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  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 7:32 AM
    • 39,228Posts
    • 47,072Thanks
    fermi
    DMP & Mutual Support Thread - Part 11
    • #1
    • 10th Jul 15, 7:32 AM
    DMP & Mutual Support Thread - Part 11 10th Jul 15 at 7:32 AM
    Welcome to the DMP mutual support thread.

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here. There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be. We are a non judgemental and all questions welcome.
    Originally posted by Sazzie23
    Once again the old thread was getting a bit large, so here is a fresh thread.

    The previous thread can be found here: Click ---> DMP & Mutual Support Thread - Part 10

    Or click here for the last page of posts on the old thread. ---> Last Page

    Sazzie23's fantastic post of the month winning post from the previous thread is repeated below.

    Best wishes with the DMPs everyone.
    Last edited by fermi; 12-07-2015 at 9:50 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
Page 249
    • muppetscotland
    • By muppetscotland 16th Mar 17, 5:55 PM
    • 96 Posts
    • 89 Thanks
    muppetscotland
    Secured Loan in arrears
    I have been managing on our DMP for a year and had been managing to keep up payments on the "priority" bills of mortgage, utilities, secured loan x 1 and council tax.

    Unfortunately I was in hospital and missed work for 2 weeks in February. As I am self employed that meant no cash and I missed the February and now March contractual payments to Central Trust secured loan for £30,000.

    I called them to explain and they have been so incredibly nice and said that they would suspend chasing me till mid April for me to send them an income and expenditure form and details of my medical condition (which is chronic but has flare ups). While I am more than happy to comply, I do wonder why they're not being more "nasty" considering it's a secured loan. I am currently 2 months in arrears (around £800) and don't expect to be able to return to full payments till May.

    When I do return to payments, will I also have to repay all the missed payments? Does our account remain in arrears till that's repaid?

    I just was expecting the roof to cave in and am now worried because it hasn't I thought I was cool about my DMP but now I'm worried anew that this latest set back will risk our home.

    I'm only paying a small amount to my other debts so there's no point cancelling them and rechanneling to the secured debt as it wouldn't cover the monthly payments. (But which otherwise would have been a good idea I know).

    Any experience of Central Trust specifically or the general idea of falling behind on secured loan most appreciated.
    Thanks
    LBM January 2016
    DMP starting March 2016
    Unsecured debt £90,000
    DFD before I'm dead, hopefully, 10 years if interest frozen and the stress hasn't killed us
    • sourcrates
    • By sourcrates 16th Mar 17, 7:07 PM
    • 11,919 Posts
    • 11,407 Thanks
    sourcrates
    I have been managing on our DMP for a year and had been managing to keep up payments on the "priority" bills of mortgage, utilities, secured loan x 1 and council tax.

    Unfortunately I was in hospital and missed work for 2 weeks in February. As I am self employed that meant no cash and I missed the February and now March contractual payments to Central Trust secured loan for £30,000.

    I called them to explain and they have been so incredibly nice and said that they would suspend chasing me till mid April for me to send them an income and expenditure form and details of my medical condition (which is chronic but has flare ups). While I am more than happy to comply, I do wonder why they're not being more "nasty" considering it's a secured loan. I am currently 2 months in arrears (around £800) and don't expect to be able to return to full payments till May.

    When I do return to payments, will I also have to repay all the missed payments? Does our account remain in arrears till that's repaid?

    I just was expecting the roof to cave in and am now worried because it hasn't I thought I was cool about my DMP but now I'm worried anew that this latest set back will risk our home.

    I'm only paying a small amount to my other debts so there's no point cancelling them and rechanneling to the secured debt as it wouldn't cover the monthly payments. (But which otherwise would have been a good idea I know).

    Any experience of Central Trust specifically or the general idea of falling behind on secured loan most appreciated.
    Thanks
    Originally posted by muppetscotland
    All I can tell you is the under the last FSA crackdown creditors have to be more diligent in the way they treat people in arrears, affordability is the key word at the moment, they have also been told to attempt every other avenue before resorting to court action or repossession.

    It is not that your creditors have suddenly developed a conscience, it's because they are under threat of tighter regulation, the potential loss of there operating licence, and the possibility of large fines if they don't comply with FSA rules.

    Creditors have never before been so "nice" to people in debt, as they are now.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • BeingDebtFreeStartsHere
    • By BeingDebtFreeStartsHere 16th Mar 17, 8:10 PM
    • 260 Posts
    • 785 Thanks
    BeingDebtFreeStartsHere
    You guys are clearly better at this than me and I may pinch this for when creditors won't entertain my complaints! Mine was around 10 lines long and told them my complaint and how I wanted it resolved. Best of luck xx
    Originally posted by MrsSammyB
    Thank you Mrs B

    I will let you know if I get a response x
    LBM - August 2014
    DMP - started October 2014
    Total Debt Sept 2014 - £70,905.57 Apr 2017 £56,116.31 (20.8% paid) but proud to be in control and paying back what we've borrowed
    • heavenlyharry01
    • By heavenlyharry01 17th Mar 17, 10:01 AM
    • 102 Posts
    • 126 Thanks
    heavenlyharry01
    Do what you feel comfortable with. If you feel up to calling them or answering their calls, advise them you are in a DMP and that you did notify the original creditor that all correspondence should be in writing and you will deal with them on the same basis. Tell them to put their enquiry to you in a letter and you will respond in a timely manner. You don't have to get into any further discussion about your account or your situation - just be firm and tell them to write.

    If you don't feel comfortable speaking to them on the phone then put the same information in a letter. You could wait for them to write, but either answering their calls or writing to them will stop the unwanted phone calls.
    Originally posted by January2015

    Thanks
    They called again, my mobile and landline at exactly the same time. Annoyingly, its a recorded message, leaving a number for me to call them.
    • sourcrates
    • By sourcrates 17th Mar 17, 11:04 AM
    • 11,919 Posts
    • 11,407 Thanks
    sourcrates
    Thanks
    They called again, my mobile and landline at exactly the same time. Annoyingly, its a recorded message, leaving a number for me to call them.
    Originally posted by heavenlyharry01
    They use an automated dialing system (computer to you and I).

    If you haven't already written and asked for contact in writing only, do so again, specifically ask to be taken off there call list.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • Sherrera
    • By Sherrera 17th Mar 17, 12:51 PM
    • 7 Posts
    • 0 Thanks
    Sherrera
    Are defaults on a secured loan the same as for unsecured credit?
    I have missed 2, soon to be 3, payments on my secured loan and although I have been in touch and explained it's he to ill health I am very worried that the process to take our house will somehow be triggered.
    • StopIt
    • By StopIt 17th Mar 17, 12:55 PM
    • 878 Posts
    • 801 Thanks
    StopIt
    Are defaults on a secured loan the same as for unsecured credit?
    I have missed 2, soon to be 3, payments on my secured loan and although I have been in touch and explained it's he to ill health I am very worried that the process to take our house will somehow be triggered.
    Originally posted by Sherrera

    Get in touch with a debt charity as well ASAP.


    Yes, that's the point of a secured loan. your home will be at risk if you default. It's not an instant process but you need to take action now to protect yourself.
    • January2015
    • By January2015 17th Mar 17, 12:56 PM
    • 1,751 Posts
    • 4,715 Thanks
    January2015
    Are defaults on a secured loan the same as for unsecured credit?
    I have missed 2, soon to be 3, payments on my secured loan and although I have been in touch and explained it's he to ill health I am very worried that the process to take our house will somehow be triggered.
    Originally posted by Sherrera
    Your home is at risk if you miss payments on secured loans. You need to try and catch up with the missed payments if you can - try and come to an agreement with the secured loan company on how long they will give you to catch up the missed payments.

    A secured loan is a priority debt. Therefore if you are on a DMP you should stop paying your non-priority debts until your priority debt (the secured loan) has caught up the missed payments and is not in arrears.

    Don't panic about not paying non-priority debts - they will understand that you need to sort out your secured loan first.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • sourcrates
    • By sourcrates 17th Mar 17, 2:20 PM
    • 11,919 Posts
    • 11,407 Thanks
    sourcrates
    Are defaults on a secured loan the same as for unsecured credit?
    I have missed 2, soon to be 3, payments on my secured loan and although I have been in touch and explained it's he to ill health I am very worried that the process to take our house will somehow be triggered.
    Originally posted by Sherrera
    As i said in a previous post above, creditors will look at every other option before pursuing court action and repossession of a secured debt, but you must engage with them and sort out a repayment plan, because if you dont, they will automatically assume you are being uncooperative, and they will not wait forever before repossession proceedings start.

    Talk to them, they will help you, unsecured debts MUST wait, until the priority debts are back up to date.

    That is standard industry practice.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • motivated
    • By motivated 17th Mar 17, 7:11 PM
    • 2,226 Posts
    • 3,137 Thanks
    motivated
    Hi all

    Update on our DMP journey so far.

    Have kept in contact with creditors and SC have also contacted them to arrange monthly payments etc.

    However I logged onto my BC account to see they have added interest and a late payment charge

    Contacted them straight away and requested they remove interest and charges as I made them fully aware of our situation even before we missed any payments. I stole so much info from here and I told them about treating me fairly and how this will have a continued negative impact on my credit file so I even had the cheek to request they default said account and how they are making my debt worse. etc etc Obviously it was much more formally written.

    They replied with all interest and charges refunded and interest and charges stopped from now on . They also accept our monthly SC payment. It also says that my credit file will reflect missed payments and a default will be sent to you ( hopefully they will do this)


    I would never have known what to do if it wasn't for you lovely people on here

    I feel so pleased with myself so thank you everyone.
    See January2015 you were right again

    Waiting to see what the other BC account says. This one went to missed payment today.

    So far 2 MBNA cards have stopped all interest and charges
    1 BC has stopped all interest and charges
    1 BC to go
    Then on to 2 Halifax loans
    Here's hoping
    M
    Emptying my lake with a teaspoon
    Short term goal £535/£1796
    EF/1k
    • January2015
    • By January2015 17th Mar 17, 8:19 PM
    • 1,751 Posts
    • 4,715 Thanks
    January2015
    Hi all

    Update on our DMP journey so far.

    Have kept in contact with creditors and SC have also contacted them to arrange monthly payments etc.

    However I logged onto my BC account to see they have added interest and a late payment charge

    Contacted them straight away and requested they remove interest and charges as I made them fully aware of our situation even before we missed any payments. I stole so much info from here and I told them about treating me fairly and how this will have a continued negative impact on my credit file so I even had the cheek to request they default said account and how they are making my debt worse. etc etc Obviously it was much more formally written.

    They replied with all interest and charges refunded and interest and charges stopped from now on . They also accept our monthly SC payment. It also says that my credit file will reflect missed payments and a default will be sent to you ( hopefully they will do this)


    I would never have known what to do if it wasn't for you lovely people on here

    I feel so pleased with myself so thank you everyone.
    See January2015 you were right again

    Waiting to see what the other BC account says. This one went to missed payment today.

    So far 2 MBNA cards have stopped all interest and charges
    1 BC has stopped all interest and charges
    1 BC to go
    Then on to 2 Halifax loans
    Here's hoping
    M
    Originally posted by motivated
    A*

    Well done - it really is lovely to see you growing in confidence and your mood changing to be much happier with your life and outlook.

    Some people would have looked on the BC interest and charges as a setback - you looked on it as challenged. You knew they were wrong and you sorted them out.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • motivated
    • By motivated 17th Mar 17, 8:34 PM
    • 2,226 Posts
    • 3,137 Thanks
    motivated
    A*
    Some people would have looked on the BC interest and charges as a setback - you looked on it as challenged. You knew they were wrong and you sorted them out.
    [/COLOR][/SIZE]
    Originally posted by January2015
    I certainly did
    All thanks to you

    I don't know where this confidence is coming from, honestly a while back I would have just buried my head even further. I am loving the DMP route. Halifax on the other hand have also added interest on 2 loans, I forgot about the repayment holiday I had last month. But I know they have heard from SC so will wait for any letters from them hopefully they will go easy on us too. Will be ready and waiting for any more bumps in the road. . I CAN DO THIS
    Emptying my lake with a teaspoon
    Short term goal £535/£1796
    EF/1k
    • motivated
    • By motivated 18th Mar 17, 10:55 AM
    • 2,226 Posts
    • 3,137 Thanks
    motivated
    Morning all

    I have heard back from BC 2 this is their response.



    "Thank you for your email. Please accept my apologies for the delay in replying to you.

    In view of your situation I have refunded the late payment fee of £12.00, applied to your account.

    I have been able to confirm with Stepchange Debt Charity, as your details have now been updated on their records, their offer of payment to us, is for £xxx per month.

    Unfortunately, we cannot offer you any form of repayment agreement, however , what we can do to support you at this difficult time , is to suspend interest and fees on your account, Confirmation of this will be sent by letter to Stepchange"

    As you are unable to make your contractual minimum payment at present , we will register a missed payment mark each month on your credit file.

    It's very important to make you aware that at any point in the immediate future , we will issue a Default notice letter. A default will then be registered ,this will again , reflect on your credit file for 6 years and may impact your ability to obtain future credit.
    which may impact your ability to obtain credit for up to 6 years.



    Does this mean they haven't accepted our SC payment offer or is it me
    Am I right in also thinking that a missed payment marker every month is not good
    Please could someone explain this for me
    thank you
    M
    Emptying my lake with a teaspoon
    Short term goal £535/£1796
    EF/1k
    • January2015
    • By January2015 18th Mar 17, 8:12 PM
    • 1,751 Posts
    • 4,715 Thanks
    January2015
    Morning all

    I have heard back from BC 2 this is their response.



    "Thank you for your email. Please accept my apologies for the delay in replying to you.

    In view of your situation I have refunded the late payment fee of £12.00, applied to your account.

    I have been able to confirm with Stepchange Debt Charity, as your details have now been updated on their records, their offer of payment to us, is for £xxx per month.

    Unfortunately, we cannot offer you any form of repayment agreement, however , what we can do to support you at this difficult time , is to suspend interest and fees on your account, Confirmation of this will be sent by letter to Stepchange"

    As you are unable to make your contractual minimum payment at present , we will register a missed payment mark each month on your credit file.

    It's very important to make you aware that at any point in the immediate future , we will issue a Default notice letter. A default will then be registered ,this will again , reflect on your credit file for 6 years and may impact your ability to obtain future credit.
    which may impact your ability to obtain credit for up to 6 years.



    Does this mean they haven't accepted our SC payment offer or is it me
    Am I right in also thinking that a missed payment marker every month is not good
    Please could someone explain this for me
    thank you
    M
    Originally posted by motivated
    BC have acknowledged your SC payment offer and will accept it. They confirm this by stating they will suspend interest and fees on your account.

    You are right the missed payment marker is not good. This is standard practice for BC though. If BC were to default you, the clock on your credit reference file for the BC account starts when the default is registered. So, let's say they default you on 1st April 2017. All records of the BC account will disappear from credit reference agency files shortly after 1st April 2023. It can sometimes take a couple of months for the files to be updated so realistically the information would be gone by summer 2023.

    However, if BC continue to mark late payment markers these will not disappear until six years after the account is cleared/settled. So let's say your DMP is forecast to be 9 years from 1st April 2017. BC could potentially mark late payments from now right through to the end of your DMP in 2026 AND then for six more years after that. So you credit reference agency files could show poor credit history until 2035. This is why here on the DMP forum we all chase those defaults as quickly as possible.

    It's not because we want credit in the future, but you never know what the future will bring and we consider it unfair that our credit records are tainted unfairly beyond the six year mark - and it is unfair because BC are not playing by the rules/regulations.

    Hope that explains it for you. Keep writing to BC, thank them for suspending interest and charges, but continually point out you cannot meet contractual payments, it is clear you will be on a DMP for several years and you request they default you as quickly as possible. There are posts above with the relevant quotes you shoul put re. information commissioner and FOC.
    DFW Nerd No. 1484 LBM 07/01/15 Debt was £95k I'm driving it down
    £1k emergency fund (member #84) £1k/£1k
    Xmas 2017 £1 p/day challenge No. 20 - £420/£730
    Make £10 p/day Feb £74.31, Mar £664.37 Apr £40
    • motivated
    • By motivated 18th Mar 17, 10:20 PM
    • 2,226 Posts
    • 3,137 Thanks
    motivated
    Thankyou again January

    I wasn't too sure but thank you for clarifying it for me.
    I will be pushing for defaults as we go along but I suppose we have been lucky so far. All charges and interest stopped on 4 CCs even before we've made our first SC payment.

    Just 2 loans to contend with now, will wait and see.
    Still staying positive and am not regretting taking this path.
    Will be drafting letters for BC for future reference, I have a feeling I will be needing them
    M
    Emptying my lake with a teaspoon
    Short term goal £535/£1796
    EF/1k
    • Sazzie23
    • By Sazzie23 19th Mar 17, 4:48 AM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    Are defaults on a secured loan the same as for unsecured credit?
    I have missed 2, soon to be 3, payments on my secured loan and although I have been in touch and explained it's he to ill health I am very worried that the process to take our house will somehow be triggered.
    Originally posted by Sherrera
    Hi Sherrera

    Missing payments in a secured loan is like missing payments on your mortgage 'your home is at risk if you do not keep up with payments'.

    Therefore your payment priority must be, mortgage and secured loan first, followed by council tax and utilities, followed by unsecured debt.

    As another OP said, get in touch with a debt charity, Stepchange or CAB or CAP etc ASAP for advice on what to do. If you have any insurance which might cover the repayments, look at that. Try to increase your income, making sure you get all benefits entitled to. Some people find they need help from benefits advisors to get the payment they need, CAB are good for this, but there are others and I think there is a benefits thread on the board somewhere.

    What did the secured loan co say? When I dropped my payments for a few months after a bereavement they were constantly in touch, without harassing me, to make such I could restart the payments and get back on schedule.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Sazzie23
    • By Sazzie23 19th Mar 17, 4:54 AM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    I have been managing on our DMP for a year and had been managing to keep up payments on the "priority" bills of mortgage, utilities, secured loan x 1 and council tax.

    Unfortunately I was in hospital and missed work for 2 weeks in February. As I am self employed that meant no cash and I missed the February and now March contractual payments to Central Trust secured loan for £30,000.

    I called them to explain and they have been so incredibly nice and said that they would suspend chasing me till mid April for me to send them an income and expenditure form and details of my medical condition (which is chronic but has flare ups). While I am more than happy to comply, I do wonder why they're not being more "nasty" considering it's a secured loan. I am currently 2 months in arrears (around £800) and don't expect to be able to return to full payments till May.

    When I do return to payments, will I also have to repay all the missed payments? Does our account remain in arrears till that's repaid?

    I just was expecting the roof to cave in and am now worried because it hasn't I thought I was cool about my DMP but now I'm worried anew that this latest set back will risk our home.

    I'm only paying a small amount to my other debts so there's no point cancelling them and rechanneling to the secured debt as it wouldn't cover the monthly payments. (But which otherwise would have been a good idea I know).

    Any experience of Central Trust specifically or the general idea of falling behind on secured loan most appreciated.
    Thanks
    Originally posted by muppetscotland
    Hi, hope you are feeling better.

    Different company but when I missed and dropped repyayments on my secured loan they set me a date every 30 days or so to be in touch to discuss. Easy time they where very pleasant but always explained that failing to repay on time could put my home at risk and also increase the total amount to repay and the length of the loan (at the time I couldn't have cared less. But I guess they have to say this). Once I was able to restart full repayments I did that for a couple of months then increased further to repay the outstanding amount which was cleared in around a year and I'm not back on schedule.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Sazzie23
    • By Sazzie23 19th Mar 17, 5:00 AM
    • 2,611 Posts
    • 10,483 Thanks
    Sazzie23
    Hello

    Can I ask a question about phone calls from creditors?

    I have had two today to my mobile phone from the same DCA. I missed both calls as I was driving both times. First time they didn't leave a message, the second it was a recorded message asking me to call.
    I requested the original creditor not to contact me via the telephone, but corespond in writing. But now they have clearly handed it over to a DCA.

    Do you answer calls, and then tell them to write? Should I call back? Or wait for them to write, (which I'm sure they will if they can't make contact)?
    Thanks in advance
    Originally posted by heavenlyharry01
    I think I'd wait for them to write, personally, although I will talk to them now if they leave me a message. I don't ever knowingly answer a call to them as that can catch you unawares and leave you vulnerable. I like to be prepared.

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • Debtfreehopeful
    • By Debtfreehopeful 19th Mar 17, 8:27 AM
    • 39 Posts
    • 45 Thanks
    Debtfreehopeful
    Hi,
    Just a quick question, with ref to defaults I stopped paying my creditors in January and my 1st SC payment is scheduled for May. Do you think I should write to my creditors asking to default my accounts in April?

    Also would you advise eeking out my 1st payment to SC for a bit longer? My previous job came to an end in February and I have managed to find another job which starts tomorrow- as I wouldn't have a full months wage until the end of April SC were understanding for me to make the payment on 1st May. If I was to stall the payment I don't know what to say....

    Thanks
    • sourcrates
    • By sourcrates 19th Mar 17, 2:15 PM
    • 11,919 Posts
    • 11,407 Thanks
    sourcrates
    Hi,
    Just a quick question, with ref to defaults I stopped paying my creditors in January and my 1st SC payment is scheduled for May. Do you think I should write to my creditors asking to default my accounts in April?

    Also would you advise eeking out my 1st payment to SC for a bit longer? My previous job came to an end in February and I have managed to find another job which starts tomorrow- as I wouldn't have a full months wage until the end of April SC were understanding for me to make the payment on 1st May. If I was to stall the payment I don't know what to say....

    Thanks
    Originally posted by Debtfreehopeful
    Why not wait six months ?

    By that time most, if not all of your accounts will of been defaulted and sold on, surprisingly debt purchasers are easier to deal with than original creditors are, everything can be done from the debt collectors website, and you will have a nice emergency fund established too.

    Just food for thought.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

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