admitting you have a problem and dealing with it!!